0001193125-21-142788.txt : 20210430 0001193125-21-142788.hdr.sgml : 20210430 20210430085030 ACCESSION NUMBER: 0001193125-21-142788 CONFORMED SUBMISSION TYPE: 20-F PUBLIC DOCUMENT COUNT: 135 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210430 DATE AS OF CHANGE: 20210430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DouYu International Holdings Ltd CENTRAL INDEX KEY: 0001762417 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 20-F SEC ACT: 1934 Act SEC FILE NUMBER: 001-38967 FILM NUMBER: 21874014 BUSINESS ADDRESS: STREET 1: BLDING F4, OPTICAL VALLEY SOFTWARE PARK STREET 2: GUANSHAN AVENUE,DONGHU DEVELOPMENT AREA CITY: WUHAN CITY, HUBEI PROVINCE STATE: F4 ZIP: 430073 BUSINESS PHONE: 86 27 8775 0710 MAIL ADDRESS: STREET 1: BLDING F4, OPTICAL VALLEY SOFTWARE PARK STREET 2: GUANSHAN AVENUE,DONGHU DEVELOPMENT AREA CITY: WUHAN CITY, HUBEI PROVINCE STATE: F4 ZIP: 430073 20-F 1 d40930d20f.htm FORM 20-F Form 20-F
falseFY0001762417truetrue100318025P3YP2Y81851982In May 2018, as an integrated step of the 2018 Restructuring (Note 1), in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US$197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount, equivalent to RMB1,260,439,815, has been received by the Company but the redemption amount, equivalent to RMB1,355,094,229, has not yet been paid by Wuhan Douyu, which was considered as a non-cash financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018. The redemption amount is denominated in US$ and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. US$197,443,500 equivalent in the amount of RMB1,323,049,149 was fully settled in March, 2019.The Group opened accounts with external online payment service providers to collect funding from users.The agency contract rights, which represent the upfront payment of cooperation cost to top streamers, acquired during the years ended December 31, 2019 and 2020 are RMB111,879,121 and RMB28,301,887, respectively, with weighted average amortization period of 4.5 years and 2 years. In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2021 which remains valid until March 2024, and intends to renew the license indefinitely.In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30% equity interest in the company. In November 2020, the Group lost significant influence over Yuyou Starfire and reclassified this investment with a carrying amount of RMB15,274,909 to equity securities without readily determinable fair values.In 2016, the Group invested RMB10 million for 8.5% equity interest in Shayu, a live streaming platform in the PRC, and accounted for this investment as an equity security without a readily determinable fair value. In May 2020, the Group completed the following transactions with respect to its investment in Shayu: • The Group acquired 19.125% equity interest in Shayu from Mr. Chen Shaojie, the Group’s CEO and shareholder for a cash consideration of RMB24,850,000. The purchase price paid by the Group was below fair value of the acquired equity interest, which is determined to be RMB43,617,750 by the Group with the assistance of an independent valuer. The excess amount of RMB18,767,750 between the fair value of the equity interest acquired in Shayu over the price paid is accounted as contribution from shareholder in the combined consolidated statement of change in shareholders’ equity. • The Company injected cash of RMB80,000,000 and its holding of 100% equity interest in Chengdu Shuangsi Culture Broadcasting Co., Ltd (“Shuangsi”) with a fair value determined to be RMB54,391,900 into Shayu, in exchange for 8.309% of newly issued equity interest in Shayu. Shuangsi ceased to be a subsidiary of the Group and a gain on disposal of subsidiary in the amount of RMB23,525,694 was recognized in the combined and consolidated statement of comprehensive income, representing the difference between the fair value of Shuangsi and its carrying value at the date of the transaction. Upon the completion of these transactions, the Group has 35.084% equity interest of Shayu and accounts for its investment in Shayu under the equity method.In September 2020, the Group injected cash of RMB10,000,000 in DouYu LLP, an equity fund, for 99.99% limited partnership.In 2018, the Group made investments in four talent agencies with aggregate cash consideration of RMB3,600,000, none of which was individually material. As of December 31, 2020, the Group no longer has significant influence over these investees, and therefore these equity investments with carrying amount of RMB4,077,376 were reclassified as equity securities without readily determinable fair values.Every ten ADSs represent one ordinary share.In February 2020, the Group repurchased 1,429,906 shares of unvested restricted shares from one of the Gogo Glocal’s founders with a consideration of US$1 due to the early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares.In February 2020, the Group canceled 557,455 unvested restricted shares granted. The corresponding unrecognized share-based compensation expense of RMB7,451,210 was immediately recognized in the combined and consolidated statement of comprehensive income for the year ended December 31, 2020.In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital.In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial.On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share purchase price of US$80.57 for cash consideration of RMB4,026,518,012.In March 2020, the Group purchased 15% equity of Chengdu Shuangsi with cash consideration of RMB4,500,000. The difference between the fair value of the consideration paid and the carrying amount of the noncontrolling interest acquired was recognized in additional paid-in capital.In April, June and November, 2020, the Group and noncontrolling interest shareholder purchased the newly issued common shares of DouYu Japan with consideration of JPY4,189,200,000 (equivalent of RMB272,248,433 ) and JPY1,610,800,000 (equivalent of RMB105,129,847 ), respectively. As a result of these transactions, the noncontrolling interest shareholder’s ownership interest increased from 14.9% to 28.9% while the Group retains its controlling financial interest in DouYu Japan. The difference between the consideration received and the amount of the noncontrolling interest was adjusted was recognized in additional paid-in capital. 0001762417 2019-12-31 0001762417 2020-12-31 0001762417 2020-01-01 2020-12-31 0001762417 2018-01-01 2018-12-31 0001762417 2019-01-01 2019-12-31 0001762417 2018-12-31 0001762417 2018-01-05 0001762417 2019-12-20 2019-12-20 0001762417 2017-01-01 2017-12-31 0001762417 2018-05-31 0001762417 2020-01-01 2020-01-01 0001762417 2019-09-30 0001762417 2020-01-01 2020-06-30 0001762417 2017-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2019-12-31 0001762417 srt:ParentCompanyMember 2019-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2019-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2019-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-12-31 0001762417 doyu:CompanyAMember 2019-12-31 0001762417 doyu:CompanyBMember 2019-12-31 0001762417 doyu:CompanyCMember 2019-12-31 0001762417 doyu:ComputerAndTransmissionEquipmentMember 2019-12-31 0001762417 us-gaap:LeaseholdImprovementsMember 2019-12-31 0001762417 us-gaap:FurnitureAndFixturesMember 2019-12-31 0001762417 us-gaap:VehiclesMember 2019-12-31 0001762417 us-gaap:TradeNamesMember 2019-12-31 0001762417 us-gaap:ContractualRightsMember 2019-12-31 0001762417 us-gaap:LicensingAgreementsMember 2019-12-31 0001762417 doyu:PlatformMember 2019-12-31 0001762417 us-gaap:ComputerSoftwareIntangibleAssetMember 2019-12-31 0001762417 us-gaap:OtherIntangibleAssetsMember 2019-12-31 0001762417 doyu:HangzhouAijidiCultureCreationCoLtdMember 2019-12-31 0001762417 doyu:ChongqingYuwanNetworkMediaCoLtdMember 2019-12-31 0001762417 doyu:HunanYuyouStarfireCultureMediaCoLtdMember 2019-12-31 0001762417 doyu:OthersMember 2019-12-31 0001762417 doyu:TwentyNinteenShareRepurchaseProgramMember 2019-12-31 0001762417 doyu:ContentProducersMember 2019-12-31 0001762417 doyu:TechnologyAndSoftwareMember 2019-12-31 0001762417 doyu:OtherMember 2019-12-31 0001762417 us-gaap:RestrictedStockMember 2019-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2020-12-31 0001762417 srt:ParentCompanyMember 2020-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2020-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2020-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-12-31 0001762417 doyu:CompanyAMember 2020-12-31 0001762417 doyu:CompanyBMember 2020-12-31 0001762417 doyu:CompanyCMember 2020-12-31 0001762417 doyu:ComputerAndTransmissionEquipmentMember 2020-12-31 0001762417 us-gaap:LeaseholdImprovementsMember 2020-12-31 0001762417 us-gaap:FurnitureAndFixturesMember 2020-12-31 0001762417 us-gaap:VehiclesMember 2020-12-31 0001762417 us-gaap:TradeNamesMember 2020-12-31 0001762417 us-gaap:ContractualRightsMember 2020-12-31 0001762417 us-gaap:LicensingAgreementsMember 2020-12-31 0001762417 doyu:PlatformMember 2020-12-31 0001762417 us-gaap:ComputerSoftwareIntangibleAssetMember 2020-12-31 0001762417 us-gaap:OtherIntangibleAssetsMember 2020-12-31 0001762417 us-gaap:StateAdministrationOfTaxationChinaMember 2020-12-31 0001762417 srt:MinimumMember 2020-12-31 0001762417 srt:MaximumMember 2020-12-31 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2020-12-31 0001762417 doyu:OtherInvestmentsOfOwnershipMember 2020-12-31 0001762417 doyu:HangzhouAijidiCultureCreationCoLtdMember 2020-12-31 0001762417 doyu:ChongqingYuwanNetworkMediaCoLtdMember 2020-12-31 0001762417 doyu:WuhanDouyuEntertainmentEquityInvestmentLlpMember 2020-12-31 0001762417 doyu:ContentProducersMember 2020-12-31 0001762417 doyu:TechnologyAndSoftwareMember 2020-12-31 0001762417 doyu:OtherMember 2020-12-31 0001762417 country:CN 2020-12-31 0001762417 doyu:TwentyNinteenShareRepurchaseProgramMember 2020-12-31 0001762417 us-gaap:RestrictedStockMember doyu:GogoGlocalHoldingLimitedMember 2018-01-01 2018-12-31 0001762417 us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2018-01-01 2018-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:ParentMember doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:ParentMember 2018-01-01 2018-12-31 0001762417 country:CN us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-12-31 0001762417 doyu:LiveStreamingRevenueMember 2018-01-01 2018-12-31 0001762417 us-gaap:AdvertisingMember 2018-01-01 2018-12-31 0001762417 us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-12-31 0001762417 us-gaap:RedeemableConvertiblePreferredStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-12-31 0001762417 srt:ParentCompanyMember 2018-01-01 2018-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-01-01 2018-12-31 0001762417 doyu:RevenueSharingFeesAndContentCostsMember 2018-01-01 2018-12-31 0001762417 doyu:BandwidthCostsMember 2018-01-01 2018-12-31 0001762417 doyu:OtherCostsMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2018-01-01 2018-12-31 0001762417 doyu:LiveStreamingRevenueMember doyu:EquityMethodInvesteesTalentAgenciesMember 2018-01-01 2018-12-31 0001762417 doyu:LiveStreamingRevenueMember doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 us-gaap:AdvertisingMember doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 doyu:OthersMember doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 doyu:OthersMember 2018-01-01 2018-12-31 0001762417 doyu:BandwidthFeesMember doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2018-01-01 2018-12-31 0001762417 doyu:TencentHoldingsLimitedMember doyu:PaymentHandlingFeesMember 2018-01-01 2018-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 doyu:OtherInvestmentsOfOwnershipMember 2018-01-01 2018-12-31 0001762417 doyu:HunanYuyouStarfireCultureMediaCoLtdMember 2018-01-01 2018-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001762417 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001762417 us-gaap:CommonStockMember doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:ParentMember doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2018-01-01 2018-12-31 0001762417 country:CN 2018-01-01 2018-12-31 0001762417 doyu:ForeignMember 2018-01-01 2018-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2019-01-01 2019-12-31 0001762417 us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001762417 us-gaap:RestrictedStockMember doyu:GogoGlocalHoldingLimitedMember 2019-01-01 2019-12-31 0001762417 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001762417 us-gaap:ParentMember 2019-01-01 2019-12-31 0001762417 country:CN us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2019-01-01 2019-12-31 0001762417 country:CN us-gaap:AssetsTotalMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001762417 doyu:LiveStreamingRevenueMember 2019-01-01 2019-12-31 0001762417 us-gaap:AdvertisingMember 2019-01-01 2019-12-31 0001762417 us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-12-31 0001762417 srt:ParentCompanyMember 2019-01-01 2019-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-12-31 0001762417 doyu:CompanyAMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2019-01-01 2019-12-31 0001762417 doyu:CompanyBMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2019-01-01 2019-12-31 0001762417 doyu:CompanyCMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember us-gaap:TradeNamesMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember us-gaap:ContractualRightsMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember doyu:PlatformMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember us-gaap:ComputerSoftwareIntangibleAssetMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember us-gaap:OtherIntangibleAssetsMember 2019-01-01 2019-12-31 0001762417 us-gaap:ContractualRightsMember 2019-01-01 2019-12-31 0001762417 doyu:RevenueSharingFeesAndContentCostsMember 2019-01-01 2019-12-31 0001762417 doyu:BandwidthCostsMember 2019-01-01 2019-12-31 0001762417 doyu:OtherCostsMember 2019-01-01 2019-12-31 0001762417 us-gaap:StateAdministrationOfTaxationChinaMember 2019-01-01 2019-12-31 0001762417 doyu:LiveStreamingRevenueMember doyu:EquityMethodInvesteesTalentAgenciesMember 2019-01-01 2019-12-31 0001762417 us-gaap:AdvertisingMember doyu:TencentHoldingsLimitedMember 2019-01-01 2019-12-31 0001762417 doyu:OthersMember doyu:TencentHoldingsLimitedMember 2019-01-01 2019-12-31 0001762417 doyu:OthersMember 2019-01-01 2019-12-31 0001762417 doyu:BandwidthFeesMember doyu:TencentHoldingsLimitedMember 2019-01-01 2019-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2019-01-01 2019-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2019-01-01 2019-12-31 0001762417 doyu:TencentHoldingsLimitedMember doyu:PaymentHandlingFeesMember 2019-01-01 2019-12-31 0001762417 doyu:AdsMember 2019-01-01 2019-12-31 0001762417 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001762417 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2019-01-01 2019-12-31 0001762417 us-gaap:TreasuryStockMember 2019-01-01 2019-12-31 0001762417 country:CN 2019-01-01 2019-12-31 0001762417 doyu:ForeignMember 2019-01-01 2019-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-12-31 0001762417 doyu:OtherInvestmentsOfOwnershipMember 2019-01-01 2019-12-31 0001762417 us-gaap:RestrictedStockMember 2020-01-01 2020-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2020-01-01 2020-12-31 0001762417 us-gaap:RestrictedStockMember doyu:GogoGlocalHoldingLimitedMember 2020-01-01 2020-12-31 0001762417 country:CN us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2020-01-01 2020-12-31 0001762417 country:CN us-gaap:AssetsTotalMember us-gaap:CustomerConcentrationRiskMember 2020-01-01 2020-12-31 0001762417 doyu:LiveStreamingRevenueMember 2020-01-01 2020-12-31 0001762417 us-gaap:AdvertisingMember 2020-01-01 2020-12-31 0001762417 us-gaap:ProductAndServiceOtherMember 2020-01-01 2020-12-31 0001762417 srt:ParentCompanyMember 2020-01-01 2020-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2020-01-01 2020-12-31 0001762417 dei:BusinessContactMember 2020-01-01 2020-12-31 0001762417 dei:AdrMember 2020-01-01 2020-12-31 0001762417 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanDouyuEducationConsultingcoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanYuwanCultureMediacoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanYuxingTianxiaCultureMediacoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanYuyinRaoliangCulturecoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanYuLeyouInternetTechnologycoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanDouyuYuleInternetTechnologycoltdMember 2020-01-01 2020-12-31 0001762417 doyu:DouyuNetworkIncMember 2020-01-01 2020-12-31 0001762417 doyu:DouyuHongkongLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:GogoGlocallHoldingLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanOuyueOnlineTvcoMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanDouyuNetworkTechnologycoltdMember 2020-01-01 2020-12-31 0001762417 us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-12-31 0001762417 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-01-01 2020-12-31 0001762417 doyu:ComputerAndTransmissionEquipmentMember 2020-01-01 2020-12-31 0001762417 us-gaap:FurnitureAndFixturesMember 2020-01-01 2020-12-31 0001762417 us-gaap:VehiclesMember 2020-01-01 2020-12-31 0001762417 us-gaap:TradeNamesMember 2020-01-01 2020-12-31 0001762417 doyu:PlatformMember 2020-01-01 2020-12-31 0001762417 us-gaap:ComputerSoftwareIntangibleAssetMember srt:MinimumMember 2020-01-01 2020-12-31 0001762417 us-gaap:OtherIntangibleAssetsMember srt:MinimumMember 2020-01-01 2020-12-31 0001762417 us-gaap:OtherIntangibleAssetsMember srt:MaximumMember 2020-01-01 2020-12-31 0001762417 srt:MaximumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2020-01-01 2020-12-31 0001762417 us-gaap:ContractualRightsMember 2020-01-01 2020-12-31 0001762417 us-gaap:TransmissionServiceAgreementMember 2020-01-01 2020-12-31 0001762417 doyu:CompanyAMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2020-01-01 2020-12-31 0001762417 doyu:CompanyBMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2020-01-01 2020-12-31 0001762417 doyu:CompanyCMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember us-gaap:TradeNamesMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember us-gaap:ContractualRightsMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember doyu:PlatformMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember us-gaap:ComputerSoftwareIntangibleAssetMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember us-gaap:OtherIntangibleAssetsMember 2020-01-01 2020-12-31 0001762417 doyu:RevenueSharingFeesAndContentCostsMember 2020-01-01 2020-12-31 0001762417 doyu:BandwidthCostsMember 2020-01-01 2020-12-31 0001762417 doyu:OtherCostsMember 2020-01-01 2020-12-31 0001762417 us-gaap:InlandRevenueHongKongMember 2020-01-01 2020-12-31 0001762417 us-gaap:StateAdministrationOfTaxationChinaMember 2020-01-01 2020-12-31 0001762417 doyu:LiveStreamingRevenueMember doyu:EquityMethodInvesteesTalentAgenciesMember 2020-01-01 2020-12-31 0001762417 us-gaap:AdvertisingMember doyu:TencentHoldingsLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:OthersMember doyu:TencentHoldingsLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember doyu:OthersMember 2020-01-01 2020-12-31 0001762417 doyu:OthersMember 2020-01-01 2020-12-31 0001762417 doyu:BandwidthFeesMember doyu:TencentHoldingsLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2020-01-01 2020-12-31 0001762417 doyu:TencentHoldingsLimitedMember doyu:PaymentHandlingFeesMember 2020-01-01 2020-12-31 0001762417 us-gaap:LeaseholdImprovementsMember 2020-01-01 2020-12-31 0001762417 doyu:AdsMember 2020-01-01 2020-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001762417 us-gaap:ParentMember 2020-01-01 2020-12-31 0001762417 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001762417 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-12-31 0001762417 us-gaap:TreasuryStockMember 2020-01-01 2020-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-12-31 0001762417 us-gaap:IPOMember 2020-01-01 2020-12-31 0001762417 country:CN 2020-01-01 2020-12-31 0001762417 doyu:ForeignMember 2020-01-01 2020-12-31 0001762417 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001762417 us-gaap:AccountsReceivableMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanDouyuYuleInternetTechnologycoltdMember us-gaap:StateAdministrationOfTaxationChinaMember doyu:IncomeTaxHolidayPeriodWithFiftyPercentExemptionMember 2020-01-01 2020-12-31 0001762417 doyu:IncomeTaxHolidayPeriodWithHunderdPercentExemptionMember doyu:WuhanDouyuYuleInternetTechnologycoltdMember us-gaap:StateAdministrationOfTaxationChinaMember 2020-01-01 2020-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0001762417 doyu:OtherInvestmentsOfOwnershipMember 2020-01-01 2020-12-31 0001762417 doyu:GogoGlocalHoldingLimitedMember us-gaap:RestrictedStockMember 2018-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2018-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2018-12-31 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2018-12-31 0001762417 doyu:ShaojieChenMember 2018-12-31 0001762417 doyu:HunanYuyouStarfireCultureMediaCoLtdMember 2018-12-31 0001762417 us-gaap:IPOMember doyu:AmericanDepositarySharesMember 2019-07-17 2019-07-17 0001762417 us-gaap:IPOMember 2019-07-17 2019-07-17 0001762417 us-gaap:CommonStockMember 2018-01-05 2018-01-05 0001762417 doyu:AngelPreferredStockMember 2018-01-05 2018-01-05 0001762417 doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2018-01-05 0001762417 doyu:TwoThousandEighteenRestructuringMember 2018-01-05 0001762417 us-gaap:CommonStockMember 2018-05-01 2018-05-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2018-05-31 0001762417 doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember us-gaap:RestrictedStockUnitsRSUMember 2018-04-01 0001762417 us-gaap:IPOMember 2019-07-01 0001762417 us-gaap:CommonStockMember 2019-12-20 2019-12-20 0001762417 doyu:TwentyNinteenShareRepurchaseProgramMember 2019-12-20 2019-12-20 0001762417 doyu:GogoGlocalHoldingLimitedMember us-gaap:RestrictedStockMember 2018-10-31 2018-10-31 0001762417 doyu:GogoGlocalHoldingLimitedMember us-gaap:RestrictedStockMember 2018-10-31 0001762417 us-gaap:RestrictedStockMember doyu:FounderOneMember doyu:NonoliveMember 2019-09-01 2019-09-30 0001762417 us-gaap:RestrictedStockMember doyu:NonoliveMember 2019-09-01 2019-09-30 0001762417 us-gaap:RestrictedStockMember doyu:NonoliveMember doyu:FounderOneMember 2019-09-01 2019-09-30 0001762417 doyu:NonoliveMember 2019-09-01 2019-09-30 0001762417 doyu:NonoliveMember 2019-09-30 0001762417 us-gaap:RestrictedStockMember doyu:NonoliveMember doyu:FounderOneMember 2019-09-30 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2018-04-01 2018-04-01 0001762417 us-gaap:RestrictedStockMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2018-04-01 2018-04-01 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2019-03-01 2019-03-31 0001762417 doyu:GogoGlocalHoldingLimitedMember 2020-02-01 2020-02-29 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2020-02-01 2020-02-29 0001762417 doyu:HunanYuyouStarfireCultureMediaCoLtdMember 2020-11-30 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2016-12-31 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2016-12-31 2016-12-31 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2020-05-31 0001762417 doyu:ShuangsiCultureBroadcastingCompanyLimitedMember us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleExchangeMember 2020-05-31 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2020-05-01 2020-05-31 0001762417 doyu:ShuangsiCultureBroadcastingCompanyLimitedMember 2020-05-01 2020-05-31 0001762417 us-gaap:NewAccountingPronouncementEarlyAdoptionEffectMember 2020-01-01 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2015-01-31 2015-01-31 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2015-01-31 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2015-04-01 2015-04-30 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember doyu:WuhanDouyuInternetTechnologyCoLtdMember 2016-04-01 2016-04-30 0001762417 doyu:RedeemableConvertibleSeriesBThreePreferredStockMember doyu:WuhanDouyuInternetTechnologyCoLtdMember 2016-04-01 2016-04-30 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2016-04-01 2016-04-30 0001762417 doyu:RedeemableConvertibleSeriesBTwoAndThreePreferredStockMember doyu:WuhanDouyuInternetTechnologyCoLtdMember 2016-04-01 2016-04-30 0001762417 doyu:RedeemableConvertibleSeriesBTwoAndThreePreferredStockMember 2016-04-01 2016-04-30 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2016-04-30 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember doyu:WuhanDouyuInternetTechnologyCoLtdMember 2016-04-30 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2016-04-30 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember doyu:WuhanDouyuInternetTechnologyCoLtdMember 2016-08-01 2016-08-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember doyu:ShanghaiQinchengInvestmentCenterLlpMember 2016-08-01 2016-08-31 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember doyu:WuhanDouyuInternetTechnologyCoLtdMember 2016-08-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2018-01-01 2018-01-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember doyu:WuhanDouyuInternetTechnologyCoLtdMember 2018-01-01 2018-01-31 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember doyu:WuhanDouyuInternetTechnologyCoLtdMember 2017-10-14 2017-11-14 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember doyu:WuhanDouyuInternetTechnologyCoLtdMember 2017-11-14 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2018-05-29 2018-05-29 0001762417 doyu:DouyuLlpMember 2020-09-01 2020-09-30 0001762417 doyu:DouyuLlpMember 2020-09-30 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2018-05-29 0001762417 doyu:ChengduShuangsiMember 2020-03-01 2020-03-31 0001762417 doyu:DouyuJapanMember 2020-11-01 2020-11-30 0001762417 doyu:DouyuJapanMember srt:MinimumMember 2020-11-01 2020-11-30 0001762417 doyu:DouyuJapanMember srt:MaximumMember 2020-11-01 2020-11-30 0001762417 doyu:DouyuJapanMember 2020-06-01 2020-06-30 0001762417 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001762417 us-gaap:RetainedEarningsMember 2017-12-31 0001762417 us-gaap:ParentMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2018-12-31 0001762417 srt:ParentCompanyMember 2017-12-31 0001762417 srt:ParentCompanyMember 2018-12-31 0001762417 us-gaap:CommonStockMember 2018-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001762417 us-gaap:RetainedEarningsMember 2018-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001762417 us-gaap:ParentMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2019-12-31 0001762417 us-gaap:CommonStockMember 2019-12-31 0001762417 us-gaap:TreasuryStockMember 2019-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001762417 us-gaap:RetainedEarningsMember 2019-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001762417 us-gaap:ParentMember 2019-12-31 0001762417 us-gaap:NoncontrollingInterestMember 2019-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2019-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2020-12-31 0001762417 us-gaap:RestrictedStockMember 2020-12-31 0001762417 us-gaap:CommonStockMember 2020-12-31 0001762417 us-gaap:TreasuryStockMember 2020-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001762417 us-gaap:RetainedEarningsMember 2020-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001762417 us-gaap:ParentMember 2020-12-31 0001762417 us-gaap:NoncontrollingInterestMember 2020-12-31 iso4217:CNY iso4217:USD xbrli:shares xbrli:pure utr:Month utr:Year iso4217:JPY iso4217:USD xbrli:shares iso4217:CNY xbrli:shares
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM
20-F
 
 
(Mark One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020.
OR
 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report                     
For the transition period from                    to                    
Commission file number:
001-38967
 
 
DouYu International Holdings Limited
(Exact name of Registrant as specified in its charter)
 
 
N/A
(Translation of Registrant’s name into English)
Cayman Islands
(Jurisdiction of incorporation or organization)
20/F, Building A, New Development International Center,
No. 473 Guanshan Avenue,
Hongshan District, Wuhan, Hubei
Province, 430073,
People’s Republic of China
(Address of principal executive offices)
Shaojie Chen
Chief Executive Officer
Tel: +86 27 8775 0710
E-mail:
ir@douyu.tv
20/F, Building A, New Development International Center,
No. 473 Guanshan Avenue,
Hongshan District, Wuhan, Hubei
Province, 430073,
People’s Republic of China
(Name, Telephone,
E-mail
and/or Facsimile number and Address of Company Contact Person)
 
 
Securities registered or to be registered pursuant to Section 12(b) of the Act.
 
Title of each class
 
Trading
Symbol
 
Name of each exchange
on which registered
American depositary shares, every 10 American depositary shares represent one ordinary share, par value US$0.0001 per share
 
DOYU
 
The Nasdaq Global Select Market
Ordinary shares, par value US$0.0001 per share*
 
N/A
 
The Nasdaq Global Select Market
 
*
Not for trading, but only in connection with the listing of the American depositary shares on the Nasdaq Global Select Market.
Securities registered or to be registered pursuant to Section 12(g) of the Act.
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
(Title of Class)
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
32,267,847 ordinary shares, par value $0.0001 per share as of December 31, 2020.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☒
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ☐    No  ☒
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a
non-accelerated
filer. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer
 
☒
 
Accelerated filer
 
☐
  
Non-accelerated filer
 
☐
           
 
 
  
 
  
 
  
  
Emerging growth company
 
☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act.  ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
U.S. GAAP  ☒
 
        International Financial Reporting Standards as issued
 
  
  
  
 
Other  ☐
 
 
        by the International Accounting Standards Board
 
☐
  
  
 
  
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    ☐  Item 17    ☐  Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  ☐    No  ☒
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes  ☐    No  ☐
 
 
 
TABLE OF CONTENTS
 
 
 
 
  
Page
 
  
 
ii
 
  
 
v
 
  
 
1
 
ITEM 1.
 
  
 
1
 
ITEM 2.
 
  
 
1
 
ITEM 3.
 
  
 
1
 
ITEM 4.
 
  
 
57
 
ITEM 4A.
 
  
 
96
 
ITEM 5.
 
  
 
96
 
ITEM 6.
 
  
 
120
 
ITEM 7.
 
  
 
130
 
ITEM 8.
 
  
 
132
 
ITEM 9.
 
  
 
133
 
ITEM 10.
 
  
 
134
 
ITEM 11.
 
  
 
144
 
ITEM 12.
 
  
 
144
 
  
 
146
 
ITEM 13.
 
  
 
146
 
ITEM 14.
 
  
 
146
 
ITEM 15.
 
  
 
147
 
ITEM 16.A.
 
  
 
148
 
ITEM 16.B.
 
  
 
149
 
ITEM 16.C.
 
  
 
149
 
ITEM 16.D.
 
  
 
149
 
ITEM 16.E.
 
  
 
149
 
ITEM 16.F.
 
  
 
150
 
ITEM 16.G.
 
  
 
150
 
ITEM 16.H.
 
  
 
150
 
  
 
150
 
ITEM 17.
 
  
 
150
 
ITEM 18.
 
  
 
150
 
ITEM 19.
 
  
 
150
 
 
i
INTRODUCTION
Except where the context otherwise indicates and for the purpose of this annual report only:
 
  •  
“active users” refers to users who visited our platform through PC or mobile app at least once in a given period; the number of active PC users is measured as the number of independent cookies generated by our website when users visited our platform through PC in a given period, and the number of active mobile users is measured as the number of mobile devices that launched our mobile apps in a given period. The number of active users is calculated by treating each distinguishable independent cookie or mobile device as a separate user even though some individuals may access our platform with more than one independent cookie or using more than one mobile device and multiple individuals may access our services with the same independent cookie or using the same mobile device;
 
  •  
“ADSs” refers to the American depositary shares, every 10 ADSs represent one ordinary share, par value US$0.0001 per share;
 
  •  
“annual paying users” refer to the total paying users for a given year after removing double-counting because of multiple payments;
 
  •  
“ARPPU” refers to average live streaming revenue per paying user in a given period;
 
  •  
“average MAUs” refers to the average MAUs during a given period of time calculated by dividing (i) the sum of MAUs for each month of such period, by (ii) the number of months in such period;
 
  •  
“average mobile MAUs” for a given period of time is calculated by dividing (i) the sum of active mobile users for each month of such period, by (ii) the number of months in such period;
 
  •  
“average next-month active user retention rate” for any period is calculated by dividing (i) the sum of next-month active user retention rate for each month of such period, by (ii) the total number of months in such period;
 
  •  
“average total eSports MAU” refers to the average total eSports MAUs during a given period of time calculated by dividing (i) the sum of active users, including active PC users and active mobile users who accessed game-themed channels on our platform in each month of such period, by (ii) the number of months in such period;
 
  •  
“Beijing Fengye” refers to Beijing Fengye Equity Investment Center (Limited Partnership);
 
  •  
“Beijing Phoenix” refers to Beijing Phoenix Rich Investment Management Center (Limited Partnership);
 
  •  
“CDN” refers to content delivery network;
 
  •  
“China” or “PRC” refer to the People’s Republic of China, excluding, for the purposes of this annual report only, Taiwan, Hong Kong and Macau;
 
  •  
“Douyu Education” refers to Wuhan Douyu Education Consulting Co., Ltd.;
 
  •  
“Douyu Yule” refers to Wuhan Douyu Culture Network Technology Co., Ltd.;
 
  •  
“Effective Time” refers to effective time of the our merger with Huya;
 
  •  
“Gogo Glocal” refers to Gogo Glocal Holding Limited, an exempted company incorporated under the laws of the Cayman Islands;
 
  •  
“Guangzhou Douyu” refers to Guangzhou Douyu Internet Technology Co., Ltd.;
 
  •  
“Huya” refers to HUYA Inc.;
 
  •  
“Linzhi Lichuang” refers to Linzhi Lichuang Information Technology Co., Ltd., an entity controlled by Tencent Holdings Limited;
 
  •  
“MAUs” refers to the number of active users, including active PC users and active mobile users in a given month;
 
  •  
“Merger Agreement” refers to the Agreement and Plan of Merger dated October 12, 2020 entered into by DouYu, Huya, Tiger Company Ltd. and Nectarine;
 
ii
  •  
“Nectarine” refers to Nectarine Investment Limited, a wholly-owned subsidiary of Tencent Holdings Limited;
 
  •  
“next-month active user retention rate” is calculated by dividing (i) the sum of active users who visited our platform through PC or mobile app at least once in the next month after a given month, by (ii) the sum of all active users in that given month;
 
  •  
“ordinary shares” refers to our ordinary shares of par value US$0.0001 per share;
 
  •  
“P2P” refers to
peer-to-peer;
 
  •  
“paying ratio” for a given quarter is calculated by dividing (i) the sum of paying users in such quarter, by (ii) the average MAUs in such quarter;
 
  •  
“paying user” for any period in the context of our operating data refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period. A paying user is not necessarily a unique user, however, as a unique user may set up multiple paying user accounts on our platform, and consequently, the number of paying users we present in this annual report may not equal to the number of unique individuals who made purchases on our platform for any given period of time;
 
  •  
“Penguin” or “Penguin Business” refers to game live streaming business operated by the Tencent group under the “Penguin
e-Sports”
brand;
 
  •  
“quarterly average paying users” refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period;
 
  •  
“Reassignment” refers to the proposed reassignment of the Penguin Business by Nectarine to DouYu, whereby upon its completion we will beneficially own and operate the Penguin Business;
 
  •  
“Reassignment Agreement” refers to the reassignment agreement, dated October 12, 2020, by and between Nectarine and us;
 
  •  
“registered streamer” refers to a user that has been registered on our platform as a streamer;
 
  •  
“registered user” refers to a user that has registered and logged onto our platform at least once since registration. We calculate registered user as the cumulative number of user accounts at the end of the relevant period that have logged onto our platform at least once after registration. Each individual user may have more than one registered user account, and consequently, the number of registered users we present in this annual report may not equal to the number of unique individuals who are our registered users;
 
  •  
“retention rate” refers to the percentage of users who make at least one repeat use after a certain duration;
 
  •  
“RMB” or “Renminbi” refers to the legal currency of the People’s Republic of China;
 
  •  
“RSU” refers to restricted share unit;
 
  •  
“Tencent” refers to Tencent Holdings Limited;
 
  •  
“US$,” “dollars” or “U.S. dollars” refers to the legal currency of the United States;
 
  •  
“We,” “Us,” “Our company,” and “Our,” refer to DouYu International Holdings Limited, a Cayman Islands exempted company, its subsidiaries, variable interest entities and subsidiaries of its variable interest entities;
 
  •  
“Wuhan Douyu” refers to Wuhan Douyu Internet Technology Co., Ltd.;
 
  •  
“Wuhan Ouyue” refers to Wuhan Ouyue Online TV Co., Ltd.;
 
  •  
“Wuhan Yuwan” refers to Wuhan Yuwan Culture Media Co., Ltd.;
 
  •  
“Yu Leyou” refers to Wuhan Yu Leyou Internet Technology Co., Ltd.;
 
  •  
“Yuxing Tianxia” refers to Wuhan Yuxing Tianxia Culture Media Co., Ltd.;
 
  •  
“Yuyin Raoliang” refers to Wuhan Yuyin Raoliang Culture Media Co., Ltd.; and
 
  •  
“Zhejiang Ouyue” refers to Zhejiang Ouyue Online TV Co., Ltd., which was subsequently renamed Wuhan Ouyue.
 
iii
Unless the context otherwise requires, the operating data presented for our company in this annual report excludes Gogo Glocal, an exempted company incorporated under the laws of the Cayman Islands, or any other platform we incorporated to conduct our business overseas. We acquired a controlling stake of Gogo Glocal in October 2018 and all of its shares in February 2020.
We have made rounding adjustments to some of the figures included in this annual report. Accordingly, numerical figures shown as totals or percentages may not be an arithmetic calculation of the figures that preceded them.
Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report are made at RMB6.5250 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2020. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, the rates stated below, or at all. On April 23, 2021, the noon buying rate for Renminbi was RMB6.4945 to US$1.00.
 
iv
FORWARD-LOOKING INFORMATION
This annual report contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this annual report can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others.
Forward-looking statements appear in a number of places in this annual report and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including, but not limited to, those identified under the section entitled “Item 3. Key Information—3.D. Risk Factors” in this annual report. These risks and uncertainties include factors relating to:
 
  •  
our goals and growth strategies;
 
  •  
our future business development, results of operations and financial condition;
 
  •  
relevant government policies and regulations relating to our business and industry;
 
  •  
our expectation regarding the use of proceeds from our initial public offering in July 2019;
 
  •  
general economic and business condition in China;
 
  •  
status of the
COVID-19
pandemic;
 
  •  
assumptions underlying or related to any of the foregoing;
 
  •  
other factors that may affect our financial condition, liquidity and results of operations; and
 
  •  
other risk factors discussed under “Item 3. Key Information—3.D. Risk Factors.”
Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.
In addition, we face certain risks and uncertainties with respect to our potential transaction with Huya, including the timing to consummate the potential transaction; the risk that a condition to closing the potential transaction may not be satisfied; the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the parties; potential litigation relating to the potential transaction that could be instituted against DouYu or its directors; the effects of disruption to DouYu’s business; restrictions during the pendency of the potential transaction that may impact DouYu’s ability to pursue certain business opportunities or strategic transactions; the effect of this communication on DouYu’s stock price; transaction costs; DouYu’s ability to achieve the benefits from the proposed transaction; DouYu’s ability to effectively integrate acquired operations into its own operations; the ability of DouYu to retain and hire key personnel; unknown liabilities; and the diversion of management time on transaction-related issues.
 
v
PART I
 
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
 
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
 
ITEM 3.
KEY INFORMATION
3.A. Selected Financial Data
The selected combined and consolidated statements of comprehensive income data for the years ended December 31, 2018, 2019 and 2020, selected combined and consolidated balance sheet data as of December 31, 2018, 2019 and 2020 and selected combined and consolidated cash flow data for the years ended December 31, 2018, 2019 and 2020 have been derived from our audited combined and consolidated financial statements included elsewhere in this annual report. The selected combined and consolidated statements of comprehensive income data for the year ended December 31, 2016 and 2017, selected combined and consolidated balance sheet data as of December 31, 2016 and 2017 and selected combined and consolidated cash flow data for the year ended December 31, 2016 and 2017 have been derived from our audited consolidated financial statements not included in this annual report. Our historical results are not necessarily indicative of results expected for future periods. You should read this Selected Financial Data section together with our combined and consolidated financial statements and the related notes and “Item 5. Operating and Financial Review and Prospects” included elsewhere in this annual report.
 
    
For the Year Ended December 31,
  
    
2016
    
2017
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
US$
  
    
(in millions)
  
Net revenues
(1
)
   
 
786.9
 
  
 
1,885.7
 
  
 
3,654.4
 
  
 
7,283.2
 
  
 
9,601.9
 
  
 
1,471.6
 
Cost of revenues
      (1,155.1 )      (1,890.4 )      (3,503.4 )      (6,087.0 )      (8,041.6 )      (1,232.5 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross (loss)/profit
   
 
(368.2
) 
  
 
(4.7
) 
  
 
151.0
 
  
 
1,196.2
 
  
 
1,560.3
 
  
 
239.1
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
                                                 
Sales and marketing expenses
      (223.5 )      (310.3 )      (538.9 )      (598.7 )      (580.4 )      (88.9 ) 
Research and development expenses
      (93.5 )      (212.1 )      (329.3 )      (383.9 )      (416.3 )      (63.8 ) 
General and administrative expenses
(2)
      (95.0 )      (100.6 )      (196.8 )      (446.1 )      (375.9 )      (57.6 ) 
Other operating income, net
      3.8       9.3       54.9       100.8       74.4       11.4  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
   
 
(408.2
) 
  
 
(613.7
) 
  
 
(1,010.1
) 
  
 
(1,327.9
) 
  
 
(1,298.2
) 
  
 
(198.9
) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) from operations
   
 
(776.4
) 
  
 
(618.4
) 
  
 
(859.1
) 
  
 
(131.7
) 
  
 
262.1
 
  
 
40.2
 
Other expense, net
      0.0       (0.3 )      (20.2 )      (22.8 )      (27.4 )      (4.3 ) 
Foreign exchange gain (loss), net
      —         —         (75.6 )      32.0       —         —    
Interest income
      3.9       6.9       85.8       159.1       145.2       22.3  
Interest expenses
      (8.9 )      —         —         —         —         —    
Fair value change of warranty liabilities
      0.7       —         —         —         —         —    
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gain on disposal of subsidiary
      —         —         —         —         23.5       3.6  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) before income taxes
   
 
(780.7
) 
  
 
(611.8
) 
  
 
(869.1
) 
  
 
36.6
 
  
 
403.4
 
  
 
61.8
 
Income tax expenses
      —         —         —         —         —         —    
Share of income (loss) in equity method investments
      (2.2 )      (1.1 )      (7.2 )      (3.3 )      1.3       0.2  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
   
 
(782.9
) 
  
 
(612.9
) 
  
 
(876.3
) 
  
 
33.3
 
  
 
404.7
 
  
 
62.0
 
Net loss attributable to noncontrolling interest
      —         —         —         (6.5 )      (80.8 )      (12.4 ) 
Deemed dividend
      (284.9 )      —         (6.7 )      —         —         —    
Net income (loss) attributable to ordinary shareholders of the Company
   
 
(1,067.8
) 
  
 
(612.9
) 
  
 
(883.0
) 
  
 
39.8
 
  
 
485.5
 
  
 
74.4
 
Net income (loss)
   
 
(782.9
) 
  
 
(612.9
) 
  
 
(876.3
) 
  
 
33.3
 
  
 
404.7
 
  
 
62.0
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive loss, net of tax of nil:
                                                 
Foreign currency translation adjustments
      —         —         325.6       109.5       (425.7 )      (65.2 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
    
For the Year Ended December 31,
  
    
2016
    
2017
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
US$
  
    
(in millions)
  
Comprehensive income (loss)
   
 
(782.9
) 
  
 
(612.9
) 
  
 
(550.7
) 
  
 
142.8
 
  
 
(21.0
) 
  
 
(3.2
) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income attributable to noncontrolling interests
      —         —         —         (6.3 )      (82.5 )      (12.6 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income (loss) attributable to the Company
   
 
(782.9
) 
  
 
(612.9
) 
  
 
(550.7
) 
  
 
149.1
 
  
 
61.5
 
  
 
9.4
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
Note:
(1)
We adopted ASU
2014-09,
“Revenue from Contracts with Customers (Topic 606)” and its amendments on January 1, 2019 with modified retrospective method, and thus results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under Topic 605.
(2)
Includes share-based compensation of RMB24.9 million, RMB17.6 million, RMB35.4 million, RMB290.8 million and RMB142.1 million (US$21.8 million) in 2016, 2017, 2018, 2019 and 2020, respectively.
The following table presents our selected combined and consolidated balance sheet data as of December 31, 2016, 2017, 2018, 2019 and 2020.
 
     
            
      
            
      
            
      
            
      
            
      
            
  
    
As of December 31,
  
    
2016
     
2017
     
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
     
RMB
     
RMB
     
US$
  
    
(in millions)
  
Summary Combined and Consolidated Balance Sheet Data:
                                                      
Cash, cash equivalents and restricted cash
   
 
516.8
 
   
 
539.6
 
   
 
5,562.2
 
   
 
8,134.9
 
   
 
5,291.8
 
   
 
811.0
 
Total current asset
   
 
675.9
 
   
 
862.9
 
   
 
6,117.0
 
   
 
8,601.7
 
   
 
8,033.8
 
   
 
1,231.2
 
Total assets
   
 
778.9
 
   
 
1,031.6
 
   
 
6,494.9
 
   
 
9,103.7
 
   
 
8,908.0
 
   
 
1,365.2
 
Deferred revenue
   
 
15.0
 
   
 
45.9
 
   
 
112.1
 
   
 
196.0
 
   
 
242.0
 
   
 
37.1
 
Accrued expenses and other current liabilities
   
 
120.7
 
   
 
208.2
 
   
 
313.5
 
   
 
392.3
 
   
 
384.0
 
   
 
58.9
 
Total current liabilities
   
 
523.9
 
   
 
871.9
 
   
 
2,863.9
 
   
 
1,794.2
 
   
 
1,882.8
 
   
 
288.6
 
Total liabilities
   
 
523.9
 
   
 
871.9
 
   
 
2,863.9
 
   
 
1,840.3
 
   
 
1,930.6
 
   
 
295.9
 
Total liabilities, convertible redeemable preferred shares and shareholders’ deficit
   
 
778.9
 
   
 
1,031.6
 
   
 
6,494.9
 
   
 
9,103.7
 
   
 
8,908.0
 
   
 
1,365.2
 
The following table presents our selected combined and consolidated cash flow data for the years ended December 31, 2016, 2017, 2018, 2019 and 2020.
 
                                                                                                                   
    
For the Year Ended December 31,
  
    
2016
    
2017
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
US$
  
    
(in millions)
  
Net cash provided by (used in) operating activities
   
 
(714.1
) 
  
 
(381.0
) 
  
 
(337.6
) 
  
 
813.2
 
  
 
667.6
 
  
 
102.3
 
Net cash used in investing activities
   
 
(86.3
) 
  
 
(92.0
) 
  
 
(265.0
) 
  
 
(246.3
) 
  
 
(2,612.6
) 
  
 
(400.4
) 
Net cash provided by financing activities
   
 
1,298.2
 
  
 
500.0
 
  
 
5,280.1
 
  
 
1,896.3
 
  
 
(479.2
) 
  
 
(73.4
) 
Effects of exchange rate changes on cash, cash equivalents and restricted cash
   
 
1.4
 
  
 
(4.2
) 
  
 
345.1
 
  
 
109.5
 
  
 
(418.9
) 
  
 
(64.2
) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net increase/(decrease) in cash, cash equivalents and restricted cash
   
 
499.2
 
  
 
22.8
 
  
 
5,022.6
 
  
 
2,572.7
 
  
 
(2,843.1
) 
  
 
(435.7
) 
Cash, cash equivalents and restricted cash at beginning of the year
   
 
17.6
 
  
 
516.8
 
  
 
539.6
 
  
 
5,562.2
 
  
 
8,134.9
 
  
 
1,246.7
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Cash, cash equivalents and restricted cash at end of the year
   
 
516.8
 
  
 
539.6
 
  
 
5,562.2
 
  
 
8,134.9
 
  
 
5,291.8
 
  
 
811.0
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
2
Non-GAAP
Financial Measure
To supplement our combined and consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following
non-GAAP
financial measures to understand and evaluate our core operating performance: adjusted operating income (loss), which is calculated as operating income (loss) adjusted for share-based compensation expenses; adjusted net income (loss), which is calculated as net income (loss) adjusted for shared-based compensation expenses, share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments; adjusted net income (loss) attributable to DouYu, which is calculated as net income (loss) attributable to DouYu adjusted for share-based compensation expenses, share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments; and adjusted basic and diluted net income per ordinary shares, which is the
non-GAAP
net income (loss) attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of
non-GAAP
basic and diluted net income per ordinary share. The
non-GAAP
financial measures are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical
non-GAAP
financial measures to the most directly comparable GAAP financial measures. As
non-GAAP
financial measures have material limitations as an analytical metric and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider
non-GAAP
financial measures as a substitute for, or superior to, such metrics prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on any single financial measure.
The table below sets forth a reconciliation from the GAAP measures to the
non-GAAP
measures for the years indicated:
 
    
For the Year Ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
     
US$
  
    
(in millions, excepts for shares, ADSs, per share and per ADS data)
  
Operating income (loss)
      (859.1 )       (131.7 )       262.1        40.2  
Add:
            
Share-based compensation expenses
      35.4        290.8        142.1        21.8  
  
 
 
     
 
 
     
 
 
     
 
 
  
Adjusted operating income (loss)
   
 
(823.7
) 
   
 
159.1
 
   
 
404.2
 
   
 
62.0
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net income (loss)
   
 
(876.3
) 
   
 
33.3
 
   
 
404.7
 
   
 
62.0
 
Add:
            
Share-based compensation expenses
      35.4        290.8        142.1        21.8  
Share of (income) loss in equity method investments
      7.2        3.3        (1.3 )       (0.2 ) 
Gain on disposal of subsidiary
      —          —          (23.4 )       (3.6 ) 
Impairment losses and fair value adjustments on investments
      15.2        19.0        19.5        3.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
Adjusted net income (loss)
   
 
(818.5
) 
   
 
346.4
 
   
 
541.6
 
   
 
83.0
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net income (loss) attributable to DouYu
   
 
(876.3
) 
   
 
39.8
 
   
 
485.5
 
   
 
74.4
 
Add:
            
Share-based compensation expenses
      35.4        290.8        142.1        21.8  
Share of income (loss) in equity method investments
      7.2        3.3        (1.3 )       (0.2 ) 
Gain on disposal of subsidiary
      —          —          (23.4 )       (3.6 ) 
Impairment losses and fair value adjustments on investments
      15.2        19.0        19.5        3.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
Adjusted net income (loss) attributable to DouYu
   
 
(818.5
) 
   
 
352.9
 
   
 
622.4
 
   
 
95.4
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Adjusted net income (loss) per ordinary share
            
Basic
      (101.7 )       17.58        19.47        2.98  
Diluted
      (101.7 )       11.74        19.47        2.98  
 
3
    
For the Year Ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
     
US$
  
    
(in millions, excepts for shares, ADSs, per share and per ADS data)
  
Adjusted net income (loss) per ordinary share
                                    
Basic
      (101.7 )       17.58        19.47        2.98  
Diluted
      (101.7 )       11.74        19.47        2.98  
Adjusted net income (loss) per ADS
                                    
Basic
      —          1.76        1.95        0.30  
Diluted
      —          1.17        1.95        0.30  
Weighted average number of ordinary shares used in calculating adjusted net income (loss) per ordinary share
                                    
Basic
      8,115,160        19,254,661        31,963,526        31,963,526  
Diluted
      8,115,160        31,442,931        33,012,682        33,012,682  
Weighted average number of ordinary shares used in calculating adjusted net income (loss) per ADS
                                    
Basic
      —          192,546,612        319,635,264        319,635,264  
Diluted
      —          314,429,306        330,126,823        330,126,823  
 
3.B.
Capitalization and Indebtedness
Not applicable.
 
3.C.
Reason for the Offer and Use of Proceeds
Not applicable.
 
3.D.
Risk Factors
Below please find a summary of the principal risks we face, organized under relevant headings.
 
4
Risks Related to Our Business and Industry
 
  •  
If we fail to retain our existing users, keep them engaged or further grow our user base, our business, operation, profitability and prospects may be materially and adversely affected.
 
  •  
We may fail to attract, cultivate and retain top streamers, which may materially and negatively affect our user retention and thus our business and operations.
 
  •  
We may fail to offer attractive content, in particular popular game content, on our platform.
 
  •  
We have significant reliance on the eSports industry.
 
  •  
If we fail to effectively manage our growth and control our periodic spending to maintain such growth, our brand, business and results of operations may be materially and adversely affected.
 
  •  
We have incurred net losses since inception, and we may continue to incur losses in the future.
 
  •  
Our business may suffer if we fail to successfully implement our monetization strategies.
 
  •  
Our content monitoring system may not be effective in preventing misconduct by our platform users and misuse of our platform and such misconduct or misuse may materially and adversely impact our brand image, business and operating results.
 
  •  
Our limited operating history with a relatively new business model in a relatively new market makes it difficult to evaluate our business and growth prospects.
 
  •  
We face risks related to natural disasters, health epidemics and other outbreaks of contagious diseases.
Risks Related to Our Corporate Structure
 
  •  
If the PRC government finds that the agreements that establish the structure for operating our businesses in China do not comply with PRC regulations on foreign investment in Internet and other related businesses, or if these regulations or their interpretation change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.
 
  •  
We rely on contractual arrangements with our VIEs and their shareholders for our operations in China, which may not be as effective in providing operational control as direct ownership.
 
  •  
We may lose the ability to use and enjoy assets held by our VIEs and their subsidiaries that are important to our business if our VIEs and their subsidiaries declare bankruptcy or become subject to a dissolution or liquidation proceeding.
 
  •  
Contractual arrangements we have entered into with our VIEs may be subject to scrutiny by the PRC tax authorities. A finding that we owe additional taxes could negatively affect our financial condition and the value of your investment.
Risks Related to Doing Business in China
 
  •  
Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.
 
  •  
Regulation and censorship of information disseminated over the mobile device and Internet in China may adversely affect our business and subject us to liability for streaming content or posted on our platform.
 
  •  
Adverse changes in global or China’s economic, political or social conditions or government policies could have a material adverse effect on our business, financial condition and results of operations.
 
  •  
Currently there is no law or regulation specifically governing virtual asset property rights and therefore it is not clear what liabilities, if any, online game operators may have for virtual assets.
 
5
Risks Related to our American Depositary Shares
 
  •  
The market price for our ADSs may be volatile.
 
  •  
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for our ADSs and trading volume could decline.
 
  •  
If securities or industry analysts do not publish favorable research, or if they adversely change their recommendations regarding the ADSs, the market price for the ADSs and trading volume could decline.
Risks Related to Our Proposed Merger with Huya
In addition to the risk factor below, those risk factors set forth in the
“Risk Factors—Risks Related to the Merger”
included in the Proxy Statement/Prospectus (“Proxy Statement/Prospectus”) in the
Registration Statement on
Form F-4,
as amended, filed by Huya with SEC on November 10, 2020
are incorporated herein by reference.
 
  •  
Failure to complete the proposed Merger and Reassignment, in a timely manner or at all, could disrupt our business plans and operations and have a material adverse effect on the trading price of our ADSs.
Risks Related to Our Business and Industry
If we fail to retain our existing users, keep them engaged or further grow our user base, our business, operation, profitability and prospects may be materially and adversely affected.
The size of our user base and the level of our user engagement are critical to our success. Our main monetization strategies—live streaming, advertisement and others depend on our ability to maintain and increase the size of our user base and user engagement level. If our user base becomes smaller or our users become less active, it is probable that they would spend less on our virtual gifts and jointly operated games or visit our advertisements less frequently, or access our platform less in general. This would in turn drive top streamers away from our platform, discourage companies from purchasing advertisements on our platform and dissuade game developers and publishers from distributing their games through our platform. Our financial condition would suffer from the consequential decline in revenue and our business and operating results will be materially and adversely impacted.
We are one of China’s leading game-centric live streaming platforms in terms of the size of our user base and the level of user engagement. Maintaining and improving the current size of user base and level of user engagement are critical to our continued success. However, to maintain and improve this already large size of user base and high level of user engagement, we would have to ensure that we adequately and timely respond to changes in user preferences, attract and retain enough popular streamers, and offer new features and content that may attract new users. There is no guarantee that we could meet all of these goals. A number of factors could negatively affect user retention, growth and engagement, including if:
 
  •  
we are unable to combat spam on or inappropriate or abusive use of our platform, which may lead to negative public perception of us and our brand;
 
  •  
technical or other problems prevent us from delivering our services in a rapid and reliable manner or otherwise adversely affect the user experience;
 
  •  
we fail to innovate our communities, user-generated content and our virtual gifts that keep our users interested and be eager to return to our platform on a regular basis;
 
  •  
our streamers failed to keep our users engaged on our platform over a long period of time;
 
  •  
we suffer from negative publicity, fail to maintain our brand or if our reputation is damaged;
 
  •  
we fail to address user concerns related to privacy and communication, safety, security or other factors;
 
  •  
there are adverse changes in our services that are mandated by, or that we elect to make to address, legislation, regulations or government policies; and
 
  •  
the growth of the number of PC and smartphone users in China stalls.
 
6
We may fail to attract, cultivate and retain top streamers, which may materially and negatively affect our user retention and thus our business and operations.
Our registered streamers include a high number of top streamers each of whom entered into an exclusive contract with us directly. Our top streamers tend to have large following bases who regularly support these streamers with virtual gifts, and they also tend to attract many integrated promotion activities during live streaming compared to self-registered streamers. Their charisma and the high-quality content that they create are primary contributors to user stickiness and are hard to replicate with self-registered streamers.
Although we have signed exclusive contracts with top streamers at typically three- to five-year terms that contain
non-compete
clauses, top streamers may still choose to depart us when their contract period ends, and their departure may cause a corresponding decline in our user base. As we attract top streamers from other platforms, we have also been or are currently involved in legal disputes concerning top streamers with competing platforms. Although we are not the primary target of these legal disputes, such streamers may be subject to fines or even injunctions which may render our investment in recruiting them meaningless. On the other hand, some of our top streamers have left us for competing platforms despite still being in contractual relationship with us which may raise legal disputes. Although we have won some of the legal disputes against these breaching streamers, their departures may still have a negative impact on user retention and reputation. To retain top streamers, we must devise better streamer compensation schemes, improve our monetization capabilities and help the top streamers reach a wider audience. Although we strive to improve ourselves in these aspects, we cannot guarantee that our streamers will not leave us even if we do our best to retain them.
In terms of streamer cultivation, we cannot guarantee that the performance metrics we use to track promising streamers will enable us to identify future top streamers. Some of the streamers we identify as promising may turn out to be underperforming, and we may also fail to spot truly promising streamers in early stages of their careers. In addition to a waste of resources, either one of these scenarios could prevent us from cultivating top streamers, which could weaken our core competitive strength against competing platforms and thus cause an outflow of users to those platforms.
We may fail to offer attractive content, in particular popular game content, on our platform.
We offer comprehensive live streaming content with a primary focus on games. Our content library is constantly evolving and growing. Game content has been the key component of our content offerings since our inception. A majority of our streamers were game streamers and game streaming also contributed significantly to the total viewing hours on our platform. In response to viewers’ growing interests, we also have expanded our coverage into other entertainment content genres. We actively track viewership growth and community feedback to identify trending content and encourage our streamers and talent agencies to create content that caters to viewers constantly changing tastes. However, if we fail to expand and diversify our content offerings, identify trending and popular genres, or maintain the quality of our content, we may experience decreased viewership and user engagement, which may materially and adversely affect our results of operations and financial conditions.
In addition, we largely rely on our streamers to create high-quality and fun live streaming content. We have in place a comprehensive and effective incentive mechanism to encourage streamers and talent agencies to supply content that is attractive to our viewers. Also, talent agencies cooperating with us may guide or influence streamers to live stream content that is well received by our viewers. However, if we fail to observe the latest trends and timely guide streamers and talent agencies accordingly, or fail to attract streamers who are capable of creating content based on popular games, or if streamers fail to produce content for trending games, our viewer number may decline and our financial condition and results of operations may be materially and adversely affected.
We have significant reliance on the eSports industry.
As the nexus of the eSports ecosystem, our platform connects game developers and publishers, professional eSports teams or players and eSports tournament organizers, advertisers and viewers. User generated content covering eSports games is the largest contributor to our user base. Our average total eSports MAUs were approximately 101.8 million and 108.2 million in the fourth quarter of 2019 and 2020, respectively. In addition to streaming of eSports games, major eSports events and tournaments, we also sponsor leading eSports teams and organize our own eSports tournaments.
 
7
We rely heavily on a number of eSports games to generate our user traffic. For example, the most popular eSports games on our platform attracted a large amount of average MAUs and generated significant hours spent by our users. As a result, if we fail to maintain our market position in the eSports industry or to attract users through live streaming of popular eSports games, if the game developers and publishers fail to maintain the normal publication and operation of their online games or if any of these games fails to attract enough users, our user base and streamer base may shrink significantly. We may experience decreased viewership and user engagement, which may materially and adversely affect our results of operations and financial condition.
If we fail to effectively manage our growth and control our periodic spending to maintain such growth, our brand, business and results of operations may be materially and adversely affected.
We have experienced a period of significant growth and expansion that has placed, and continues to place, significant strain on our management and resources. However, given our limited operating history and the rapidly evolving market in which we compete, we may encounter difficulties as we establish and expand our operations, research and development, sales and marketing, and general and administrative capabilities. We cannot assure you that this level of growth will be sustainable or achieved at all in the future. We believe that our continued growth will depend on our ability to attract and retain viewers and top streamers, develop an infrastructure to service and support an expanding body of viewers and streamers, explore new monetization avenues, convert
non-paying
users to paying users, increase user engagement levels and capitalize on the eSports industry. We cannot assure you that we will be successful with any of the above.
To manage our growth and maintain profitability, we expect our costs and expenses to continue to increase in the future as we anticipate that we will need to continue to implement, from time to time, a variety of new and upgraded operational, informational and financial systems, procedures and controls on an
as-needed
basis, including the continued improvement of our accounting and other internal management systems. We will also need to expand, train, manage and motivate our workforce and manage our relationships with viewers and streamers, game developers and publishers, advertisers and other business partners. All of these endeavors involve risks and will require substantial management efforts and skills and significant additional expenditures. We expect to continue to invest in our infrastructure in order to enable us to provide our services rapidly and reliably to viewers and streamers. Continued growth could end up straining our ability to maintain reliable service levels for all of our viewers and streamers, develop and improve our operational, financial, legal and management controls, and enhance our reporting systems and procedures. Managing our growth will require significant expenditures and the allocation of valuable management resources. If we fail to achieve the necessary level of efficiency in our organization as we grow, our business, operating results and financial condition could be harmed.
We have incurred net losses since inception, and we may continue to incur losses in the future.
We have incurred significant accumulated net losses to date. Although experiencing net incomes since 2019, we may not generate sufficient revenues to offset such costs to achieve or sustain profitability in the future. We generated net incomes in 2020 but incurred net losses in the fourth quarter of 2020. We generated gross profit since 2018, which may not translate into continued net
after-tax
profit. The time it will take for us to eventually achieve profitability hinges on our ability to grow rapidly in a cost-effective way, and we may not be able to grow this way successfully.
While our future revenue growth will be linked with the realization of our monetization strategies, which will be affected by user engagement, streamer retention and product offering, our cost-effective growth will primarily rely on improvement of operational efficiency, which has been reflected so far in the continually decreasing percentage of our content costs and bandwidth and server costs in our total operating costs. This trend of operational efficiency improvement may not continue in the future, or it may not reach a sufficient level to generate profitability. Our ability to continue to improve operational efficiency will depend on our ability to maintain stronger bargaining position in contract negotiations with top streamers, streamline our operation, achieve economies of scale and employ more advanced streaming technologies at lower cost, among other things. Additionally, our ability to achieve profitability is affected by various external factors, many of which are beyond our control, such as the PC and mobile games market and eSports industry in China, and the development of social networking, live streaming services and mobile marketing services. We cannot assure you that we will be able to improve our operational efficiency in the future.
 
8
We may again incur losses in the near future due to our continued investment in services, technologies, overseas expansion, research and development and our continued sales and marketing initiatives. Changes in the macroeconomic and regulatory environment or competitive dynamics and our inability to respond to these changes in a timely and effective manner may also impact our profitability. Accordingly, we cannot assure you that our company will turn profitable in the short term just because we have made substantial investment in various areas.
Our business may suffer if we fail to successfully implement our monetization strategies.
Our monetization model is new and evolving. Our streaming platform is free to access, and we generate revenues primarily from live streaming and advertisement. As a result, our revenue is affected by our ability to increase user engagement and convert
non-paying
users into paying users, which in turn depends on our ability to offer content, virtual gifts, advertisements and other services. In 2018, 2019 and 2020, we generated RMB3,147.2 million, RMB6,617.3 million and RMB8,852.2 million (US$1,356.7 million) from live streaming, representing 86.1%, 90.9% and 92.2% of our total revenues for the same period. We also generate a sizeable portion of our revenues from providing advertisement and other services on our platform. In 2018, 2019 and 2020, we generated RMB507.2 million, RMB665.9 million and RMB749.7 million (US$114.9 million) from advertisements and others, representing 13.9%, 9.1% and 7.8% of our total revenues for the same period. We also generate a small portion of our revenue from game distribution, which involves revenue-sharing arrangements with game developers and publishers. If we are not successful in enhancing our ability to monetize our existing services or developing new approaches to monetization, we may not be able to maintain or increase our revenues and profits or recover any associated costs. We monitor market developments and may adjust our monetization strategies accordingly from time to time, which may result in decreases of our overall revenue or revenue contributions from some monetization channels. In addition, we may in the future introduce new services to diversify our revenue streams, including services with which we have little or no prior development or operating experience. If these new or enhanced services fail to engage customers or platform partners, we may fail to generate sufficient revenues to justify our investments, and our business and operating results may suffer as a result.
Our content monitoring system may not be effective in preventing misconduct by our platform users and misuse of our platform and such misconduct or misuse may materially and adversely impact our brand image, business and operating results.
We are a game-centric live streaming platform that provides real-time streaming and interactions. Because we do not have full control over how and what streamers or viewers will use our platform to communicate, our platform may be misused by individuals or groups of individuals to engage in immoral, disrespectful, fraudulent or illegal activities. For example, we detect spam accounts through which illegal or inappropriate content is streamed or posted and illegal or fraudulent activities are conducted on a timely basis. Media reports and Internet forums have covered some of these incidents, which have in some cases generated negative publicity about our platform and brand. We have implemented control procedures to detect and block illegal or inappropriate content and illegal or fraudulent activities conducted through the misuse of our platform, but such procedures may not prevent all such content from being broadcasted or posted or activities from being carried out. Moreover, as we have limited control over real-time and offline behavior of our users, to the extent such behavior is associated with our platform, our ability to protect our brand image and reputation may be limited. Our business and the public perception of our brand may be materially and adversely affected by misuse of our platform.
 
9
In addition, if any of our viewers suffers or alleges to have suffered physical, financial or emotional harm following contact initiated on our platform or after watching illegal or inappropriate content that our content monitoring system failed to filter out, we may face civil lawsuits or other liabilities initiated by the affected viewer, or governmental or regulatory actions against us. In response to allegations of illegal or inappropriate activities conducted through our platform or any negative media coverage about us, PRC government authorities may intervene and hold us liable for
non-compliance
with PRC laws and regulations concerning the dissemination of information on the Internet and subject us to administrative penalties or other sanctions, such as requiring us to restrict or discontinue some of the features and services provided on our website and mobile application, or even revoke our licenses or permits to provide Internet content service. We endeavor to ensure that all streamers are in compliance with relevant regulations, but we cannot guarantee that all streamers will comply with all the PRC laws and regulations in all aspects. Therefore, our live streaming service may be subject to investigations or subsequent penalties if content displayed on our platform is deemed to be illegal or inappropriate under PRC laws and regulations. Especially, if our top streamers violate the policy of our platform to conduct any illegal or inappropriate behavior on our platform or in private, we may be required to block the account of such top streamers. As a result, our business may suffer and our user base, revenues and profitability may be materially and adversely affected.
Our limited operating history with a relatively new business model in a relatively new market makes it difficult to evaluate our business and growth prospects.
Our business operations commenced in 2014, with commercialization beginning midway through 2015. We have experienced year-over-year growth in the number of active and paying users and total revenue since 2016. However, our growth in the past may not be indicative of our future performance, as our operating results represent a limited size of sample of operational results and may be hard to repeat in the future.
Many of the elements of our business are unique and evolving. The markets for our live streaming platform and the related products and services are relatively new and rapidly developing and are subject to significant challenges, especially in terms of converting
non-paying
users to paying users, maintaining a stable paying user base and attracting new paying users. Our business plan relies heavily upon an expanding user base and the resulting increased revenue from live streaming and advertisement, as well as our ability to capitalize on the eSports industry and explore other monetization avenues. We may not succeed in any of these aspects.
As the live streaming industry in China is relatively young, there are few proven methods of projecting user demand or available industry standards on which we can rely. Some of our current monetization methods are also in a relatively preliminary stage. For example, if we fail to properly manage the volume and price of our virtual gifts, our users may be less likely to purchase them. We cannot assure you that our attempts to monetize our viewers and streamers will continue to be successful, profitable or accepted, and therefore the income potential of our business is difficult to gauge.
Our growth prospects should be considered in light of the risks and uncertainties that fast-growing early-stage companies with limited operating histories in evolving industries may encounter, including, among others, risks and uncertainties regarding our ability to:
 
  •  
develop new virtual gifts that are appealing to users;
 
  •  
develop new advertisement formats that are appealing to advertising partners;
 
  •  
maintain stable relationships with game developers and publishers; and
 
  •  
expand to new geographic markets with good eSports environment and high growth potential.
Addressing these risks and uncertainties will require significant capital expenditures and allocation of valuable management and employee resources. If we fail to successfully address any of the above risks and uncertainties, the size of our user base, our revenue and operating margin may decline.
We face risks related to natural disasters, health epidemics and other outbreaks of contagious diseases.
Our business could be adversely affected by natural disasters or outbreaks of epidemics. These natural disasters, outbreaks of contagious diseases, and other adverse public health developments in China or any other market in which we operate and conduct business could severely disrupt our business operations by damaging our network infrastructure or information technology system or affecting the productivity of our workforce. The outbreak of any severe epidemic disease, such as avian flu, H1N1 flu, SARS or coronavirus, may disrupt our operations, which could negatively affect our financial condition and business prospects.
 
10
COVID-19
has and is continuing to spread worldwide. The epidemic has resulted in mandatory quarantines, travel restrictions, and the temporary closure of stores and facilities in certain parts of the world. In March 2020, the World Health Organization declared the
COVID-19
a pandemic.
In response to efforts to contain the spread of
COVID-19,
we or our business partners may need to implement adjustments to work schedules to allow workers to work remotely from home, quarantine our employees or our offices, or impose temporary office closure and travel restrictions, which may result in lower work efficiency and/or productivity. There might be travel restrictions imposed by various government authorities that could prevent our employees from travelling. These emergency measures have been significantly relaxed in China as of the date of this annual report. However, there has been occasional outbreaks of
COVID-19
in various cities in China, and the Chinese government may again take measures to keep
COVID-19
in check. Our user acquisition and engagement may fluctuate depending on factors beyond our control, such as the
shelter-in-place
restrictions due to the
COVID-19
pandemic. In addition, our users may have less disposable income and the industry we operate in may experience a general decline. We may also experience negative impact on our advertisement revenue or other revenue, and our suppliers may not be able to deliver our orders in time. Although Chinese economy has been gradually recovering since then, if the impact of
COVID-19
is prolonged or worsens further, it may still adversely affect our revenue and financial conditions. The global stock markets have experienced, and may continue to experience, significant decline or even trade suspension due to the
COVID-19
outbreak, which may result in a negative impact on our company, our overseas business and also a decline of value in the companies we invested in.
The extent to which the
COVID-19
outbreak might impact our results will depend on future developments, which are highly uncertain and cannot be predicted, including but not limited to new information on the effectiveness of the mitigation strategies, the duration, spread, severity and recurrence of
COVID-19
and any
COVID-19
variants and related travel advisories and restrictions, and the efficacy of
Covid-19
vaccines, which may also take extended time to be widely and adequately distributed. We may need to adjust our forecast downward or record impairment of the fair value of our investments should the situation continues to worsen.
In our market, we mainly compete with other established streaming platforms and other entertainment mediums. If we are unable to compete effectively, our business and operating results may be materially and adversely affected.
Since running a successful live streaming platform requires intensive capital outlay and a large team of quality streamers, who remain in short supply due to the fact that most have signed contracts with existing platforms, there are high entry barriers for our industry. As a result, our major competitors are streaming platforms with an established presence in the industry. While such competition may only come from a few established players instead of many newcomers, competition remains intense. As it is unlikely that viewers will watch streams on two platforms at once, and most top streamers sign exclusive contracts with only one platform, we compete mainly for user traffic and top streamers. If we are not able to effectively compete with our competitors, our overall user base and level of user engagement may decrease, which may result in loss of top streamers to other platforms. Such loss may also lead to fewer paying users and make us less attractive to advertisers and game developers and publishers, which may adversely affect our monetization success.
To better compete with competitors which may have more cash, traffic, technological advantages, top streamers, business networks and other resources than we do, we may be required to spend additional resources, which may adversely affect our profitability. Furthermore, if we are involved in disputes with any of our competitors that result in negative publicity to us, such disputes, regardless of their veracity or outcome, may harm our reputation or brand image and in turn lead to reduced number of viewers and streamers. Our competitors may unilaterally decide to adopt a wide range of measures targeted at us, including approaching our top streamers, purchasing exclusive streaming rights to eSports tournaments or events that used to be streamed on our platform, or even attacking our platform. Any legal proceedings or measures we take in response to competition and disputes with our competitors may be expensive, time-consuming and disruptive to our operations and divert our management’s attention.
 
11
We believe that our ability to compete effectively depends upon many factors both within and beyond our control, including:
 
  •  
the popularity, usefulness, ease of use, performance and reliability of our services compared to those of our competitors, and the research and development abilities of us and our competitors;
 
  •  
changes mandated by, or that we elect to make to address, legislation, regulations or government policies, some of which may have a disproportionate effect on us;
 
  •  
acquisitions or consolidation within our industry, which may result in more formidable competitors; and
 
  •  
our reputation and brand strength relative to our competitors.
In addition, our users have a vast array of entertainment choices. Other forms of entertainment, such as other online video services including video platforms, social networking, traditional PC and console games, as well as more traditional mediums such as television, movies and sports spectating, are much more well- established in mature markets and may be perceived by our users to offer greater variety, affordability, interactivity and enjoyment. Our platform competes against these other forms of entertainment for the discretionary time and spending of our users. If we are unable to sustain sufficient interest in our platform in comparison to other forms of entertainment, including new forms of entertainment that may emerge in the future, our business model may no longer be viable.
Our revenue growth is heavily dependent on paying users and revenue per paying user. If we fail to continue to grow or maintain our paying user and continue to increase revenue per paying user, our live streaming revenue may not increase, which may materially and adversely affect our business operation and financial results.
Our annual paying user base grew from 17.5 million in 2019 to 20.7 million in 2020. Whether we can increase the number of our paying users depends on many factors, and many of them are out of our control. For example, our paying users may have less disposable income as they need to meet financial obligations elsewhere, they may decide to no longer support a particular streamer that they used to follow financially, and an overall worsening economic conditions can lower disposable income for all existing paying users, causing them to spend less on our platform. We expect that our business will continue to be heavily dependent on revenue collected from paying users in the near future.
We have significant reliance on revenues from virtual gift sales. Any limitation imposed by PRC authorities on the sale, exchange or circulation of virtual gifts in the future may reduce the virtual gift payments our users make to streamers, which is critical to our business and results of operations. In November 2020, National Radio and Television Administration (the “NRTA”) promulgated the Notice on Strengthening the Management of Online Show Live Streaming and
E-commerce
Live Streaming (“Notice 78”) to require the live streaming platform to set a limit on the maximum amount of virtual gifting per time, per day, and per month. On February 9, 2021, the Cyberspace Administration of China (the “CAC”), the National Office of Anti-Pornography and Illegal Publication, the Ministry of Industry and Information Technology (“MIIT”), the Ministry of Public Security, the Ministry of Culture and Tourism, the State Administration for Market Regulation (the “SAMR”), the NRTA jointly issued the Guidance Opinions on the Strengthening the Regulation and Management Work of Internet Streaming (“2021 Streaming Guidance Opinions”). Pursuant to the 2021 Streaming Guidance Opinions, Internet streaming platforms should set up appropriate caps on maximum purchase price for each piece of virtual gift and maximum value of virtual gifts that the users giving to the streamers each time, and should notify the users who reaches the daily cap of giving virtual gifts. Internet streaming platforms are further required, if necessary, to set up a
cooling-off
period and a delayed-fund-transfer system for giving virtual gifts, and are required to implement a tiered and classified management system over the streamers in which different maximum value of the virtual gift to be received by streamers in one streaming session shall be established differently in accordance with the tiers and classes that the streamers belong to. The Notice 78 and the 2021 Streaming Guidance Opinions are silent on the specific amount of such caps. As Notice 78 and the 2021 Streaming Guidance Opinions are relatively new and pending further interpretation and implementation, we are still in the process of waiting for further guidance from regulatory authorities and evaluating the applicability and effect of the various requirements under the Notice 78 and the 2021 Streaming Guidance Opinions. Stricter limitations on giving virtual gifts may restrict our users’ ability to give virtual gifts to streamers, and result in decline in the number of paying users or our paying ratio, so our results of financials and operations may be materially and adversely affected. See “—Our business may suffer if we fail to successfully implement our monetization strategies.”
 
12
We generate a portion of our revenues from advertisement. If we fail to maintain or grow advertisement revenue, our financial results may be adversely affected.
In 2018, 2019 and 2020, we generated RMB342.2 million, RMB513.3 million and RMB645.2 million (US$98.9 million) from the sale of advertisements, representing 9.4%, 7.0% and 6.7% of our total revenues for the same period. Our revenues from advertisement represent an important part of our total revenue, and our financial results could be adversely affected if we fail to maintain or grow it in the future. For us to maintain or grow our advertisement revenue, we need to attract more advertisers to our platforms with our increased user traffic and engagement level, or offer more variety in terms of advertisement products that encourage more spending from advertisers. We offer (i) integrated promotion activities during live streaming, (ii) advertisement display, and (iii) online and offline events-related advertisements. We may need to introduce more innovative promotion activities to maintain our revenues from advertisement, failure to do so may adversely impact our advertisement revenue. In addition, traditional display advertisements are subject to time and space restrictions, especially when displayed on mobile devices which have become popular among our users. As a result, our business and results of operations may be adversely impacted.
Advertisement revenue is also affected by online advertising industry in China and advertisers’ allocation of budgets to Internet advertising and promotion. Companies that decide to advertise or promote online may utilize more established methods or channels for online advertising and promotion, such as more established Chinese Internet portals or search engines, over advertising and promotion on our platforms. If the online advertising market size does not increase from current levels, or if we are unable to capture and retain a sufficient share of that market, our ability to maintain or increase our current level of advertisement revenue and our profitability and prospects could be adversely affected.
If we fail to obtain or maintain the required licenses and approvals or if we fail to comply with laws and regulations applicable to our industry, our business, financial condition and results of operations may be materially and adversely affected.
The Internet industry in China is highly regulated, which requires certain licenses, permits, filings and approvals to conduct and develop business. Currently, we have obtained the following valid licenses through our PRC variable interest entities: ICP License for provision of Internet information services, Internet Culture Operation License for operating online culture products, Commercial Performance License for providing streamer agency services, License for Online Transmission of Audio/Video Programs for providing online streaming of video and Radio and Television Program Production and Operating Permit for producing radio and television program.
Due to the uncertainties of interpretation and implementation of existing and future laws and regulations, the licenses we held may be deemed insufficient by governmental authorities, which may restrain our ability to expand our business scope and may subject us to fines or other regulatory actions by relevant regulators if our practice is deemed as violating relevant laws and regulations. As we develop and expand our business scope, we may need to obtain additional qualifications, permits, approvals or licenses. Moreover, we may be required to obtain additional licenses or approvals if the PRC government adopts more stringent policies or regulations for our industry.
For example, according to the Administrative Provisions for Audio/Video Programs Services through Internet which was promulgated by the State Administration for Radio, Film and Television (the “SARFT”) (currently known as the National Radio and Television Administration), came into effect on January 31, 2008, and amended on August 28, 2015 (the “Audio/Video Measures”), to engage in the business of transmitting audio/video programs, a License for Online Transmission of Audio/Video Programs is required. We have obtained the License for Online Transmission of Audio/Video Programs for offering live video programs on our platforms. We are currently applying to expand the scope of our License for Online Transmission of Audio/Video Programs and there is no guarantee that we will be successful in doing so. Further, the License for Online Transmission of Audio/Video Programs is subject to periodical renewal. Although we have successfully renewed it in the past, there is no guarantee that we will be able to continue to do so in the future. We may not be able to continue to hold the License for Online Transmission Audio/Video Programs, and the scope specified in our License for Online Transmission Audio/Video Programs may not be able to cover all the needs that arise or will arise in our operations from time to time. Failure to expand the scope of our current License for Online Transmission of Audio/Video Programs or to continue to hold such license may result in fines or other penalties being imposed to us, which may adversely affect our business. In addition, for the purpose of providing Internet audio/video program service, we have adopted and will adopt various operating strategies and measures. Due to the uncertainties of interpretation and application of pertinent laws by the government authority, such strategies and measures may be challenged under PRC laws and regulations and if so, we may be subject to fines, confiscation of income related or other penalties and, in certain circumstances, suspension or revocation of the license, which may materially and adversely affect our business.
 
13
In addition, publishing and the commercial launch of domestic online games is subject to the
pre-approval
by the National Press and Publication Administration (the “NPPA”). The NPPA suspended such permission from March to December 2018 and have since restored it. Such suspension caused significant delays in the approval of the online games in the Chinese market. As a result, game publishers may not be able to obtain approval or make filings with the NPPA for their online games timely or at all. In December 2019, the Department of Law Enforcement of the Ministry of Culture and Tourism further published a circular reiterating that online games streamed or operated by live streaming platforms shall also obtain requisite
pre-approvals
from the NPPA. In March 2021, the National Municipal Office of Anti-Pornography and Illegal Publication and NPPA jointly launched “New Trend 2021” campaign also reiterating the live streaming platform shall not stream the online games which have not obtain the approval from NPPA. Although the game publishers are responsible for obtaining the required approvals, filings or permits for these online games streamed or operated on our platform, we may still be subject to fines, confiscation of income from these games, suspension of operations, revocation of licenses and other penalties due to game publishers’ failure to obtain such approvals, filings or permits, which could materially and adversely affect our business and results of operations. Given our significant reliance on eSports content, if game publishers and operators fail to maintain the normal publication and operation of their online games, if they fail to complete or obtain the necessary approvals and filings of their online games, or if more stringent regulations were adopted or the government authority takes more strict regulation or action against online games industry or live streaming industry in the future, our business, operation and financial condition will be adversely impacted.
As the Internet industry in China is still at a relatively early stage of development, new laws and regulations may be adopted from time to time to address new issues that come to the authorities’ attention. Considerable uncertainties still exist with respect to the interpretation and implementation of existing and future laws and regulations governing our business activities. We could be found in violation of any future laws and regulations or any of the laws or regulations currently in effect due to changes in the relevant authorities’ interpretation of these laws and regulations. See “—We may be materially and adversely affected by the complexity, uncertainties and changes in PRC regulation of the Internet industry and companies.”
As of the date of this annual report, we have not received any material penalties from the relevant government authorities for our past operations. We cannot assure you, however, that the government authorities will not do so in the future. In addition, we may be required to obtain additional license or permits, and we cannot assure you that we will be able to timely obtain or maintain all the required licenses or permits or make all the necessary filings in the future. If we fail to obtain, hold or maintain any of the required licenses or permits or make the necessary filings on time or at all, we may be subject to various penalties, such as confiscation of the net revenues that were generated through the unlicensed activities, the imposition of fines and the discontinuation or restriction of our operations. Any such penalties may disrupt our operations and materially and adversely affect our business, financial condition and results of operations.
We may be subject to intellectual property infringement claims or other allegations by third parties for information or content displayed on, retrieved from or linked to our platform, or distributed to our users, or for proprietary information appropriated by former employees, which may materially and adversely affect our business, financial condition and prospects.
We have been and may in the future be subject to intellectual property infringement claims or other allegations by third parties for services we provide or for information or content displayed on, retrieved from or linked to, recorded, stored or make accessible on our platform, or otherwise distributed to our users, including in connection with the music, movies, video and games played, recorded, stored or make accessible on our platform, which may materially and adversely affect our business, financial condition and prospects.
 
14
Under our agreements with top streamers, we obtain the license for the intellectual property arising from their live-streaming on our platform. We have implemented internal control measures to ensure that the design of our platform and the content that is streamed on it does not infringe on valid intellectual property, such as patents and copyrights held by third parties. We also license certain intellectual properties from third parties to implement certain functions available on our platform.
However, companies in the Internet, technology and media industries are frequently involved in litigation based on allegations of infringement of intellectual property rights, unfair competition, invasion of privacy, defamation and other violations of other parties’ rights. In China, the validity, enforceability and scope of protection of intellectual property rights in Internet-related industries, especially in our evolving live streaming industry, are uncertain and still evolving. We face, from time to time, and expect to face in the future, allegations that we have featured pirated or illegally downloaded music and movies on our platform, and that we have infringed on the trademarks, copyrights, patents and other intellectual property rights of third parties, including our competitors, or allegations that we are involved in unfair trade practices. Some of the game streaming on our platform may be alleged to infringe on the copyright in works of literature and art of a game of the game producers, which may also constitute an unfair competition claim. As we face increasing competition and as litigation becomes a more common method for resolving commercial disputes in China, we face a higher risk of being the subject of intellectual property infringement claims or other legal proceedings.
We allow streamers to upload text, graphics, audio, video and other content to our platform and users to download, share, link to and otherwise access games and other content on our platform and we also upload high-quality video clips recorded and restored from selective live streaming content. Under applicable PRC laws and regulations, online service providers, which provide storage space for users to upload works or links to other services or content, could be held liable for copyright infringement under various circumstances, including situations where the online service provider knows or should reasonably have known that the relevant content uploaded or linked to on its platform infringes upon the copyright of others and the online service provider failed to take necessary actions to prevent such infringement. We have procedures implemented to reduce the likelihood that content might be used without proper licenses or third-party consents. However, these procedures may not be effective in preventing the unauthorized posting or distribution of copyrighted content and we may be considered failing to take necessary actions against such infringement. Therefore, we may face liability for copyright or trademark infringement, defamation, unfair competition, libel, negligence, and other claims based on the nature and content of the materials that are delivered, shared or otherwise accessed through our platform.
Certain of our employees were previously employed at other peer companies, including our current and potential competitors. To the extent that these employees are involved in the development of content or technology similar to ours at their former employers, we may become subject to claims that such employees or we may have appropriated proprietary information or intellectual properties of the former employers of our employees. If we fail to successfully defend such claims, our results of operations may be materially and adversely affected.
Defending claims is costly and can impose a significant burden on our management and employees, and there can be no assurances that favorable final outcomes will be obtained in all cases. Such claims, even if they do not result in liability, may harm our reputation. Any resulting liability or expenses, or changes required to our platform to reduce the risk of future liability, may have a material adverse effect on our business, financial condition and prospects.
We may be held liable for information or content displayed on, retrieved from or linked to our platform, or distributed to our users if such content is deemed to violate any PRC laws or regulations, and PRC authorities may impose legal sanctions on us.
We are a live streaming platform that enables our users to exchange information, generate content, advertise products and services, and engage in various other online activities. Although real-name registration is required for streamers by our platform, we may not be able to verify the identity information provided by our streamers as true and accurate. For registration of users, we verify identities primarily based on verification text messages sent to their mobile devices, which may not always be reliable. As a majority of the video and audio communications on our platform is conducted in real time, we cannot filter the content generated by our streamers and users on air before they are streamed on our platform. Therefore, users may solicit or engage in illegal conversations or activities, including the publishing of inappropriate or illegal content on our platforms that may be unlawful under PRC laws and regulations. See “—Our content monitoring system may not be effective in preventing misconduct by our platform users and misuse of our platform and such misconduct or misuse may materially and adversely impact our brand image, business and operating results.”
 
15
We require users to agree to our terms of service upon account registration. Our terms of service set out types of content strictly prohibited on our platform, and we have also developed a robust content monitoring system. However, although we use our best efforts to monitor content on our platform, we cannot detect every incident of inappropriate content on our platform due to the immense quantity of user-generated content on our platform, and as such government authorities may hold us liable for inappropriate content on our platform. In addition, application stores may temporarily take down our applications if the content were deemed to violate applicable PRC laws or regulations.
Although we report violations of our terms of service to PRC local authorities, such authorities may not take any action with respect to these violations on a timely basis, if at all. Therefore, our users may solicit or engage in conversations or activities on our platform that may be illegal under PRC laws and regulations. On December 20, 2019, the CAC promulgated the Provisions on the Ecological Governance of Network Information Contents, which became effective on March 1, 2020. It requires network platform operators like us not to disseminate illegal contents that among other things, violates PRC laws and regulations, impairs the national dignity of China or the public interest, nor to present obscure, superstitious, fraudulent, gambling, violent, defamatory, exaggerated, sexually suggestive, discriminative or other inappropriate contents that are “socially destabilizing” or leaking “state secrets” of China. The Notice 78 also requests the live streaming platforms to strengthen positive value guidance and to prevent the spread of the information related to wealth flaunting, money worshiping and vulgarity. We may be subject to fines or other disciplinary actions, including in serious cases suspension or revocation of the licenses necessary to operate our platform, if we are deemed to have facilitated the appearance of inappropriate content placed by third parties on our platform under PRC laws and regulations. Meanwhile, we may face claims for defamation, libel, negligence, copyright, patent or trademark infringement, other unlawful activities or other theories and claims based on the nature and content of the information delivered on or otherwise accessed through our platform. Defending any such actions could be costly and require significant time and attention of our management and other resources, which would materially and adversely affect our business.
We may be materially and adversely affected by the complexity, uncertainties and changes in PRC regulation of the Internet industry and companies.
The PRC government extensively regulates the Internet industry, including foreign ownership of, and the licensing and permit requirements pertaining to, companies in the Internet industry. These Internet-related laws and regulations are relatively new and evolving, and their interpretation and enforcement involve significant uncertainties, so we may be subject to the interpretations made in policies and guidelines of regulators. As a result, in certain circumstances it may be difficult to determine what actions or omissions may be deemed to be in violations of applicable laws and regulations. Issues, risks and uncertainties relating to PRC regulation of the Internet business include, but are not limited to, the following:
 
  •  
There are uncertainties relating to the regulation of the Internet business in China, including evolving licensing practices and the requirement for real-name registrations. Permits, licenses or operations at some of our subsidiaries and PRC variable interest entity levels may be subject to challenge, we may not be able to timely obtain or maintain all the required licenses or approvals, permits, or to complete filing, registration or other formalities necessary for our present or future operations, and we may not be able to renew certain permits or licenses or renew certain filing or registration or other formalities. See —“—If we fail to obtain or maintain the required licenses and approvals or if we fail to comply with laws and regulations applicable to our industry, our business, financial condition and results of operations may be materially and adversely affected” and “Regulation and “Item 4. Information of the Company—4.B. Business Overview—Regulation”. In August 2018, the National Office of Anti-Pornography and Illegal Publication and other five authorities jointly issued the Notice on Strengthen the Management of Live Streaming Service, which required the real-name registration system for users to be put in place by live streaming service providers. Pursuant to the Notice 78 and 2021 Streaming Guidance Opinions, online streaming platforms shall implement a real-name registration system. Under the above real-name registration system, we validate the identity information of the registered streamers primarily based on their identification cards and validate the identity information of the registered users primarily based on their mobile numbers. Currently, we are not required to obtain information such as legal names, citizen identification cards or other personal information during the registration process to validate the identify information of our users who are not a streamer. However, the PRC government may further tighten the real-name registration requirements or require us to implement a more thorough compulsory real-name registration system such as adopting a mandatory face-recognition system for all users on our platform in the future. If we were required to implement a more rigid real-name registration system for users on our platform, our users’ experiences on the platform may be downgraded and potential users may be deterred from registering with our platform, which may in turn negatively affect the growth of our user base and prospect.
 
16
  •  
Pursuant to the Notice 78 and the 2021 Streaming Guidance Opinions, the online streaming platforms shall adopt a tiered and classified management system over the streamers accounts, with the streamer accounts managed in different tiers and classes based on the nature of the streamers, operational contents, number of fans, popularity of the streaming, time limit of the streaming and other factors. Online streaming platforms shall set up appropriate limitations for streamers’ accounts in different tiers or classes in terms of the total amount of virtual gift received in any single session of streaming performance, the popularity of the streaming, the time length of the streaming, the sessions of the streaming in any single day, the time gap between different streaming sessions and other factors, and take necessary warning measures against the streamers who violate relevant laws and regulations. In addition, the online streaming platforms are required, among other things, to set up appropriate limitations for the maximum purchase price for each virtual gift and the maximum value of virtual gifts that the users send to the streamers each time. As the Notice 78 and the 2021 Streaming Guidance Opinions are relatively new and pending for further interpretation and implementation, we are still in the process of waiting for further guidance from regulatory authorities and evaluating the applicability and effect of the various requirements under the Notice 78 and the 2021 Streaming Guidance Opinions. Moreover, if the government requires us to supervise the streamers and their streaming sessions in a stricter method, we may incur additional cost and our user experiences may be downgraded, which may further adversely affect our ability to attract vewiers and streamers.
 
  •  
The evolving PRC regulatory system for the Internet industry may lead to the establishment of new regulatory agencies. For example, in May 2011, the State Council announced the establishment of a new department, the State Internet Information Office. The primary role of this new agency is to facilitate the policy-making and legislative development in this field to direct and coordinate with the relevant departments in connection with online content administration and to deal with cross-ministry regulatory matters in relation to the Internet industry. We are unable to determine what policies this new agency or any new agencies to be established in the future may have or how they may interpret existing laws, regulations and policies and how they may affect us. On May 14, 2019, the Ministry of Culture and Tourism declared in a circular that it would no longer assume the responsibility of supervising the online games industry and would no longer approve or issue the Online Culture Operating Permits regarding online games. The Online Culture Operating Permits held by Wuhan Ouyue, one of our VIE entity, no longer contains content related to online games operation when we renew it upon expiration in 2020. We believe it is not necessary for an enterprise to obtain Online Culture Operating Permits to operate online game operation business since the Ministry of Culture and Tourism no longer assumes the responsibility to supervise the operation of online games. As of the date of this annual report, no PRC laws and regulations have been officially promulgated to clarify whether the responsibility of supervising the online games and virtual currency previously taken by the Ministry of Culture and Tourism will be
re-designated
to other government agency or if so, whether such other government agency taking over the responsibility will require similar or new regulatory requirements for operating online games and virtual currencies. Further, new laws, regulations or policies may be promulgated or announced that will regulate Internet activities, including online video and online advertising businesses. If these new laws, regulations or policies are promulgated, additional licenses may be required for our operations. If our operations do not comply with these new regulations after they become effective, or if we fail to obtain any licenses required under these new laws and regulations, we could be subject to penalties.
 
17
  •  
On April 15, 2007, eight PRC government authorities, including the General Administration of Press and Publication, or the GAPP, the Ministry of Education, the Ministry of Public Security and the Ministry of Information Industry (which is the predecessor of MIIT), issued a notice requiring all Chinese online game operators to adopt an “anti-fatigue system” in an effort to curb addiction to online games by minors. As of October 1, 2011, online game players in China are required to register and verify their names and identity card numbers with the National Citizen Identity Information Center, a subordinate public institution of the Ministry of Public Security, before playing an online game. On October 25, 2019, the GAPP issued the Circular on Preventing Minors from Indulging in Online Games to reiterate the requirements on real name registration and verification, the anti-indulgence system for minors, and other measures to address relevant minors’ issues on the online games. Pursuant to the 2021 Streaming Guidance Opinions, an online streaming platform shall not be allowed to open the streamer account for users under 16, and shall only open the streamer account for users between
16-18
with their guardians’ prior consents. The 2021 Streaming Guidance Opinions also require all online streaming platforms to adopt a “teenager mode” to prevent the minor users from obsessive use of the platforms, block detrimental content to the minor users, and refrain from providing virtual gift purchase services to the minors. In addition, online streaming platforms shall establish a customer service team exclusively for minor users to address their complaints and disputes in a timely manner. The online streaming platforms shall make refund in the event that a minor user purchases virtual gifts for the streamers by using an adult account. As of the date of this annual report, we have taken certain measures including displaying a
pop-up
page to guide the minors to use the “teenage mode”, requiring the users to enter the guardian password if the usage time under the “teenage mode” reaches 40 minutes per day and building up an exclusive content pool for the minors in which contents that are not appropriate for the minors are screened out. Despite the measures we have taken, however, minor users may still use our services through adult accounts if their guardians fail to keep minors under responsible supervision when using our services, and the restrictions above may lead to a decrease in the number or engagement of game players, which could adversely affect our game live streaming service and have a material effect on our results of operations. More stringent government regulations could be promulgated in future, which will also adversely affect our results of operations by deterring viewers to use our platform or downgrading our viewers’ experiences on our platform.
The interpretation and application of existing PRC laws, regulations and policies and possible new laws, regulations or policies relating to the Internet industry have created substantial uncertainties regarding the legality of existing and future foreign investments in, and the businesses and activities of, Internet businesses in China, including our business. There are also risks that we may be found to violate the existing or future laws and regulations given the uncertainty and complexity of China’s regulation of Internet business.
Increases in the costs of content on our platform, such as higher streamer compensation and recruitment cost with top streamers, may have an adverse effect on our business, financial condition and results of operations.
We need to continue offering popular and attractive content on our platform to provide our viewers with engaging and satisfying viewing experiences, and our ability to provide such content is dependent on our ability to attract and retain top streamers. We enter into exclusive contracts with our top streamers, under which they are paid a base compensation in addition to a certain percentage of the sales of virtual gifts that they receive. We also sponsor pro players and eSports teams to have them stream their gameplay on our platform. The compensation and recruitment costs that we incur with respect to retaining top streamers may increase, depending on the streamers’ revenue contribution. If our competitor platforms offer higher compensation with an intent to attract our popular streamers, costs to retain our streamers may increase. If we are not able to continue to retain our streamers and produce high quality content on our platform at commercially acceptable costs, our business, financial condition and results of operations would be adversely impacted. Furthermore, as our business and user base further expands, we may have to devote more resources in encouraging our streamers to produce content that meets the varied interests of a diverse user base, which would increase the costs of contents on our platform. If we are unable to generate sufficient revenues that outpace our increased content costs, our business, financial condition and results of operations may be materially and adversely affected.
 
18
Any compromise to the cyber security of our platform could materially and adversely affect our business, reputation and results of operations.
On November 7, 2016, the Standing Committee of the National People’s Congress released the PRC Cyber Security Law, which took effect on June 1, 2017. The PRC Cyber Security Law requires network operators to fulfill certain obligations to safeguard security in the cyberspace and enhance network information management.
Our products and services are generally provided through the Internet and involve the storage and transmission of users’ information. Any security breach would expose us to a risk of loss of information and result in litigation and potential liability. As the techniques used to obtain unauthorized access, disable or degrade Internet services or sabotage operating systems change frequently and often are not recognized until launched against a target, we may not be able to anticipate such techniques or implement adequate preventative measures. Our user data is encrypted and saved in two different places within our internal servers rather than client-based servers, protected by access control, and further backed up in our long-distance disaster recovery system, so as to minimize the possibility of data loss or breach. Upon a security breach, our technical team will be notified immediately and coordinate with the local supporting staff to diagnose and solve the technical problems. As of the date of this annual report, we have not experienced any material incidents of security breach.
Despite the security measures we have implemented, our facilities, systems and procedures and those of our third-party providers, may be vulnerable to security breaches, act of vandalism, software viruses, misplaced or lost data, programming or human errors or other similar events which may disrupt our delivery of services or expose the confidential information of our users and others. If an actual or perceived breach of our security occurs, the market perception of the effectiveness of our security measures could be harmed, we may lose current and potential users and may be exposed to legal and financial risks, including legal claims, regulatory fines and penalties, which in turn could adversely affect our business, reputation and results of operations.
Our operations depend on the performance of the Internet infrastructure and fixed telecommunications networks in China, which may experience unexpected system failure, interruption, inadequacy or security breaches.
Almost all access to the Internet in China is maintained through state-owned telecommunication operators under the administrative control and regulatory supervision of MIIT. Moreover, we primarily rely on a limited number of telecommunication service providers to provide us with data communications capacity through local telecommunications lines and Internet data centers to host our servers. We have limited access to alternative networks or services in the event of disruptions, failures or other problems with China’s Internet infrastructure or the fixed telecommunications networks provided by telecommunication service providers. Web traffic in China has experienced significant growth during the past few years. Effective bandwidth and server storage at Internet data centers in large cities such as Beijing are scarce. With the expansion of our business, we may be required to upgrade our technology and infrastructure to keep up with the increasing traffic on our platform. We cannot assure you that the Internet infrastructure and the fixed telecommunications networks in China can support the demands associated with the continued growth in Internet usage. If we cannot increase our capacity to deliver our online services, we may not be able to the increases in traffic we anticipate from our expanding user base, and the adoption of our services may be hindered, which could adversely impact our business and profitability.
In addition, we have no control over the costs of the services provided by telecommunication service providers. If the prices we pay for telecommunications and Internet services rise significantly, our results of operations may be materially and adversely affected. Furthermore, if Internet access fees or other charges to Internet users increase, some users may be prevented from accessing the mobile Internet and thus cause the growth of mobile Internet users to decelerate. Such deceleration may adversely affect our ability to continue to expand our user base.
The proper functioning of our platform is essential to our business. Any disruption to our IT systems could materially affect our ability to maintain the satisfactory performance of our platform.
The proper functioning of our platform is essential to our business. The satisfactory performance, reliability and availability of our IT systems are critical to our success, our ability to provide content to attract and retain users.
 
19
Our technology or infrastructure may not function properly at all times. Any system interruptions caused by telecommunications failures, computer viruses, hacking or other attempts to harm our systems could result in the unavailability or slowdown of our platform and the attractiveness of content provided on our platform. Our servers may also be vulnerable to computer viruses, physical or electronic
break-ins
and similar disruptions, which could lead to system interruptions, website or mobile app slowdown or unavailability or loss of data. Any of such occurrences could cause severe disruption to our daily operations. As a result, our reputation may be materially and adversely affected, our market share could decline and we could be subject to liability claims.
Our core values of focusing on user experience and satisfaction first and acting for the long-term may conflict with the short-term operating results of our business, and also negatively impact our relationships with advertisers or other third parties.
One of our core values is to focus on user experience and satisfaction, which we believe is essential to our success and serves the best, long-term interests of our company and our shareholders. Therefore, we have made, and may make in the future, significant investments or changes in strategy that we think will benefit our users, even if our decision negatively impacts our operating results in the short-term. For example, in order to provide users of our platform with uninterrupted entertainment options, we do not place significant advertising on our platform. While this decision adversely affects our operating results in the short-term, we believe it enables us to provide higher quality user experience on our platform, which will help us expand and maintain our current large user base and create better monetizing potential in the long-term. In addition, this philosophy of putting our users first may also negatively impact our relationships with advertisers or other third parties, and may not result in the long-term benefits that we expect, in which case the success of our business and operating results could be harmed.
We cooperate with various talent agencies to manage our streamers. If we are not able to maintain our relationship with talent agencies, our operations may be materially and adversely affected.
We cooperate with talent agencies to manage and organize streamers on our platform. As we are an open platform that welcomes all streamers to register on our platform, cooperation with talent agencies increases our operational efficiency in terms of discovering, supporting and managing streamers in a more organized and structured manner, and turning amateur streamers to full-time streamers.
We pay certain of our streamers or their talent agencies fees based on a percentage of revenue from virtual gift sales that is attributable to the streamers’ live streams. If we cannot balance the interests between us, the streamers and the talent agencies and design a compensation system that is agreeable to both streamers and talent agencies, we may not be able to retain or attract streamers or talent agencies, or both.
In addition, some of the talent agencies have exclusive cooperation relationships with us. If other platforms offer better incentive to talent agencies, such talent agencies may choose to devote more of their resources to streamers who stream on the other platforms, or they may encourage their streamers to use or even enter into an exclusive agreement with other platforms, all of which could materially and adversely affect our business, financial condition and results of operations.
We use third-party services and technologies in connection with our business, and any disruption to the provision of these services and technologies to us could result in adverse publicity and a slowdown in the growth of our users, which could materially and adversely affect our business, financial condition and results of operations.
Our business depends upon services provided by, and relationships with, third parties. For example, some third-party software we use in our operations is currently publicly available without charge. If the owner of any such software decides to make claims against us, charge users, or no longer makes the software publicly available, we may need to enter into settlement with such owners, incur significant cost to license the software, find replacement software or develop it on our own. If we are unable to find or develop replacement software at a reasonable cost, or at all, our business and operations may be adversely affected.
Our overall network relies on broadband connections provided by third-party operators and we expect this dependence on third parties to continue. The networks maintained and services provided by such third parties are vulnerable to damage or interruption, which could impact our results of operations. See “—Our operations depend on the performance of the Internet infrastructure and fixed telecommunications networks in China, which may experience unexpected system failure, interruption, inadequacy or security breaches.”
 
20
We also sell a significant portion of our products and services through third-party online payment systems. If any of these third-party online payment systems suffer from security breaches, users may lose confidence in such payment systems and refrain from purchasing our virtual gifts online, in which case our results of operations would be negatively impacted.
We exercise no control over the third parties with whom we have business arrangements. For some of services and technologies such as online payment systems, we rely on a limited number of third-party providers with limited access to alternative networks or services in the event of disruptions, failures or other problems. If such third parties increase their prices, fail to provide their services effectively, terminate their service or agreements or discontinue their relationships with us, we could suffer service interruptions, reduced revenues or increased costs, any of which may have a material adverse effect on our business, financial condition and results of operations.
Our business depends on a strong brand, and any failure to maintain, protect and enhance our brand would hurt our ability to retain or expand our user and customer base, or our ability to increase their level of engagement.
In China, we market our services under the brand “
斗鱼
”. Our business and financial performance are highly dependent on the strength and the market perception of our brand and services. A well-recognized brand is critical to increasing our user base and, in turn, facilitating our efforts to monetize our services and enhancing our attractiveness to customers. From time to time, we conduct marketing activities across various media to enhance our brand and to guide public perception of our brand and services. In order to create and maintain brand awareness and brand loyalty, to influence public perception and to retain existing and attract new mobile users, customers and platform partners, we may need to substantially increase our marketing expenditures. Since we operate in a highly competitive market, brand maintenance and enhancement directly affect our ability to maintain our market position. We must exercise strict quality control of our platform to ensure that our brand image is not tarnished by substandard products or services. We must also find ways to distinguish our platform from those of our competitors. If for any reason we are unable to maintain and enhance our brand recognition, or if we incur excessive expenses in this effort, our business, results of operations and prospects may be materially and adversely affected.
Concerns about the collection, use and disclosure of personal data and other privacy-related and security matters could deter customers and users from using our services and adversely affect our reputation and business.
We collect, process, and store data concerning our users, business partners and employees, including personal and transaction data involving our users. Concerns about our practices with regard to the collection, use or disclosure of personal information or other privacy-related and security matters, even if unfounded, could damage our reputation and operations. On November 28, 2019, the Secretary Bureau of the CAC, the General Office of the Ministry of Industry and Information Technology, the General Office of the Ministry of Public Security and the General Office of the State Administration for Market Regulation promulgated the Identification Method of Illegal Collection and Use of Personal Information Through App, which provides guidance for the regulatory authorities to identify the illegal collection and use of personal information through mobile apps, and for the app operators to conduct self-examination and self-correction and for other participants to voluntarily monitor compliance. The PRC Constitution, the PRC Criminal Law, the PRC Civil Code and the PRC Cyber Security Law protect individual privacy in general, which require certain authorization or consent from Internet users prior to collection, use or disclosure of their personal data and also protection of the security of the personal data of such users. In particular, Amendment 7 to the PRC Criminal Law prohibits institutions, companies and their employees in the telecommunications and other industries from selling or otherwise illegally disclosing a citizen’s personal information obtained during the course of performing duties or providing services. On January 23, 2019, the Office of the Central Cyberspace Affairs Commission and other authorities jointly vowed to carry out special campaigns against illegal collection and usage of personal information by mobile Internet application operators, including collecting personal information irrelevant to their services, or forcing users to give authorization in disguised manner. On July 22, 2020, the MIIT issued the Notice on Carrying out Special Rectification Actions in Depth against the Infringement on Users’ Rights and Interests by Apps to urge app service providers, among others, to strengthen the protection of users’ personal information in relation to the download, installing and upgrade of apps. On October 21, 2020, the Legislative Affairs Committee of the National People’s Congress of the PRC publicly solicited opinions on the PRC Personal Information Protection Law (draft), which provides detailed rules on how to handle personal information and sets forth legal responsibilities. As of the date of this annual report, such draft has not been formally adopted. Our internal policy also requires our employees to protect the personal data of our users, and employees who violate such policy are subject to disciplinary actions, including dismissal. While we strive to comply with all applicable data protection laws and regulations, as well as our own privacy policies, any failure or perceived failure to comply may result in proceedings or actions against us by government entities or private individuals, which could have an adverse effect on our business. Moreover, failure or perceived failure to comply with applicable laws and regulations related to the collection, use, or sharing of personal information or other privacy-related and security matters could result in a loss of confidence in us by customers and users, which could adversely affect our business, financial condition and results of operations.
 
21
As we continue to expand overseas, foreign and international laws, regulations, standards, and other obligations, and changes in the interpretation of such laws, regulations, standards, and other obligations could result in increased regulation, increased costs of compliance and penalties for
non-compliance,
and limitations on data collection, use, disclosure, and transfer for us and our users. In 2016, the European Union (“EU”) adopted a new regulation governing data privacy called the General Data Protection Regulation (“GDPR”), which became effective in May 2018. The GDPR establishes new requirements applicable to the handling of personal data and imposes penalties for
non-compliance
of up to 4% of worldwide revenue. In addition, to the extent we deploy services of any third party supplies to support our overseas business, we must continue to seek assurances from our
sub-processors
that they are handling personal data in accordance with GDPR requirements in order to meet our own obligations under the GDPR. In addition, in June 2018, the California Consumer Privacy Act (“CCPA”), which takes effect on January 1, 2020, was enacted. The CCPA gives California consumers certain rights similar to those provided by the GDPR, and users may seek similar assurances from suppliers regarding compliance.
Our overseas operations may not be successful and may be adversely affected by legal, regulatory, political and economic risks.
We began our oversea expansion through acquisition of Nonolive in 2018, which is a mobile live streaming platform focused on the Southeast Asia market. We also expanded into other overseas markets through various channels, such as Japan and South America. As we explore the overseas markets further, we may be subject to the laws of the foreign countries in which we operate. If any of our overseas operations violate such laws, we could become subject to sanctions or other penalties, which could negatively affect our reputation, business and operating results.
Our overseas expansion may not be successful and may expose us to a number of risks inherent in doing business internationally, including:
 
  •  
challenges in recruiting quality local streamers to attract and engage local users;
 
  •  
challenges in attracting local users by producing content that is appealing to them while in compliance with local rules and regulations;
 
  •  
challenges in monetizing local users and generating sustainable cash flow;
 
  •  
difficulties with staffing and managing foreign operations, which may be exacerbated as a result of distance, time zone, language and cultural differences;
 
  •  
challenges in establishing overseas IT systems and infrastructure;
 
  •  
competitions from other participants in the market, including international leading companies;
 
  •  
currency exchange rate fluctuations;
 
  •  
cultural differences, political or social unrest or economic instability;
 
  •  
difficulties in obtaining licenses, permits or other applicable governmental authorizations, content control from local authorities;
 
  •  
complexity of intellectual property protection and enforcement regime overseas and the potential exposure of claims relating to intellectual property infringement; and
 
  •  
increased costs associated with doing business in foreign jurisdictions.
 
22
One or more of these factors could harm our overseas operations and consequently, could harm our reputation, overall business and results of operations. Our overseas operations historically incurred net losses and may not generate net profits in the short term. In addition, the regulatory framework for the industry we operate in is still developing and remains uncertain in some countries where we are exploring overseas opportunities. As we continue to expand our business overseas, we cannot assure you that we will be able to fully comply with the legal requirements of each foreign jurisdiction and successfully adapt our business models to local market conditions.
Unauthorized use of our intellectual property by our streamers and employees and other third parties and the expenses incurred in protecting our intellectual property rights may harm our brands and reputation and materially and adversely affect our business.
We regard our copyrights, trademarks and other intellectual properties as critical to our success, and rely on a combination of trademark and copyright laws, trade secrets protection, restrictions on disclosure and other agreements that restrict the use of our intellectual properties to protect these rights. Although our contracts with users typically prohibit the unauthorized use of our brands, images, characters and other intellectual property rights, we cannot assure you that they will always comply with these terms. These agreements may not effectively prevent disclosure of confidential information and may not provide an adequate remedy in the event of unauthorized disclosure of confidential information. Although we enter into confidentiality agreements and intellectual property ownership agreements with our employees, these confidentiality agreements could be breached, we may not have adequate remedies for any breach, and our proprietary technology,
know-how
or other intellectual property could otherwise become known to third parties. In addition, third parties may independently discover trade secrets and proprietary information, limiting our ability to assert any trade secret rights against such parties.
While we actively take steps to protect our proprietary rights, such steps may not be adequate to prevent the infringement or misappropriation of our intellectual property. In addition, we cannot assure you that any of the above trademark applications will ultimately proceed to registration or will result in registration with adequate scope for our business. Some of our pending applications or registrations may be successfully challenged or invalidated by others. If our trademark applications are not successful, we may have to use different marks for affected products or services, or seek to enter into arrangements with any third parties who may have prior registrations, applications or rights, which might not be available on commercially reasonable terms, if at all.
Implementation of intellectual property laws in China has historically been lacking, primarily because of ambiguities in the laws and difficulties in enforcement. Accordingly, intellectual property right protection in China may not be as effective as in other jurisdictions with a more developed legal framework regulating intellectual property rights. Policing unauthorized use of our proprietary technology, trademarks and other intellectual property is difficult and expensive, and litigation may be necessary in the future to enforce our intellectual property rights. Future litigation could result in substantial costs and diversion of our resources, and could disrupt our business, as well as materially adversely affect our financial condition and results of operations.
Our failure to anticipate or successfully implement new technologies could render our proprietary technologies or platform unattractive or obsolete, and reduce our revenues and market share.
Our technological capabilities and infrastructure underlying our live streaming platform are critical to our success. The Internet industry is subject to rapid technological changes and also evolving quickly in terms of technology innovation. We need to anticipate the emergence of new technologies and assess their market acceptance. We also need to invest significant resources, including financial resources, in research and development to keep pace with technological advances in order to make our development capabilities, our platform and our services competitive in the market. However, development activities are inherently uncertain, and we might encounter practical difficulties in commercializing our development results. Our significant expenditures on research and development may not generate corresponding benefits. Given the fast pace with which the Internet technology has been and will continue to be developed, we may not be able to timely upgrade our streaming technology our engines or the software framework for our platform development in an efficient and cost-effective manner, or at all. New technologies in programming or operations could render our technologies, our platform or products or services that we are developing or expect to develop in the future obsolete or unattractive, thereby limiting our ability to recover related product development costs, outsourcing costs and licensing fees, which could result in a decline in our revenues and market share.
 
23
User growth and engagement depend upon effective interoperation with operating systems, networks, mobile devices and standards that we do not control.
We make our services available across a variety of PC and mobile operating systems and devices. We are dependent on the interoperability of our services with popular mobile devices and mobile operating systems that we do not control, such as Windows, Android and iOS. Any changes in such operating systems or devices that degrade the functionality of our services or give preferential treatment to competitive services could adversely affect usage of our services. Further, if the number of platforms for which we develop our services increases, which is typically seen in a dynamic and fragmented mobile services market such as China, it will result in an increase in our costs and expenses. In order to deliver high quality services, it is important that our services work well across a range of mobile operating systems, networks, mobile devices and standards that we do not control. We may not be successful in developing relationships with key participants in the mobile industry or in developing services that operate effectively with these operating systems, networks, devices and standards. In the event that it is difficult for our viewers and streamers to access and use our services, particularly on their mobile devices, our user growth and user engagement could be harmed, and our business and operating results could be adversely affected.
Our business depends substantially on the continuing efforts of our executive officers, key employees and qualified personnel, and our business may be adversely and negatively impacted if we lose their services.
Our future success depends substantially on the continued efforts of our executive officers and key employees. In particular, we rely on the expertise, experience and vision of Mr. Shaojie Chen, our founder, chairman and chief executive officer, Mr. Wenming Zhang, our
co-founder
and
co-chief
executive officer, as well as other members of our senior management team. If one or more of our executive officers or key employees were unable or unwilling to continue their services with us, we might not be able to replace them easily, in a timely manner, or at all. Since the game-centric live streaming industry is characterized by high demand and intense competition for talent, we cannot assure you that we will be able to attract or retain qualified staff or other highly skilled employees. In addition, as our company is relatively young, our ability to train and integrate new employees into our operations may not meet the growing demands of our business which may materially and adversely affect our ability to grow our business and hence our results of operations.
We do not have key man insurance for our executive officers or key employees. If any of our executive officers and key employees terminates their services with us, our business may be severely and adversely affected, our financial condition and results of operations may be materially and adversely affected and we may incur additional expenses to recruit, train and retain qualified personnel. If any of our executive officers or key employees joins a competitor or forms a competing company, we may lose customers,
know-how
and key professionals and staff members. Each of our executive officers and key employees has entered into an employment agreement and a
non-compete
agreement with us. However, certain provisions under the
non-
compete agreement may be deemed invalid or unenforceable under PRC laws. If any dispute arises between our executive officers and key employees and us, we cannot assure you that we would be able to enforce these
non-compete
agreements in China, where these executive officers reside, in light of uncertainties with China’s legal system.
We rely on our mobile application and PC application to provide services to our viewers and streamers which, if inaccessible, may have material adverse impact on our business and results of operations.
We rely on third-party mobile application and PC application distribution channels such as Apple’s App Store, various Android application stores, and websites to distribute our applications to viewers and streamers. We expect that a substantial number of downloads of our mobile applications and PC applications will continue to be derived from these distribution channels. As such, the promotion, distribution and operation of our applications are subject to such distribution platforms’ standard terms and policies for application developers, which are subject to the interpretation of, and frequent changes by, these distribution channels. If Apple’s App Store or any other major distribution channel interprets or changes its standard terms and conditions in a manner that is detrimental to us, or terminate its existing relationship with us, our business, financial condition and results of operations may be materially and adversely affected.
 
24
Furthermore, our mobile application was removed temporarily from these third-party distribution channels for a short period of time in the past due to personal misconduct of a streamer, which involved distribution of inappropriate content on our platform in violation of relevant laws and regulations. We have promptly removed such streamer from our platform and implemented measures to procure our platform users, in particular our streamers, to comply with relevant laws and regulations. However, we cannot guarantee that all platform users will comply with all the laws and regulations as well as our policies. For details, please refer to “—Our content monitoring system may not be effective in preventing misconduct by our platform users and misuse of our platform and such misconduct or misuse may materially and adversely impact our brand image, business and operating results.” As a result, our application may again be taken down from these third-party distribution channels, or certain functions of our mobile application or PC application may be disabled, which may be disrupting to our operations and have a material adverse effect on our business and results of operations.
We are subject to risks relating to litigation, which could adversely affect our business, prospects, results of operations and financial condition.
We have been involved in and may be subject to litigation and claims of various types, including litigation alleging infringement of intellectual property rights and claims and disputes involving streamers, customers, our employees and suppliers. Litigation is expensive, subjects us to the risk of significant damages, requires significant management time and attention and could have a material and adverse effect on our business, financial condition and results of operations.
We have been involved in litigation brought by other live streaming platforms against streamers who left these platforms to join us, or against us based on allegations of unfair competition. For details, please refer to “Item 8—Financial Information—Item 8.A. Consolidated Statements and Other Financial Information—Litigation.” The courts in some of these legal proceedings held that these streamers violated their
non-compete
obligations to other live streaming platforms and ordered us to ban these streamers from live streaming on our platform. We may be forced to ban other streamers on our platform who violate
non-compete
obligations to other live streaming platforms and could face fines and other penalties for failing to do so, or we may also be deemed to be engaged in unfair competition with these live streaming platforms and may be forced to compensate them accordingly, which could adversely affect our business, financial condition and results of operations.
Some of our products and services contain open source software, which may pose particular risk to our proprietary software, products and services in a manner that negatively affects our business.
We use open source software in some of our products and services and will continue to use open source software in the future. There is a risk that open source software licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to provide or distribute our products or services. Additionally, we may face claims from third parties claiming ownership of, or demanding release of, the open source software or derivative works that we developed using such software. These claims could result in litigation and could require us to make our software source code freely available, purchase a costly license or cease offering the implicated products or services unless and until we can
re-engineer
them to avoid infringement. This
re-engineering
process could require significant additional research and development resources, and we may not be able to complete it successfully.
Negative publicity may materially and adversely affect our brand, reputation, business and growth prospects.
Negative publicity involving us, our streamers, our viewers, our management, our live streaming platform or our business model may materially and adversely harm our brand and our business. We cannot assure you that we will be able to defuse negative publicity about us, our management and/or our services to the satisfaction of our investors, viewers and streamers, customers and platform partners. There has been negative publicity about our company and the misuse of our services, which has adversely affected our brand, public image and reputation. Such negative publicity, especially when it is directly addressed against us, may also require us to engage in defensive media campaigns. This may cause us to increase our marketing expenses and divert our management’s attention and may adversely impact our business and results of operations.
 
25
Contractual disputes with our streamers and talent agencies may harm our reputation and subject us to contractual liabilities, and may be costly or time-consuming to resolve.
We enter into contracts with some streamers on our platform, either directly or through talent agencies, the terms of which are generally negotiated on a
case-by-case
basis. The contractual terms between us and our streamers vary depending on factors such as the talent, popularity and revenue-generating potential of the streamers, as well as the minimum streaming hours they commit to our platform. Some of our contracted streamers enjoy fixed base fees while others do not, and some of our contracted streamers are bound by exclusivity clauses while others are not. We also enter into contractual arrangements with certain talent agencies, who are responsible for recruiting and training streamers, and we share a certain percentage of the revenue generated by the streamers they manage with them. From time to time, there may be contractual disputes between streamers, talent agencies and/or us or between us and other third parties relating to our streamers. Any such disputes may not only be costly and time-consuming to solve, but may also be detrimental to the quality of the content produced by our streamers, causing our streamers to leave our platform, decrease user engagement on our platform or otherwise adversely affect our business, financial condition and results of operations.
Advertisements shown on our platform may subject us to penalties and other administrative actions.
Under PRC advertising laws and regulations, we are obligated to monitor the advertising content and its form displayed on our platform to ensure that such content is true and accurate and in full compliance with applicable laws and regulations. In addition, where a special government review is required for specific types of advertisements prior to Internet posting, such as advertisements relating to pharmaceuticals, medical instruments, agrochemicals and veterinary pharmaceuticals, we are obligated to confirm that such review has been performed and approval has been obtained. Violation of these laws and regulations may subject us to penalties, including fines, confiscation of our advertisement income, orders to cease dissemination of the advertisements, orders to publish an announcement correcting the misleading information, or be held liable for damages of our users. In circumstances involving serious violations by us, PRC governmental authorities may force us to terminate our advertisement operations or revoke our licenses.
In addition to the advertisements that were placed by the advertising agencies or advertisers we directly cooperate with, our platform displays
side-bar
advertisements placed by streamers on their own streaming channels. We also engaged our streamers to advertise products or services of third party clients by way of live streaming on our platform. In November 2020, the National Radio and Television Administration issued the Notice on Strengthening the Management of Network Live-performance Streaming and
E-Commerce
Streaming, which provides several requirements on strengthening the management over live-performance streaming and
e-commerce
streaming. Also in November 2020, the SAMR issued the Guidance Opinions on Strengthening the Regulation on the Network Advertising Streaming Activities, which require that Internet streaming platform shall comply with the PRC
E-Commerce
Law and PRC Advertisement Law as to the services provided by Internet streaming platforms in relation to advertising streaming activities. If we fail to comply with any of the relative rules or regulations, certain liabilities or governmental actions may be imposed on us. See “Item 4. Information of the Company—4.B. Business Overview—Regulation” for more details.
While we have made significant efforts to ensure that the advertisements shown on our platform are in full compliance with applicable PRC laws and regulations, we cannot assure you that all the content contained in such advertisements or offers is true and accurate as required by the advertising laws and regulations, especially given the uncertainty in the interpretation of these PRC laws and regulations. If we are found to be in violation of any applicable PRC law or regulation, we may be subject to penalties and our reputation may be harmed, which may have a material adverse effect on our business, financial condition, results of operations and prospects.
Our key performance metrics, such as MAUs and paying users, may overstate the number of active and paying users that we have, which may therefore lead to an inaccurate interpretation of our revenue metrics and of our business operations by our management and by investors, and may affect advertisers’ decisions on the amount spent on advertising with us.
For performance tracking purposes, we monitor metrics such as the number of registered user accounts, active users and paying users. We calculate certain operating metrics in the following ways: (a) the number of registered users, which refers to the number of users that has registered and logged onto our platform at least once since registration; (b) the number of active users, which refers to the number of users who visited our platform through PC or mobile app at least once in a given period; (c) the number of paying users, which refers to the number of users that has purchased virtual gifts on our platform at least once in a given period. The actual number of individual users, however, is likely to be lower than that of registered users, active users and paying users potentially significantly, due to various reasons such as fraudulent representation or improper registration. Some of our user accounts may also be created for specific purposes such as to increase virtual gifting for certain performers in various contests, but the number of registered users, active users and paying users do not exclude user accounts created for such purposes. We have limited ability to validate or confirm the accuracy of information provided during the user registration process to ascertain whether a new user account created was actually created by an existing user who is registering duplicative accounts. The respective number of our registered users, active users and paying users may overstate the number of individuals who register on our platforms, sign onto our platforms, purchase virtual gifts or other products and services on our platforms and access DouYu.com, respectively, which may lead to an inaccurate interpretation of our operating metrics.
 
26
If the tracked growth in the number of our registered users, active users and paying users is higher than the actual growth in the number of individual registered, active or paying users, our user engagement level, sales and our business may not grow as quickly as we expect, and advertisers may reduce the amount spent on advertising with us, which may harm our business, financial condition and results of operations. In addition, such overstatement may cause inaccurate evaluation of our operations by our management and by investors, which may also materially and adversely affect our business and results of operations.
We are subject to risks relating to our third-party online payment platforms.
Currently, we sell almost all of our products and services to our users through third-party online payment systems. We expect that an increasing amount of our sales will be conducted over the Internet as a result of the growing use of online payment systems. We utilize third-party online payment platforms to receive cash proceeds from sales of our virtual currency through direct purchases on our platform. Any scheduled or unscheduled interruption in the ability of our users to use these and other online payment platforms could adversely affect our payment collection, and in turn, our revenue. In addition, in online payment transactions, secure transmission of user information, such as debit and credit card numbers and expiration dates, personal information and billing addresses, over public networks, is essential to user privacy protection and maintaining their confidence in our platform.
We do not have control over the security measures of our third-party payment platforms, and their security measures may not be adequate at present or may not be adequate with the expected increased usage of online payment platforms. We could be exposed to litigation and possible liability if online transaction safety of our users is compromised in transactions involving payments for our virtual currency, which could harm our reputation and our ability to attract users and may materially adversely affect our business. We also rely on the stability of such payment transmissions to ensure the continued payment services provided to our users. If any of these third-party online payment platforms fails to process, or ensure the security of, users’ payments for any reason, our reputation will be damaged and we may lose our paying users and discourage the potential purchases, which in turn, will materially and adversely affect our business, financial condition and prospects.
Restrictions on virtual currency may adversely affect our revenues, business and reputation.
In 2015, we launched “Yuchi,” the virtual currency that can be used by our viewers to purchase the virtual gifts. Due to the relatively short history of virtual currency in China, the regulatory framework governing the industry is still under development.
On January 25, 2007, the Ministry of Public Security, the Ministry of Culture (the predecessor of the Ministry of Culture and Tourism), the MIIT and the GAPP jointly issued a circular regarding online gambling which has implications on the use of virtual currency. To curtail online games that involve online gambling, as well as address concern that virtual currency could be used for money laundry or illicit activities, the circular (a) prohibits online game operators from charging commissions in the form of virtual currency in relation to winning or losing of games; (b) requires online game operators to impose limits on use of virtual currency in guessing and betting games; (c) bans the conversion of virtual currency into actual currency or property; and (d) prohibits services that enable game players to transfer virtual currency to other players.
 
27
On June 4, 2009, the Ministry of Culture and the Ministry of Commerce, or the MOFCOM jointly issued the Notice on the Strengthening of the Administration of Online Game Virtual Currency (the “Virtual Currency Notice”), which defines what virtual currency is and requires that entities obtain the approval from the competent culture administrative department before issuing virtual currency and engaging in transactions using virtual currency in connection with online games. The Virtual Currency Notice requires that virtual currency to only be used to purchase services and products provided by the online service provider that issues the virtual currency, and also prohibits businesses that issue online game virtual currency from issuing virtual currency to game players through means other than purchases with legal currency, and from setting game features that involve the direct payment of cash or virtual currency by players for the chance to win virtual gifts or virtual currency based on random selection through a lucky draw, wager or lottery. These restrictions on virtual currency may result in lower sales of online virtual currency, and could have an adverse effect on our revenues from online game business.
Currently, the PRC government has not promulgated any specific rules, laws or regulations to directly regulate virtual currency, except for the above-mentioned online game related virtual currency. Although the term “virtual currency” is widely used in live streaming industry, we believe that such “virtual currency” used in our live streaming communities, including Yuchi, do not fall into the virtual currency defined under the Virtual Currency Notice, and we are not subject to any online game virtual currency laws and regulations for our live streaming business. Further, given that the Ministry of Culture and Tourism withdraw from overseeing virtual currency since May 2019, the uncertainty deepened as to which authority will and how to regulate the industry. Due to the uncertainties of the interpretation and implementation of the laws and regulations, we cannot assure you that the PRC regulatory authorities will not take a view contrary to ours, including expanding the applicability of the existing virtual currency related laws and regulations to
non-online
game related virtual currency, in which case we may be required to obtain additional approvals or licenses, or apply for a specific license for virtual currency from the designated regulatory authority in the future, or change our current business model and may be subject to fines or other penalties, which could adversely affect our business.
In addition, there are online lucky draws, raffles, interactive patterns and other similar activities conducted on our platform to promote user engagement, which involve virtual currencies (such as Yuchi). The prize of such activities can only be used to purchase virtual gifts or to give to streamers as reward on our platform. We do not believe such activities are specifically prohibited under PRC laws and regulations. We cannot assure you, however, that our platform will not be subject to liabilities due to third party activities (including streamer or user activities), or that the PRC government authority will not take a different view or impose limitations on such activities, whether or not specifically against our platform. We may also be subject to the uncertainties around the interpretation and enforcement of the virtual currency related laws, regulations and policies, as a result of which we may remove, limit or modify the rules of such activities on our platform from time to time to adapt to the constantly changing regulatory trends. It was reported that “Shanshanjiu Huwai” and “Changsha Xiangcun Gansidui”, two streamers on our platforms, initiated lucky draws during their streaming sessions and then repurchased gifts from winning users offline, in order to attract and incentive users to participate the lucky draw on our platform, in violation of the rule and policy of our platform . Such activities are explicitly forbidden by our platform and may be suspected of being involved illegal gambling activities by these streamers. We have blocked these streamers’ accounts after we became aware of those incidents, but such similar incidents and related media coverage may still adversely affect our business and reputation. If our platform is deemed to be engaged in illegal or inappropriate activities relating to issuance, circulation or third party’s misuse of virtual currencies (such as Yuchi), we may need to remove such activities permanently, or modify rules for such activities that could make them less attractive, or even be subject to fines and penalties, which may have adverse impact on our business, results of operation and reputation.
Present and future business partnerships or acquisitions may fail and materially and adversely affect our business, reputation and results of operations.
We may enter into business partnerships, including joint ventures or minority equity investments, with third parties from time to time in connection with our business. These partnerships could subject us to a number of risks, including risks associated with sharing proprietary information,
non-performance
by third parties and increased expenses in establishing new business partnerships, any of which may materially and adversely affect our business. We may have limited ability to monitor or control the actions of these third parties and, to the extent any of these strategic third parties suffers negative publicity or harm to their reputation from events relating to their business, we may also suffer negative publicity or harm to our reputation by virtue of our association with any such third party.
In addition, we may acquire additional assets, products, technologies or businesses that are complementary to our existing business. Future acquisitions and the subsequent integration of new assets and businesses into our own would require significant attention from our management and could divert resources from our existing business, which in turn could adversely affect our operations. Acquired assets or businesses may not generate the financial results we expect. Acquisitions could result in the use of substantial amounts of cash, potentially dilutive issuances of equity securities, significant goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired businesses. Moreover, the costs of identifying and consummating acquisitions may be significant. In addition to possible shareholder approval, we may have to obtain approvals and licenses from government authorities and comply with applicable PRC laws and regulations, which could result in increased delays and costs.
We may not realize the benefits we expect from our strategic cooperation with Tencent, which may materially and adversely affect our business and results of operations.
We and Tencent, through our respective PRC affiliated entities, have entered into a strategic cooperation framework memorandum which became effective on January 31, 2018 and was subsequently replaced by the amended and restated strategic cooperation framework memorandum dated April 1, 2019 (the “Amended and Restated SCFM”). For details, please refer to “Item 4. Information of the Company—4.B. Business Overview—Our Relationship with Tencent.” According to the Schedule 13D filed jointly by Tencent and Nectarine with the SEC on October 14, 2020, Tencent held 12,068,104 of our ordinary shares, through one of its wholly-owned subsidiaries Nectarine, representing an aggregate of 37.2% of our total outstanding ordinary shares (excluding 950,211 ordinary shares issued to Douyu Employees Limited, our employee shareholding platform established for the RSUs granted under the Amended and Restated 2018 RSU Scheme) and 37.2% of our total voting power. For details, see “Item 6. Directors, Senior Management and Employees—6.E. Share Ownership.” As a result, Tencent has substantial influence over our business and their interests may not be aligned with us or the other shareholders. For details please refer to “—Certain existing shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other shareholders.”
If we encounter difficulties implementing our strategic cooperation with Tencent, our management may need to divert their attention from existing operations. In addition, certain terms of the Amended and Restated SCFM may limit our ability to collaborate with third-party game developers or publishers. Our relationship with Tencent does not restrict Tencent from entering into collaboration with other parties. Tencent has in the past invested in, and may in the future continue to invest in our direct or indirect competitors, including companies such as Huya. Tencent may devote resources or attention to the other companies it has an interest in, including our direct or indirect competitors. As a result, we may not fully realize the benefits we expect from the strategic cooperation with Tencent. Failure to realize the intended benefits from the strategic cooperation with Tencent, or potential restrictions on our collaboration with other parties, could materially and adversely affect our business and results of operations.
Certain existing shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other shareholders.
As of March 31, 2021, our directors and executive officers beneficially owned, after taking into account RSUs that will become vested within 60 days after the date of this annual report, an aggregate of 16.9% of our total outstanding ordinary shares (excluding 950,211 ordinary shares issued to Douyu Employees Limited, our employee shareholding platform established for the RSUs granted under the Amended and Restated 2018 RSU Scheme). According to the Schedule 13D filed jointly by Tencent and Nectarine with the SEC on October 14, 2020, Tencent, through one of its wholly-owned subsidiaries Nectarine, held 37.2% of our total outstanding ordinary shares (excluding 950,211 ordinary shares issued to Douyu Employees Limited, our employee shareholding platform established for the RSUs granted under the Amended and Restated 2018 RSU Scheme), representing 16.9% and 37.2%, respectively, of our total voting power. In addition, pursuant to the terms of our Fourth Amended and Restated Memorandum and Articles of Association, Mr. Shaojie Chen and Mr. Wenming Zhang, and entities which hold shares of our company on behalf of and are controlled by Mr. Shaojie Chen and Mr. Wenming Zhang, have the right to appoint up to four directors. Nectarine, a wholly-owned subsidiary of Tencent, has the right to appoint up to two directors as long as it beneficially owns no less than 33% of the shares it beneficially owns immediately prior to the completion of our initial public offering in July 2019. On August 13, 2020, Nectarine and Mr. Shaojie Chen entered into an agreement (the “Share Transfer Agreement”) where Mr. Shaojie Chen would sell 3,703,704 ordinary shares through Warrior Ace Holding Limited to Nectarine for an aggregate consideration of US$500,000,040, with such sale to close immediately before the closing of the merger between DouYu and HUYA. Our board of directors has the right to appoint up to four independent directors and may appoint additional directors, if any. Directors appointed by a specified group may only be removed by the affirmative vote of such group. Our officers are nominated by Mr. Shaojie Chen (who has a second or casting vote when there is an equality of votes) and Mr. Wenming Zhang, and entities which hold shares of our company on behalf of and are controlled by Mr. Shaojie Chen and Mr. Wenming Zhang, and are elected by the board at such terms and remuneration as the board sees fit. For details, please refer to “Item 6. Directors, Senior Management and Employees—6.C. Board Practices—Terms of Directors and Officers.”
 
29
They may take actions that are not in the best interest of us or our other shareholders and conflicts of interest between them and us may arise as a result of their operation of or investment in businesses that compete with us. Such concentration of ownership and corporate governance mechanism may discourage, delay or prevent a change in control of our company, which could deprive our shareholders of a premium for their shares as part of a sale of our company and may reduce the price of the ADSs. These actions may be taken even if they are opposed by our other shareholders, including holders of our ADSs. In addition, such significant concentration of share ownership and corporate governance mechanism may adversely affect the trading price of the ADSs due to investors’ perception that conflicts of interest may exist or arise. For more information regarding our principal shareholders and their affiliated entities, see “Item 6. Directors, Senior Management and Employees—6.E. Share Ownership.”
Our results of operations are subject to quarterly fluctuations due to seasonality.
We experience seasonality in our business, reflecting seasonal fluctuations in Internet usage. As a result, comparing our operating results on a
period-to-period
basis may not be meaningful.
For example, the number of active users tend to be higher during school holidays and certain parts of the school year, and tend to be lower at the beginning or exam periods of the school year, which affects our cash flow for those periods. Furthermore, the number of paying users of our online live streaming platform correlates with the marketing campaigns and promotional activities we conduct which may coincide with popular western or Chinese festivals.
As a result, our operating results in future quarters or years may fall below the expectations of securities analysts and investors.
We do not currently have business insurance to cover our main assets and business. Any uninsured occurrence of business disruption, litigation or natural disaster could expose us to significant costs, which could have an adverse effect on our results of operations.
We do not have any business liability or disruption insurance to cover our operations. We may not be able to insure against certain risks related to our assets or business even if we desire to in the future. In addition, the costs of insuring for such risks and the difficulties associated with acquiring such insurance on commercially reasonable terms make it impractical for us to have such insurance. Any uninsured occurrence of business disruption, litigation or natural disaster, or significant damages to our uninsured equipment or facilities could disrupt our business operations, requiring us to incur substantial costs and divert our resources, which could have an adverse effect on our results of operations and financial condition.
If we fail to maintain an effective internal control over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud and investor confidence in our company and the market price of our ADSs may decline.
As a public company, we are subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 requires us to evaluate and determine the effectiveness of our internal control over financial reporting, report any material weaknesses in such internal controls and provide a management report on internal control over financial reporting.
Our management has concluded that our internal control over financial reporting was effective as of December 31, 2020. However, we can not assure you that in the future we will not identify any material weaknesses in our internal control over financial reporting. In addition, because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or management override of internal controls, material misstatements due to error or fraud might not be prevented or detected in a timely basis. If we fail to maintain effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which could cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a negative impact on the trading price of our ADSs. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the NYSE, regulatory investigations and civil or criminal sanctions.
 
30
We have granted RSUs in the past and will continue to grant share-based awards in the future, which may have an adverse effect on our future profit. Exercise of the share options and the vesting of the RSUs granted will increase the number of our Shares in circulation, which may adversely affect the market price of our Shares.
We adopted a share incentive plan in April 2018, which was amended and restated in April 2019 (the “Amended and Restated 2018 RSU Scheme”), for the purpose of granting share-based compensation awards to employees, directors and consultants to incentivize their performance and align their interests with ours. Under the Amended and Restated 2018 RSU Scheme, we are authorized to grant RSUs. The maximum aggregate number of ordinary shares we are authorized to issue pursuant to all awards under the Amended and Restated 2018 RSU Scheme is 2,106,321 ordinary shares. In April 2019, we adopted the 2019 Share Incentive Plan (the “2019 Share Incentive Plan”), pursuant to which we may grant options, restricted shares, restricted share units, share appreciation rights, rights to dividends, dividend equivalent rights and other rights or benefits. The maximum aggregate number of shares we may issue under the 2019 Share Incentive Plan is 3,456,869. We may adopt share incentive plans in the future that permits granting of share-based compensation to employees and directors.
As of March 31, 2021, 2,079,360 RSUs have been granted that are not forfeited under the Amended and Restated 2018 RSU Scheme and no award has been granted and outstanding under the 2019 Share Incentive Plan. As of March 31, 2021, 1,156,110 RSUs corresponding to 1,156,110 ordinary shares have become vested. We recognize expenses of RMB134.1 million in our combined and consolidated statement of income for the year ended December 31, 2020. As a result, these awards starts vesting upon the completion of our initial public offering in July 2019. As of December 31, 2020, our unrecognized share-based compensation expenses amounted to RMB207.2 million.
We believe the granting of share-based awards is of significant importance to our ability to attract and retain key personnel and employees, and we will continue to grant share-based compensation to employees in the future. As a result, our expenses associated with share-based compensation may increase, which may have an adverse effect on our results of operations.
Competition for highly skilled personnel is often intense and we may incur significant costs or not successful in attracting, integrating, or retaining qualified personnel to fulfill our current or future needs. We have, from time to time, experienced, and we expect to continue to experience, difficulty in hiring and retaining highly skilled employees with appropriate qualifications. Our ability to attract or retain highly skilled employees may be adversely affected by declines in the perceived value of our equity or equity awards. Furthermore, there are no assurances that the number of shares reserved for issuance under our share incentive plans will be sufficient to grant equity awards adequate to recruit new employees and to compensate existing employees.
We may be the subject of allegations, harassing or other detrimental conduct by third parties, which could harm our reputation and cause us to lose market share, users and customers and incur actual losses.
We have been subject to allegations by third parties or purported former employees, negative Internet postings and other adverse public exposure on our business, operations and staff compensation. We may also become the target of harassment or other detrimental conduct by third parties or disgruntled former or current employees. Such conduct may include complaints, anonymous or otherwise, to regulatory agencies, media or other organizations. We may be subject to government or regulatory investigation or other proceedings as a result of such third-party conduct and may be required to spend significant time and incur substantial costs to address such third-party conduct, and there is no assurance that we will be able to conclusively refute each of the allegations within a reasonable period of time, or at all. Additionally, allegations, directly or indirectly against us, may be posted on the Internet, including social media platforms by anyone, whether or not related to us, on an anonymous basis. Any negative publicity on us or our management can be quickly and widely disseminated. Social media platforms and devices immediately publish the content of their subscribers and participants post, often without filters or checks on accuracy of the content posted. Information posted may be inaccurate and adverse to us, and it may harm our reputation, business or prospects. The harm may be immediate without affording us an opportunity for redress or correction. Our reputation may be negatively affected as a result of the public dissemination of negative and potentially false information about our business and operations, which in turn may cause us to lose market share, users or customers and incur actual losses.
 
31
Non-compliance
on the part of our employees or third parties involved in our business could adversely affect our business.
Our compliance controls, policies and procedures may not protect us from acts committed by our employees, agents, contractors, or collaborators that violate the laws or regulations of the jurisdictions in which we operate, which may adversely affect our business.
In addition, our business partners or other third parties involved in our business through our business partners (such as contractors, talent agencies or other third parties entered into business relationship with our third-party business partners) may be subject to regulatory penalties or punishments because of their regulatory compliance failures, which may, directly or indirectly, disrupt our business. Although we conduct review of legal formalities and certifications before entering into contractual relationship with other businesses such as third-party game developers, advertisers and talent agencies, and take measures to reduce the risks that we may be exposed to in case of any
non-compliance
by third parties, we cannot be certain whether such third party has infringed or will infringe any third parties’ legal rights or violate any regulatory requirements or rule out the likelihood of incurring any liabilities imposed on us due to any regulatory failures by third parties. We identify irregularities or noncompliance in the business practices of any parties with whom we pursue existing or future cooperation and we cannot assure you that any of these irregularities will be corrected in a prompt and proper manner. In addition, for those third parties actively involved in our business through our business partners such as our sales agents, we also request our business partners to supervise and administrate relevant business activities of such third parties, but we cannot assure you that our business partners will be able to supervise and administrate in an effective way. The legal liabilities and regulatory actions on our business partners or other third parties involved in our business may affect our business activities and reputation and in turn, our results of operations.
We may not be able to ensure compliance with United States economic sanctions laws.
The U.S. Department of the Treasury’s Office of Foreign Assets Control, or OFAC, administers laws and regulations that generally prohibit U.S. persons and, in some instances, foreign entities owned or controlled by U.S. persons, from conducting activities or transacting business with certain countries, governments, entities or individuals that are targets of U.S. economic sanctions.
In the past, we have identified a small number of users on our platform that appear to have been located in countries that are targets of U.S. economic sanctions. We have taken measures to prevent such persons from accessing our platform, either as streamers or users, in a manner that would violate U.S. economic sanctions. However, we cannot assure you that such measures will be effective. While we believe that we have been, and that we continue to be, in compliance with applicable U.S. economic sanctions, our failure to employ appropriate safeguards with respect to streamers and users located in countries that are targets of U.S. economic sanctions may result in a violation of such laws.
Non-compliance
with applicable U.S. economic sanctions could subject us to adverse media coverage, investigations, and severe administrative, civil and possibly criminal sanctions, expenses related to remedial measures, and legal expenses, which could materially adversely affect our business, results of operations, financial condition and reputation.
Spammers and malicious software and applications may affect user experience, which could reduce our ability to attract users and advertisers and materially and adversely affect our business, financial condition and results of operations.
Spammers may use our streaming platform to send spam messages to users, which may affect user experience. As a result, our users may reduce using our products and services or stop using them altogether. In spamming activities, spammers typically create multiple user accounts for the purpose of sending a high volume of repetitive messages. Although we attempt to identify and delete accounts created for spamming purposes, we may not be able to effectively eliminate all spam messages from our platform in a timely fashion. Any spamming activities could have a material and adverse effect on our business, financial condition and results of operations.
In addition, malicious software and applications may interrupt the operations of our websites, our PC clients or mobile apps and pass on such malware to our users which could adversely hinder user experience. Although we have been successfully blocking these attacks in the past, we cannot guarantee that this will always be the case, and in the incident if users experience a malware attack by using our platform, our users may associate the malware with our websites, our PC clients or mobile apps, and our reputation, business, and results of operations would be materially and adversely affected.
 
32
Our users may suffer from third-party fraud when purchasing our virtual currency and we may suffer fraud when selling virtual currency to users.
We offer our users multiple options to purchase
Yuchi
, our virtual currency. Users can purchase these virtual currencies directly on web streaming portal, make
in-
app purchases using third-party payment channels. Other than the official purchase channels, there is no other means to purchase
Yuchi
. However, from time to time, certain third parties fraudulently claim that users can purchase
Yuchi
through them. If our users choose to purchase our virtual currency from such third parties, they may suffer losses from such fraudulent activities by third parties. Although we are not directly responsible for such fraudulent activities conducted by third parties, our user experience may be adversely affected and they may choose to leave our platform as a result. Such fraudulent activities by third parties might also generate negative publicity, disputes or even legal claims. The measures we take in response to such negative publicity, disputes or legal claims may be expensive, time consuming and disruptive to our operations and divert our management’s attention.
In addition, in 2018, 2019 and 2020, we have run into multiple incidents where the users paid for our virtual currency through fraudulent methods, including illegal use of credit cards. While such incidents have decreased significantly given tightened regulation, we may lose all the revenue we were supposed to generate from the sales as we were not able to collect or recover on any of it when such incidents occur. Although we have instated authentication mechanisms that help us detect such fraudulent paying methods, we still cannot guarantee that our mechanisms can prevent all fraudulent virtual currency purchases. These fraudulent transactions cause harm to our financial results and business operations.
We will incur additional costs as a result of being a public company.
We are a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. These additional costs could negatively affect our financial results. In addition, changing laws, regulations and standards relating to corporate governance and public disclosure, including regulations implemented by the Nasdaq, may increase legal and financial compliance costs and make some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management’s time and attention from revenue-generating activities to compliance activities. If, notwithstanding our efforts to comply with new laws, regulations and standards, we fail to comply, regulatory authorities may initiate legal proceedings against us and our business may be harmed.
Risks Related to Our Corporate Structure
If the PRC government finds that the agreements that establish the structure for operating our businesses in China do not comply with PRC regulations on foreign investment in Internet and other related businesses, or if these regulations or their interpretation change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.
PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in Internet and other related businesses, including the provision of Internet content and online game operations. Specifically, foreign ownership is prohibited in industries of online audio and video program services , the radio and television production and operation business, and the Internet cultural business (excluding music), foreign ownership of an Internet content provider may not exceed 50%, and the major foreign investor is required to have a track record and operating experience in managing value-added telecommunications business. We are a company registered in the Cayman Islands and Douyu Yule (our wholly-owned subsidiary in China) is considered a foreign-invested enterprise. To comply with PRC laws and regulations, we conduct our business in China mainly through Wuhan Douyu and Wuhan Ouyue (our VIEs) and their respective subsidiaries, based on a series of contractual arrangements by and among Douyu Yule, our VIEs, and their shareholders. As a result of these contractual arrangements, we exert control over our VIEs and consolidate their financial results in our financial statements under U.S. GAAP. Our VIEs hold the licenses, approvals and key assets that are essential for our operations.
 
33
In the opinion of our PRC counsel, Han Kun Law Offices, based on its understanding of the relevant PRC laws and regulations currently in effect, each of the contracts among Douyu Yule, our VIEs and their shareholders is valid, binding and enforceable in accordance with its terms. However, we have been further advised by our PRC counsel that there are substantial uncertainties regarding the interpretation and application of current or future PRC laws and regulations. Thus, the PRC government may ultimately take a view contrary to the opinion of our PRC counsel. In addition, PRC government authorities may deem that foreign ownership is directly or indirectly involved in each of our VIEs’ shareholding structure. If we are found in violation of any PRC laws or regulations, or if the contractual arrangements among Douyu Yule, our VIEs and their shareholders are determined as illegal or invalid by the PRC court, arbitral tribunal or regulatory authorities, the relevant governmental authorities would have broad discretion in dealing with such violation, including, without limitation:
 
  •  
revoking the business licenses and/or operating licenses of such entities;
 
  •  
imposing fines on us;
 
  •  
confiscating any of our income that they deem to be obtained through illegal operations;
 
  •  
discontinuing or placing restrictions or onerous conditions on our operations;
 
  •  
placing restrictions on our right to collect revenues;
 
  •  
shutting down our servers or blocking our app/websites;
 
  •  
requiring us to restructure the operations in such a way as to compel us to establish a new enterprise,
re-apply
for the necessary licenses or relocate our businesses, staff and assets;
 
  •  
imposing additional conditions or requirements with which we may not be able to comply; or
 
  •  
taking other regulatory or enforcement actions against us that could be harmful to our business.
The imposition of any of these penalties may result in a material and adverse effect on our ability to conduct our business operations. In addition, if the imposition of any of these penalties causes us to lose the rights to direct the activities of our VIEs or the right to receive their economic benefits, we would no longer be able to consolidate their financial results.
We rely on contractual arrangements with our VIEs and their shareholders for our operations in China, which may not be as effective in providing operational control as direct ownership.
Due to PRC restrictions or prohibitions on foreign ownership of Internet and other related businesses in China, we operate our business in China through our VIEs and their subsidiaries, in which we have no ownership interest. We rely on a series of contractual arrangements with our VIEs and their shareholders, including the powers of attorney, to control and operate business of our VIEs. These contractual arrangements are intended to provide us with effective control over our VIEs and allow us to obtain economic benefits from them. See “Item 4. Information on the Company—4.C. Organizational Structure—Contractual Arrangements with Our VIEs and Our VIEs’ Respective Shareholders” for more details about these contractual arrangements. In particular, our ability to control the VIEs depends on the powers of attorney, pursuant to which Douyu Yule (our wholly-owned subsidiary in China) can vote on all matters requiring shareholder approval in our VIEs. We believe these powers of attorney are legally enforceable but may not be as effective as direct equity ownership.
 
34
Although we have been advised by our PRC counsel, Han Kun Law Offices, that each of the contractual arrangements among Douyu Yule, our VIEs and their shareholders is valid, binding and enforceable under existing PRC laws and regulations, these contractual arrangements may not be as effective in providing control over our VIEs and their subsidiaries as direct ownership. If our VIEs or their shareholders fail to perform their respective obligations under the contractual arrangements, we may incur substantial costs and expend substantial resources to enforce our rights. Although Douyu Yule has an option, subject to the registration process with PRC governmental authorities, to purchase the equity of our VIEs, if the shareholders of VIEs do not cooperate or there are any disputes relating to these contractual arrangements, we will have to enforce our rights under these contracts under PRC laws through arbitration, the outcome of which is uncertain. These contractual arrangements are governed by and interpreted in accordance with PRC laws, and disputes arising from these contractual arrangements will be resolved through arbitration in China. However, the legal system in China, particularly as it relates to arbitration proceedings, is not as developed as the legal system in many other jurisdictions, such as the United States. There are very few precedents and little official guidance as to how contractual arrangements in the context of a variable interest entity should be interpreted or enforced under PRC law. There remain significant uncertainties regarding the ultimate outcome of arbitration should legal action become necessary. These uncertainties could limit our ability to enforce these contractual arrangements. In addition, arbitration awards are final and can only be enforced in PRC courts through arbitration award recognition proceedings, which could cause additional expenses and delays. In the event we are unable to enforce these contractual arrangements or we experience significant delays or other obstacles in the process of enforcing these contractual arrangements, we may not be able to exert effective control over our VIEs and may lose control over the assets owned by our VIEs. As a result, we may be unable to consolidate the financial results of such entities in our combined and consolidated financial statements, our ability to conduct our business may be negatively affected, and our operations could be severely disrupted, which could materially and adversely affect our results of operations and financial condition.
We may lose the ability to use and enjoy assets held by our VIEs and their subsidiaries that are important to our business if our VIEs and their subsidiaries declare bankruptcy or become subject to a dissolution or liquidation proceeding.
Our VIEs hold certain assets that are important to our operations, including the ICP License, the Internet Culture Operation License, the Commercial Performance License, the License for Online Transmission of Audio/Video Programs and Radio and Television Program Production and Operating Permit. Under our contractual arrangements, the shareholders of our VIEs may not voluntarily liquidate our VIEs or approve them to sell, transfer, mortgage or dispose of their assets or legal or beneficial interests exceeding certain threshold in the business in any manner without our prior consent. However, in the event that the shareholders breach this obligation and voluntarily liquidate our VIEs, or our VIEs declare bankruptcy, or all or part of their assets become subject to liens or rights of third-party creditors, we may be unable to continue some or all of our operations, which could materially and adversely affect our business, financial condition and results of operations. Furthermore, if our VIEs or their subsidiaries undergo a voluntary or involuntary liquidation proceeding, their shareholders or unrelated third-party creditors may claim rights to some or all of its assets, hindering our ability to operate our business, which could materially and adversely affect our business, financial condition and results of operations.
Contractual arrangements we have entered into with our VIEs may be subject to scrutiny by the PRC tax authorities. A finding that we owe additional taxes could negatively affect our financial condition and the value of your investment.
Pursuant to applicable PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by PRC tax authorities. We may be subject to adverse tax consequences if the PRC tax authorities determine that the contractual arrangements among Douyu Yule, our VIEs and their shareholders are not on an arm’s length basis and therefore constitute favorable transfer pricing. As a result, the PRC tax authorities could require that our VIEs adjust their taxable income upward for PRC tax purposes. Such an adjustment could increase our VIEs’ tax expenses without reducing the tax expenses of Douyu Yule, subject our VIEs to late payment fees and other penalties for under-payment of taxes, and result in the loss of any preferential tax treatment Douyu Yule may have. As a result, our consolidated results of operations may be adversely affected.
 
35
If the chops of our PRC subsidiaries, our VIEs and their subsidiaries, are not kept safely, are stolen or are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities could be severely and adversely compromised.
In China, a company chop or seal serves as the legal representation of the company towards third parties even when unaccompanied by a signature. Each legally registered company in China is required to maintain a company chop, which must be registered with the local Public Security Bureau. In addition to this mandatory company chop, companies may have several other chops which can be used for specific purposes. The chops of our PRC subsidiaries, our VIEs and their subsidiaries are generally held securely by personnel designated or approved by us in accordance with our internal control procedures. To the extent those chops are not kept safe, are stolen or are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities could be severely and adversely compromised and those corporate entities may be bound to abide by the terms of any documents so chopped, even if they were chopped by an individual who lacked the requisite power and authority to do so. If any of our authorized personnel obtains, misuses or misappropriates our chops for whatever reason, we could experience disruptions in our operations. We may also have to take corporate or legal action, which could require significant time and resources to resolve while distracting management from our operations. Any of the foregoing could adversely affect our business and results of operations.
Our shareholders or the shareholders of our VIEs may have potential conflicts of interest with us, which may materially and adversely affect our business.
The shareholders of our VIEs include persons who are also our shareholders or affiliates of our shareholders, and, in some cases, our directors or officers. Conflicts of interest may arise between the roles of them as shareholders, directors or officers of our company and as shareholders of our VIEs. For individuals who are also our directors and officers, we rely on them to abide by the laws of the Cayman Islands, which provide that directors and officers owe a fiduciary duty to our company to act in good faith and in the best interest of our company and not to use their positions for personal gain. The shareholders of our VIEs have executed powers of attorney to appoint Douyu Yule (our wholly-owned subsidiary in China) or a person designated by Douyu Yule to vote on their behalf and exercise voting rights as shareholders of our VIEs. We cannot assure you that when conflicts arise, these shareholders will act in the best interest of our company or that conflicts will be resolved in our favor. If we cannot resolve any conflicts of interest or disputes between us and these shareholders, we would have to rely on legal proceedings, which may be expensive, time-consuming and disruptive to our operations. There is also substantial uncertainty as to the outcome of any such legal proceedings.
Additionally, we rely on our shareholders and the shareholders of our VIEs to secure, both at the internal and external level, all the necessary approvals, permits, filings or other formalities and proceedings in relation to their respective investment in us and/or our VIEs. We cannot assure you that our shareholders and shareholders of our VIEs have obtained all of such necessary approvals, permits, filings or other formalities and proceedings. The failure to obtain such approvals, permits, filings or other formalities and proceedings may adversely affect our business and results of operation.
We may rely on dividends paid by our PRC subsidiaries to fund cash and financing requirements. Any limitation on the ability of our PRC subsidiaries to pay dividends to us could have a material adverse effect on our ability to conduct our business and to pay dividends to holders of the ADSs and our ordinary shares.
We are a holding company, and we may rely on dividends to be paid by our PRC subsidiaries for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to the holders of the ADSs and our ordinary shares and service any debt we may incur. If our PRC subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us.
Under PRC laws and regulations, a wholly foreign-owned enterprise in China, such as Douyu Yule, may pay dividends only out of its accumulated profits as determined in accordance with PRC accounting standards and regulations. In addition, a wholly foreign-owned enterprise is required to set aside at least 10% of its
after-tax
profits each year, after making up previous years’ accumulated losses, if any, to fund certain statutory reserve funds, until the aggregate amount of such fund reaches 50% of its registered capital. These reserve funds are not distributable as cash dividends. Any limitation on the ability of our PRC subsidiaries to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.
 
36
Substantial uncertainties exist with respect to whether the foreign investor’s controlling PRC onshore variable interest entities via contractual arrangements will be recognized as “foreign investment” and how it may impact the viability of our current corporate structure and operations.
On March 15, 2019, the National People’s Congress of the PRC adopted the PRC Foreign Investment Law, which came into force on January 1, 2020. The PRC Foreign Investment Law defines the “foreign investment” as the investment activities in China conducted directly or indirectly by foreign investors in the following manners: (i) the foreign investor, by itself or together with other investors establishes a foreign invested enterprises in China; (ii) the foreign investor acquires shares, equities, asset tranches, or similar rights and interests of enterprises in China; (iii) the foreign investor, by itself or together with other investors, invests and establishes new projects in China; (iv) the foreign investor invests through other approaches as stipulated by laws, administrative regulations or otherwise regulated by the State Council. The PRC Foreign Investment Law keeps silent on how to define and regulate the “variable interest entities”, while adding a
catch-all
clause that “other approaches as stipulated by laws, administrative regulations or otherwise regulated by the State Council” can fall into the concept of “foreign investment”, which leaves uncertainty as to whether the foreign investor’s controlling PRC onshore variable interest entities via contractual arrangements will be recognized as “foreign investment”. Pursuant to the PRC Foreign Investment Law, PRC governmental authorities will regulate foreign investment by applying the principle of
pre-entry
national treatment together with a “negative list”, which will be promulgated by or promulgated with approval by the State Council. Foreign investors are prohibited from making any investments in the industries which are listed as “prohibited” in such negative list; and, after satisfying certain additional requirements and conditions as set forth in the “negative list”, are allowed to make investments in the industries which are listed as “restricted” in such negative list. For any foreign investor that fails to comply with the negative list, the competent authorities are entitled to ban its investment activities, require such investor to take measures to correct its
non-compliance
and impose other penalties.
The Internet content service, Internet audio-visual program services, radio and television production and operation and online culture activities that we conduct through our consolidated variable interest entities are subject to foreign investment restrictions/prohibitions set forth in the Special Administrative Measures for Entrance of Foreign Investment (Negative List) (2020 Version). It provides that, with a few exceptions, foreign investors are generally not allowed to own more than 50% of the equity interests in a value-added telecommunication service provider. The Provisions on the Administration of Foreign Invested Telecommunications Enterprises (2016 Revision) requires that the major foreign investor in a value-added telecommunication service provider in China must have experience in providing value-added telecommunications services overseas and maintain a good track record. In addition, foreign investors are prohibited from investing in companies engaged in online publishing businesses, Internet audio-visual programs businesses, Internet culture businesses (except for music), and radio and television program production businesses.
The PRC Foreign Investment Law leaves leeway for future laws, administrative regulations or provisions of the State Council to provide for contractual arrangements as a form of foreign investment. It is therefore uncertain whether our corporate structure will be seen as violating foreign investment rules as we are currently using the contractual arrangements to operate certain businesses in which foreign investors are currently prohibited from or restricted to investing. Furthermore, if future laws, administrative regulations or provisions of the State Council mandate further actions to be taken by companies with respect to existing contractual arrangements, we may face substantial uncertainties as to whether we can complete such actions in a timely manner, or at all. If we fail to take appropriate and timely measures to comply with any of these or similar regulatory compliance requirements, our current corporate structure, corporate governance and business operations could be materially and adversely affected.
Risks Related to Doing Business in China
Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.
The PRC legal system is based on written statutes where prior court decisions have limited value as precedents. Our PRC subsidiaries and our VIEs, in particular Douyu Yule, a wholly foreign-owned enterprise, is subject to laws and regulations applicable to foreign-invested enterprises as well as various Chinese laws and regulations generally applicable to companies incorporated in China. However, since these laws and regulations are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involves uncertainties.
 
37
From time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. However, since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems. Furthermore, the PRC legal system is based in part on government policies and internal rules that may have retroactive effect. As a result, we may not be aware of our violation of these policies and rules until sometime after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and procedural rights, could materially and adversely affect our business and impede our ability to continue our operations.
Regulation and censorship of information disseminated over the mobile device and Internet in China may adversely affect our business and subject us to liability for streaming content or posted on our platform.
Internet companies in China are subject to a variety of existing and new rules, regulations, policies, and license and permit requirements. In connection with enforcing these rules, regulations, policies and requirements, relevant government authorities may suspend services by revoking licenses of, any Internet or mobile content service provider that is deemed to provide illicit content online or on mobile devices, and such activities may be intensified in connection with any ongoing government campaigns to eliminate prohibited content online. For example, in recent years, the Office of the Anti-Pornography and Illegal Publications Working Group, the State Internet Information Office, the MIIT, the Ministry of Culture and the Ministry of Public Security have jointly or independently launched a series of “Clean Up the Internet” campaigns.. Based on publicly available information, these campaigns aim to eliminate pornographic information and content in the Internet information services industry by, among other things, holding liable individuals and corporate entities that facilitate the distribution of pornographic information and content. During the campaigns, relevant government authorities have shut down certain websites, removed certain links and closed certain accounts. Certain Chinese Internet companies voluntarily initiated self-investigations to filter and remove content from their websites and cloud servers. Recently in 2020, the Ministry of Public Security launched a “Cleaning Up the Internet 2020” campaign, which aims to crack down illegal or criminal activities in relation to telecommunication network fraud, online gambling, online “water army” and other severe illegal or criminal activities.
We endeavor to eliminate illicit content from our platform. We have made substantial investments in resources to monitor content that users post on our platform and the way in which our users engage with each other through our platform. We use a variety of methods to ensure our platform remains a healthy and positive experience for our users. See “Item 4. Information of the Company—4.B. Business Overview—Content Monitoring System.” Although we employ these methods to filter content posted on our platform, we cannot be sure that our internal content control efforts will be sufficient to remove all content that may be viewed as indecent or otherwise
non-compliant
with PRC law and regulations. Government standards and interpretations as to what constitutes illicit online content or behavior are subject to interpretation and may change in a manner that could render our current monitoring efforts insufficient. The Chinese government has wide discretion in regulating online activities and, irrespective of our efforts to control the content on our platform, government campaigns and other actions to reduce illicit content and activities could subject us to negative press or regulatory challenges and sanctions, including fines, suspension or revocation of our licenses to operate in China or a suspension or ban on our mobile or online platform, including suspension or closure of one or more parts of or our entire business. Further, our senior management could be held criminally liable if we are deemed to be profiting from illicit content on our platform. Although our business and operations have not been materially and adversely affected by government campaigns or any other regulatory actions in the past, we cannot assure you that our business and operations will be immune from government actions or sanctions in the future. If government actions or sanctions are brought against us, or if there are widespread rumors that government actions or sanctions have been brought against us, our reputation could be harmed, we may lose users and customers, our revenues and results of operation may be materially and adversely affected and the value of our ADSs could be dramatically reduced.
 
38
Adverse changes in global or China’s economic, political or social conditions or government policies could have a material adverse effect on our business, financial condition and results of operations.
Our revenues are substantially sourced from China. Accordingly, our results of operations, financial condition and prospects are influenced by economic, political and legal developments in China. Economic reforms begun in the late 1970s have resulted in significant economic growth. However, any economic reform policies or measures in China may from time to time be modified or revised. China’s economy differs from the economies of most developed countries in many respects, including with respect to the amount of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. While the PRC economy has experienced significant growth in the past 40 years, growth has been uneven across different regions and among different economic sectors and the rate of growth has been slowing.
China’s economic conditions are sensitive to global economic conditions. The global financial markets have experienced significant disruptions since 2008 and the United States, Europe and other economies have experienced periods of recession. The global macroeconomic environment is facing new challenges and there is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal policies adopted by the central banks and financial authorities of some of the world’s leading economies. Recent international trade disputes, including tariff actions announced by the United States, the PRC and certain other countries, and the uncertainties created by such disputes may cause disruptions in the international flow of goods and services and may adversely affect the Chinese economy as well as global markets and economic conditions. There have also been concerns about the economic effect of the military conflicts and political turmoil or social instability in the Middle East, Europe, Africa and other places. Any severe or prolonged slowdown in the global economy may adversely affect the Chinese economy which in turn may adversely affect our business and operating results.
The PRC government exercises significant control over China’s economic growth through strategically allocating resources, controlling the payment of foreign currency-denominated obligations, setting monetary policy and providing preferential treatment to particular industries or companies. Although the PRC economy has grown significantly in the past decade, that growth may not continue, as evidenced by the slowing of the growth of the PRC economy since 2012. Any adverse changes in economic conditions in China, in the policies of the PRC government or in the laws and regulations in China could have a material adverse effect on the overall economic growth of China. Such developments could adversely affect our business and operating results, lead to reduction in demand for our services and adversely affect our competitive position.
Currently there is no law or regulation specifically governing virtual asset property rights and therefore it is not clear what liabilities, if any, online game operators may have for virtual assets.
While participating on our platform, our users acquire, purchase and accumulate some virtual assets, such as gifts or certain status. Such virtual assets can be important to users and have monetary value. In practice, virtual assets can be lost for various reasons, often through unauthorized use of the user account of one user by other users and occasionally through data loss caused by delay of network service, network crash or hacking activities. Currently, there is no PRC law or regulation specifically governing virtual asset property rights. As a result, there is uncertainty as to who the legal owner of virtual assets is, whether and how the ownership of virtual assets is protected by law, and whether an operator of live streaming platform such as us would have any liability, whether in contract, tort or otherwise, to users or other interested parties, for loss of such virtual assets. Based on recent PRC court judgments, the courts have typically held online platform operators liable for losses of virtual assets by platform users, and ordered online platform operators to return the lost virtual items to users or pay damages and losses. In case of a loss of virtual assets, we may be sued by our users and held liable for damages, which may negatively affect our reputation and business, financial condition and results of operations.
 
39
Uncertainties exist with respect to the interpretation and implementation of Anti-Monopoly Guidelines for Internet Platforms and how it may impact our business operations.
In February 2021, the Anti-Monopoly Bureau of the State Council published the Anti-Monopoly Guidelines for Internet Platforms. This guidelines prohibits monopolistic conduct such as entering into monopoly agreements, abusing market dominance and concentration of undertakings that may have the effect to eliminate or restrict competition in the field of platform economy. More specifically, the Anti-Monopoly Guidelines for Internet Platforms outlines certain practices that may, if without justifiable reasons, constitute abuse of a dominant position, including without limitation, discriminating customers in terms of pricing and other transactional conditions using big data and analytics, coercing counterparties into exclusivity arrangements, using technology means to block competitors’ interface, using bundle services to sell services or products, and compulsory collection of users’ unnecessary data. The Anti-Monopoly Guidelines for Internet Platforms further expressly states that concentration involving VIE will also be subject to antitrust filing requirements, and therefore will also fall within the scope of the antitrust review. Since the Anti-Monopoly Guidelines for Internet Platforms is relatively new and may be subject to interpretation by the regulators in the process of implementing such guidelines, we cannot assure you that our business operations will comply with such regulation in all respects, and any failure or perceived failure by us to comply with such regulation may result in governmental investigations, fines and/or other sanctions on us. See “Item 4. Information of the Company—4.B. Business Overview—Regulation”
Under the PRC enterprise income tax law, we may be classified as a PRC “resident enterprise,” which could result in unfavorable tax consequences to us and our shareholders and have a material adverse effect on our results of operations and the value of your investment.
Under the PRC enterprise income tax law that became effective on January 1, 2008, and lastly amended on December 29, 2018, an enterprise established outside the PRC with “de facto management bodies” within the PRC is considered a “resident enterprise” for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. On April 22, 2009, the State Taxation Administration, or the SAT, issued the Circular Regarding the Determination of Chinese-Controlled Overseas Incorporated Enterprises as PRC Tax Resident Enterprise on the Basis of De Facto Management Bodies, or SAT Circular 82, which provides certain specific criteria for determining whether the “de facto management body” of a
PRC-controlled
enterprise that is incorporated offshore is located in China. Further to SAT Circular 82, on July 27, 2011, the SAT issued the Administrative Measures of Enterprise Income Tax of Chinese-Controlled Offshore Incorporated Resident Enterprises (Trial), or SAT Bulletin 45, which became effective on September 1, 2011, to provide more guidance on the implementation of SAT Circular 82.
According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be considered a PRC tax resident enterprise by virtue of having its “de facto management body” in China and will be subject to PRC enterprise income tax on its worldwide income only if all of the following conditions are met: (a) the senior management and core management departments in charge of its daily operations function have their presence mainly in the PRC; (b) its financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) its major assets, accounting books, company seals, and minutes and files of its board and shareholders’ meetings are located or kept in the PRC; and (d) not less than half of the enterprise’s directors or senior management with voting rights habitually reside in the PRC. SAT Bulletin 45 provides further rules on residence status determination, post-determination administration as well as competent tax authorities procedures.
Although SAT Circular 82 and SAT Bulletin 45 apply only to offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise group and not those controlled by PRC individuals or foreigners, Han Kun Law Offices, our legal counsel as to PRC law, has advised us that the determination criteria set forth therein may reflect SAT’s general position on how the term “de facto management body” could be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, individuals or foreigners.
We do not meet all of the conditions set forth in SAT Circular 82. Therefore, we believe that we should not be treated as a “resident enterprise” for PRC tax purposes even if the standards for “de facto management body” prescribed in the SAT Circular 82 applied to us. For example, our minutes and files of the resolutions of our board of directors and the resolutions of our shareholders are maintained outside the PRC.
 
40
However, the PRC tax authorities may take a different view. Han Kun Law Offices, our legal counsel as to PRC law, has advised us that if the PRC tax authorities determine that our Cayman Islands holding company or any Hong Kong subsidiary is a PRC resident enterprise for PRC enterprise income tax purposes, its world-wide income could be subject to PRC tax at a rate of 25%, which could reduce our net income. In addition, we will also be subject to PRC enterprise income tax reporting obligations. Although dividends paid by one PRC tax resident to another PRC tax resident should qualify as
“tax-exempt
income” under the enterprise income tax law, dividends paid by our PRC subsidiary to us or any of our Hong Kong subsidiaries could be subject to a 10% withholding tax if we or any of our Hong Kong subsidiaries were treated as a PRC resident enterprise. The PRC foreign exchange control authorities, which enforce the withholding tax on dividends, and the PRC tax authorities have not yet issued guidance with respect to the processing of outbound remittances to entities that are treated as resident enterprises for PRC enterprise income tax purposes.
If we are treated as a resident enterprise,
non-PRC
resident ADS holders may also be subject to PRC withholding tax on dividends paid by us and PRC tax on gains realized on the sale or other disposition of ADSs or ordinary shares, if such income is sourced from within the PRC. The tax would be imposed at the rate of 10% in the case of
non-PRC
resident enterprise holders and 20% in the case of
non-PRC
resident individual holders. In the case of dividends, we would be required to withhold the tax at source. Any PRC tax liability may be reduced under applicable tax treaties or similar arrangements, but it is unclear whether our
non-PRC
shareholders company would be able to obtain the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Although our holding company is incorporated in the Cayman Islands, it remains unclear whether dividends received and gains realized by our
non-PRC
resident ADS holders will be regarded as income from sources within the PRC if we are classified as a PRC resident enterprise. Any such tax will reduce the returns on your investment in our ADSs.
There are uncertainties with respect to indirect transfers of PRC taxable properties outside a public stock exchange.
We face uncertainties on the reporting and consequences on private equity financing transactions, private share transfers and share exchange involving the transfer of shares in our company by
non-resident
investors. According to the Notice on Several Issues Concerning Enterprise Income Tax for Indirect Share Transfer by
Non-PRC
Resident Enterprises, issued by the State Taxation Administration on February 3, 2015, or SAT Circular 7, an “indirect transfer” of assets of a PRC resident enterprise, including a transfer of equity interests in a
non-PRC
holding company of a PRC resident enterprise, by
non-PRC
resident enterprises may be
re-characterized
and treated as a direct transfer of PRC taxable properties, if such transaction lacks reasonable commercial purpose and was undertaken for the purpose of reducing, avoiding or deferring PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and tax filing or withholding obligations may be triggered, depending on the nature of the PRC taxable properties being transferred. According to SAT Circular 7, “PRC taxable properties” include assets of a PRC establishment or place of business, real properties in the PRC, and equity investments in PRC resident enterprises, in respect of which gains from their transfer by a direct holder, being a
non-PRC
resident enterprise, would be subject to PRC enterprise income taxes. When determining if there is a “reasonable commercial purpose” of the transaction arrangement, features to be taken into consideration include: whether the main value of the equity interest of the relevant offshore enterprise derives from PRC taxable properties; whether the assets of the relevant offshore enterprise mainly consists of direct or indirect investment in China or if its income mainly derives from China; whether the offshore enterprise and its subsidiaries directly or indirectly holding PRC taxable properties have a real commercial nature which is evidenced by their actual function and risk exposure; the duration of existence of the business model and organizational structure; the replicability of the transaction by direct transfer of PRC taxable properties; and the tax situation of such indirect transfer outside China and its applicable tax treaties or similar arrangements. In respect of an indirect offshore transfer of assets of a PRC establishment or place of business of a foreign enterprise, the resulting gain is to be included with the annual enterprise filing of the PRC establishment or place of business being transferred, and would consequently be subject to PRC enterprise income tax at a rate of 25%. Where the underlying transfer relates to PRC real properties or to equity investments in a PRC resident enterprise, which is not related to a PRC establishment or place of business of a
non-resident
enterprise, a PRC enterprise income tax at 10% would apply, subject to available preferential tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make the transfer payments has the withholding obligation. Where the payer fails to withhold any or sufficient tax, the transferor shall declare and pay such tax to the competent tax authority by itself within the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. Currently, SAT Circular 7 does not apply to the sale of shares by investors through a public stock exchange where such shares were acquired in a transaction on a public stock exchange.
 
41
The PRC tax authorities could, at their discretion, adjust any capital gains and impose tax return filing and withholding or tax payment obligations and associated penalties with respect to any internal restructuring, and our PRC subsidiary may be requested to assist in the filing. Any PRC tax imposed on a transfer of our shares not through a public stock exchange, or any adjustment of such gains would cause us to incur additional costs and may have a negative impact on the value of your investment in our company.
Implementation of the labor laws and regulations in China may adversely affect our business and results of operations.
Pursuant to the PRC Labor Contract Law that took effect in January 2008, its implementation rules that took effect in September 2008 and its amendment that took effect in July 2013, employers are subject to stricter requirements in terms of signing labor contracts, minimum wages, paying remuneration, determining the term of employees’ probation and unilaterally terminating labor contracts. Due to lack of detailed interpretative rules and uniform implementation practices and broad discretion of the local competent authorities, it is uncertain as to how the PRC Labor Contract Law and its implementation rules will affect our current employment policies and practices. Our employment policies and practices may violate the PRC Labor Contract Law or its implementation rules, and we may thus be subject to related penalties, fines or legal fees. Compliance with the PRC Labor Contract Law and its implementation rules may increase our operating expenses, in particular our personnel expenses. In the event that we decide to terminate some of our employees or otherwise change our employment or labor practices, the PRC Labor Contract Law and its implementation rules may also limit our ability to effect those changes in a desirable or cost-effective manner, which could adversely affect our business and results of operations. On October 28, 2010, the Standing Committee of the National People’s Congress promulgated the PRC Social Insurance Law, or the Social Insurance Law, which became effective on July 1, 2011 and was amended on December 29, 2018. According to the Social Insurance Law, employees must participate in pension insurance, work-related injury insurance, medical insurance, unemployment insurance and maternity insurance and the employers must, together with their employees or separately, pay the social insurance premiums for such employees.
We expect our labor costs to increase due to the implementation of these new laws and regulations. Although as of the date of this annual report, we are not aware of any notice from regulatory authorities or any claim or request from these employees in this regard, as the interpretation and implementation of these new laws and regulations are still evolving, we cannot assure you that our employment practice will at all times be deemed in full compliance with labor-related laws and regulations in China, which may subject us to labor disputes or government investigations. If we are deemed to have violated relevant labor laws and regulations, we could be required to provide additional compensation to our employees and our business, financial condition and results of operations could be materially and adversely affected.
Further, labor disputes, work stoppages or slowdowns at our company or any of our third-party service providers could significantly disrupt our daily operation or our expansion plans and have a material adverse effect on our business.
It may be difficult for overseas regulators to conduct investigations or collect evidence in China.
Shareholder claims or regulatory investigations that are common in the United States (including securities law class actions and fraud claims) are generally difficult to apply as a matter of law and/or in practice in China. For example, in China, there are significant legal and other obstacles in the process of gathering information needed for regulatory investigations or litigations initiated outside China. Although the governmental authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the securities regulatory authorities in the Unities States may not be efficient in the absence of a mutual and practical cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no overseas securities regulator may directly conduct investigations or collect evidence and, without proper authorization as stipulated under Article 177, no entities or individuals may provide documents or materials in connection with securities activities. While detailed interpretation of or implementation rules under Article 177 have not been promulgated, the inability of an overseas securities regulator to directly conduct investigations or collect evidence in China may further increase difficulties faced by you in protecting your interests.
 
42
China’s M&A Rules and certain other PRC regulations establish complex procedures for certain acquisitions of Chinese companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions in China.
The Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, and other recently adopted regulations and rules concerning mergers and acquisitions established additional procedures and requirements that could make merger and acquisition activities by foreign investors more time consuming and complex. For example, the M&A Rules require that MOFCOM be notified in advance of any
change-of-control
transaction in which a foreign investor takes control of a PRC domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that impact or may impact national economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which holds a famous trademark or PRC time-honored brand. Moreover, the PRC Anti-Monopoly Law promulgated by the Standing Committee of the National People’s Congress in 2008 requires that transactions which are deemed concentrations and involve parties with specified turnover thresholds (i.e., during the previous fiscal year, (i) the total global turnover of all operators participating in the transaction exceeds RMB10 billion and at least two of these operators each had a turnover of more than RMB400 million within China, or (ii) the total turnover within China of all the operators participating in the concentration exceeded RMB2 billion, and at least two of these operators each had a turnover of more than RMB400 million within China) must be cleared by the anti-monopoly enforcement authority before they can be completed. On December 14, 2020, the SAMR announced three cases of administrative penalties for the acquirers’ failures to make proper concentration declarations to the relevant authorities about their past acquisitions. This is also the first time that the SAMR imposed administrative penalties for illegal concentration declarations on entities structured under a VIE arrangement.
In addition, in 2011, the General Office of the State Council promulgated a Notice on Establishing the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, also known as Circular 6, which officially established a security review system for mergers and acquisitions of domestic enterprises by foreign investors. Further, MOFCOM promulgated the Regulations on Implementation of Security Review System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors, effective in 2011, to implement Circular 6. Under Circular 6, a security review is required for mergers and acquisitions by foreign investors having “national defense and security” concerns and mergers and acquisitions by which foreign investors may acquire the “de facto control” of domestic enterprises with “national security” concerns. Under the foregoing MOFCOM regulations, MOFCOM will focus on the substance and actual impact of the transaction when deciding whether a specific merger or acquisition is subject to security review. If MOFCOM decides that a specific merger or acquisition is subject to a security review, it will submit it to the Inter-Ministerial Panel, an authority established under Circular 6 led by the National Development and Reform Commission, (the “NDRC”), and MOFCOM under the leadership of the State Council, to carry out security review. The regulations prohibit foreign investors from bypassing the security review by structuring transactions through trusts, indirect investments, leases, loans, control through contractual arrangements or offshore transactions. There is no explicit provision or official interpretation stating that the merging or acquisition of a company engaged in the Internet content or mobile games business requires security review, and there is no requirement that acquisitions completed prior to the promulgation of the Security Review Circular are subject to MOFCOM review. On December 26, 2019, the State Council issued the Order No. 723, the Implementation Regulations for the PRC Foreign Investment Law, or the Foreign Investment Law Implementation Regulations, which became effective on January 1, 2020. The Foreign Investment Law Implementation Regulations declare that China will establish a foreign investment security review system, and conduct security review for foreign investments which have or may have an adverse impact on national security. In addition, the MOFCOM promulgated the Measures on Reporting of Foreign Investment Information, effective on January 1, 2020, which provides detailed submission requirements for foreign investors. Foreign investors undertaking a merger and acquisition of a
non-foreign
investment enterprise in China is required to submit an initial report through the enterprise registration system upon completion of amendment registration for the target enterprise.
In December 2020, the NDRC and MOFCOM promulgated the Measures for the Security Review of Foreign Investment, which came into effect on January 18, 2021. See “Item 4. Information of the Company—4.B. Business Overview—Regulation” for more details. As these measures are recently promulgated, official guidance has not been issued by the designated office in charge of such security review yet. At this stage, the interpretation of those measures remains unclear in many aspects such as what would constitute “important information technology and Internet services and products” and whether these measures may apply to foreign investment that is implemented or completed before the enactment of these new measures. As our business may be deemed to constitute the foregoing circumstances, we cannot assure you that our current business operations will remain fully compliant, or we can adapt our business operations to new regulatory requirements on a timely basis, or at all.
 
43
In the future, we may grow our business by acquiring complementary businesses. Complying with the requirements of the above-mentioned regulations and other relevant rules to complete such transactions could be time consuming, and any required approval processes, including obtaining approval from MOFCOM or its local counterparts may delay or inhibit our ability to complete such transactions. We believe that it is unlikely that our business would be deemed to be in an industry that raises “national defense and security” or “national security” concerns. However, MOFCOM or other government agencies may publish explanations in the future determining that our business is in an industry subject to the security review, in which case our future acquisitions in China, including those by way of entering into contractual control arrangements with target entities, may be closely scrutinized or prohibited.
PRC regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiary’s ability to increase their registered capital or distribute profits to us or otherwise expose us to liability and penalties under PRC law.
The State Administration of Foreign Exchange, or the SAFE, promulgated the Circular on Relevant Issues Relating to Foreign Exchange Control on Domestic Resident’s Offshore Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or the SAFE Circular 37, in July 2014 that requires PRC residents or entities to register with SAFE or its local branch in connection with their establishment or control of an offshore entity established for the purpose of overseas investment or financing. In addition, such PRC residents or entities must update their SAFE registrations when the offshore special purpose vehicle undergoes material events relating to any change of basic information (including change of such PRC citizens or residents, name and operation term), increases or decreases in investment amount, transfers or exchanges of shares, or mergers or divisions. According to the Notice on Further Simplifying and Improving Policies for the Foreign Exchange Administration of Direct Investment released on February 13, 2015 by the SAFE, as amended in December 2019, local banks will examine and handle foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment registration, under SAFE Circular 37 from June 1, 2015.
If our shareholders who are PRC residents or entities do not complete their registration with the local SAFE branches, our PRC subsidiary may be prohibited from distributing their profits and proceeds from any reduction in capital, share transfer or liquidation to us, and we may be restricted in our ability to contribute additional capital to our PRC subsidiary. Moreover, failure to comply with the SAFE registration described above could result in liability under PRC laws for evasion of applicable foreign exchange restrictions. However, we may not at all times be fully aware or informed of the identities of all our shareholders or beneficial owners that are required to make such registrations, and we cannot compel our beneficial owners to comply with SAFE registration requirements. As a result, we cannot assure you that all of our shareholders or beneficial owners who are PRC residents or entities have complied with, and will in the future make or obtain any applicable registrations or approvals required by, SAFE regulations. Failure by such shareholders or beneficial owners to comply with SAFE regulations, or failure by us to amend the foreign exchange registrations of our PRC subsidiary, could subject us to fines or legal sanctions, restrict our overseas or cross-border investment activities, limit our subsidiaries’ ability to make distributions or pay dividends or affect our ownership structure, which could adversely affect our business and prospects.
PRC regulation of direct investment and loans by offshore holding companies to PRC entities may delay or limit us from using the proceeds of our initial public offering to make additional capital contributions or loans to our PRC subsidiary.
We are an offshore holding company conducting our operations in China through our PRC subsidiary, variable interest entities and their subsidiaries. We may make loans to our PRC subsidiary, variable interest entities and their subsidiaries, or we may make additional capital contributions to our PRC subsidiary.
Any capital contributions or loans that we, as an offshore entity, make to our PRC subsidiary, including from the proceeds of our initial public offering, are subject to PRC regulations. Capital contributions to our PRC subsidiaries are subject to the approval of or filing with the Ministry of Commerce and the SAMR in its local branches and registration with a local bank authorized by SAFE. There is no statutory limit on the amount of capital contribution that we can make to our PRC subsidiaries. Any medium or long-term loan to be provided by us to our VIEs must be registered with the National Development and Reform Commission and SAFE or its local branches. With respect to loans to the PRC subsidiaries by us, the outstanding amount of the loans shall not exceed the difference between the total investment and the registered capital of the PRC subsidiaries or 250% of the net asset of the relevant PRC subsidiary.
 
44
The Circular on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-Invested Enterprises, or SAFE Circular 19, effective as of June 1, 2015, allows FIEs to settle their foreign exchange capital at their discretion, but continues to prohibit FIEs from using the Renminbi fund converted from their foreign exchange capitals for expenditure beyond their business scopes, and also prohibit FIEs from using such Renminbi fund to provide loans to persons other than affiliates unless otherwise permitted under its business scope. As a result, we are required to apply Renminbi funds converted from the net proceeds we received from our initial public offering within the business scopes of our PRC subsidiaries. According to the Circular on Optimizing the Administration of Foreign Exchange to Support the Development of Foreign-related Business issued by the SAFE on April 10, 2020, eligible enterprises are allowed to make domestic payments using the income under their capital accounts generated from their capital, foreign debt and overseas listing, without providing materials for each transaction evidencing the authenticity in advance, provided that the capital usage is authentic and compliant with the current capital account income usage management regulations. On October 23, 2019, the SAFE issued Notice of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment, or Circular 28. Circular 28 allows
non-investment
foreign invested enterprises to use their capital funds to make equity investments in China, provided that such investments do not violate the Negative List (2020) and the target investment projects are genuine and in compliance with PRC laws. Since Circular 28 was issued recently, its interpretation and implementation in practice are still subject to substantial uncertainties. See “Item 4. Information on the Company—4.B. Business Overview—Regulation—Regulations Relating to Foreign Currency Exchange and Dividend Distribution.”
In light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, we cannot assure you that we will be able to complete the necessary registration or obtain the necessary approval on a timely basis, or at all. If we fail to complete the necessary registration or obtain the necessary approval, our ability to make loans or equity contributions to our PRC subsidiary may be negatively affected, which could adversely affect our PRC subsidiary’s liquidity and its ability to fund its working capital and expansion projects and meet its obligations and commitments.
Our PRC subsidiary and PRC variable interest entities are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements.
We are a holding company incorporated in the Cayman Islands. We rely on dividends from our PRC subsidiary which in turn relies on consulting and other fees paid by our PRC variable interest entities for our cash and financing requirements, such as the funds necessary to pay dividends and other cash distributions to our shareholders, including holders of our ADSs, and service any debt we may incur. Current PRC regulations permit our PRC subsidiary to pay dividends to us only out of their accumulated
after-tax
profits upon satisfaction of relevant statutory condition and procedures, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our PRC subsidiary is required to set aside at least 10% of its accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of its registered capital. As of December 31, 2017, we had not made appropriations to statutory reserves as our subsidiary and our variable interest entities (including their subsidiaries) reported accumulated loss. Furthermore, if our PRC subsidiary, variable interest entities and their subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us, which may restrict our ability to satisfy our liquidity requirements.
In addition, the PRC Enterprise Income Tax Law, and its implementation rules provide that withholding tax rate of 10% will be applicable to dividends payable by Chinese companies to
non-PRC-resident
enterprises unless otherwise exempted or reduced according to treaties or arrangements between the PRC central government and governments of other countries or regions where the
non-PRC-resident
enterprises are incorporated. As of December 31, 2017, our subsidiary and our variable interest entities (including their subsidiaries) located in the PRC reported accumulated loss and therefore they could not pay any dividends.
 
45
Fluctuations in exchange rates could have a material adverse effect on our results of operations and the value of your investment.
The value of the RMB against the U.S. dollar and other currencies is affected by changes in China’s political and economic conditions and by China’s foreign exchange policies, among other things. In July 2005, the PRC government changed its
decades-old
policy of pegging the value of the RMB to the U.S. dollar, and the RMB appreciated more than 20% against the U.S. dollar over the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the RMB and the U.S. dollar remained within a narrow band. Since June 2010, the RMB has fluctuated against the U.S. dollar, at times significantly and unpredictably. On November 30, 2015, the Executive Board of the International Monetary Fund (IMF) completed the regular five-year review of the basket of currencies that make up the Special Drawing Right, or the SDR, and decided that with effect from October 1, 2016, RMB is determined to be a freely usable currency and will be included in the SDR basket as a fifth currency, along with the U.S. dollar, the Euro, the Japanese yen and the British pound. In the fourth quarter of 2016, the RMB depreciated significantly in the backdrop of a surging U.S. dollar and persistent capital outflows of China. In 2017, the RMB appreciated approximately 6.3% against the U.S. dollar. In 2018 and 2019, however, the RMB depreciated approximately 5.7% and 1% against the U.S. dollar. In 2020, the RMB continues to fluctuate against the U.S. dollar. It remains unclear what further fluctuations may occur.
With the development of the foreign exchange market and progress towards interest rate liberalization and RMB internationalization, the PRC government may in the future announce further changes to the exchange rate system and the RMB could appreciate or depreciate significantly in value against the U.S. dollar in the future. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future.
There remains significant international pressure on the Chinese government to adopt a flexible currency policy to allow the RMB to appreciate against the U.S. dollar. Significant revaluation of the RMB may have a material adverse effect on your investment. Substantially all of our revenues and costs are denominated in RMB. Any significant revaluation of RMB may materially and adversely affect our revenues, earnings and financial position, and the value of, and any dividends payable on, our ADSs in U.S. dollars. To the extent that we need to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount we would receive from the conversion. Conversely, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar equivalent of our earnings, which in turn could adversely affect the price of our ADSs, and if we decide to convert RMB into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs, strategic acquisitions or investments or other business purposes, appreciation of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to us.
Very limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert RMB into foreign currency. As a result, fluctuations in exchange rates may have a material adverse effect on your investment.
Governmental control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.
The PRC government imposes control on the convertibility of the RMB into foreign currencies and, in certain cases, the remittance of currency out of China. We receive substantially all of our revenues in RMB. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior SAFE approval by complying with certain procedural requirements. Therefore, our PRC subsidiary is able to pay dividends in foreign currencies to us without prior approval from SAFE. However, approval from or registration with appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may also at its discretion restrict access to foreign currencies for current account transactions in the future. If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends in foreign currencies to our shareholders, including holders of our ADSs.
 
46
Failure to comply with PRC regulations regarding the registration requirements for employee stock ownership plans or share option plans may subject the PRC plan participants or us to fines and other legal or administrative sanctions.
Pursuant to SAFE Circular 37, PRC residents who participate in share incentive plans in overseas
non-publicly-listed
companies may submit applications to SAFE or its local branches for the foreign exchange registration with respect to offshore special purpose companies. In the meantime, our directors, executive officers and other employees who are PRC citizens or who are
non-PRC
residents residing in the PRC for a continuous period of not less than one year, subject to limited exceptions, and who have been granted incentive share awards by us, may follow the Circular on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly-Listed Company, or the SAFE Circular 7, promulgated by the SAFE in 2012. Pursuant to the SAFE Circular 7, PRC citizens and
non-PRC
citizens who reside in China for a continuous period of not less than one year who participate in any stock incentive plan of an overseas publicly listed company, subject to a few exceptions, are required to register with SAFE through a domestic qualified agent, which could be the PRC subsidiaries of such overseas listed company, and complete certain other procedures. In addition, an overseas entrusted institution must be retained to handle matters in connection with the exercise or sale of stock options and the purchase or sale of shares and interests. We and our executive officers and other employees who are PRC citizens or who reside in the PRC for a continuous period of not less than one year and who have been granted options are subject to these regulations. Failure to complete the SAFE registrations may subject them to fines, and legal sanctions and may also limit our ability to contribute additional capital into our PRC subsidiary and limit our PRC subsidiary’s ability to distribute dividends to us. We also face regulatory uncertainties that could restrict our ability to adopt additional incentive plans for our directors, executive officers and employees under PRC law. See “Item 4. Information on the Company—4.B. Business Overview—Regulation—Regulations Relating to Foreign Currency Exchange and Dividend Distribution—Stock Option Rules.”
The SAT has issued certain circulars concerning equity incentive awards. Under these circulars, our employees working in China who exercise share options or are granted restricted shares or RSUs will be subject to PRC individual income tax. Our PRC subsidiary has obligations to file documents related to employee share options, restricted shares or RSUs with relevant tax authorities and to withhold individual income taxes of those employees. If our employees fail to pay or we fail to withhold their income taxes according to relevant laws and regulations, we may face sanctions imposed by the tax authorities or other PRC governmental authorities. See “Item 4. Information on the Company—4.B. Business Overview—Regulation—Regulations Relating to Foreign Currency Exchange and Dividend Distribution—Stock Option Rules.”
Our leased property interests may be defective and our right to lease the properties affected by such defects may be challenged, which could adversely affect our business.
Under PRC laws, all lease agreements are required to be registered with local housing authorities. We lease ten premises in China. Some landlords of these premises have not registered the relevant lease agreements with the government authorities or have not completed registration of their ownership rights to the premises, and some of the premises have defective title. We may be subject to monetary fines due to failure by the landlords to complete the required registrations.
We may also be forced to relocate our operations if the landlords do not obtain valid title to or complete the required registrations with local housing authorities in a timely manner or at all. We might not be able to locate desirable alternative sites for our operations in a timely and cost-effective manner which may adversely affect our business.
 
47
The audit report included in this annual report is prepared by an auditor who is not inspected by the Public Company Accounting Oversight Board and, as such, our investors are deprived of the benefits of such inspection.
As a public company with securities listed on a national exchange, we will be required to have our financial statements audited by an independent registered public accounting firm registered with the Public Company Accounting Oversight Board (United States), or the PCAOB. A requirement of being registered with the PCAOB is that if requested by the SEC or PCAOB, such accounting firm is required to make its audits and related audit work papers be subject to regular inspections to assess its compliance with the applicable professional standards. Since our auditor is located in China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities due to various state secrecy laws and the revised Securities Law, the PCAOB currently does not have free access to inspect the work of our auditor, including the audit work performed in preparation for this annual report. This lack of the PCAOB inspections in China prevents the PCAOB from fully evaluating audits and quality control procedures of our auditor. As a result, we and investors in our ordinary shares are deprived of the benefits of such PCAOB inspections, which could cause investors in our stock to lose confidence in our audit procedures and the quality of our financial statements.
The recent enactment of the Holding Foreign Companies Accountable Act, the SEC’s ongoing rulemaking with respect to such law, and other legislative developments in the United States may result in delisting of the ADSs.
Over the past decade, U.S. SEC and PCAOB and the Chinese counterparts, namely, the China Securities Regulatory Commission, or the CSRC, and PRC Ministry of Finance have been in an impasse over the ability of the PCAOB to have access to the audit work papers and inspect the audit work of China based accounting firms, including our auditor. In May 2013, the PCAOB entered into a Memorandum of Understanding on Enforcement Cooperation (the “MOU”) with the CSRC, and the PRC Ministry of Finance, which establishes a cooperative framework between the parties for the production and exchange of audit documents relevant to investigations undertaken by the PCAOB, the CSRC or the PRC Ministry of Finance in the United States and the PRC, respectively. Despite the MOU, on December 7, 2018, the SEC and the PCAOB issued a joint statement highlighting continued challenges faced by the U.S. regulators in their oversight of financial statement audits of U.S.-listed companies with significant operations in China. On April 21, 2020, the SEC and the PCAOB reiterated in another joint statement the greater risk associated with the PCAOB’s inability to inspect audit work paper and practices of accounting firms in China, with respect to their audit work of U.S. reporting companies.
As part of a continued regulatory focus in the United States on access to audit and other information currently protected by laws in China, on December 2, 2020, U.S. Congress passed S. 945, the Holding Foreign Companies Accountable Act (the “HFCAA”). The HFCAA has been signed by the President into law. Pursuant to the HFCAA, the SEC is required to propose rules to prohibit the securities of any registrant from being listed on any of the U.S. securities exchanges or traded “over the counter” if the PCAOB is unable to inspect the work of the accounting firm for three consecutive years. On March 24, 2021, the SEC issued amendments to Form
20-F
and sought public comments in response to the HFCAA. Consistent with the HFCAA, these amendments require the submission of documentation to the SEC establishing that a “commission-identified registrant” (as defined in the amendments) is not owned or controlled by a governmental entity in that foreign jurisdiction and also require disclosure in a foreign issuer’s annual report regarding the audit arrangements of, and governmental influence on, such registrant. As of the date of this annual report, the SEC is also actively assessing how best to implement other requirements of the HFCAA, including the identification process and the trading prohibition requirements.
The enactment of the HFCAA and other efforts to increase U.S. regulatory access to audit work papers could cause investor uncertainty for affected issuers, including us, and the market price of the ADSs could be adversely affected as uncertainty remains over whether there will be a compromise solution. In the worst case, our ADSs could be delisted if we were unable to cure the situation to meet the PCAOB inspection requirement in time.
In addition, on August 6, 2020, the President’s Working Group on Financial Markets, or PWG, released a report recommending that the SEC take steps to implement the five recommendations, including enhanced listing standards on U.S. stock exchanges with respect to PCAOB inspection of accounting firms. This would require, as a condition to initial and continued listing on a U.S. stock exchange, PCAOB access to work papers of the principal audit firm for the audit of the listed company. The report permits the new listing standards to provide for a transition period until January 1, 2022 for listed companies, but would apply immediately to new listings once the necessary rulemakings and/or standard-setting are effective. It is unclear if and when the SEC will make rules to implement the recommendations proposed in the PWG report, especially in light of its ongoing rulemaking pursuant to the HFCAA. Any of these factors and developments could potentially lead to a material adverse effect on our business, prospects, financial condition and results of operations.
 
48
Proceedings instituted by the SEC against certain
PRC-based
accounting firms, including our independent registered public accounting firm, could result in financial statements being determined to not be in compliance with the requirements of the Exchange Act.
In December 2012, the SEC brought administrative proceedings against the
PRC-based
affiliates of the Big Four accounting firms, including our independent registered public accounting firm, alleging that they had violated U.S. securities laws by failing to provide audit work papers and other documents related to certain other
PRC-based
companies under investigation by the SEC. On January 22, 2014, an initial administrative law decision was issued, censuring and suspending these accounting firms from practicing before the SEC for a period of six months. The decision was neither final nor legally effective until reviewed and approved by the SEC, and on February 12, 2014, the
PRC-based
accounting firms appealed to the SEC against this decision. In February 2015, each of the four
PRC-based
accounting firms agreed to a censure and to pay a fine to the SEC to settle the dispute and avoid suspension of their ability to practice before the SEC. The settlement requires the firms to follow detailed procedures to seek to provide the SEC with access to such firms’ audit documents via the CSRC. If the firms do not follow these procedures or if there is a failure in the process between the SEC and the CSRC, the SEC could impose penalties such as suspensions, or it could restart the administrative proceedings.
On February 6, 2015, each of the four China-based accounting firms agreed to a censure and to paid fines to the SEC to settle the dispute and avoid suspension of their ability to practice before the SEC and audit U.S.-listed companies. The settlement required the firms to follow detailed procedures and to seek to provide the SEC with access to Chinese firms’ audit documents via the CSRC. Under the terms of the settlement, the underlying proceeding against the four China-based accounting firms was deemed dismissed with prejudice four years after entry of the settlement. The four-year mark occurred on February 6, 2019. We cannot predict whether the SEC will further challenge the four China-based accounting firms. In the event that the SEC restarts the administrative proceedings, depending upon the final outcome, listed companies in the United States with major PRC operations may find it difficult or impossible to retain auditors in respect of their operations in the PRC, which could result in financial statements being determined to not be in compliance with the requirements of the Exchange Act, including possible delisting. Moreover, any negative news about the proceedings against these audit firms may cause investor uncertainty regarding
PRC-based,
United States-listed companies and the market price of our ADSs may be adversely affected.
If our independent registered public accounting firm was denied, even temporarily, the ability to practice before the SEC and we were unable to timely find another registered public accounting firm to audit and issue an opinion on our financial statements, our financial statements could be determined not to be in compliance with the requirements of the Exchange Act. Such a determination could ultimately lead to the delisting of our ordinary shares from the Nasdaq or deregistration from the SEC, or both, which would substantially reduce or effectively terminate the trading of our ADSs in the United States.
Risks Related to our American Depositary Shares
The market price for our ADSs may be volatile.
The trading price of our ADSs is likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen because of broad market and industry factors, including the performance and fluctuation of the market prices of other companies with business operations located mainly in China that have listed their securities in the United States. In addition to market and industry factors, the price and trading volume for our ADSs may be highly volatile for factors specific to our own operations, including the following:
 
  •  
variations in our revenues, earnings, cash flow and data related to our user base or user engagement;
 
49
  •  
announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;
 
  •  
announcements of new product and service offerings, solutions and expansions by us or our competitors;
 
  •  
changes in financial estimates by securities analysts;
 
  •  
detrimental adverse publicity about us, our products and services or our industry;
 
  •  
additions or departures of key personnel;
 
  •  
release of
lock-up
or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and
 
  •  
potential litigation or regulatory investigations.
Any of these factors may result in large and sudden changes in the volume and price at which our ADSs will trade. In particular, since the
COVID-19
outbreaks, concerns over the economic slowdown resulting from the
COVID-19
have led to a significant decrease in the major indices of the U.S. capital markets and an increase in the market volatility, which have, and may continue to have, adversely affected the market price of our ADSs. For risks related to the
COVID-19,
see “—Risks Related to Our Business and Industry—We face risks related to natural disasters, health epidemics and other outbreaks of contagious diseases.”
In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management’s attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.
Public companies listed in the United States that have a substantial majority of their operations in China have been the subject of short selling. Short selling is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller’s interest for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling of shares in the market. If we became a subject of unfavorable allegations made by short sellers, whether such allegations are proven to be true or unture, the market price for our ADSs may be adversely affected.
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for our ADSs and trading volume could decline.
The trading market for our ADSs will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts who cover us downgrade our ADSs, the market price for our ADSs would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for our ADSs to decline.
If securities or industry analysts do not publish favorable research, or if they adversely change their recommendations regarding the ADSs, the market price for the ADSs and trading volume could decline.
The trading market for the ADSs will be influenced by research or reports that industry or securities analysts publish about our company. If we do not receive favorable research reports, the market price of our ADSs would likely decline. If the research analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for the ADSs to decline.
Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our ADSs for return on your investment.
We currently intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our ADSs as a source for any future dividend income.
 
50
Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our ADSs will likely depend entirely upon any future price appreciation of our ADSs. There is no guarantee that our ADSs will appreciate in value or even maintain the price at which you purchased the ADSs. You may not realize a return on your investment in our ADSs and you may even lose your entire investment in our ADSs.
The sale or potential sales of our ADSs in the public market could cause the price of our ADSs to decline.
Sales of our ADSs in the public market, or the perception that these sales could occur, could cause the market price of our ADSs to decline. The ADSs representing our ordinary shares sold in our initial public offering are freely transferable by persons other than our “affiliates” without restriction or further registration under the Securities Act. The remaining ordinary shares outstanding will be available for sale, upon the expiration of a
180-day
lock-up
period from our initial public offering, subject to volume and other restrictions as applicable under Rules 144 and 701 under the Securities Act. To the extent ordinary shares are sold into the market, the market price of the ADSs could decline.
Certain holders of our ordinary shares may cause us to register under the Securities Act the sale of their shares. Registration of these shares under the Securities Act would result in ADSs representing these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration. Sales of these registered shares in the form of ADSs in the public market could cause the price of our ADSs to decline.
The voting rights of holders of ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right to direct the voting of the underlying ordinary shares which are represented by your ADSs.
As a holder of our ADSs, you will only be able to exercise the voting rights with respect to the underlying ordinary shares representing your ADSs in accordance with the provisions of the deposit agreement. Under the deposit agreement, you must vote by giving voting instructions to the depositary. Upon receipt of your voting instructions, the depositary will vote the underlying ordinary shares representing your ADSs in accordance with these instructions. You will not be able to directly exercise your right to vote with respect to the underlying ordinary shares representing your ADSs unless you withdraw the shares and become the registered holder of such shares prior to the record date for the general meeting. Under our Fourth Amended and Restated Memorandum and Articles of Association, the minimum notice period required for convening a general meeting is 15 days. When a general meeting is convened, you may not receive sufficient advance notice enable you to withdraw the shares underlying your ADSs and become the registered holder of such shares prior to the record date of the general meeting to allow you to vote with respect to any specific matter. In addition, under our Fourth Amended and Restated Memorandum and Articles of Association, for the purposes of determining those shareholders who are entitled to attend and vote at any general meeting, our directors may close our register of members or fix in advance a record date for such meeting, and such closure of our register of members or the setting of such a record date may prevent you from withdrawing the shares underlying your ADSs and becoming the registered holder of such shares prior to the record date, so that you would not be able to attend the general meeting or to vote directly. Where any matter is to be put to a vote at a general meeting, the depositary will use its best endeavors to notify you of the upcoming vote and to deliver our voting materials to you. We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote your shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for their manner of carrying out your voting instructions. This means that you may not be able to exercise your right to vote and you may have no legal remedy if the shares underlying your ADSs are not voted as you requested.
 
51
Except in limited circumstances, the depositary for our ADSs will give us a discretionary proxy to vote the ordinary shares underlying your ADSs if you do not vote at shareholders’ meetings, which could adversely affect your interests.
Under the deposit agreement for the ADSs, if you do not timely and properly give voting instructions to the depository as to how to vote the ordinary shares underlying your ADSs, the depositary will give us or our nominee a discretionary proxy to vote the ordinary shares underlying your ADSs at shareholders’ meetings if:
 
  •  
we have timely provided the depositary with notice of meeting and related voting materials;
 
  •  
we have instructed the depositary that we wish a discretionary proxy to be given;
 
  •  
we have informed the depositary that there is no substantial opposition as to a matter to be voted on at the meeting;
 
  •  
a matter to be voted on at the meeting would not have a material adverse impact on shareholders; and
 
  •  
the depository has received an opinion of counsel in form and substance satisfactory to the depository.
The effect of this discretionary proxy is that if you do not timely and properly give voting instructions to the depository as to how to vote the ordinary shares underlying your ADSs at shareholders’ meetings, you cannot prevent such ordinary shares underlying your ADSs from being voted, except under the circumstances described above. This may make it more difficult for shareholders to influence the management of our company. Holders of our ordinary shares are not subject to this discretionary proxy. In addition, in the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with our constituent documents, the depositary will refrain from voting and the voting instructions received by the depositary from holders shall lapse.
Your rights to pursue claims against the depositary as a holder of ADSs are limited by the terms of the deposit agreement.
Under the deposit agreement, any action or proceeding against or involving the depositary, arising out of or based upon the deposit agreement or the transactions contemplated thereby or by virtue of owning the ADSs may only be instituted in a state or federal court in New York, New York, and you, as a holder of our ADSs, will have irrevocably waived any objection which you may have to the laying of venue of any such proceeding, and irrevocably submitted to the
non-exclusive
jurisdiction of such courts in any such action or proceeding. As a result, you as a holder of our ADSs may not initiate legal proceedings against or involving the depositary, arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated therein or thereby, in any jurisdictions outside of a state or federal court in New York, New York, while proceedings against you may be initiated in a state or federal court in New York, New York or other jurisdictions. The depositary may, in its sole discretion, require that any dispute or difference arising from the relationship created by the deposit agreement be referred to and finally settled by an arbitration conducted under the terms described in the deposit agreement. The arbitration provisions in the deposit agreement do not preclude you from pursuing claims under federal securities laws in federal courts. Also, we may amend or terminate the deposit agreement without your consent. If you continue to hold your ADSs after an amendment to the deposit agreement, you agree to be bound by the deposit agreement as amended.
ADSs holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiff(s) in any such action.
The deposit agreement governing the ADSs representing our ordinary shares provides that, to the fullest extent permitted by law, ADS holders waive the right to a jury trial for any claim they may have against us or the depositary arising out of or relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws.
 
52
If we or the depositary were to oppose a jury trial based on this waiver, the court would have to determine whether the waiver was enforceable based on the facts and circumstances of the case in accordance with applicable state and federal law. To our knowledge, the enforceability of a contractual
pre-dispute
jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by the United States Supreme Court. However, we believe that a contractual
pre-dispute
jury trial waiver provision is generally enforceable, including under the laws of the State of New York, which govern the deposit agreement, or by a federal or state court in the City of New York, which has
non-exclusive
jurisdiction over claims against or involving ADS holders arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated therein or thereby. In determining whether to enforce a contractual
pre-dispute
jury trial waiver, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this would be the case with respect to the deposit agreement and the ADSs. It is advisable that you consult legal counsel regarding the jury waiver provision before investing in the ADSs.
If you or any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under the deposit agreement or the ADSs, including claims under federal securities laws, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us or the depositary. If a lawsuit is brought against us or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have, including outcomes that could be less favorable to the plaintiff(s) in any such action.
Nevertheless, if this jury trial waiver is not permitted by applicable law, an action could proceed under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or the ADSs serves as a waiver by any holder or beneficial owner of ADSs or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder.
Your right to participate in any future rights offerings may be limited, which may cause dilution to your holdings.
We may from time to time distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make such rights available to you in the United States unless we register both the rights and the securities to which the rights relate under the Securities Act or an exemption from the registration requirements is available. Under the deposit agreement, the depositary will not make rights available to you unless both the rights and the underlying securities to be distributed to ADS holders are either registered under the Securities Act or exempt from registration under the Securities Act. We are under no obligation to file a registration statement with respect to any such rights or securities or to endeavor to cause such a registration statement to be declared effective and we may not be able to establish a necessary exemption from registration under the Securities Act. Accordingly, you may be unable to participate in our rights offerings in the future and may experience dilution in your holdings.
You may not receive dividends or other distributions on our ordinary shares and you may not receive any value for them, if it is illegal or impractical to make them available to you.
The depositary of our ADSs has agreed to pay to you the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities underlying our ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number of ordinary shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the Securities Act but that are not properly registered or distributed under an applicable exemption from registration. The depositary may also determine that it is not feasible to distribute certain property through the mail. Additionally, the value of certain distributions may be less than the cost of mailing them. In these cases, the depositary may determine not to distribute such property. We have no obligation to register under U.S. securities laws any ADSs, ordinary shares, rights or other securities received through such distributions. We also have no obligation to take any other action to permit the distribution of ADSs, ordinary shares, rights or anything else to holders of ADSs. This means that you may not receive distributions we make on our ordinary shares or any value for them if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in the value of our ADSs.
You may be subject to limitations on transfer of your ADSs.
Your ADSs are transferable on the books of the depositary. However, the depositary may close its books at any time or from time to time when it deems expedient in connection with the performance of its duties. The depositary may close its books from time to time for a number of reasons, including in connection with corporate events such as a rights offering, during which time the depositary needs to maintain an exact number of ADS holders on its books for a specified period. The depositary may also close its books in emergencies, and on weekends and public holidays. The depositary may refuse to deliver, transfer or register transfers of our ADSs generally when our share register or the books of the depositary are closed, or at any time if we or the depositary thinks that it is advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any other reason in accordance with the terms of the deposit agreement. As a result, you may be unable to transfer your ADSs when you wish to.
 
53
Certain judgments obtained against us by our shareholders may not be enforceable.
We are an exempted company limited by shares incorporated under the laws of the Cayman Islands. We conduct substantially all of our operations in China and substantially all of our assets are located in China. In addition, a majority of our directors and executive officers reside within China, and most of the assets of these persons are located within China. As a result, it may be difficult or impossible for you to effect service of process within the United States upon these individuals, or to bring an action against us or against these individuals in the United States in the event that you believe your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of the PRC may render you unable to enforce a judgment against our assets or the assets of our directors and officers.
Our memorandum and articles of association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our ordinary shares and ADSs.
Our Fourth Amended and Restated Memorandum and Articles of Association contain certain provisions to limit the ability of others to acquire control of our company or cause us to engage in
change-of-control
transactions, including a provision that grants authority to our board of directors to establish and issue from time to time one or more series of preferred shares without action by our shareholders and to determine, with respect to any series of preferred shares without action by our shareholders, the terms and rights of that series. These provisions could have the effect of depriving our shareholders and ADSs holders of the opportunity to sell their shares or ADSs at a premium over the prevailing market price by discouraging third parties from seeking to obtain control of our company in a tender offer or similar transactions.
You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.
We are an exempted company limited by shares incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our Fourth Amended and Restated Memorandum and Articles of Association, the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England and Wales, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.
Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies (except for our memorandum and articles of association and our register of mortgages and charges). Our directors have discretion under our memorandum and articles of association, to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.
As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.
 
54
You must rely on the judgment of our management as to the use of the net proceeds from our initial public offering, and such use may not produce income or increase our ADS price.
Our management will have considerable discretion in the application of the net proceeds received by us. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not improve our efforts to achieve or maintain profitability or increase our ADS price. The net proceeds from our initial public offering may be placed in investments that do not produce income or that lose value.
We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.
Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:
 
  •  
the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on
Form 10-Q
or current reports on
Form 8-K;
 
  •  
the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;
 
  •  
the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and
 
  •  
the selective disclosure rules by issuers of material nonpublic information under Regulation FD.
We will be required to file an annual report on
Form 20-F
within four months of the end of each fiscal year. In addition, we intend to publish our results on a quarterly basis as press releases, distributed pursuant to the rules and regulations of the Nasdaq. Press releases relating to financial results and material events will also be furnished to the SEC on
Form 6-K.
However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.
As an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq corporate governance listing standards; these practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards.
As an exempted company incorporated in the Cayman Islands that is listed on the Nasdaq, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards. We have relied on and plan to rely on home country practice with respect to our corporate governance. Specifically, we do not plan to have a majority of independent directors serving on our board of directors or to establish a nominating committee and a compensation committee composed entirely of independent directors. For details, please refer to “Item 6. Directors, Senior Management and Employees—6.C. Board Practices—Board of Directors.” As a result, our shareholders may be afforded less protection than they otherwise would enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.
 
55
There is a risk (which depending on the market price of our ADSs could be significant) that we will be a passive foreign investment company, or PFIC, for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. investors in the ADSs or ordinary shares.
In general, a
non-U.S.
corporation is a passive foreign investment company (a “PFIC”) for U.S. federal income tax purposes for any taxable year in which (i) 75% or more of its gross income consists of passive income; or (ii) 50% or more of the value of its assets (generally determined on a quarterly average basis) consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a
non-U.S.
corporation that owns, directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, rents, royalties and certain gains. Cash is a generally passive asset for these purposes. Goodwill is generally characterized as a
non-passive
or passive asset based on the nature of the income produced in the activity to which the goodwill is attributable. The value of the goodwill may be determined in large part by reference to the average market capitalization of the
non-U.S.
corporation. Based on the composition of our income and assets and the estimated value of our assets, including goodwill, we believe that we were not a PFIC for our 2020 taxable year. However, it is not entirely clear how the contractual arrangements between us, our wholly-owned subsidiaries, our VIEs and the shareholders of our VIEs will be treated for purposes of the PFIC rules, and we may be or become a PFIC if our VIEs are not treated as owned by us for these purposes. In addition, the extent to which our goodwill should be characterized as a
non-passive
asset is not entirely clear. Furthermore, our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time, and such status cannot be determined until after the end of the relevant taxable year. While we continue to hold a substantial amount of cash, our PFIC status for any taxable year will depend primarily on the average value of our goodwill during that year. Because the value of our goodwill may be determined in large part by reference to our market capitalization, which has been and may continue to be volatile, there is a risk (which, depending on the market price of our ADSs from time to time, could be significant) that we will be a PFIC for 2021 or any other taxable year. Because our PFIC status for 2021 or any future taxable year could depend on market conditions, which have been and may continue to be unstable, we cannot express an expectation as to our PFIC status for any such year. If we were a PFIC for any taxable year during which a U.S. taxpayer holds ADSs or ordinary shares, the U.S. taxpayer generally will be subject to adverse U.S. federal income tax consequences, including increased tax liability on disposition gains and “excess distributions” and additional reporting requirements. Our PFIC status for any taxable year could also affect the U.S. federal income tax consequence to our U.S. shareholders or ADS holders of our merger with Huya, as described in the relevant risk factor included in the Registration Statement filed by Huya with the SEC on November 10, 2020, which is incorporated herein by reference. See “Item 10. Additional Information—10.E. Taxation—U.S. Federal Income Tax Considerations—Passive Foreign Investment Company Rules.”
Risks Related to Our Proposed Merger with Huya
In addition to the risk factor below, those risk factors set forth in the “Risk Factors—Risks Related to the Merger” included in the Proxy Statement/Prospectus in the Registration Statement on
Form F-4,
as amended, filed by Huya with SEC on November 10, 2020 are incorporated herein by reference.
Failure to complete the proposed Merger and Reassignment, in a timely manner or at all, could disrupt our business plans and operations and have a material adverse effect on the trading price of our ADSs.
The Merger and the Reassignment, which is expected to complete concurrently with the closing of the Merger, are subject to closing conditions including receipt of the required DouYu shareholder approval and the effectiveness of the Registration Statement on Form F-4, as amended, filed by Huya with the SEC on November 10, 2020. Additionally, pursuant to the Merger Agreement, all closing conditions under the Reassignment Agreement shall have been satisfied as of the closing of the Merger and the closing of the Reassignment shall have occurred in accordance with the Reassignment Agreement substantially concurrently with the closing of the Merger. Pursuant to the Reassignment, the closing of the Reassignment is subject to completion of the pre-closing restructuring of Penguin in accordance with the restructuring schedule as agreed by and between DouYu and Nectarine. For more details, please see “The Merger Agreement and Plan of Merger—Conditions to the Completion of the Merger” and “The Reassignment—Closing Conditions,” as set forth in the Proxy Statement/Prospectus in the Registration Statement on Form F-4, as amended, filed by Huya with the SEC on November 10, 2020.
The Merger Agreement may be terminated in certain circumstances, including if the Merger shall not have been consummated by July 12, 2021, subject to an automatic three-month extension under certain circumstances, or if there is in effect any final and non-appealable governmental order, judgment, writ, injunction, decree or ruling that permanently enjoins or prohibits the consummation of the Merger or imposes certain non-required remedy.
Completion of the Merger is subject to receipt of clearance from the State Administration for Market Regulation, or the SAMR, the PRC regulatory authority responsible for merger control. We were informed that Huya has filed an application for antitrust review with the SAMR. There can be no assurance that a challenge to the Merger on antitrust grounds will not be made or, if such a challenge is made, that it would not be successful. We cannot assure you that these regulatory clearances and approvals will be timely obtained, obtained at all or that the granting of these regulatory clearances and approvals will not involve the imposition of additional conditions on the completion of the Merger. Any antitrust filing imposed by the SAMR may be time consuming and may have the effect of delaying or bringing uncertainty to the consummation of the Merger, imposing additional costs and requiring commitment of management resources.
Failure to complete the Merger and the Reassignment on the expected schedule or at all would likely require us to revise our business plan, and could otherwise have a material adverse effect on our business and ADS trading price. Moreover, if the Merger and Reassignment are not completed, we would be subject to several risks, including having to pay certain costs relating to the Merger and the Reassignment, the possibility of needing to pay a significant termination fee to the other party, and our management team having their focus diverted from pursuing other opportunities that could be beneficial to us, without realizing any of the benefits that might have resulted had the Merger and the Reassignment been completed.
 
56
ITEM 4.
INFORMATION ON THE COMPANY
4.A. History and Development of the Company
Corporate History
We commenced operations and launched our live streaming platform in 2014 with the establishment of Guangzhou Douyu. Wuhan Douyu was established in May 2015. In February 2016, Guangzhou Douyu and Wuhan Douyu entered into an asset and business transfer agreement, pursuant to which Guangzhou Douyu transferred all of its business operations and assets to Wuhan Douyu (the “2016 Wuhan Douyu Restructuring”).
In February 2016, Wuhan Douyu, Wuhan Ouyue, the successor of Zhejiang Ouyue which was acquired by Mr. Shaojie Chen in November 2015, and Mr. Chen entered into a series of contractual arrangements, by which Wuhan Douyu may exert control over Wuhan Ouyue and consolidate Wuhan Ouyue’s financial statements. In May 2018, such contractual arrangements were terminated and replaced by contractual arrangements between Douyu Yule, Wuhan Ouyue and Mr. Chen.
In June 2016, each of Yuxing Tianxia, Yuyin Raoliang and Wuhan Yuwan was incorporated in the PRC by Wuhan Douyu. In November 2016, each of Douyu Education and Yu Leyou was incorporated in the PRC by Wuhan Douyu. These entities focus on entering into business contracts with streamers.
We underwent a series of Restructuring Transactions, which primarily included:
 
  •  
In January 2018, DouYu International Holdings Limited was incorporated under the laws of the Cayman Islands as our proposed listing entity. In connection with its incorporation, it issued ordinary and preferred shares to certain of the then existing shareholders of Wuhan Douyu based on their equity interests held in Wuhan Douyu.
 
  •  
In January 2018, DouYu Network Inc. was established in the British Virgin Islands and Douyu Hongkong Limited was incorporated in Hong Kong, both of which are acting as the offshore intermediary holding companies to facilitate our initial public offering in the United States.
 
  •  
In May 2018, Douyu Yule, our indirect wholly-owned PRC subsidiary, entered into a series of contractual arrangements with each of Wuhan Douyu and Wuhan Ouyue, as well as their respective shareholders. As a result of these contractual arrangements, we obtained effective control, and became the primary beneficiary of, each of Wuhan Douyu and Wuhan Ouyue, or our VIEs.
In July 2019, we completed an initial public offering in which we and certain selling shareholders offered and sold an aggregate of 6,738,711 ordinary shares in the form of ADSs. On July 17, 2019, the ADSs began trading on the Nasdaq Global Select Market under the symbol “DOYU.”
We are a holding company and does not directly own any substantive business operations in the PRC. We currently focus our business operations within the PRC through Douyu Yule and our VIEs, Wuhan Douyu and Wuhan Ouyue. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Our Corporate Structure.” Wuhan Douyu, Wuhan Ouyue and their respective subsidiaries hold our ICP License, the License for Online Transmission of Audio/Video Programs, the Internet Culture Operation License, and other licenses or permits that are necessary for our business operations in the PRC.
 
57
Our principal executive offices are located 20/F, Building A, New Development International Center, No. 473 Guanshan Avenue, Hongshan District, Wuhan, Hubei Province, the People’s Republic of China. Our telephone number at this address is +86 27 8775 0710. Our registered office in the Cayman Islands is located at the offices of Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman
KY1-1104,
Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc. located at 10 E. 40th Street, 10th Floor, New York, NY 10016. Our corporate website is www.douyu.com. The information contained in our website is not a part of this annual report.
The SEC maintains an Internet site at http://www.sec.gov that contains reports, information statements, and other information regarding issuers that file electronically with the SEC.
Merger between Our Company and Huya
On October 12, 2020, we entered into an Agreement and Plan of Merger (“Merger Agreement”) dated October 12, 2020 with Huya, Tiger Company Ltd., a newly formed company with limited liability incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of Huya (“Merger Sub”), and, solely for the limited purposes set forth therein, Nectarine. Pursuant to the Merger Agreement, Huya will acquire all the outstanding ordinary shares of us, including ordinary shares represented by American depositary shares, through a
stock-for-stock
merger (the “Merger”) Under the terms of the Merger Agreement, at the Effective Time, each ordinary share of DouYu (the “DouYu Shares”) issued and outstanding immediately prior to the Effective Time (other than the DouYu Shares represented by American depositary shares, each representing 1/10 of a DouYu Share (the “DouYu ADSs”), the Excluded Shares and any Purported Dissenters Shares, each as defined in the Merger Agreement) will be cancelled in exchange for the right to receive 7.30 validly issued, fully paid,
non-assessable
Class A ordinary shares of Huya (the “Huya Class A Shares”), and each DouYu ADS issued and outstanding immediately prior to the Effective Time will be cancelled in exchange for the right, at the direction of DouYu’s depositary bank, to receive 0.730 American depositary shares of Huya, each representing one Huya Class A Share. If the Merger is completed, the shareholders of Huya and DouYu immediately prior to the Merger, respectively, will each hold approximately 50% shares of the combined company on a fully diluted basis.
Concurrently with the execution of the Merger Agreement, we and Nectarine entered into a Reassignment Agreement dated October 12, 2020, pursuant to which Nectarine will assign its interests in the game live streaming business operated by the Tencent group under the “Penguin
e-Sports”
brand (the “Penguin Business”) to us and deepen its business cooperation with us in order to integrate the Penguin Business with the business of the combined Huya and us upon the Merger, for a total consideration of US$500,000,000.
Following the consummation of the transaction, we expect to become a wholly owned subsidiary of Huya, and our ADSs will no longer be traded on the NASDAQ Global Market and to cease to be registered under Section 12 of the Securities Exchange Act of 1934. Huya ADSs will continue to be listed on the New York Stock Exchange under the symbol “HUYA”.
The Merger has been approved by both companies’ board of directors and is subject to closing conditions including the approval of the Merger Agreement and the Merger by an affirmative vote of holders of the DouYu Shares representing at least
two-thirds
of the voting power of the DouYu Shares present and voting in person or by proxy as a single class at a meeting of DouYu’s shareholders which will be convened to consider the approval of the Merger Agreement and the Merger. Tencent and Mr. Shaojie Chen and Wenming Zhang, our Chief Executive Officer and our
co-Chief
Executive Officer, respectively, have agreed to vote all of the DouYu Shares and DouYu ADSs they beneficially own, which collectively represent approximately 54.6 % of the voting rights attached to the total outstanding DouYu Shares as of the date of the Merger Agreement, in favor of the authorization and approval of the Merger Agreement and the Merger.
The description contained herein of the transactions contemplated by the Merger Agreement and the voting arrangements does not purport to be complete, and is qualified in its entirety by the terms and conditions of the Merger Agreement, and the Voting Agreements entered into by us, Nectarine, Huya, Merger Sub and certain of our principal shareholders, copies of which are filed as Annex A, Annex C and Annex D to the Proxy Statement/Prospectus included in the Registration Statement on Form
F-4,
as amended, filed by Huya with the SEC on November 10, 2020. For more information related to the Merger, see the Proxy Statement/Prospectus in the Registration Statement on Form
F-4,
as amended, filed by Huya with the SEC on November 10, 2020, and the rule
13e-3
transaction statement on Schedule
13E-3,
as amended, filed by DouYu with the SEC on November 11, 2020.
 
58
4.B. Business Overview
We are a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. We operate our platform both on PC and mobile apps, through which users can enjoy immersive and interactive games and entertainment live streaming. We have also been cultivating an integrated ecosystem of live streaming, video and other engaging user community features. Leveraing our success in China, we began our oversea expansion through the acquisition of Nonolive in 2018, a mobile live-streaming platform focusing on the Southeast Asia market, and the investment in Mildom in 2019, a game live-streaming platform in Japan.
Our platform attracts a large number of highly loyal and engaged user base, which is primarily acquired through organic growth. As of

December 31, 2019 and 2020, we had 337.9 million and 394.3 million registered users, respectively. Our average MAUs was 174.4 million for the fourth quarter of 2020, consisting of 116.3 million average MAUs on the PC platform and 58.2 million average MAUs on the mobile platform. Our average MAUs increased by 6.2% from 162.9 million in 2019 to 173.0 million in 2020, while our average mobile MAUs increased by 13.0% from 51.5 million to 58.2 million for the same period. We believe our diverse content and product offerings allow us to retain user and promote their engagement level. Our average next-month active user retention rate was 78.8% and 77.6% over the past twelve months as of December 2019 and December 2020, respectively.
Our platform brings together a deep pool of streamers and provides a sustainable streamer development system. We entered into exclusive contracts with the top streamers to ensure a consistent supply of quality content. We supplement the exclusive contract model with the talent agency model, which captures a large group of promising and rising streamers. With years of experience, we have developed a well-designed system to discover, train, and promote streamers who are already popular or have demonstrated the potential to become popular, and to help them grow and monetize their popularity.
The passion for games and interactions among gamers and game enthusiasts extend beyond just playing. Against the backdrop of eSports’ booming popularity, we believe China has a massive and growing gamer community that is seeking interactive and engaging entertainment through game live streaming. As one of the first game-centric live streaming platforms to make the foray into eSports, we are strategically positioned to benefit from the proliferation of the eSports industry in China. The eSports industry generates highly attractive content and helps to transform our platform into an engaged and vibrant community. Through our investments in and collaborations with a variety of participants across the value chain, we have gained coveted access to premium eSports content attracting millions of viewers to our platform and enabling us to organize our own tournaments and produce exclusive eSports content only available on our platform which further attracts users and improves their stickiness. Our average total eSports MAUs were approximately 101.8 million and 108.2 million in the fourth quarter of 2019 and 2020, respectively.
We have built powerful technology infrastructure to help ensure a stable and optimized live streaming experience for our users. The optimized user experience attracts a large number of users on our platform and enables us to collect and analyze vast amounts of behavioral data leveraging our big data analytics capabilities. Investing in user experience generates significant benefits for our platform. Through comprehensive and refined content categorization, customized recommendations and development of new products and features, we enhance user experience to attract new users and increase user loyalty.
We employ a multi-channel monetization model. We believe the vibrant and interactive game community created on our platform drives user satisfaction, which provides diversified opportunities for user spending. Leveraging a large number of viewers and a deep pool of streamers, our monetization channels primarily include live streaming and advertisement. Live streaming is our main monetization channel and mainly involve sales of a wide array of virtual gifts. Our large and highly engaged user base attracts advertisers from a wide spectrum of industries, which has contributed to our advertising revenue. In addition, we generate a small portion of revenue from game distribution, which involves revenue-sharing arrangements with game developers and publishers. We believe these channels supplement each other and create future monetization potential.
 
59
OUR BUSINESS
Content on Our Platform
We are dedicated to providing a wide range of live streaming content with a primary focus on games, especially on eSports. Our diverse content also covers other entertainment options such as talent shows, music and outdoor activities to better serve a broad user base and cater to diverse interests. Our
non-game
content also complements our game content.
In December 2020, we launched a new version of our mobile app to further supplement our game streaming content with video content and community features.
Games
Games content, especially eSports content, has been our focus since inception. A majority of our streamers were game streamers and game streaming also contributed significantly to the total viewing hours on our platform. Our massive user base, deep pool of top streamers, and strong brand awareness allow us to secure coveted game content, especially eSports content. Leveraging our business acumen and insight, as well as big data capabilities, we in turn identify and promote top trending games.
Our dynamic game streaming content is generated primarily from eSports. In addition to competitive eSports games, we also offer other games genres such as role-playing games and console-based games.
eSports
We made the foray into eSports since inception and prioritize eSports in our business development. With our game-centric nature, brand awareness and well-established online distribution capabilities, we believe we are the partner of choice for various participants along the eSports industry.
We attracted a large number of eSports viewers. In addition to streaming major eSports events and tournaments, we also sponsor or cooperate with professional players and teams, and organize our proprietary eSports tournaments to further grow our eSports viewer base.
Coveted Access to Premium eSports Content
By providing access to our massive user base, we have successfully fostered long-term partnerships with major game developers and leading eSports teams. As eSports content is primarily accessible online, game developers and publishers have been increasingly relying on live-streaming platforms to promote the awareness and popularity of newly published games. As a result, we may be uniquely positioned to help connect downstream users with upstream game developers. We believe live streaming platforms such as our platform played a significant role in the commercial success of some of the major games today. This mutually beneficial relationship has solidified our partnerships with participants on the eSports industry.
These partnerships give us access to premium quality eSports content that attracts a large number of enthusiastic viewers to our platform. Leveraging our collaborative relationships with major game developers and publishers, we stream official tournaments for some of the most popular eSports games.
We differentiate ourselves from other platforms streaming eSports tournaments by creating our proprietary content involving popular streamers for better viewing experience. We believe that our proprietary content and features provided will further increase the popularity of eSports tournaments. On our official streaming channel, we produce commentary programs before and after matches to provide informed match previews and post-match reviews by professional players. In addition, our platform also offers discussion forums and tournament footage archives, all tailored at satisfying viewer demand and improving the viewing experience.
 
60
eSports Team Professionals or Collaboration
We sponsor, promote and collaborate with professional eSports teams who either display our brand in eSports tournaments or produce exclusive content, including play-through, training, tutoring and commentating on eSports tournaments. We sponsor various leading eSports teams internationally and domestically.
Under our collaborative framework, we have the naming rights of certain teams we sponsor and their related products. We have the right to commercialize the popularity of their team members, and we may have exclusive intellectual property rights to certain content generated by the members of the teams we sponsor. We may also have the right to arrange various activities and events for them and receive a portion or all of the revenues generated thereof. In return, we pay a sponsorship fee and promote the sponsored teams on our platform. Our sponsorship of eSports teams allows us to discover and recruit high quality streamers more efficiently as professional players naturally have more competitive advantages in becoming
top-performing
game streamers.
Organization of eSports Tournaments
In addition to streaming eSports tournaments and events held by others, we organize our own eSports tournaments, whose participants are often our streamers and viewers, which add on to the interactive nature of our platform and enhance the user experience. For example, in some of these self-organized tournaments our top streamers lead teams formed by our viewers to compete with each other. We live stream these tournaments and promote them by partnership with certain media outlets. Through our organization and promotion, we have propelled the popularity of a group of streamers who emerged from these competitions and have recruited many rising-star streamers. Our self-organized eSports tournaments further expand our content offering and bring monetization opportunities of selling sponsorship rights to third-party sponsors.
Cloud Games
We launched DouYu Cloud Games (“
斗鱼云游戏
”), where the users are able to play various eSports games anytime and anywhere. DouYu Cloud Games also provides live streaming services. When the users are playing the cloud games, their gaming screenshots can be directly pushed to their live streaming rooms, which is just one click away. Such mechanism greatly decreases the entry barrier of game streamers, and in turn enhances the users’ willingness to become game streamers and drives user engagement.
Other entertainment content
To accommodate our users’ diverse interests and retain our strong game-centric traffic, we have expanded our content to include a wide spectrum of live streaming entertainment options, such as talent shows, music, outdoor and travel. This helps promote our brand, attract a diverse user base, increase user monetization potential and drive user engagement and stickiness.
Video
In addition to providing live streaming content, we also offer video clips on our platform, including replays of selective live streaming content and other engaging and diversified content. Our viewers and streamers can edit and upload video clips by themselves. The flexibility of video clips incentivizes users to explore more content and enhances user engagement.
Our Users
We have a large and engaging young user base with willingness to spend and share on social networks. As of December 31, 2019 and 2020, we had 337.9 million and 394.3 million registered users, respectively. Our average mobile MAUs increased from 54.4 million in the fourth quarter of 2019 to 58.2 million in the fourth quarter of 2020, while our average MAUs increased from 165.8 million to 174.4 million in the same period. Expansion in our user base is mainly driven by organic growth, as a result of our diverse and high quality content product offerings and strong brand recognition, and may be impacted by seasonality in our business.
 
61
Our users are attracted to and retained by our rich game-centric content and influential streamers. Our average total eSports MAUs were approximately 101.8 million and 108.2 million in the fourth quarter of 2019 and 2020, respectively. Our user base is also loyal and highly engaged. In 2020, our average next-month active user retention rate was 77.6%, as compared to 78.8% in 2019. We strive to cultivate the paying habits of our users. Our quarterly average paying users grew from 7.3 million in the fourth quarter of 2019 to 7.6 million in the fourth quarter of 2020. Our paying ratio remained at 4.4% in the fourth quarter of 2019 and the fourth quarter of 2020.
Given the lifestyle of younger generations, our users tend to be young individuals who enjoy eSports and other visual entertainment content through live streaming, while socializing with others on a real-time basis. We target a young user base by establishing our brand in streaming and eSports and offering features popular among the younger generation on our platform. We believe their willingness to spend more time and to pay grows in parallel with their income as they age.
Our Streamers
Our streamers are the primary source of new content on our platform. A majority of our registered streamers and exclusive streamers were game streamers who are professional or recreational game players that enjoy playing games and sharing their skills and insights. Our streamers also include self-made entertainers such as singers who can utilize our platform to showcase their skills, talents and ideas. Being a new social phenomenon in China, streamers are similar to key opinion leaders or social icons who have gained popularity among the younger generation. As the population of streamer population grows and their needs to commercialize their popularity continue to rise, we believe we can serve as the medium to facilitate the monetization of this new social phenomenon.
We entered into exclusive contracts with the top streamers. In addition, we entered into collaborative agreements with talent agencies which are associations of streamers that organize streaming activities for their member streamers and promote them. Talent agencies provide us with a diversified pool of streamers. For details, please refer to “—Streamer Engagement.”
Streamer Engagement
Our platform engages streamers in three ways: (1) exclusive contracts with streamers directly; (2) contracts with streamer talent agencies to manage our streamers; and (3) self-registration by streamers. Some streamers may belong to eSports clubs, which is also an important content producer on our platform. Similar to talent agencies, we generally enter into contracts with the eSports clubs directly to engage their members.
Exclusive Contract Model
Under this model, we enter into exclusive contracts with certain top individual streamers directly, or through
tri-party
contracts among us, certain top individual streamers and the talent agencies to which such streamers belong. The exclusive contract model is an important way to recruit and retain high quality streamers. We believe our strategic focus on exclusive contracts with top streamers offers us unique competitive advantages as compared to other game-centric live streaming platforms.
Our exclusive contracts have exclusivity clauses that require streamers to live stream on our platform only during the contract term. In addition to revenue sharing of a portion of virtual gift sales and advertisement sales, we also set compensation terms based on the popularity of the content and the user traffic it generates. As such, our exclusive streamers are incentivized to produce engaging content that attracts more viewers and promotes spending on our platform.
We have the right to commercialize the streamers and the content they produce as our intellectual property under the exclusive contract model. We promote and monetize the popularity of our exclusive streamers through online and offline commercial activities. The typical contract term is three to five years and may be renewable upon mutual consent. After signing, we are responsible for arranging commercial activities for them. Under this contract model, we may establish certain performance-based target for the exclusive streamers. Utilizing our big data analytic capabilities, we allocate the live streaming hours for these streamers to match user activity levels to maximize our operational efficiency. We may also provide guidance over the content streamed by exclusive streamers. We have dedicated teams that focus on signing exclusive streamers broadcasting different genres of content to diversify our content offering.
 
62
Talent Agency Model
We also enter into collaboration agreements with talent agencies to manage our streamers. Talent agencies are responsible for recruiting, training, managing and promoting their own member streamers, and are also responsible for organizing streaming activities on our platform. We usually pay talent agencies a portion of the virtual gift sales which will typically be redistributed to their members.
Contracting with talent agencies is an important component of our operations. It contributes to our revenue and ability to discover and recruit diversified streamers in an efficient way. We can access a diverse range of streamers by entering into collaboration contracts with their talent agencies. Under the talent agency model, we provide guidance on content monitoring to the talent agencies, who in turn manage and promote their members. All talent agencies and their members must comply with our guidance and policies.
Self-Registration Model
A large number of streamers self-registered on our platform to share their enthusiasm in games. The self-registered streamers are usually attracted to our platform by virtue of our reputation and scale. They form a large talent pool providing steady supply of future popular streamers.
Streamer Discovery and Development
With the help of our comprehensive performance metric analytical system, we identify top streamers with potential, with whom we seek to sign exclusive contracts. These metrics include the quality of a streamer’s content, activity levels and user engagement. After identifying streamers with potential, we put them into different categories according to the demographics that they likely will appeal to and help direct traffic from their target users. If these streamers perform well after a monitoring period, we may sign exclusive contracts with them and help further promote them.
Leveraging our unique industry insights and proprietary big data analytics capabilities, we establish development plans for streamers which not only optimize the content they produce, but also help guide the streamers to focus on trendy topics and increasing the streamers’ positive public exposure. We promote streamers’ content on and outside of our platform, boost their popularity through traditional media channels and provide them with opportunities to attend online and offline activities where they can further increase public exposure, such as Yule Ceremony (“
鱼乐盛典
”).
Streamer Retention
We retain our top streamers by increasing the attractiveness of our platform. Our streamers enjoy broad exposure to a large user base on our network. We also invest in streamers’ professional development by providing online and offline promotion activities to propel them to greater stardom.
We take steps to mitigate the risk of losing our streamers to other platforms. For every streaming genre or section, we have several top streamers that are in friendly competition with each other to avoid a monopoly by one streamer. This also helps to attract viewers who may be viewing at different times of the day. We also try to discover and cultivate emerging streamers to continuously replenish our streamer base. Our streamers are also subject to certain
non-compete
clauses during or after the contract period.
Monetization Opportunities
We generate revenue through sales of virtual gifts during live streaming, advertisement services and others.
 
63
Live Streaming
We derive a substantial portion of our revenues from live streaming, mainly from the sale of virtual gifts. In 2018, 2019 and 2020, we generated RMB3,147.2 million, RMB6,617.3 million and RMB8,852.2 million (US$1,356.7 million) from live streaming, representing 86.1%, 90.9% and 92.2% of our total net revenues for the same periods. In 2020, we had a total of 20.7 million annual paying users.
Users are able to purchase virtual gifts on our platform using our virtual currency and send them to streamers as a gesture of appreciation or support. Users can purchase the virtual currency on our site via various online third-party payment platforms. In addition to purchasing these virtual currencies on our site, users can purchase virtual currencies from our online store at third-party websites such as
Tmall.com
. The price of our virtual currency does not change and virtual currency does not expire. However, virtual currency is
non-refundable
and may not be converted back to cash or be transferred between users.
When a streamer receives a virtual gift, that virtual gift is displayed in his or her profile. We share with our streamers revenue from virtual gift sales. We also offer other subscription-based privileges to incentivize user spending, such as our premium monthly subscription service, a prepaid package which encourages user spending.
A wide variety of virtual gifts are available to our users, with prices ranging from approximately RMB0.1 to approximately RMB2,000. We provide an innovative and diverse selection of virtual gifting to convert our active users to paying users and constantly release new virtual goods related to events and trendy topics to increase sales. In addition, we organize streamer popularity contests to promote spending by viewers to show support of the streamers they follow.
Advertisement and Others
We generate revenues from advertisement and other services, including brand advertisements, game advertisements and to a lesser extent, game distribution. Our advertisement and other revenue was RMB507.2 million, RMB665.9 million and RMB749.7 million (US$114.9 million) in 2018, 2019 and 2020, which constituted approximately 13.9%, 9.1% and 7.8% of our total revenues for the same periods.
Advertisement
Our value proposition to advertisers is driven by our strong brand recognition and massive and engaged user base. We offer a full suite of precise and effective advertisement products and marketing strategies, attracting a large number of advertisers. We distribute advertisements ways such as: (i) integrated promotion activities during live streaming, where advertising partners integrate their service or products with live-streaming programs through active promotion by our streamers; (ii) traditional display advertisements in various areas of our platform; and (iii) online and offline events-related advertisements. As integrated promotion activities and online and offline events-related advertisements cause fewer interruptions to our users while offering greater potential due to less time and space restrictions than traditional display advertisements, they are an important part in our advertisement revenue. We expect such advertising format to contribute an increasing portion of advertisement revenues.
Our streamers must sign advertisement contracts with us and may be entitled to a portion of the fees. A direct contract between the advertiser and our streamer is not permitted. The price of our advertising services depends on various factors, including the form and size of the advertisement, popularity of the content or event in which the advertisements will be placed, and specific targeting requirements.
Our traditional display advertisements include, but are not limited to, full screen advertisements, slides, banners, links, videos, logos and buttons. We offer advertisement placements on our home page or
pre-streaming.
Such placements may stay on the top or bottom of the streaming interface or appear as
pop-ups.
For integrated promotion activities during live streaming, we usually cooperate with third-party advertising agencies to identify advertisers to place order with us. For traditional display advertisements, we usually work with advertisers directly. Our advertising agency partners include members of the American Association of Advertising Agencies, or 4As, and other leading Chinese advertising agencies. We have been building connections with our advertisers and plan to sign more contracts with them directly going forward.
 
64
Our brand and game advertising contracts are usually in the form of collaborative frameworks for a given period of time. The brand advertising contracts require the third-party agencies to generate sales exceeding certain thresholds and the third-party advertising agencies are generally billed upon each advertisement and are required to pay promptly. For game advertisements, we provide links to the advertisers’ games on our platform and are entitled to fees such as incentive fees for effective registration solicited through our platform, and we also utilize soft-product placements or ask our hosts to produce play-throughs of the games we promote.
Others
We also generate a small portion of our revenues from other services, including game distribution. With many of our audience being gamers, we believe our platform is a prime gateway for distributing games from developers and publishers to their target customers. Based on revenue-sharing contracts with developers and publishers of mobile and
web-based
games, we usually receive fees based on transaction volume our platform relating to the games we distribute. These revenue-sharing arrangements are usually in the form of collaborative frameworks for a period of time, which may be renewed in good faith upon expiration.
Our Platform
Our platform offers unique features to our users, such as content recommendation, data analytic tools and room control. With its diverse content offering and advanced technological features, we believe our platform creates an interactive, engaging and fun community.
Live Streaming Process and Platform Interface
We operate our platform both on PC and mobile apps, through which users can enjoy immersive and interactive games and entertainment live streaming.
Streaming Process
Live streaming is conducted in the form of real-time streaming units, also known as rooms or channels, on our website and mobile apps. The following flow chart illustrates the viewing and streaming process:
 

To broaden our user base, we allow users to watch live streaming on our platform without registration, either through our website or mobile apps. To become a streamer, a user must register on our platform and verify his or her identity with a government issued ID. As a result, certain of our streamers are also active users as well as paying users on our platform. After the streamer’s identity is verified, he or she may apply to create a new room for streaming. Once a room or channel is created, our streamers may customize video, audio and other room settings. We provide streamers and room managers with administrative accounts and they are responsible for monitoring and ensuring that their rooms’ content comply with our terms of service. We usually assign one room to one streamer, who can then connect with other streamers using our live streaming platform to
co-stream
together. During streaming, viewers interact with streamers and with each other mainly through bullet chats.
 
65
Access Our Streaming Platform
Viewer Access
We developed a
web-based
streaming portal and its supplemental applications as well as mobile streaming apps to provide comprehensive viewing experiences for our viewers. Viewers can access our platform via our web portal at www.douyu.com or PC application
Douyu PC Client
Portal (“
斗鱼
PC
客户端
”). Alternatively, viewers can download our mobile app
Douyu Live Streaming
(
斗鱼直播
) free of charge. Our web portal and mobile streaming app offer substantially similar functions and features, with our mobile streaming app providing simplified and easy to use functions tailored for mobile users.
Viewer Features
Our viewers have access to the following features:
Watching, following and sharing.
When watching a live stream or videos on our platform, viewers have the option to specify screen resolutions, screen size and stream quality, or have the platform automatically adjust the settings based on their Internet connection. Viewers may choose to click on the “follow” button in a stream room to follow the streamer and receive notifications for future streaming. Viewers are also able to share links to live streams on social media platforms.
Interaction.
Bullet chatting is featured on our platform to allow viewers to post messages that glide across the screen. Bullet chats are visible by all viewers who watch the same live stream, stimulating interactions among viewers. Viewers can also communicate with each other or the streamer real-time through our regular chat room function. Lastly, viewers can initiate direct voice chat requests with the streamers.
Content catalog and recommendations.
With our advanced matching algorithm and massive user data base, we are able to generate an individualized front page containing content recommendations for each user after they have signed in. To help our users navigate and explore our selection of live streaming rooms, we have created online catalogs grouped by categories for our users. These online catalogs are also searchable by keywords, streamers’ names, and room numbers.
Purchasing and gifting.
Viewers can purchase various virtual gifts on our platform with virtual currencies and send them to streamers. See “—Monetization Opportunities—Live Streaming.” Purchases and payments may also be made through third-party platforms.
Other social features.
We also develop new products and features to enhance user experience and increase user engagement. For example, our platform features
Yu Bar
(“
鱼吧
”), a short-blogging community where streamers can interact with their followers by posting and replying to short blogs. Yu Bar offers and witnesses a significant amount of interactions including posts, responses, likes and forwards. In addition, we offer features such as “Streamer Tailor-made Gifts” that allow top streamers to design unique gifts to be purchased by their followers.
Streamer Access
In addition to accessing our PC portal and mobile applications, streamers can easily live stream through the streaming applications we specifically developed for them, including our PC application
Douyu Streaming Assistant
(“
斗鱼直播伴侣
”) and mobile app
Douyu Game-centric Streaming Assistant
(“
斗鱼直播助手
”). With our mobile app, our streamers can stream anywhere and anytime. Streaming outdoor activities, which has become popular among younger users, is made more convenient with our mobile app.
 
66
Streamer Features
Our streamers have access to the following features to optimize the streaming experience:
Streaming and uploading.
Our platform synchronizes and integrates multimedia streams, including audio and video streams and picture display, into one live-streaming output. Streamers can easily start live-streaming utilizing our
easy-to-use
interface. Other than live streaming, streamers can store streaming archives on Douyu Streaming Video (“
斗鱼视频
”) for their followers to watch or revisit after the live streaming. Streamers may also appoint room managers, make announcements, send notifications to viewers and change the room’s title.
Performance analytical tools.
Our platform provides certain analytical tools for streamers to monitor their performance statistics in real time. These performance statistics include peak number, current number and cumulative number of viewers in the room, number of chats and comments, average time watched per user and number of virtual gifts received.
Facial beautification.
Streamers on our platform can utilize the beautification tools on our platform to improve their appearances during streaming. Our facial beautification feature has been serving many streamers as a useful tool since its launch.
Our Technology
Our advanced technology infrastructure and capabilities allow us to efficiently and effectively provide our services with superior user experience. Our platform incorporates the following features:
Proprietary P2P Technology
Our internally-developed CDN and P2P technologies bring advanced distribution and transmission technologies with a high utilization rate and improved distribution effect. Our technologies have refined bandwidth resource scheduling capability and infrastructure framework to reduce redundant overhead, and enable proactive self-adjustment of the resource distribution based on the prediction of the bandwidth usage throughout the whole platform. Our technologies also optimize costs by leveraging the preferential billing rates of some suppliers.
Video and audio quality
We strive to adopt the latest video and audio industry standards across multiple devices and networks. Our
state-of-the-art
technology allows us to provide smooth audio-visual transmission while minimizing the bandwidth used in the transmission of our content, while minimizing to minimize data loss and jitter. Our mobile apps are designed to run smoothly on all mobile phones. Our PC and mobile apps support
blue-ray
high quality live streaming.
Content recommendation
Since 2016, we have invested considerable resources in developing and implementing an individualized content recommendation system. This system is built on the user data that we have accumulated over the years, analyzed through algorithms embedded in our cutting-edge AI and machine learning capabilities. Our content recommendation system precisely matches users with their favorite kinds of content.
Image recognition
Leveraging advanced cloud-based recognition technology, we are able to add tags to the live streaming content on a real-time basis, which allows the users to perform real-time secondary screening based on streaming content.
Advanced streaming capabilities
Our technology infrastructure enables real-time multicast video streaming and communication between users across multiple devices. The technology infrastructure underlying our platform can support simultaneous viewing from tens of millions of devices. Utilizing
peer-to-peer
technology, we have also minimized the bandwidth used in transmission of our content. We believe our advanced video compression techniques enable better streaming experience.
 
67
Cloud-based network infrastructure
Our team of experts developed a cloud-based network infrastructure specifically designed to handle multi-party
audio-and
video-enabled real-time online interactions. We own several servers that are hosted in three Internet data centers in China. Our cloud-based network infrastructure provides quality data delivery and allows multiple users to interact online from anywhere in China easily and with minimal delay. We engaged multiple industry leading cloud service providers in China to maintain our network infrastructure.
Content Monitoring System
Our live streaming platform contains real-time content, which we monitor to maintain a healthy ecosystem and ensure compliance with PRC laws and regulations. We have developed a comprehensive system to monitor content on our platform and filter inappropriate and illegal content and content that may infringe on the intellectual property rights of third parties.
We developed the following mechanisms to monitor the content on our platform:
 
  •  
AI-backed
Automatic Detection Process.
We utilize an automatic system to monitor our platform and the data generated in our system for sensitive key words or questionable materials on a real-time basis. The text identification system screens text content based on
pre-set
key words and an anti-spam system; the picture identification system screens picture content based on optical character recognition and illegal content detection; and the audio identification system screens audio content by converting it into text content and analyzing for illegal content. We have also developed a proprietary monitoring system
in-house
that takes screenshots of our live streaming channels every 10 seconds based on our “smart” image detection technology. Our system has machine learning capability and will update our database automatically.
 
  •  
Manual Review.
All of the automatic detection results that are escalated are reviewed by our content monitoring staff manually. We have a dedicated content monitoring team who also proactively check our rooms on a 24/7 basis for inappropriate or illegal content.
 
  •  
Self-regulation system by streamers, room managers.
We require streamers and room managers to monitor the content in their rooms and ensure that their rooms’ content comply with our terms of service. We provide streamers and room managers with administrative accounts, which give them special privileges such as forcibly removing or banning viewers from the room. Streamers and room managers are incentivized to ensure the compliance of their room with our terms of service pursuant to our policies.
 
  •  
Report by users.
Our users are encouraged to report any noncompliance of our terms of service via the “report” button on our website and mobile apps. We review users’ report on a 24/7 basis and strive to resolve each report within 90 seconds. Reporting users are entitled to awards in the form of our virtual currency, should the report is considered valid.
We deal with violations of varying severity in accordance with our strict policies and applicable regulations. Our actions may include warnings, cutting off or temporary suspension of the room and/or account for minor violations, with
follow-up
review to ensure effective enforcement and rectification. For serious violations, the relevant account is deleted permanently and all virtual currency and items are forfeited, and the room may be permanently closed. Our streamers agree to indemnify us for all damages arising from third-party claims against us caused by the infringing content produced by them.
Our Relationship with Tencent
Tencent became a shareholder of Wuhan Douyu, one of our wholly-owned subsidiaries, in April 2016 when it purchased certain of Wuhan Douyu’s shares through Linzhi Lichuang, an entity controlled by Tencent. Tencent subsequently increased its investment in Wuhan Douyu by purchasing shares in Wuhan Douyu’s subsequent rounds of financing and in our company by subscribing for Series E Preferred Shares. As of March 31, 2021, Tencent holds approximately 37.2% of our total outstanding ordinary shares (excluding 950,211 ordinary shares issued to Douyu Employees Limited, our employee shareholding platform established for the RSUs granted under the Amended and Restated 2018 RSU Scheme) through Nectarine, representing 37.2% of our total voting power. See “Item 6. Directors, Senior Management and Employees—6.E. Share Ownership.”
 
68
On December 20, 2017, we and Tencent, through our respective PRC affiliated entities, entered into a strategic cooperation agreement, which became effective on January 31, 2018 and was subsequently replaced by the Amended and Restated SCFM dated April 1, 2019. Pursuant to the Amended and Restated SCFM, the parties agreed to pursue strategic cooperation in various areas of game live streaming, advertisement and game distribution. We plan to promote content related to games owned by or licensed to Tencent at certain prominent places of our platform. The specific location, content, and operations of the cooperation between Tencent and us are subject to further negotiation pursuant to market principles. The Amended and Restated SCFM has a term of three years, which may be renewed if certain conditions are met. We also use CDN, P2P streaming technologies, online payment and website technology support services provided by Tencent and engage in other related party transactions with Tencent. See “Item 7. Major Shareholders and Related Party Transactions—7.B. Related Party Transactions.”
On August 13, 2020, Nectarine and Mr. Shaojie Chen entered into an agreement (the “Share Transfer Agreement”) where Mr. Shaojie Chen would sell 3,703,704 ordinary shares through Warrior Ace Holding Limited to Nectarine for an aggregate consideration of US$500,000,040, with such sale to close immediately before the closing of the merger between DouYu and HUYA. On October 12, 2020, we and Nectarine entered into a Reassignment Agreement, pursuant to which Nectarine will assign its interests in the Penguin Business to us and deepen its business cooperation with us in order to integrate the Penguin Business with the business of the combined Huya and us upon the merger, for a total consideration of US$500,000,000.
For risks in connection with our relationship with Tencent, see “Item 3. Key Information—3.D. Risk Factors—Risks Related to Our Business and Industry—We may not realize the benefits we expect from our strategic cooperation with Tencent, which may materially and adversely affect our business and results of operations” and “Item 3. Key Information—3.D. Risk Factors—Certain existing shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other shareholders.”
Branding and Marketing
Leveraging our diverse and quality content offerings, optimal user experience and deep pool of talented streamers, we believe that we have built significant goodwill and brand awareness among viewers and streamers. Our market position benefits significantly from our large and engaged user base and
word-of-mouth
effect.
In addition to
word-of-mouth
marketing, we also leverage our position in the eSports industry, and promote our brand awareness by sponsoring leading eSports teams and organizing proprietary eSports tournaments.
We host many offline activities to enhance our brand recognition and positive publicity. For example, Yule Ceremony (“
鱼
乐盛典
”), which was an award event for popular streamers and has since become a symbolic game pop culture event in China.
Competition
Game-centric live streaming is an emerging industry in China. As one of the leading players in this market, we face competition from providers of similar services, and other online entertainment platforms. Other game-centric live streaming compete directly with us for viewers and streamers. In addition, we compete with other large video streaming platforms, social media platforms, and other platforms offering online entertainment. We believe that our ability to compete effectively for users depends upon many factors, including the quality and variety of our content, user experience on our platform, recruitment and retention of top streamers, capability to adjust to changes in technology and customer tastes and the strength of our brands.
 
69
Intellectual Property
We regard our proprietary domain names, copyrights, trademarks, trade secrets and other intellectual property as critical to our operations. We rely on a combination of patents, copyrights, trademarks and trade secret laws to protect our intellectual property. As of December 31, 2020, we had registered:
 
  •  
545 trademarks in China, including the logo for our douyu.com;
 
  •  
61 domain names, including douyutv.com, douyu.tv and douyu.com;
 
  •  
1,262 patents in China, 3 patents in the United States; and
 
  •  
80 software copyrights in China, relating to all of our online communities and other products.
As of December 31, 2020, we had 383 pending trademark applications in China and other jurisdictions, including but not limited to the United States, Japan, European Union, Singapore, Malaysia, Thailand, Indonesia and Turkey. As of December 31, 2020, we have submitted 1,396 pending patent applications independently or jointly with third parties in China and 265 international patent applications through the procedures under the Patent Cooperation Treaty, or PCT. In addition, we are in the process of applying for registration of another four software copyrights in China. Substantially all of our intellectual property is owned by Wuhan Douyu, and certain trademarks, copyrights and domain names are owned by Wuhan Ouyue for the purpose of maintaining and renewing their operating licenses as required by relevant PRC government authorities. Douyu Yule obtained certain patents and copyrights in 2020.
We implement comprehensive measures to protect our intellectual property in addition to making trademark and patent registration applications. Our key measures to protect our intellectual properties include: (i) trademark searches prior to the launch of our new products; (ii) timely registration and filing with relevant authorities and application of intellectual property rights for our significant technologies and self-developed software; and (iii) overall source code protection of proprietary information.
Regulation
Regulations Relating to Foreign Investment
The Foreign Investment Law of the PRC, adopted by the National People’s Congress on March 15, 2019 and its Implementing Regulation adopted by the State Council on December 12, 2019 became effective on January 1, 2020. Pursuant to the Foreign Investment Law of the PRC, China will grant national treatment to foreign invested entities, except for those foreign invested entities that operate in industries that fall within “restricted” or “prohibited” categories as prescribed in the “negative list” to be released or approved by the State Council. On December 31, 2019, the MOFCOM and the SAMR jointly promulgated the Measures for Information Reporting on Foreign Investment, which became effective on January 1, 2020. Pursuant to the measures, where a foreign investor directly or indirectly carries out investment activities in the PRC, the foreign investor or the foreign-invested enterprise must submit the investment information to the competent commerce department for further handling.
The MOFCOM and NDRC jointly promulgated the Special Administrative Measures for Entrance of Foreign Investment (Negative List) (2020 Version), or the Negative List, requires that foreign investors should refrain from making investment in any of prohibited sectors specified in the Negative List, and foreign investors are required to obtain the permit for access to other sectors that are listed in the Negative List but not classified as “prohibited.”
 
70
In December, 2020, the NDRC and MOFCOM promulgated the Measures for the Security Review of Foreign Investment, which came into effect on January 18, 2021. The NDRC and the MOFCOM will establish a working mechanism office in charge of the security review of foreign investment. Such measures define foreign investment as direct or indirect investment by foreign investors in the PRC, which includes (i) investment in new onshore projects or establishment of wholly foreign owned onshore companies or joint ventures with foreign investors; (ii) acquiring equity or asset of onshore companies by merger and acquisition; and (iii) onshore investment by and through any other means. Foreign investment in certain key areas with national security concerns, such as important cultural products and services, important information technology and Internet products and services, key technologies and others which results in the acquisition of de facto control of invested companies, shall be filed with a specifically established office before such investment is carried out. What may constitute “onshore investment by and through any other means” or “de facto control” is not clearly defined under such measures, and could be broadly interpreted. It is likely that control through contractual arrangement be regarded as de facto control based on provisions applied to security review of foreign investment. Failure to make such filing may subject such foreign investor to rectification within a prescribed period, and the foreign investors will be negatively recorded in the relevant national credit information system, which would then subject such investors to joint punishment as provided by relevant rules. If such investor fails to or refuses to undertake such rectification, it would be ordered to dispose of the equity or asset and to take any other necessary measures so as to return to the status quo and to erase the impact to national security.
We are a Cayman Islands company and our businesses by nature in China are mainly value-added telecommunication services and online culture services, which are restricted or prohibited for foreign investors by the Negative List. We conduct business operations that are restricted or prohibited for foreign investment through our variable interest entities, or VIEs.
Regulations Relating to Telecommunications Services
In September 2000, the State Council issued the Regulations on Telecommunications of China, or the Telecommunications Regulations, as amended on July 29, 2014 and February 6, 2016, to regulate telecommunications activities in China. The Telecommunications Regulations set out basic guidelines on different types of telecommunications business activities in China. According to the Catalog of Telecommunications Business (2015 Amendment) implemented on March 1, 2016 (as amended on February 6, 2019), Internet information services constitute a type of value-added telecommunications service. The Telecommunications Regulations require operators of value-added telecommunications services to obtain value-added telecommunications business operation licenses from MIIT, or its provincial branches prior to the commencement of such services.
The Telecom Regulations categorize all telecommunication businesses in the PRC as either basic or value-added. The Catalog of Telecommunications Business, or the Telecom Catalog, which was issued as an attachment to the Telecom Regulations and most recently updated on June 6, 2019, further categorizes value-added telecommunication services into two classes: class I value-added telecommunication services and class II value-added telecommunication services. Information services provided via cable networks, mobile networks, or Internet fall within class II value-added telecommunications services.
The Regulations for the Administration of Foreign-Invested Telecommunications Enterprises, or the FITE Regulations, which took effect on January 1, 2002 and were amended on September 10, 2008 and February 6, 2016, regulate foreign direct investment in telecommunications companies in China. The FITE Regulations stipulate that foreign investors are generally prohibited from holding more than 50% of equity interest in a foreign-invested enterprise that provides value-added telecommunications services, including, among others, provisions of Internet content. In addition, foreign investors are required to have sufficient experience operating value-added telecommunications business when applying for the MIIT’s value-added telecommunications business operation license.
On July 13, 2006, the Ministry of Information Industry (which is the predecessor of MIIT) issued the Circular on Strengthening the Administration of Foreign Investment in Value-added Telecommunications Services, or the MIIT Circular 2006, which provides that (a) foreign investors can only operate a telecommunications business in China through telecommunications enterprises with a valid telecommunications business operation license; (b) domestic license holders may not rent, transfer or sell telecommunications business operation licenses to foreign investors in any form or provide any foreign investors with resources, venues or facilities to promote unlicensed operations of telecommunications businesses in China; (c) value-added telecommunications service providers or their shareholders must directly own the domain names and registered trademarks that are used in their daily operations; (d) each value-added telecommunications service provider must have necessary facilities for its approved business operations and maintain such facilities in the geographic regions specified in its license; and (e) all value-added telecommunications service providers should improve their network and information security, establish a relevant information safety system and set up emergency plans to ensure network and information safety.
 
71
Pursuant to the Measures on Telecommunications Business Operating Licenses (2017 Revision), or the Telecom License Measures, promulgated by the MIIT on March 1, 2009 and last amended on July 3, 2017, any approved telecommunications services provider shall conduct its business in accordance with the specifications in its license for value-added telecommunications services, or VATS License. The Telecom License Measures further prescribes types of requisite licenses for VATS Licenses together with qualifications and procedures for obtaining such VATS Licenses.
Based on the Notice regarding the Strengthening of Ongoing and Post Administration of Foreign Investment Telecommunication Enterprises issued by the MIIT in October 2020, the MIIT will not issue Examination Letter for Foreign Investment in Telecommunication Business. Foreign invested enterprises would need to submit relevant foreign investment materials to MIIT for the establishment or change of telecommunication operating permits.
Regulations Relating to Internet Information Services
The Administrative Measures on Internet Information Services (the “ICP Measures”) issued by the State Council on September 25, 2000 and amended on January 8, 2011, regulate provisions of Internet information services in the PRC. According to the ICP Measures, Internet information services refer to provisions of information through the Internet to online subscribers, including commercial and
non-commercial
services. Pursuant to the ICP Measures, commercial Internet information service providers shall obtain ICP Licenses from relevant PRC local authorities before engaging in commercial Internet information services in China. In addition, according to applicable PRC laws, administrative regulations or rules, providers of Internet information services in respect of news, publishing, education, medical treatment, health, pharmaceuticals or medical apparatuses shall obtain consent of the relevant PRC competent authority before applying for an operating permit or carrying out record-filing procedures.
Additionally, the ICP Measures and other relevant measures also prohibit publication of any content that propagates, among others, obscenity, pornography, gambling and violence, incite the commission of crimes or infringe upon the lawful rights and interests of third parties. If an Internet information services provider detects that information transmitted on its system falls under the specified prohibition, such provider must immediately terminate the transmission and delete the information and report it to the government authorities. Any provider’s violation of these prohibitions, in serious cases, will lead to revocation of its ICP License and shutdown of its Internet systems. On January 8, 2021, the State Council issued the Revised Draft for Comment of the ICP Measures, or the ICP Measures Draft, which reinforces the responsibilities of Internet information services providers that includes: (i) establishing review system of content publication, (ii) verifying truthfulness of identity of users; and (iii) protecting the privacy and safety of personal information. As of the date of this annual report, the ICP Measures Draft has not been taken as an effective regulation.
Regulations Relating to Mobile Internet Applications Information Services
In addition to the Telecommunications Regulations and other regulations above, mobile applications (the “APPs”) and the Internet application store (the “APP Store”) are specially regulated by the Regulations for the Administration of Mobile Internet Applications Information Services (the “APP Provisions”), which were promulgated by the CAC on June 28, 2016 and became effective on August 1, 2016.
Pursuant to the APP Provisions, the APP information service providers shall satisfy relevant qualifications required by laws and regulations, strictly carry out the information security management responsibilities and fulfill their obligations in various aspects relating to the real-name system, protection of users’ information and the examination and management of information content. The APP Store service providers shall file with the local cyberspace administration authorities within 30 days after its APP Store services have launched, and such APP Store service providers are responsible for overseeing APP providers operated on their stores.
On November 28, 2019, the Secretary Bureau of the CAC, the General Office of the Ministry of Industry and Information Technology, the General Office of the Ministry of Public Security and the General Office of the State Administration for Market Regulation promulgated the Identification Method of Illegal Collection and Use of Personal Information Through App, which provides guidance for the regulatory authorities to identify the illegal collection and use of personal information through mobile apps, and for the app operators to conduct self-examination and self-correction and for other participants to voluntarily monitor compliance. On July 22, 2020, the MIIT issued the Notice on Carrying out Special Rectification Actions in Depth against the Infringement on Users’ Rights and Interests by Apps to urge app service providers, among others, to enhance the protection of users’ personal information in relation to the download, installing and upgrade of apps. On October 21, 2020, the Legislative Affairs Committee of the National People’s Congress of the PRC publicly solicited opinions on the PRC Personal Information Protection Law (draft), which provides detailed rules on how to handle personal information and sets forth legal responsibilities. As of the date of this annual report, such draft has not been formally adopted.
 
72
Regulations Relating to Online Transmission of Audio-Visual Programs and Online Streaming
On April 13, 2005, the State Council promulgated the Certain Decisions on the Entry of the Private Capital into the Cultural Industry, according to which private capital was prohibited from engaging in the business of online transmission of audio-visual programs. On December 20, 2007, the SARFT and the MIIT jointly promulgated the Audio/Video Measures, which took effect on January 31, 2008 and were subsequently amended on August 28, 2015. Under these provisions, foreign investors are prohibited from engaging in the business of distributing audio-visual programs through Internet.
Providers of audio-visual program services through the Internet (including through mobile networks), in general, must be either state-owned or state-controlled entities, and the business to be carried out by such providers must satisfy the overall planning and guidance catalog for Internet audio-visual program service determined by SARFT; and such providers are required to obtain the License for Online Transmission of Audio/Video Program issued by National Radio and Television Administration, or complete certain registration procedures with National Radio and Television Administration.
On May 21, 2008, SARFT issued a Notice on Relevant Issues Concerning Application and Approval of License for the Online Transmission of Audio-Visual Programs, as amended on August 28, 2015, which further sets out detailed provisions concerning the application and approval process regarding the License for Online Transmission of Audio/Video Program. The notice also stipulates that Internet audio-visual program services providers engaging in such services prior to the promulgation of the Audio/Video Measures are able to apply for the license so long as their violation of the laws and regulations is minor in scope and can be rectified in a timely manner and they have no records of violation during the three months prior to the promulgation of the Audio/Video Measures. Further, on March 30, 2009, SARFT promulgated the Notice on Strengthening the Administration of the Content of Internet Audio-Visual Programs, which reiterates the
pre-approval
requirements for the audio-visual programs transmitted through the Internet, including through mobile networks, where applicable, and prohibits certain types of Internet audio-visual programs containing violence, pornography, gambling, terrorism, superstition or other similarly prohibited elements.
On April 1, 2010, the SARFT issued the Internet Audio-Visual Program Services Categories (Provisional), or the Provisional Categories, as adjusted on March 10, 2017, which classified Internet audio/visual program services into four categories. In addition, the (Notice concerning Strengthening the Administration of the Streaming Service of Online Audio/Visual Programs) promulgated by the State Administration of Press, Publication, Radio, Film and Television (or the SAPPRFT, which is the predecessor of National Radio and Television Administration) on September 2, 2016 emphasizes that, unless a specific license is granted, the audio/visual programs service provider is forbidden from engaging in live streaming on major political, military, economic, social, cultural and sports events.
On July 6, 2012, the SARFT and the CAC issued the Notice Regarding Further Enhancement of Management of Online Audio and Video Programs such as Online Drama Series and Micro Films, pursuant to which providers of Internet audio-visual program services which are engaged in the production of online audio-visual programs such as online drama series and micro films and broadcast such programs on their own websites shall lawfully obtain the Radio and Television Program Production and Operating Permit issued by local branches of the National Radio and Television Administration and corresponding License for Online Transmission of Audio/Video Program at the same time. Providers of Internet audio-visual program services shall report the information on online audio-visual programs such as online drama series and micro films which have been reviewed and approved to the provincial branches of the National Radio and Television Administration in their domiciles for filing.
 
73
In April 2016, the SAPPRFT promulgated the Provisions on the Administration of Private Network and Targeted Transmission Audio-visual Program Services, which apply to the provision of radio, television programs and other audio-visual programs to a targeted audience on television and all types of handheld electronic equipment. This provision covers the Internet and other information networks as targeted transmission channels, including the provision of content, integrated broadcast control, transmission and distribution and other activities conducted in such forms as Internet protocol television, private network mobile television and Internet television. Anyone who provides private network and targeted transmission audio-visual program services must obtain a License for Online Transmission of Audio/Video Program issued by the SARFT and operate its business pursuant to the scope as provided in such license. Foreign-invested enterprises are not allowed to engage in the above referenced businesses.
In July 2016, the Ministry of Culture promulgated the Notice on Strengthening the Administration of Network Performance, which regulates the behavior of entities conducting businesses related to network performance and performers. Entities operating network performances shall be responsible for the services and content posted on their website by performers. They must refine their content management mechanism and shut down the channel and stop the dissemination of any network performance as soon as they realize that such network performance is in violation of relevant laws and regulations. Network performers shall be responsible for their performances and shall not perform any program containing violence, pornography, or other similarly prohibited elements.
In addition, the SAPPRFT issued the Notice Concerning Strengthening the Administration the Streaming Service of Online Audio-Visual Programs in September 2016, pursuant to which an Internet live-streaming service provider shall (i) equip personnel to review the content of the live-stream; (ii) establish the technical methods and work mechanisms in order to replace the unlawful content by using the backup program; and (iii) record the live-streaming program and keep the records for at least 60 days to fulfill the inspections requirements from the competent administrative authorities. The CAC promulgated the Regulations for the Administration of Online Live-Streaming Services, or Internet Live-Streaming Services Provisions, on November 4, 2016, which came into effect on December 1, 2016. According to the Internet Live-Streaming Services Provisions, an Internet live-streaming service provider shall (a) establish a live-streaming content review platform; (b) conduct authentication registration of Internet live-streaming issuers based on their identity certificates, business licenses and organization code certificates; and (c) enter into a service agreement with Internet live-streaming services user to specify both parties’ rights and obligations.
In March 2018, the SAPPRFT issued the Notice on Further Regulating the Transmission Order of Internet Audio-Visual Programs, which requires that, among others, audio-visual platforms shall: (i) not produce or transmit programs intended to parody or denigrate classic works, (ii) not
re-edit,
re-dub,
re-caption
or otherwise ridicule classic works, radio and television programs, or original Internet audio-visual programs without authorization, (iii) not transmit
re-edited
programs, which unfairly distort the original content, (iv) strictly monitor the adapted content uploaded by platform users and not provide transmission channels for illicit content, (v) immediately take down unauthorized content upon receipt of complaints from copyright owners, radio and television stations, or film and television production institutions, (vi) strengthen the administration of movie trailers and prevent improper broadcasting of movie clips and trailers prior to authorized release, and (vii) strengthen the administration of sponsorship and endorsement for Internet audio-visual programs. Pursuant to this notice, the provincial branches of the National Radio and Television Administration shall have the authority to supervise radio and television stations and websites that offer audio-visual programs within its jurisdiction and require them to further improve their content management systems and implement relevant management requirements.
On November 18, 2019, the CAC, the Ministry of Culture and Tourism and the National Radio and Television Administration jointly issued the Administrative Provisions on Internet Audio-Video Information Services, or the Internet Audio-Video Information Services Provisions, which became effective on January 1, 2020. The Internet Audio-Video Information Services Provisions defines the “Internet audio-video information services” as providing audio and video information production, uploading and transmission to the public via Internet platforms such as websites and applications. Entities providing Internet audio-video information services must obtain relevant licenses subject to applicable PRC laws and regulations and are required to authenticate users’ identities based on their organizational codes, PRC ID numbers, or mobile phone numbers etc.
 
74
In November 2020, the National Radio and Television Administration issued the Notice on Strengthening the Management of Network Live-performance Streaming and
E-Commerce
Streaming, which requires a live-performance streaming platform to adopt and practically implement the real-name registration system for the streamers and the viewers who purchase the virtual gifts for the streamers by taking measures including real-name verification, face recognition and human review. Viewers who fail to pass the real-name registration shall not be allowed to purchase virtual gifts. Live-performance streaming platforms shall block any mechanism that allows minors to purchase any virtual gifts for the streamers. A platform shall set the limitations of maximum amount for purchasing virtual gifts for each time, each day and each month. If a viewer making virtual gift purchases that aggregately reach the half of the daily or monthly limitations, the platform shall notify such viewer and allow such viewer to make further purchase only when he or she confirms the payment through SMS verification or other methods. If a viewer making virtual gift purchases that aggregately reach the full daily or monthly limitations, the platform shall suspend the purchase services to such viewer. A platform shall also adopt a delayed-fund-transfer system such that if a streamer commits illegal activities, the purchase of the virtual gifts shall be refunded to the viewers. In addition, the live-performance streaming platform shall not adopt operation strategies that encourage viewers to purchase virtual gifts irrationally. If the platform finds that any streamer or his or her agent implies, solicits or encourages viewers to make large amount purchases by means of disseminating vulgar information, engaging in organized publicity stunt or engaging “water army” to purchase virtual gifts in large volumes, the platform shall take measures against such streamer and such agent, list him or her into watch list and report him or her into the competent radio and television administration.
In February 2021, the CAC, the National Office of Anti-Pornography and Illegal Publication, the MIIT, the Ministry of Public Security, the Ministry of Culture and Tourism, the SAMR and the NTRA jointly promulgated the 2021 Streaming Guidance Opinions. Pursuant to the 2021 Streaming Guidance Opinions, the online streaming platforms shall adopt a tiered and classified management system over the streamers accounts, with the streamer accounts managed in different tiers and classes based on the nature of the streamers, operational contents, number of fans, popularity of the streaming, time limit of the streaming and other factors. Online streaming platforms shall set up appropriate limitations for streamers’ accounts in different tiers or classes in terms of the total amount of virtual gift received in any single session of streaming performance, the popularity of the streaming, the time length of the streaming, the sessions of the streaming in any single day, the time gap between different streaming sessions and other factors, and take necessary warning measures against the streamers who violate relevant laws and regulations. In addition, the online streaming platforms are required, among other things, to set up appropriate limitations for the maximum purchase price for each virtual gift and the maximum value of virtual gifts that the users send to the streamers each time, and the online streaming platforms are required, if necessary, to set up a
cooling-off
period and a delayed-fund-transfer system for giving virtual gifts.
Regulations Relating to Online Cultural Activities
The Ministry of Culture promulgated the Provisional Measures on Administration of Internet Culture in 2011, as most recently amended in 2017, and the Notice on Issues Relating to Implementing the Newly Revised Provisional Measures on Administration of Internet Culture promulgated by the Ministry of Culture in 2011, which apply to entities that engage in activities related to “online cultural products.” “Online cultural products” are classified as cultural products developed, published and disseminated through the Internet which mainly include: (i) online cultural products particularly developed for publishing through the Internet, such as, among other things, online music and video files, network games and online animation features and cartoons (including flash animation); and (ii) online cultural products converted from audio and visual products, games, performing arts, artworks and animation features and cartoons, and published on the Internet. Pursuant to this legislation, entities are required to obtain the Internet Culture Operation Licenses from the applicable provincial level counterpart of the Ministry of Culture and Tourism if they intend to commercially engage in any of the following types of activities:
 
  •  
production, duplication, import, release or broadcasting of online cultural products;
 
  •  
publishing of online cultural products on the Internet or transmission thereof to computers, fixed-line or mobile phones, radios, television sets or game consoles for the purpose of browsing, reading, reviewing, using or downloading such products by online users; or
 
  •  
exhibitions or contests related to online cultural products.
 
75
In August 2013, the Ministry of Culture issued the Administrative Measures for Content Self-Review by Internet Culture Business Entities, which requires Internet culture business entities to review the content of products and services to be provided prior to providing such content and services to the public. The content management system of an Internet culture business entity is required to specify the responsibilities, standards and processes for content review as well as accountability measures, and is required be filed with the provincial level counterpart of the Ministry of Culture and Tourism.
The Regulations for the Administration of Audio and Video Products, as released by the State Council in December, 2001 and last amended in November 2020, require that the publication, production, duplication, importation, wholesale, retail and renting of audio and video products are subject to a license issued by competent authorities.
Regulations Relating to Online Game Operation
The Notice on Interpretation of the State Commission Office for Public Sector Reform on Several Provisions relating to Animation, Online Game and Comprehensive Law Enforcement in Culture Markets in the ‘Three Provisions’ jointly promulgated by the Ministry of Culture, the SARFT and the GAPP, which was issued by the State Commission Office for Public Sector Reform (a division of the State Council) and became effective on September 7, 2009, provides that the SAPPRFT is responsible for the examination and approval of online games to be uploaded on the Internet and that, after being uploaded, online games are subject to management by the Ministry of Culture and Tourism.
The Circular Regarding the Consistent Implementation of the “Regulation on Three Provisions” of the State Council and the Relevant Interpretations of the State Commission Office for Public Sector Reform and the Further Strengthening of the Administration of
Pre-examination
and Approval of Online Games and the Examination and Approval of Imported Online Games, promulgated by the GAPP, together with the National Copyright Administration and the Office of the National Working Group for Crackdown on Pornographic and Illegal Publications, on September 28, 2009, provides, among other things, that games are not allowed to be put online for operation without obtaining
pre-approval
from GAPP. Foreign investors are prohibited from investing or engaging in online game operations in China through establishing wholly-owned subsidiaries, or equity joint ventures or cooperative joint ventures with Chinese partners, and expressly prohibits foreign investors from gaining control over or participating in domestic online game operations indirectly by establishing other forms of joint venture, establishing contractual agreements or providing technical support. Material violation of this Circular will result in suspension or revocation of relevant licenses and registrations. In addition, according to the Administrative Provisions on Online Publishing Services, before publishing an online game, an online publishing service provider shall file an application with the competent administrative department for SAPPRFT of the province, autonomous region or municipality in the place where it is located and the application, after being approved at the provincial level, shall be submitted to the SAPPRFT for final approval. Online game operations are also categorized as Internet culture operation and the Internet culture provisions shall govern online game operations as well.
In 2010, the Ministry of Culture promulgated the Provisional Measures on the Administration of Online Games, or Online Game Measures, as most recently amended in 2017, which set forth a broad range of activities related to the online game business, including the development and production of online games, the operation of online games, the issuance of virtual currencies used for online games and virtual currency trading services. Online Game Measures provide that any entity that is engaged in online game operations must obtain an Internet Culture Operation License, and require that the content of an imported online game be examined and approved by the Ministry of Culture and Tourism prior to the launch of the game and that the content of a domestic online game must be filed within 30 days of its launch with the Ministry of Culture and Tourism. The Online Game Measures also request online game operators to protect the interests of online players and specify certain terms that must be included in the service agreements between online game operators and the players of their online games. Furthermore, the online game operators are required to take technical and managerial measures to ensure online information security, including preventing computer virus invasion, attack or damage, backing up important data and saving user registration information, operating information, maintaining logs and other information, and protecting state secrets, trade secrets and users’ personal information. In May 2019, the Ministry of Culture and Tourism declared that it would no longer overseeing the online game industry. In July 2019, the Ministry of Culture and Tourism abolished the Online Game Measures.
 
76
Regulations Relating to Protection of Minors and Real-Name Registration System
On April 15, 2007, eight PRC government authorities, including the GAPP, the Ministry of Education, the Ministry of Public Security and the Ministry of Information Industry, jointly issued a circular requiring the implementation of an anti-fatigue compliance system and a real-name registration system by all PRC online game operators. Under the anti-fatigue compliance system, three hours or less of continuous game playing by minors, defined as game players under 18 years of age, is considered to be “healthy,” three to five hours is deemed “fatiguing,” and five hours or more is deemed “unhealthy.” Game operators are required to reduce the value of
in-game
benefits to a game player by half if it discovers that the amount of time a game player spends online has reached the “fatiguing” level and to zero in case of a game player reaches an “unhealthy” level. Pursuant to the PRC Minors Protection Law (2020 Revision) which will become effective on June 1, 2021, providers of network products and services may not provide minors with products or services that induce addictive usage. Providers of network services such as online games, network live streaming, network audio and video, and social networking shall set up corresponding time management, authority management, consumption management and other functions for minors who use their services.
In addition, the State Press and Publication Administration issued the Circular on Preventing Minors from Indulging in Online Games in October 2019, which came into force on November 1, 2019, and it requires that all online game players register with real names. Also, it strictly controls the period and length of minor’s use of online games. Online game companies shall not provide game services to minors every day from 10:00 p.m. to 8:00 a.m. and the length of providing games to minors shall not exceed 3 hours per day on statutory holidays and 1.5 hours per day on other days. The circular restricts online game companies from collecting payment from minors that are incompatible with their affordability.
To identify whether a game player is a minor and thus subject to the anti-fatigue compliance system, a real-name registration system should be adopted to require online game players to register their real identity information before playing online games. Pursuant to a notice issued by the relevant eight government authorities on July 1, 2011, online game operators must submit the identity information of game players to the National Citizen Identity Information Center, a subordinate public institution of the Ministry of Public Security, for verification as of October 1, 2011.
In addition, pursuant to the Internet Live-Streaming Services Provisions, live streaming service providers should verify the identity of users on a live streaming platform with their information such as through their mobile phone number. Also, according to the Administrative Measures for Business Activities of Online Performances issued by Ministry of Culture on December 2, 2016 and in effect as of January 1, 2017, live streaming service providers should require streamers on a live streaming platform to make real-name registration.
Moreover, the 2021 Streaming Guidance Opinions provide that: (i) live-streaming platforms shall strictly forbid providing account registration services to users under age of 16, and shall obtain prior consent from the guardians of the users under age of
16-18
before providing account registration services to them; (ii) “Teenager Mode” shall be provided to minors to prevent them from indulging in live-streaming; (iii) contents on the platform that are not conducive to the healthy growth of minors shall be screened; and (iv) virtual gift purchases shall not be provided to minors. In addition, a live-streaming platform shall establish a customer service team providing services specifically to minors such that complaints and disputes in relation to them will be handled in priority and in a timely manner. If a minor purchases virtual gifts for the streamers using an adult account, the platform shall make refund after verification in accordance with relevant regulations.
Regulations Relating to Virtual Currency
On January 25, 2007, the Ministry of Public Security, the Ministry of Culture, the Ministry of Information Industry and the GAPP jointly issued a circular regarding online gambling which has implications on the issuance and use of virtual currency. To curtail online games that involve gambling while addressing concerns that virtual currency might be used for money laundering or illicit trade, the circular (a) prohibits online game operators from charging commissions in the form of virtual currency in connection with the winning or losing of games; (b) requires online game operators to impose limits on use of virtual currency in guessing and betting games; (c) bans the conversion of virtual currency into real currency or property; and (d) prohibits services that enable game players to transfer virtual currency to other players. To comply with the relevant section of the circular that bans the conversion of virtual currency into real currency or property, in relation to online music and entertainment, our virtual currency currently can only be used by viewers to exchange for virtual items to be used to show support for performers or gain access to privileges and special features in the channels which are services in nature instead of “real currency or property.” Once the virtual currency is exchanged by viewers for virtual items or the relevant privileged services, the conversion transaction is completed and we immediately cancel the virtual item in our internal system.
 
77
In February 2007, fourteen PRC regulatory authorities jointly issued a circular to further strengthen the oversight of Internet cafes and online games. In accordance with the circular, the People’s Bank of China, or PBOC, has the authority to regulate virtual currency, including: (a) setting limits on the aggregate amount of virtual currency that can be issued by online game operators and the amount of virtual currency that can be purchased by an individual; (b) stipulating that virtual currency issued by online game operators can only be used for purchasing virtual products and services within the online games and not for purchasing tangible or physical products; (c) requiring that the price for redemption of virtual currency shall not exceed the respective original purchase price; and (d) banning the trading of virtual currency.
On June 4, 2009, the Ministry of Culture and the MOFCOM jointly issued a notice to strengthen the administration of online game virtual currency. The Virtual Currency Notice requires businesses that (a) issue online game virtual currency (in the form of prepaid cards and/or
pre-payment
or prepaid card points), or (b) offer online game virtual currency transaction services to apply for approval from the Ministry of Culture and Tourism through its provincial branches within three months after the issuance of the notice. The Virtual Currency Notice businesses that issue virtual currency for online games are prohibited from offering services that can trade virtual currency. Any company that fails to file the necessary application will be subject to sanctions, including but not limited to, mandatory corrective actions and fines.
Under the Virtual Currency Notice, online games virtual currency trading service provider refers to the business that provides platform services related to virtual trading in online games among game users. The Virtual Currency Notice further requires an online game virtual currency transaction service provider to comply with relevant
e-commerce
regulations issued by the MOFCOM. According to the Guiding Opinions on Online Trading (Interim) issued by the MOFCOM on March 6, 2007, online platform services are trading services provided to online buyers and sellers through a computer information system operated by the service provider.
The Virtual Currency Notice regulates, among others, the amount of virtual currency a business can issue, the retention period of user records, the function of virtual currency and the return of unused virtual currency upon the termination of online services. Online game operators are prohibited from distributing virtual items or virtual currencies to players through random selection methods such as lottery or betting, and the player directly pays cash or virtual currency. Game operators are prohibited from issuing virtual currency to game players in any way other than legal tender purchases. Any business that provides online game virtual currency transaction services is required to adopt technical measures to restrict the transfer of online game virtual currency among accounts of different game players.
In May 2019, the Ministry of Culture and Tourism announced that it would no longer assume the responsibility of overseeing the online games industry.
On August 31, 2018, the Standing Committee of the National People’s Congress promulgated the
E-commerce
Law, or the PRC
E-commerce
Law, which became effective on January 1, 2019. The
E-commerce
Law clarifies on the obligations of the
e-commerce
platform operators. On March 15, 2021, the SAMR issued the Measures for the Supervision and Administration of Online Transactions, or the Online Transaction Measures, which will become effective on May 1, 2021 and will replace the Administrative Measures for the Online Trading promulgated on January 24, 2016. The Online Transaction Measures further emphasize, among others, that
e-commerce
platform operators are required to establish a mechanism to inspect and monitor products and services provided by the merchants, and shall submit the identity information of the merchants to the local branches of the SAMR.
 
78
Regulations on Online Music
On November 20, 2006, the Ministry of Culture issued the Several Opinions of the Ministry of Culture on the Development and Administration of Online Music, or the Online Music Opinions, which became effective on the same date. The Online Music Opinions provide that, among other things, an Internet music service provider must obtain an Internet Culture Operation License. On October 23, 2015, the Ministry of Culture promulgated the Circular on Further Strengthening and Improving the Content Administration of Online Music, effective as of January 1, 2016, which provides that Internet culture operating entities shall report to a nationwide administrative platform the details of its self-monitoring activities on a quarterly basis.
In 2010 and 2011, the Ministry of Culture greatly intensified its regulations on online music products by issuing a series of circulars regarding online music industry, such as the Circular on Regulating the Market Order of Online Music Products and Renovating Illegal Conducts of Online Music Websites and the Circular on Investigating Illegal Online Music Websites in 2010. In addition, the Ministry of Culture issued the Circular on Clearing Illegal Online Music Products, which clarified that entities engaging in any of the following conducts will be subject to relevant penalties or sanctions imposed by the Ministry of Culture: (i) providing online music products or relevant services without obtaining corresponding qualifications; (ii) importing online music products that have not been reviewed by the Ministry of Culture; or (iii) providing domestically developed online music products that have not been filed with the Ministry of Culture.
On July 8, 2015, the National Copyright Administration issued the Circular regarding Ceasing Transmitting Unauthorized Music Products by Online Music Service Providers, which requires that (i) all unauthorized music products on the platforms of online music services providers shall be removed prior to July 31, 2015, and (ii) the National Copyright Administration investigate and punish the online music services providers who continue to transmit unauthorized music products following July 31, 2015.
Regulations Relating to Commercial Performances
The Administrative Regulations on Commercial Performances (2020 Revision) was promulgated by the State Council and took effect on November 29, 2020. According to these regulations, to legally engage in commercial performances, a culture and arts performance group shall have full-time performers and equipment in line with its performing business, and file an application with the culture administrative department of the people’s government at the county level for approval; while a performance brokerage agency shall have three or more full-time performance brokers and funds suitable for the relevant business, and file an application with the culture administrative department at the provincial level. The culture administrative department shall make a decision within 20 days from the receipt of the application whether to approve the application, and upon approval, will issue a commercial performance license. Anyone or any entity engaging in commercial performance activities without approval may have a penalty imposed, in addition to being ordered to cease its actions. Such penalty may include confiscation of performance equipment and illegal proceeds, and a fine of 8 to 10 times the illegal proceeds. Where there are no illegal proceeds or the illegal proceeds are less than RMB10,000, a fine of RMB50,000 to RMB100,000 will be imposed.
Regulations Relating to Production of Radio and Television Programs
On July 19, 2004, the SARFT issued the Regulations on the Administration of Production and Operation of Radio and Television Programs, or the Radio and TV Programs Regulations, which took effect on August 20, 2004 and was amended on August 28, 2015 and October 29, 2020, respectively. The Radio and TV Programs Regulations require any entities engaging in the production and operation of radio and television programs to obtain a license for such businesses from the National Radio and Television Administration or its provincial branches. Entities with the Radio and Television Program Production and Operating Permit must conduct their business operations strictly in compliance with the approved scope of production and operations and these entities (except radio and TV stations) must not produce radio and TV programs regarding current political news or similar subjects.
 
79
Regulations Relating to Advertising Business
The SAMR (formerly known as State Administration of Industry and Commerce) is the primary governmental authority regulating advertising activities in China. Regulations that apply to the advertising business primarily include: (i) the PRC Advertisement Law, promulgated by the Standing Committee of the National People’s Congress on October 27, 1994 and most recently amended on October 26, 2018; and (ii) the Administrative Regulations for Advertising, promulgated by the State Council on October 26, 1987 and which has been effective since December 1, 1987.
According to the above regulations, companies that engage in advertising activities must obtain, from the SAMR or its local branches, a business license, which specifically includes operating an advertising business in its business scope. Enterprises engaged in the advertising business with such advertising business in its business scope do not need to apply for an advertising operation license, but such enterprise cannot be a radio station, a television station, a newspaper and magazine publishing house or any entity otherwise specified in the relevant laws or administrative regulations. The business license of an advertising company is valid for the duration of its existence, unless the license is suspended or revoked due to a violation of any relevant laws or regulations.
PRC advertising laws and regulations set certain content requirements for advertisements in China, including, among other things, prohibitions on false or misleading content, superlative wording, socially destabilizing content or content involving obscenities, superstition, violence, discrimination or infringement of the public interest. Advertisers, advertising agencies, and advertising distributors are required to ensure that the content of the advertisements they prepare or distribute is true and in complete compliance with applicable laws. In providing advertising services, advertising operators and advertising distributors must review the supporting documents provided by advertisers for advertisements and verify that the content of the advertisements complies with applicable PRC laws and regulations. Prior to distributing advertisements that are subject to government censorship and approval, advertising distributors are obligated to confirm that such censorship has been performed and approval has been obtained. Violation of these regulations may result in penalties, including fines, confiscation of advertising income, orders to cease dissemination of the advertisements and orders to publish an advertisement correcting the misleading information. Where serious violations occur, the SAMR or its local branches may revoke such offenders’ licenses or permits for their advertising business operations.
On July 4, 2016, the SAMR issued the Interim Measures for the Administration of Internet Advertising, or the Internet Advertising Measures, which became effective on September 1, 2016. According to the Internet Advertising Measures, Internet Advertising refers to commercial advertising for direct or indirect marketing goods or services in the form of text, image, audio, video, or other means through websites, web pages, Internet apps, or other Internet media. The Internet Advertising Measures specifically set out the following requirements: (a) advertisements must be identifiable and marked with the word “advertisement” enabling consumers to distinguish them from
non-advertisement
information; (b) sponsored search results must be clearly distinguished from organic search results; (c) it is forbidden to send advertisements or advertisement links by email without the recipient’s permission or induce Internet users to click on an advertisement in a deceptive manner; and (d) Internet information service providers that do not participate in the operation of Internet advertisements should stop publishing illegal advertisements if they know or should know that the advertisements are illegal.
On March 9, 2020, the SAMR promulgated the Notice on the issuance of the “Key Points of the Inter-Ministry Joint Conference on Rectifying False and Illegal Advertising in 2020” and the “Work System of the Inter-Ministry Joint Conference on Rectifying False and Illegal Advertising”. According to the above regulations, the SAMR will study and strengthen the supervision of emerging advertising formats, especially key platforms and key media, and supervise Internet platforms to consciously fulfill their legal obligations and responsibilities to verify relevant certification documents and advertising contents, as well as avoiding publishing false and illegal advertisements.
 
80
Regulations Relating to Intellectual Property Rights
Copyright
China has enacted various laws and regulations relating to the protection of copyright. China is a signatory to some major international conventions on protection of copyright and became a member of the Berne Convention for the Protection of Literary and Artistic Works in October 1992, the Universal Copyright Convention in October 1992 and the Agreement on Trade-Related Aspects of Intellectual Property Rights upon its accession to the World Trade Organization in December 2001.
The PRC Copyright Law, promulgated in 1990 and amended in 2001, 2010 and 2020 respectively, or the Copyright Law, and its related implementing regulations, promulgated in 2002 and amended in 2013, are the principal laws and regulations governing copyright related matters. The Copyright Law provides that Chinese citizens, legal persons, or other organizations shall, whether published or not, enjoy copyright of their works, which include, among others, works of literature, art, natural science, social science, engineering technology and computer software.
The State Council and the National Copyright Administration have promulgated various rules and regulations relating to the protection of software in China. According to these rules and regulations, software owners, licensees and transferees may register their rights in software with the Copyright Protection Center of China and obtain software copyright registration certificates. Although such registration is not mandatory under PRC law, software owners, licensees and transferees are encouraged to go through the registration process and registered software rights may be entitled to better protection. For the number of software programs for which we had registered software copyrights as of the date of this annual report, see “Item 4. Information of the Company—4.B. Business Overview—Intellectual Property.”
The amended Copyright law covers Internet activities, products disseminated over the Internet and software products, among the subjects entitled to copyright protection. Registration of copyright is voluntary, and it is administrated by the Copyright Protection Center of China. To further clarify some key Internet copyright issues, on December 17, 2012, the PRC Supreme People’s Court promulgated the Regulation on Several Issues Concerning Applicable Laws on Trial of Civil Disputes over the Infringement of Information Network Transmission Right, or the 2013 Regulation. The 2013 Regulation took effect on January 1, 2013, and replaced the Interpretations on Some Issues Concerning Applicable Laws for Trial of Disputes over Internet Copyright that was initially adopted in 2000 and subsequently amended in 2004 and 2006. Under the 2013 Regulation, where an Internet information service provider works in cooperation with others to jointly provide works, performances, audio and video products of which the right holders have information network transmission right, such behavior will constitute joint infringement of third parties’ information network transmission right, and the PRC court shall order such Internet information service provider to assume joint liability for such infringement.
To address the problem of copyright infringement related to content posted or transmitted on the Internet, the National Copyright Administration and Ministry of Information Industry jointly promulgated the Measures for Administrative Protection of Copyright Related to Internet on April 29, 2005. These measures, which became effective on May 30, 2005, apply to acts of automatically providing services such as uploading, storing, linking or searching works, audio or video products, or other content through the Internet based on the instructions of Internet users who publish content on the Internet, or the Internet Content Providers, without editing, amending or selecting any stored or transmitted content. When imposing administrative penalties upon the act which infringes upon any user’s right of communication through information networks, the Measures for Imposing Copyright Administrative Penalties, promulgated in 2009, shall be applied.
Where a copyright holder finds that certain Internet content infringes upon its copyright and sends a notice to the relevant Internet information service operator, the relevant Internet information service operator is required to (i) immediately take measures to remove the relevant content and (ii) retain all infringement notices for six months and to record the content, display time and IP addresses or the domain names related to the infringement for 60 days. If the content is removed by an Internet information service operator according to the notice of a copyright holder, the content provider may deliver a counter-notice to both the Internet information service operator and the copyright holder, stating that the removed content does not infringe upon the copyright of other parties. After the delivery of such counter-notice, the Internet information service operator may immediately reinstate the removed content and shall not bear administrative legal liability for such reinstatement.
 
81
An Internet information service operator may be subject to
cease-and-desist
orders and other administrative penalties such as confiscation of illegal income and fines, if it is clearly aware of a copyright infringement through the Internet or, although not aware of such infringement, it fails to take measures to remove relevant content upon receipt of the copyright owner’s notice of infringement and, as a result, damages public interests. Where there is no evidence to indicate that an Internet information service operator is clearly aware of the existence of copyright infringement, or the Internet information service operator has taken measures to remove relevant content upon receipt of the copyright owner’s notice, the Internet information service provider shall not bear the relevant administrative legal liabilities.
We have adopted measures to mitigate copyright infringement risks, but we could still face copyright infringement claims with respect to copyrighted content being streamed live, recorded or made accessible, or songs performed live, recorded or made accessible on our platform. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Our Business and Our Industry—We may be subject to intellectual property infringement claims or other allegations by third parties for information or content displayed on, retrieved from or linked to our platform, or distributed to our users, or for proprietary information appropriated by former employees, which may materially and adversely affect our business, financial condition and prospects.”
Patent
The National People’s Congress adopted the PRC Patent Law in 1984 and amended it in 1992, 2000, 2008 and 2020, respectively, the latest amendment of which will be effective on June 1, 2021. A patentable invention, utility model or design must meet three conditions: novelty, inventiveness and practical applicability. Patents cannot be granted for scientific discoveries, rules and methods for intellectual activities, methods used to diagnose or treat diseases, animal and plant breeds or substances obtained by means of nuclear transformation. The Patent Office under the State Intellectual Property Office is responsible for receiving, examining and approving patent applications. A patent is valid for a twenty-year term for an invention and a
ten-year
term for a utility model or design. Except under certain specific circumstances provided by law, any third-party user must obtain consent or a proper license from the patent owner to use the patent, or else the use will constitute an infringement of the rights of the patent holder. For the number of patent applications, we made as of the date of this annual report, see “Item 4. Information of the Company—4.B. Business Overview—Intellectual Property.”
According to the PRC Patent Law, if the Patent Office finds the application of an invention conforms to the legal requirements after its preliminary examination of such application documents, it shall publish the application promptly within 18 full months after the filing date. According to the Guidelines of Patent Examination, the examination of a patent shall include the preliminary examination, the substantive examination, examination of international applications entering the national phase and review. However, the above-mentioned regulations do not explicitly state how long it takes for a patent application to be approved or denied. In practice, it generally may take up to one year for the Patent Office to review and approve or deny applications of patents in the category of utility model or design and two to five years in the category of invention.
Trademark
The PRC Trademark Law, adopted in 1982 and amended in 1993, 2001, 2013 and 2019, with its implementation rules adopted in 2014, protects registered trademarks. The Trademark Office of National Intellectual Property Administration, or the Trademark Office handles trademark registrations and grants a protection term of ten years to registered trademarks, which may be extended for another ten years upon request. Trademark license agreements must be filed with the Trademark Office for record. For the number of trademarks, we had and trademark applications we have made as of the date of this annual report, see “Item 4. Information of the Company—4.B. Business Overview—Intellectual Property.”
 
82
Domain name
In September 2002, China Internet Network Information Center (“CNNIC”) issued the Implementing Rules for Domain Name Registration setting forth detailed rules for registration of domain names, which was amended in 2012 and 2019. On September 1, 2014 the CNNIC issued the Measures on Domain Name Dispute Resolution and relevant implementing rules, pursuant to which the CNNIC can authorize a domain name dispute resolution institution to decide disputes. On August 24, 2017, the MIIT promulgated the Measures for Administration of Internet Domain Names, which regulates the registration of domain names. For the number of domain names we registered as of the date of this annual report, see “Item 4. Information of the Company—4.B. Business Overview—Intellectual Property.”
Regulations Relating to Internet Infringement
The PRC Civil Code, which was adopted by the National People’s Congress on May 28, 2020 and became effective on January 1, 2021, provides that (i) an online service provider should be held liable for its own tortious acts in providing online services; (ii) where an Internet user engages in tortious conduct through Internet services, the obligee shall have the right to notify the Internet service provider that it should take necessary action such as by deleting content, screening, breaking links, etc. After receiving the notice, the network service provider shall promptly forward the notice to the relevant network user and take necessary measures in light of the preliminary evidence of infringement and the type of service; if the Internet service provider fails to take necessary action after being notified, it shall be jointly and severally liable with the Internet user with regard to the additional injury or damage suffered and (iii) where an Internet service provider knows or should have known that an Internet user is infringing upon other people’s civil rights and interests through its Internet service but fails to take necessary action, it shall be jointly and severally liable with the Internet user.
Regulations Relating to Internet Content and Information Security
The Administrative Measures on Internet Information Services specify that Internet information services regarding news, publications, education, medical and health care, pharmaceutical and medical appliances, among other things, are to be examined, approved and regulated by the relevant authorities. Internet information providers are prohibited from providing services beyond those included in the scope of their ICP Licenses or filings. The PRC government has promulgated measures relating to Internet content through a number of governmental agencies, including the MIIT, the Ministry of Culture and the General Administration of Press and Publication. These measures specifically prohibit Internet activities, that result in the publication of any content which is found to propagate obscenity, gambling or violence, instigate crimes, undermine public morality or the cultural traditions of the PRC or compromise state security or secrets. Internet information providers must monitor and control the information posted on their websites. If any prohibited content is found, they must remove the offensive content immediately, keep a record of it and report it to the relevant authorities.
On December 13, 2005, the Ministry of Public Security promulgated Provisions on Technological Measures for Internet Security Protection, or the Internet Protection Measures, which took effect on March 1, 2006. The Internet Protection Measures requires all Internet information services operators to take proper measures including anti-virus, data
back-up
and other related measures, and keep records of certain information about their users (including user registration information,
log-in
and
log-out
time, IP address, content and time of posts by users) for at least 60 days and submit the above information as required by laws and regulations.
The National People’s Congress, China’s national legislative body, enacted the Decisions on the Maintenance of Internet Security on December 28, 2000 and subsequently amended on August 27, 2009, that may subject any persons to criminal liabilities in China for any attempt to: (i) gain improper entry into a computer or system of strategic importance; (ii) disseminate politically disruptive information; (iii) leak state secrets; (iv) spread false commercial information; or (v) infringe on intellectual property rights. The Ministry of Public Security has promulgated measures that prohibit the use of the Internet in ways which, among other things, results in a leakage of state secrets or a spread of socially destabilizing content.
 
83
In 1997, the Ministry of Public Security issued the Administration Measures on the Security Protection of Computer Information Network with International Connections (2011 Revision), which prohibit using the Internet in ways which, among others, result in a leak of state secrets or a spread of socially destabilizing content. The Ministry of Public Security has supervision and inspection powers in this regard, and relevant local security bureaus may also have jurisdiction. If an ICP License holder violates these measures, the PRC government may revoke its ICP License and shut down its website.
On December 28, 2012, the Standing Committee of the National People’s Congress reiterated relevant rules on the protection of Internet information by issuing the Decision on Strengthening the Protection of Network Information, or the 2012 Decision. The 2012 Decision distinctly clarified certain relevant obligations of Internet information service providers. Once it discovers any transmission or disclosure of information prohibited by the relevant laws and regulations, the Internet information service provider shall stop transmission of such information, take measures such as elimination, keeping relevant records and reporting to relevant authorities.
In November 2016, the Standing Committee of the National People’s Congress promulgated the Cyber Security Law of the PRC, or the Cyber Security Law, which took effect on June 1, 2017. In accordance with the Cyber Security Law, network operators must comply with applicable laws and regulations and fulfill their obligations to safeguard network security in conducting business and providing services. Network service providers must take technical and other necessary measures as required by laws, regulations and mandatory requirements to safeguard the operation of networks, respond to network security effectively, prevent illegal and criminal activities, and maintain the integrity, confidentiality and usability of network data.
On December 20, 2019, the CAC promulgated the Provisions on the Ecological Governance of Network Information Contents, which became effective on March 1, 2020. It requires network platform operators like us not to disseminate illegal contents, nor to present exaggerated, sexually suggestive, discriminative or otherwise inappropriate contents in
eye-catching
areas such as home page, popup and hot search list.
To comply with the above laws and regulations, we have developed the following mechanisms to monitor the content on our platform as
AI-backed
automatic detection process, manual review, self-regulation system by streamers and room managers and report by users, see “Item 4. Information of the Company—4.B. Business Overview—Content Monitoring System.”
Regulations Relating to Privacy Protection
Under the Several Provisions on Regulating the Market Order of Internet Information Services, issued by the Ministry of Industry and Information Technology in December 2011, an ICP service operator may not collect any user personal information or provide such information to third parties without the consent of a user. An ICP service operator must expressly inform the users of the method, content and purpose for the collection and processing of such user personal information and may only collect such information necessary for the provision of its services. PRC laws and regulations prohibit Internet content providers from disclosing any information transmitted by users through their networks to any third parties without their authorization unless otherwise permitted by law. An ICP service operator is also required to properly keep the user personal information, and in case of any leak or likely leak of the user personal information, the ICP service operator must take immediate remedial measures and, in severe circumstances, make an immediate report to the telecommunications regulatory authority. In addition, pursuant to the 2012 Decision and the Order for the Protection of Telecommunication and Internet User Personal Information issued by the Ministry of Industry and Information Technology in July 2013, any collection and use of user personal information must be subject to the consent of the user, abide by the principles of legality, rationality and necessity and be within the specified purposes, methods and scope. An ICP service operator must also keep such information strictly confidential, and is further prohibited from divulging, tampering or destroying of any such information, or selling or providing such information to other parties. If an Internet content provider violates these regulations, the MIIT or its local bureaus may impose penalties and the Internet content provider may be liable for damages caused to its users.
 
84
Pursuant to the Ninth Amendment to the Criminal Law of the PRC issued by the Standing Committee of the National People’s Congress on August 29, 2015, effective on November 1, 2015, any Internet service provider that fails to fulfill the obligations related to Internet information security as required by applicable laws and refuses to take corrective measures, will be subject to criminal liability for (i) any large-scale dissemination of illegal information; (ii) any severe effect due to the leakage of users’ personal information; (iii) any serious loss of evidence of criminal activities; or (iv) other severe situations, and any individual or entity that (a) sells or provides personal information to others unlawfully or (b) steals or illegally obtains any personal information will be subject to criminal liability in severe situations.
On November 7, 2016, the Standing Committee of the National People’s Congress promulgated the Cybersecurity Law of the PRC, or the Cybersecurity Law, which came into effect on June 1, 2017. Pursuant to the Cybersecurity Law, network operators shall follow their cybersecurity obligations according to the requirements of the classified protection system for cybersecurity, including: (a) formulating internal security management systems and operating instructions, determining the persons responsible for cybersecurity, and implementing the responsibility for cybersecurity protection; (b) taking technological measures to prevent computer viruses, network attacks, network intrusions and other actions endangering cybersecurity; (c) taking technological measures to monitor and record the network operation status and cybersecurity incidents; (d) taking measures such as data classification, and
back-up
and encryption of important data; and (e) other obligations stipulated by laws and administrative regulations. In addition, network operators shall follow the principles of legitimacy to collect and use personal information and disclose their rules of data collection and use, clearly express the purposes, means and scope of collecting and using the information, and obtain the consent of the persons whose data is gathered.
On January 23, 2019, the Office of the Central Cyberspace Affairs Commission and other three authorities jointly issued the Circular on the Special Campaign of Correcting Unlawful Collection and Usage of Personal Information via Apps. Pursuant to this 2019 circular, (i) App operators are prohibited from collecting any personal information irrelevant to the services provided by such operator; (ii) information collection and usage policy should be presented in a simple and clear way, and such policy should be consented by the users voluntarily; (iii) authorization from users should not be obtained by coercing users with default or bundling clauses or making consent a condition of a service. App operators violating such rules can be ordered by authorities to correct its incompliance within a given period, be reported in public; or even quit its operation or cancel its business license or operational permits. And on October 1 2019, the Provisions on the Cyber Protection of Children’s Personal Information, issued by the Office of the Central Cyberspace Affairs Commission, came into effect, which requires, among others, that network operators who collect, store, use, transfer and disclose personal information of children under the age of 14 shall establish special rules and user agreements for the protection of children’s personal information, inform the children’s guardians in a noticeable and clear manner, and shall obtain the consent of the children’s guardians. Furthermore, the authorities issuing the circular vow to initiate a campaign to correct unlawful collection and usage of personal information via Apps from January 2019 through December 2019. The Civil Code further provides in a stand-alone chapter of right of personality and reiterates that the personal information of a natural person shall be protected by the law. Any organization or individual shall legitimately obtain such personal information of others in due course on a
need-to-know
basis and ensure the safety and privacy of such information, and refrain from excessively handling or using such information.
According to the Administrative Provisions on Official Account Information Services for Internet Users, or the Official Account Information Services Provisions, which was first promulgated by the Office of the Central Cyberspace Affairs Commission on September 7, 2017 and amended recently on January 22, 2021 (effective on February 22, 2021), official account information service platforms shall fulfill their responsibilities for the management of information content and official accounts, assign management personnel and provide technical capabilities suitable for their business scale, set up the post of content security officer, establish, improve and strictly implement management systems for account registration, information content security, ecological governance, emergency response, cybersecurity, data security, personal information protection, intellectual property protection and credit evaluation. The Official Account Information Services Provisions further provide that official account information service platforms not only shall establish systems of categorical registration and creation for official accounts, and implement categorical management, but also shall, in accordance with the information content production quality and information dissemination capabilities of official accounts, the credit evaluation of account entities and other indicators, establish
level-by-level
management systems and implement
level-by-level
management. The amendment to the Official Account Information Services Provisions in 2021 emphasizes and enhances the responsibility of the official account information service platforms, including without limitation, (i) that they shall verify the legality and compliance of the names, profile photos and introductions of the online public accounts registered by Internet users, and shall suspend provision of services for the users and notify such users to make corrections within a prescribed time frame in case of any inconsistency between such account name, profile photos or introductions and their real identity information, and (ii) that without informed consent of the Internet users, they shall not force the Internet users to subscribe or follow the online public accounts in any manner.
 
85
Regulations Relating to Internet Publication and Cultural Products
On February 4, 2016, State Administration of Press, Publication, Radio, Film and Television, (or the SAPPRFT, which is the predecessor of National Radio and Television Administration), and the MIIT issued the Administrative Provisions on Online Publishing Services, or the Online Publishing Provisions, which took effect in March 2016. According to the Online Publishing Provisions, all online publishing services provided within the territory of China are subject to the Online Publishing Provisions, and an online publishing services permit shall be obtained in order to provide online publishing services. Pursuant to the Online Publishing Provisions, “online publishing services” refer to providing online publications to the public through information networks; and “online publications” refer to digital works with publishing features such as having been edited, produced or processed and are made available to the public through information networks, including: (i) written works, pictures, maps, games, cartoons, audio-visual reading materials and other original digital works containing useful knowledge or ideas in the field of literature, art, science or other fields; (ii) digital works of which the content is identical to that of any published book, newspaper, periodical, audio-visual product, electronic publication or the like; (iii) network literature databases or other digital works, derived from any of the aforesaid works by selection, arrangement, collection or other means; and (iv) other types of digital works as may be determined by the SAPPRFT.
Regulations Relating to Foreign Currency Exchange and Dividend Distribution
Foreign currency exchange
The core regulations governing foreign currency exchange in China are the Foreign Exchange Administration Regulations, as amended in August 2008, or the FEA Regulations. Certain organizations in the PRC, including foreign invested enterprises, may purchase, sell and/or remit foreign currencies at certain banks authorized to conduct foreign exchange business upon providing valid commercial documents. However, approval of the SAFE, is required for capital account transactions.
On August 29, 2008, the SAFE issued Circular 142 to regulate the conversion of foreign currency into Renminbi by a foreign-invested enterprise by restricting the ways in which converted Renminbi may be used. Circular 142 requires that the registered capital of a foreign-invested enterprise converted into Renminbi from foreign currencies may only be utilized for purposes within its business scope. Meanwhile, the SAFE strengthened its oversight of the flow and the use of the registered capital of a foreign-invested enterprise settled in Renminbi converted from foreign currencies. The use of such Renminbi capital may not be changed without the SAFE’s approval, and may not in any case be used as repayment of Renminbi loans if the proceeds of such loans have not been used.
In 2014, the SAFE decided to further reform the foreign exchange administration system to satisfy and facilitate the business and capital operations of foreign-invested enterprises, and issued the Circular on the Relevant Issues Concerning the Launch of Reforming Trial of the Administration Model of the Settlement of Foreign Currency Capital of Foreign-Invested Enterprises in Certain Areas on July 4, 2014, or SAFE Circular 36. The SAFE Circular 36 suspends the application of SAFE Circular 142 in certain areas and allows a foreign-invested enterprise registered in such areas to use the Renminbi capital converted from foreign currency registered capital for equity investments within the scope of business, which will be regarded as the reinvestment of foreign-invested enterprise. On March 30, 2015, the SAFE issued the Circular on the Reforming of the Management Method of the Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or SAFE Circular 19, effective on June 1, 2015 and amended on December 30, 2019, which replaced SAFE Circular 142 and SAFE Circular 36. Under SAFE Circular 19, a foreign-invested enterprise, within the scope of business, may also choose to convert its registered capital from foreign currency to Renminbi on a discretionary basis, and the Renminbi capital so converted can be used for equity investments within the PRC, which will be regarded as the reinvestment of foreign-invested enterprise. Nevertheless, Circular 19 reiterates the principle that Renminbi converted from foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond its business scope. Further, in June 2016, the SAFE issued the Circular on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or Circular 16, which took effect on the same day. Compared to Circular 19, Circular 16 provides that discretionary foreign exchange settlement applies to foreign exchange capital, foreign debt offering proceeds and remitted foreign listing proceeds, and the corresponding Renminbi obtained from foreign exchange settlement are not restricted from extending loans to related parties or repaying the intercompany loans (including advances by third parties).
 
86
In November 2012, SAFE promulgated the Circular of Further Improving and Adjusting Foreign Exchange Administration Policies on Direct Investment, as amended, which substantially amends and simplifies the foreign exchange procedure. Pursuant to this circular, the opening of various special purpose foreign exchange accounts, such as
pre-establishment
expenses accounts, foreign exchange capital accounts and guarantee accounts, the reinvestment of RMB proceeds by foreign investors in the PRC, and remittance of foreign exchange profits and dividends by a foreign-invested enterprise to its foreign shareholders no longer require the approval or verification of SAFE, and multiple capital accounts for the same entity may be opened in different provinces, which was not possible previously. In addition, SAFE promulgated the Circular on Printing and Distributing the Provisions on Foreign Exchange Administration over Domestic Direct Investment by Foreign Investors and the Supporting Documents in May 2013, as amended, which specifies that the administration by SAFE or its local branches over direct investment by foreign investors in the PRC shall be conducted by way of registration and banks shall process foreign exchange business relating to the direct investment in the PRC based on the registration information provided by SAFE and its branches. After a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment, or SAFE Notice 13, became effective on June 1, 2015, instead of applying for approvals regarding foreign exchange registrations of foreign direct investment and overseas direct investment from SAFE, entities and individuals will be required to apply for such foreign exchange registrations from qualified banks. The qualified banks, under the supervision of SAFE, directly examine the applications and conduct the registration. On October 23, 2019, SAFE issued the Circular on Further Promoting Cross-border Trade and Investment Facilitation, or SAFE Circular 28. Among others, SAFE Circular 28 relaxes the prior restrictions and allows the foreign-invested enterprises without equity investment as in their approved business scope to use their capital obtained from foreign exchange settlement to make domestic equity investment as long as the investments are real and in compliance with the foreign investment-related laws and regulations. In addition, SAFE Circular 28 stipulates that qualified enterprises in certain pilot areas may use their capital income from registered capital, foreign debt and overseas listing, for the purpose of domestic payments without providing authenticity certifications to the relevant banks in advance for those domestic payments.
In 2014, the SAFE decided to further reform the foreign exchange administration system to satisfy and facilitate the business and capital operations of foreign-invested enterprises, and issued the Circular on the Relevant Issues Concerning the Launch of Reforming Trial of the Administration Model of the Settlement of Foreign Currency Capital of Foreign-Invested Enterprises in Certain Areas on July 4, 2014, or SAFE Circular 36. The SAFE Circular 36 suspends the application of SAFE Circular 142 in certain areas and allows a foreign-invested enterprise registered in such areas to use the Renminbi capital converted from foreign currency registered capital for equity investments within the scope of business, which will be regarded as the reinvestment of foreign-invested enterprise. On March 30, 2015, the SAFE issued the Circular on the Reforming of the Management Method of the Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or SAFE Circular 19, which took effect on June 1, 2015, and replaced SAFE Circular 142 and SAFE Circular 36. Under SAFE Circular 19, a foreign-invested enterprise, within the scope of business, may also choose to convert its registered capital from foreign currency to Renminbi on a discretionary basis, and the Renminbi capital so converted can be used for equity investments within the PRC, which will be regarded as the reinvestment of foreign-invested enterprise. According to the Circular on Optimizing the Administration of Foreign Exchange to Support the Development of Foreign-related Business issued by the SAFE on April 10, 2020, eligible enterprises are allowed to make domestic payments using the income under their capital accounts generated from their capital, foreign debt and overseas listing, without providing materials for each transaction evidencing the authenticity in advance, provided that the capital usage is authentic and compliant with the current capital account income usage management regulations. On October 23, 2019, the SAFE issued Notice of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment, or Circular 28. Circular 28 allows
non-investment
foreign invested enterprises to use their capital funds to make equity investments in China, provided that such investments do not violate the Negative List (2020) and the target investment projects are genuine and in compliance with PRC laws. Since Circular 28 was issued recently, its interpretation and implementation in practice are still subject to substantial uncertainties.
 
87
Dividend distribution
Pursuant to the SAFE’s Circular on Relevant Issues Relating to Domestic Resident’s Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, issued and effective on July 4, 2014, and its appendices, PRC residents, including PRC institutions and individuals, must register with local branches of the SAFE in connection with their direct establishment or indirect control of an offshore entity, for the purpose of overseas investment and financing, with such PRC residents’ legally owned assets or equity interest in domestic enterprises or offshore assets or interests, referred to in SAFE Circular 37 as a “special purpose vehicle.” SAFE Circular 37 further requires amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, including but not limited to increases or decreases of capital contributed by PRC individuals, share transfer or exchange, merger, division or other material event. According to the Notice on Further Simplifying and Improving Policies for the Foreign Exchange Administration of Direct Investment released on February 13, 2015 by the SAFE, local banks will be responsible for examining and handling foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and the amendment registrations.
In the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making distributions of profit to the offshore parent and from carrying out subsequent cross-border foreign exchange activities and the special purpose vehicle may be restricted in their ability to contribute additional capital into its PRC subsidiary. And, failure to comply with the various SAFE registration requirements described above could result in liability under PRC law for foreign exchange evasion, including (i) up to 30% of the total amount of foreign exchange remitted overseas and deemed to have been evasive and (ii) in circumstances involving serious violations, a fine of no less than 30% of and up to the total amount of remitted foreign exchange deemed evasive. Furthermore, the
persons-in-charge
and other persons at our PRC subsidiaries who are held directly liable for the violations may be subject to criminal sanctions. These regulations apply to our direct and indirect shareholders who are PRC residents and may apply to any offshore acquisitions and share transfer that we make in the future if our shares are issued to PRC residents. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—PRC regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiary’s ability to increase their registered capital or distribute profits to us or otherwise expose us to liability and penalties under PRC law.”
Stock Option Rules
Pursuant to the Circular on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly Listed Company issued by the SAFE in February 2012, or the SAFE Circular 7, employees, directors, supervisors and other senior management participating in any stock incentive plan of an overseas publicly listed company who are PRC citizens or who are non PRC citizens residing in China for a continuous period of not less than one year, subject to a few exceptions, are required to register with the SAFE through a domestic qualified agent, which could be a PRC subsidiary of such overseas listed company, and complete certain other procedures. Failure to complete the SAFE registrations may subject them to fines and legal sanctions and may also limit our ability to contribute additional capital into our wholly foreign-owned subsidiaries in China and limit these subsidiaries’ ability to distribute dividends to us. The PRC agents shall, on behalf of the PRC residents who have the right to exercise the employee share options, apply to the SAFE or its local branches for an annual quota for the payment of foreign currencies in connection with the PRC residents’ exercise of the employee share options. The foreign exchange proceeds received by the PRC residents from the sale of shares under the stock incentive plans granted and dividends distributed by the overseas listed companies must be remitted into the bank accounts in the PRC opened by the PRC agents before distribution to such PRC residents. In addition, the PRC agents shall file each quarter the form for record-filing of information of the Domestic Individuals Participating in the Stock Incentive Plans of Overseas Listed Companies with the SAFE or its local branches. We and our PRC citizen employees who have been granted share options, or PRC option holders, will be subject to the SAFE Circular 7 when our company becomes an overseas listed company upon the completion of our initial public offering in July 2019. If we or our PRC option holders fail to comply with the SAFE Circular 7, we and our PRC option holders may be subject to fines and other legal sanctions. See “Item 3. Key Information—3.D. Risk Factors— Failure to comply with PRC regulations regarding the registration requirements for employee stock ownership plans or share option plans may subject the PRC plan participants or us to fines and other legal or administrative sanctions.”
 
88
In addition, the State Administration for Taxation has issued circulars concerning employee share options, under which our employees working in the PRC who exercise share options will be subject to PRC individual income tax. Our PRC subsidiaries have obligations to file documents related to employee share options with relevant tax authorities and to withhold individual income taxes of those employees who exercise their share options. If our employees fail to pay or if we fail to withhold their income taxes as required by relevant laws and regulations, we may face sanctions imposed by the PRC tax authorities or other PRC government authorities.
Regulations Relating to Tax
PRC enterprise income tax
The PRC enterprise income tax is calculated based on the taxable income determined under the PRC Enterprise Income Tax Law and its implementation rules. On March 16, 2007, the National People’s Congress of China enacted the PRC Enterprise Income Tax Law, which became effective on January 1, 2008 and was subsequently amended on February 24, 2017 and December 29, 2018. On December 6, 2007, the State Council promulgated the implementation rules to the PRC Enterprise Income Tax Law, which was effective in 2008 and was amended in 2019.
Under the PRC Enterprise Income Tax Law, an enterprise established outside China with “de facto management bodies” within China is considered a “resident enterprise” for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. A circular issued by the State Taxation Administration in April 2009 and amended in 2017 regarding the standards used to classify certain Chinese invested enterprises controlled by Chinese enterprises or Chinese enterprise groups and established outside of China as “resident enterprises”, or the SAT Circular 82 clarified that dividends and other income paid by such PRC “resident enterprises” will be considered PRC source income and subject to PRC withholding tax, currently at a rate of 10%, when paid to non PRC enterprise shareholders. This circular also subjects such PRC “resident enterprises” to various reporting requirements with the PRC tax authorities. Under the implementation regulations to the PRC Enterprise Income Tax Law, a “de facto management body” is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise. On July 27, 2011, the SAT issued the Administrative Measures of Enterprise Income Tax of Chinese-Controlled Offshore Incorporated Resident Enterprises (Trial), or SAT Bulletin 45, which became effective on September 1, 2011. Such administrative measures further provide guidance on residence status determination and post-determination administration as well as the relevant procedures for competent tax authorities.
According to the SAT Circular 82 and SAT Bulletin 45, a Chinese-controlled offshore-incorporated enterprise will be regarded as a PRC tax resident by virtue of having its “de facto management body” in China and will be subject to PRC enterprise income tax on its global income only if all of the following conditions set forth in Circular 82 are met: (i) the primary location of the
day-to-day
operational management is in the PRC; (ii) decisions relating to the enterprise’s financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise’s primary assets, accounting books and records, company seals and board and shareholder resolutions are located or maintained in the PRC; and (iv) 50% or more of voting board members or senior executives habitually reside in the PRC.
We do not meet all of the conditions set forth in SAT Circular 82. Therefore, we believe that we should not be treated as a “resident enterprise” for PRC tax purposes even if the standards for “de facto management body” prescribed in the SAT Circular 82 are applied to us. For example, our minutes and files of the resolutions of our board of directors and the resolutions of our shareholders are maintained outside the PRC. However, it is possible that the PRC tax authorities may take a different view. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—Under the PRC enterprise income tax law, we may be classified as a PRC “resident enterprise,” which could result in unfavorable tax consequences to us and our shareholders and have a material adverse effect on our results of operations and the value of your investment.”
 
89
Pursuant to the PRC EIT Laws, an entity qualified as software enterprise or SE is entitled to an exemption from income taxation for the first two years, counting from the year the entity makes profit, and a reduction of half EIT tax rate for the next three years. Douyu Yule has been qualified as an SE.
PRC indirect transfer tax
On February 3, 2015, the SAT issued the Notice on Several Issues Concerning Enterprise Income Tax for Indirect Assets Transfer by
Non-PRC
Resident Enterprises, as amended in 2017, or SAT Circular 7. Pursuant to SAT Circular 7, an “indirect transfer” of assets, including equity interests in a PRC resident enterprise, by
non-PRC
resident enterprises, may be recharacterized and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. When determining whether there is a “reasonable commercial purpose” of the transaction arrangement, features to be taken into consideration include, inter alia, whether the main value of the equity interest of the relevant offshore enterprise derives directly or indirectly from PRC taxable assets; whether the assets of the relevant offshore enterprise mainly consist of direct or indirect investment in China or if its income is mainly derived from China; and whether the offshore enterprise and its subsidiaries directly or indirectly holding PRC taxable assets have real commercial nature which is evidenced by their actual function and risk exposure. According to SAT Circular 7, where the payor fails to withhold any or sufficient tax, the transferor shall declare and pay such tax to the tax authority by itself within the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. SAT Circular 7 does not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired on a public stock exchange. On October 17, 2017, the SAT issued the Circular on Issues of Tax Withholding of Income Tax of
Non-resident
Enterprise at Source, or SAT Circular 37, which further elaborates the relevant implemental rules regarding the calculation, reporting and payment obligations of the withholding tax by the
non-resident
enterprises. Nonetheless, there remain uncertainties as to the interpretation and application of SAT Circular 7. SAT Circular 7 may be determined by the tax authorities to be applicable to our offshore transactions or sale of our shares or those of our offshore subsidiaries where
non-resident
enterprises, being the transferors, were involved.
Value added tax
On January 1, 2012, the State Taxation Administration officially launched a pilot VAT reform program, or Pilot Program, applicable to businesses in selected industries. Businesses in the Pilot Program would pay VAT instead of business tax. The Pilot Industries in Shanghai included industries involving the leasing of tangible movable property, transportation services, research and development and technical services, information technology services, cultural and creative services, logistics and ancillary services, certification and consulting services. The Pilot Program initially applied only to transportation industry and modern service industries, Pilot Industries, in Shanghai in 2011 and expanded to eight trial regions (including Beijing and Guangdong province) and nationwide progressively from August to August 2013. Revenues generated by advertisement services, a type of “cultural and creative services,” are subject to the VAT rate of 6%. According to official announcements made by competent authorities in Beijing and Guangdong province, Beijing launched the same Pilot Program on September 1, 2012, and Guangdong province launched it on November 1, 2012. Revenues generated by advertisement services, a type of “cultural and creative services,” are subject to the VAT rate of 6%.
On December 12, 2013, the Ministry of Finance and the SAT issued the Circular on Including the Railway Transportation and Postal Industries in the Pilot Program of Replacing Business Tax with Value-Added Tax, or the Pilot Collection Circular. The scope of certain modern services industries under the Pilot Collection Circular is expanded to cover research and development and technical services, cultural and creative services, and radio, film and television services. In addition, according to the Notice on Including the Telecommunications Industry in the Pilot Program of Levying Value-added Tax in Lieu of Business Tax, which became effective on June 1, 2014, the scope of certain modern services industries under the Pilot Collection Circular is further expanded to cover the telecommunications industry. On March 23, 2016, the MOF and the SAT issued the Circular on Comprehensively Promoting the Pilot Program of the Collection of Value added Tax in Lieu of Business Tax. Effective from May 1, 2016, the PRC tax authorities collect VAT in lieu of Business Tax in all regions and industries. All of our entities were subject to VAT at the rate of 6% for services provided and 16% for goods sold as of December 31, 2018.
 
90
On March 20, 2019, the SAT announced that the VAT rate of 16% for sale of goods be reduced to 13%, effective from April 1, 2019.
Withholding Tax on Dividend
A PRC resident enterprise which distributes dividends to its
non-PRC
shareholders should withhold PRC income tax at a rate of 10% according to PRC law. However, pursuant to the Arrangement between the PRC and the Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income, if the beneficial owner of the dividends is a Hong Kong resident enterprise, which directly holds at least 25% of the equity interest of the aforesaid enterprise (i.e., the dividend distributor), the tax levied shall be 5% of the distributed dividends. Meanwhile, the Circular of the State Taxation Administration on the Interpretation and the Determination of the “Beneficial Owners” in the Tax Treaties has stipulated some factors that are unfavorable to the determination of “beneficial owner,” particularly in the case of holding companies.
In addition, pursuant to the Circular of the State Taxation Administration on Relevant Issues Relating to the Implementation of Dividend Clauses in Tax Treaties, which was issued by the SAT on February 20, 2009, for a tax resident of the counterparty to the tax treaty to be entitled to such tax treatment specified in the tax treaty for with respect to the dividends paid to it by a Chinese resident company, all of the following requirements should be satisfied: (i) the tax resident who obtains dividends should be a company as provided in the tax treaty; (ii) the equity interests and the voting shares of the Chinese resident company directly owned by such tax resident is at least a specified percentage; and (iii) the capital ratio of the Chinese resident company directly owned by such tax resident is at least the percentage specified in the tax treaty at any time within 12 months prior to acquiring the dividends.
Regulations Relating to Labor and Social Insurance
The principal laws that govern employment include: (i) the PRC Labor Law, promulgated by the Standing Committee of the National People’s Congress on July 5, 1994, which has been effective since January 1, 1995 and most recently amended on December 29, 2018; and (ii) the PRC Labor Contract Law, promulgated by the Standing Committee of the National People’s Congress on June 29, 2007 and amended on December 28, 2012.
According to the PRC Labor Law and the PRC Labor Contract Law, employers must execute written labor contracts with full-time employees. All employers must compensate their employees with wages equal to at least the local minimum wage standards. All employers are required to establish a system for labor safety and sanitation, strictly comply with state rules and standards and provide employees with workplace safety training. Violations of the PRC Labor Contract Law and the PRC Labor Law may result in the imposition of fines and other administrative penalties. For serious violations, criminal liability may arise.
In addition, an employer is obligated to sign an indefinite term labor contract with an employee if the employer continues to employ the employee after two consecutive fixed term labor contracts. The employer also have to pay compensation to the employee if the employer terminates an indefinite term labor contract. Moreover, employers in China are required to provide employees with welfare schemes covering pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, medical insurance and housing funds.
According to the Social Insurance Law of the PRC promulgated by the National People’s Congress of the PRC on October 28, 2010, effective since July 1, 2011 and amended on December 29, 2018, together with other relevant laws and regulations, an employer that fails to make social insurance contributions may be ordered to pay the required contributions within a stipulated deadline and be subject to a late fee. If the employer still fails to rectify the failure to make social insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one to three times the amount overdue. According to the Regulations on Administration of Housing Fund promulgated by the State Council on April 3, 1999 and amended in 2002 and 2019 respectively, an enterprise that fails to make housing fund contributions may be ordered to rectify the noncompliance and pay the required contributions within a stipulated deadline; otherwise, an application may be made to a local court for compulsory enforcement.
 
91
Regulations Relating to Anti-Monopoly Matters related to Internet Platform Companies
The PRC Anti-monopoly Law, which took effect on August 1, 2008, prohibits monopolistic conduct such as entering into monopoly agreements, abusing market dominance and concentration of undertakings that may have the effect of eliminating or restricting competition. The PRC Anti-monopoly Law requires that the anti-monopoly law enforcement agency be notified in advance of any transaction where the parties’ turnover in the China market and/or global market exceed certain thresholds and the buyer would obtain control of, or decisive influence over, the target as a result of the business combination. As further clarified by the Provisions of the State Council on the Threshold of Filings for Undertaking Concentrations issued by the State Council in 2008 and amended in September 2018, such thresholds include: (i) the total global turnover of all operators participating in the transaction exceeds RMB10 billion in the preceding fiscal year and at least two of these operators each had a turnover of more than RMB400 million within China in the preceding fiscal year, or (ii) the total turnover within China of all the operators participating in the transaction exceeded RMB2 billion in the preceding fiscal year, and at least two of these operators each had a turnover of more than RMB400 million within China in the preceding fiscal year. There are numerous factors the anti-monopoly law enforcement agency considers in determining “control” or “decisive influence,” and, depending on certain criteria, the anti-monopoly law enforcement agency may conduct anti-monopoly review of transactions in respect of which it was notified. On September 11, 2020, the SAMR issued the Anti-monopoly Compliance Guideline for Operators, which requires, under the PRC Anti-monopoly Law, operators to establish anti-monopoly compliance management systems to prevent anti-monopoly compliance risks.
On February 7, 2021, the Anti-monopoly Bureau of the State Council officially promulgated the Guidelines to Anti-Monopoly in the Field of Internet Platforms, or the Anti-Monopoly Guidelines for Internet Platforms. Pursuant to an official interpretation from the Anti-monopoly Bureau of the State Council, the Anti-Monopoly Guidelines for Internet Platforms mainly covers five aspects, including general provisions, monopoly agreements, abusing market dominance, concentration of undertakings, and abusing of administrative powers eliminating or restricting competition. The Anti-Monopoly Guidelines for Internet Platforms prohibits certain monopolistic acts of Internet platforms so as to protect market competition and safeguard interests of users and undertakings participating in Internet platform economy, including without limitation, prohibiting platforms with dominant position from abusing their market dominance (such as discriminating customers in terms of pricing and other transactional conditions using big data and analytics, coercing counterparties into exclusivity arrangements, using technology means to block competitors’ interface, favourable positioning in search results of goods displays, using bundle services to sell services or products, compulsory collection of users’ unnecessary data. In addition, the Anti-Monopoly Guidelines for Internet Platforms also reinforces antitrust merger review for Internet platform related transactions to safeguard market competition.
Regulations Relating to M&A and Overseas Listings
On August 8, 2006, six PRC governmental agencies jointly promulgated the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, which became effective on September 8, 2006, and were amended on June 22, 2009. The M&A Rules require offshore special purpose vehicles formed to pursue overseas listing of equity interests in PRC companies and controlled directly or indirectly by PRC companies or individuals to obtain the approval of the China Securities Regulatory Commission, or the CSRC, prior to the listing and trading of such special purpose vehicle’s securities on any stock exchange overseas.
The M&A Rules also establish procedures and requirements that could make some acquisitions of PRC companies by foreign investors more time-consuming and complex, including requirements in some instances that the anti-monopoly law enforcement agency be notified in advance of any
change-of-control
transaction in which a foreign investor takes control of a PRC domestic enterprise. In addition, the Rules on Implementation of Security Review System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors issued by the MOFCOM in 2011 specify that mergers and acquisitions by foreign investors that raise “national defense and security” concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises and that raise “national security” concerns are subject to strict review by the Ministry of Commerce, and prohibit any activities attempting to bypass such security review, including by structuring the transaction through a proxy or contractual control arrangement.
 
92
4.C. Organizational Structure
The following diagram illustrates our corporate structure as of the date of this annual report, including our significant subsidiaries and variable interest entities.
 

 
Notes:
(1)
The sole shareholder of Wuhan Ouyue is Mr. Shaojie Chen, our founder, CEO and director.
(2)
The shareholders of Wuhan Douyu and their relationship with our company are as follows: (i) Mr. Chen (50.23%), our founder, CEO and director; (ii) Linzhi Lichuang (18.98%), an affiliate of Nectarine, one of our shareholders; (iii) Beijing Fengye (13.16%), 99.99% of its interests is owned by Wuhan Ouyue; (iv) Beijing Phoenix (8.08%), an affiliate of Phoenix Fuju Limited, one of our shareholders; (v) Mr. Wenming Zhang (3.92%), our
co-founder,
co-CEO
and director, and (vi) certain other third-party investors.
Contractual Arrangements with Our VIEs and Our VIEs’ Respective Shareholders
Currently, our business in China are operated primarily through Wuhan Douyu and Wuhan Ouyue due to PRC legal restrictions on foreign ownership in value-added telecommunication services and other Internet related business. The Special Administrative Measures for Entrance of Foreign Investment (Negative List) (2020 Version) provides that foreign investors are generally not allowed to own more than 50% of the equity interests in a value-added telecommunication service provider other than an
e-commerce
service provider, and the Provisions on the Administration of Foreign-Invested Telecommunications Enterprises (2016 Revision) require that the major foreign investor in a value-added telecommunication service provider in China must have experience in providing value-added telecommunications services overseas and maintain a good track record. In addition, foreign investors are prohibited from investing in companies engaged in certain online and culture related businesses. See “Item 4. Information on the Company—4.B. Business Overview—Regulation—Regulations Relating to Telecommunications Services”, “Item 4. Information on the Company—4.B. Business Overview—Regulation—Regulations Relating to Online Transmission of Audio-Visual Programs”, and “Item 4. Information on the Company—4.B. Business Overview—Regulation—Regulations Relating to Online Game Operation.” We are a company incorporated in the Cayman Islands. Douyu Yule, our PRC subsidiary, is considered as a foreign-invested enterprise. To comply with the foregoing PRC laws and regulations, we primarily conduct our business in China through Wuhan Ouyue and Wuhan Douyu, our VIEs and their subsidiaries in the PRC, based on a series of contractual arrangements. As a result of these contractual arrangements, we exert effective control over our VIEs and consolidate their operating results in our combined and consolidated financial statements under U.S. GAAP. These contractual arrangements may not be as effective as direct ownership in providing us with control over our VIEs. If our VIEs or their respective shareholders fail to perform their respective obligations under the contractual arrangements, we could be limited in our ability to enforce the contractual arrangements that give us effective control over our business operations in the PRC and may have to incur substantial costs and expend additional resources to enforce such arrangements. We may also have to rely on legal remedies under PRC law, including seeking specific performance or injunctive relief, and claiming damages, which we cannot assure will be effective under PRC law. For details, please refer to “Item 3. Key Information—3.D. Risk Factors—Risks Related to Our Corporate Structure.”
 
93
In the opinion of Han Kun Law Offices, our PRC counsel:
 
  •  
the ownership structures of our VIEs and Douyu Yule as of the date of this annual report do not and will not contravene any PRC laws or regulations currently in effect; and
 
  •  
the contractual arrangements among Douyu Yule, our VIEs and their respective shareholders governed by PRC laws are valid and binding upon each party to such arrangements and enforceable against each party thereto in accordance with their terms and applicable PRC laws and regulations currently in effect.
There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules. In particular, in March 2019, the National People’s Congress of the PRC adopted the PRC Foreign Investment Law, which became effective on January 1, 2020. Among other things, the PRC Foreign Investment Law defines the “foreign investment” as investment activities in China by foreign investors in a direct or indirect manner, including those circumstances explicitly listed thereunder as establishing new projects or foreign invested enterprises or acquiring shares of enterprises in China, and other approaches of investment as stipulated by laws, administrative regulations or otherwise regulated by the State Council. The PRC Foreign Investment Law leaves uncertainty as to whether foreign investors’ controlling PRC onshore variable interest entities via contractual arrangements will be recognized as “foreign investment” and thus be subject to the restrictions/prohibitions on foreign investments. Accordingly, the PRC regulatory authorities may in the future take a view that is contrary to the above opinion of our PRC counsel. If the PRC government finds that the agreements that establish the structure for operating our live streaming business and other Internet related business do not comply with PRC government restrictions on foreign investment in certain industries, such as value-added telecommunications services business, we could be subject to severe penalties, including being prohibited from continuing operations. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Our Corporate Structure”. The following is a summary of the contractual arrangements by and among Douyu Yule, Wuhan Douyu and the shareholders of Wuhan Douyu, and Wuhan Ouyue and Mr. Shaojie Chen, the sole shareholder of Wuhan Ouyue.
Wuhan Douyu
Share Pledge Agreement
Pursuant to a series of share pledge agreements entered into in May 2018 by and among Douyu Yule, Wuhan Douyu and the shareholders of Wuhan Douyu, the shareholders of Wuhan Douyu pledged all of their equity interests in Wuhan Douyu to Douyu Yule, to guarantee Wuhan Douyu’s performance of its obligations under the exclusive business cooperation agreement. If Wuhan Douyu breaches its contractual obligations under the exclusive business cooperation agreement, Douyu Yule will be entitled to certain rights, including but not limited to the rights to auction or sell the pledged equity interests. The pledges under the share pledge agreements have been registered with the relevant PRC legal authority pursuant to PRC laws and regulations. In January 2019, the existing share pledge agreement to which Mr. Chen is a party was replaced with an amended and restated share pledge agreement on substantially similar terms due to equity transfers. In April 2020 and July 2020, Douyu Yule, Wuhan Douyu and Mr. Chen entered into two additional share pledge agreements on substantially similar terms due to equity transfers.
Exclusive Option Agreement
Pursuant to a series of exclusive option agreements entered into in May 2018 by and among Douyu Yule, Wuhan Douyu and the shareholders of Wuhan Douyu, the shareholders of Wuhan Douyu irrevocably granted Douyu Yule or its designated person, an exclusive option to purchase at its discretion, all or part of the equity interests in Wuhan Douyu held by the shareholders of Wuhan Douyu at the price of RMB1.0 or at the lowest price permitted by PRC law, whichever is lower. In addition, Wuhan Douyu irrevocably granted Douyu Yule or its designated person an exclusive option to purchase at its discretion, all or part of the assets held or entitled to be used by Wuhan Douyu, to the extent permitted under PRC law and at the lowest price permitted by PRC law. In January 2019, the existing exclusive option agreement to which Mr. Chen is a party was replaced with an amended and restated exclusive option agreement on substantially similar terms due to equity transfers, and the amended and restated exclusive option agreement was further replaced with two exclusive option agreements on substantially similar terms in April 2020 and July 2020 due to equity transfers.
 
94
Exclusive Business Cooperation Agreement
Pursuant to the exclusive business cooperation agreement entered into in May 2018 by and between Douyu Yule and Wuhan Douyu, Wuhan Douyu agreed to engage Douyu Yule as its exclusive provider of business support, technical and consulting services, including technical services, network support, business consultation, intellectual property licensing, equipment leasing, market consultancy, system integration, product research and development and system maintenance, in exchange for service fees. Under these arrangements, the service fees, subject to adjustment at Douyu Yule’s sole discretion, are equal to all of the net profit of Wuhan Douyu. Therefore, Douyu Yule enjoys all the economic benefits derived from the businesses of Wuhan Douyu.
Power of Attorney
Pursuant to a series of powers of attorney issued by each shareholder of Wuhan Douyu in May 2018, the shareholders of Wuhan Douyu irrevocably appointed Douyu Yule or a director authorized by Douyu Yule as their
attorney-in-fact
to act on their behalf on all matters of Wuhan Douyu and to exercise all of their rights as registered shareholders of Wuhan Douyu. In January 2019, the existing power of attorney issued by Mr. Chen was replaced with a new power of attorney on substantially similar terms due to equity transfers, and such new power of attorney was further replaced with two powers of attorney on substantially similar terms in April 2020 and July 2020 due to equity transfers.
Spousal Consent Letters
Pursuant to a series of spousal consent letters executed by the spouses of the individual shareholders of Wuhan Douyu, Mr. Chen, and Mr. Wenming Zhang in May 2018, the signing spouses confirmed and agreed that the equity interests of Wuhan Douyu are the own property of their spouses and shall not constitute the community property of the couples. The spouses also irrevocably waived any potential right or interest that may be granted by operation of applicable law in connection with the equity interests of Wuhan Douyu held by their spouses. In January 2019, the existing spousal consent letter executed by Mr. Chen’s spouse was replaced with a new spousal consent letter on substantially similar terms due to equity transfers. In April 2020 and July 2020, the spouse of Mr. Chen issued two additional spousal consent letters on substantially similar terms due to equity transfers.
Wuhan Ouyue
Share Pledge Agreement
Pursuant to the share pledge agreement dated May 29, 2018 by and among Douyu Yule, Wuhan Ouyue and Mr. Chen, the sole shareholder of Wuhan Ouyue, Mr. Chen pledged all of his equity interests in Wuhan Ouyue to Douyu Yule, to guarantee Wuhan Ouyue’s performance of its obligations under the exclusive business cooperation agreement. If Wuhan Ouyue breaches its contractual obligations under the exclusive business cooperation agreement, Douyu Yule will be entitled to certain rights, including but not limited to the rights to auction or sell the pledged equity interests. The pledge under the share pledge agreement has been registered with the relevant PRC legal authority pursuant to PRC laws and regulations.
Exclusive Option Agreement
Pursuant to the exclusive option agreement dated May 29, 2018 by and among Douyu Yule, Wuhan Ouyue and Mr. Chen, the sole shareholder of Wuhan Ouyue, Mr. Chen irrevocably granted Douyu Yule or its designated person, an exclusive option to purchase at its discretion, all or part of the equity interests in Wuhan Ouyue held by Mr. Chen at the price of RMB1.0 or at the lowest price permitted by PRC law, whichever is lower. In addition, Wuhan Ouyue irrevocably granted Douyu Yule or its designated person an exclusive option to purchase at its discretion, all or part of the assets held or entitled to be used by Wuhan Ouyue, to the extent permitted under PRC law. Subject to relevant PRC laws and regulations, Wuhan Ouyue and Mr. Chen shall return any amount of purchase price they have received to Douyu Yule.
 
95
Exclusive Business Cooperation Agreement
Pursuant to the exclusive business operation agreement dated May 29, 2018 by and between Douyu Yule and Wuhan Ouyue, Wuhan Ouyue agreed to engage Douyu Yule as its exclusive provider of business support, technical and consulting services, including technical services, network support, business consultation, intellectual property licensing, equipment leasing, market consultancy, system integration, product research and development and system maintenance, in exchange for service fees. Under these arrangements, the service fees, subject to Douyu Yule’s adjustment, are equal to all of the net profit of Wuhan Ouyue. Douyu Yule may adjust the service fees at its sole discretion. Douyu Yule enjoys all the economic benefits derived from the businesses of Wuhan Ouyue.
Power of Attorney
Pursuant to the power of attorney dated May 29, 2018 issued by Mr. Chen, the sole shareholder of Wuhan Ouyue, Mr. Chen irrevocably appointed Douyu Yule or a director authorized by Douyu Yule as his
attorney-in-fact
to act on his behalf on all matters of Wuhan Ouyue and to exercise all of his rights as a registered shareholder of Wuhan Ouyue.
Spousal Consent Letter
Pursuant to the spousal consent letter dated May 29, 2018 executed by the spouse of Mr. Chen, the sole shareholder of Wuhan Ouyue, the signing spouse confirmed and agreed that the equity interests of Wuhan Ouyue are the own property of Mr. Chen and shall not constitute the community property of the couple. The signing spouse also irrevocably waived any potential right or interest that may be granted by operation of applicable law in connection with the equity interests of Wuhan Ouyue held by Mr. Chen.
4.D. Property, Plant and Equipment
Our corporate headquarters are located in Wuhan, China. As of December 31, 2020, we have leased office space with an aggregate area of approximately 35,225 square meters, of which approximately 30,804 square meters are in Wuhan, approximately 2,418 square meters are in Beijing, approximately 1,859 square meters are in Shanghai, and approximately 144 square meters are in Guangzhou. Our physical servers are primarily hosted at Internet data centers owned by major domestic Internet data center providers. We believe that our existing facilities are generally adequate in meeting our current needs, but we expect to seek additional space as needed to accommodate future growth.
 
ITEM 4A.
UNRESOLVED STAFF COMMENTS
None.
 
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You should read the following discussion together with our consolidated financial statements and the related notes included elsewhere in this annual report. This discussion may contain forward-looking statements about our business and operations. Our actual results may differ materially from those we currently anticipate as a result of many factors, including those we describe under “Item 3. Key Information—Item 3.D. Risk Factors” and elsewhere in this annual report.
For the impact of foreign currency fluctuations on the company, and the extent to which foreign currency net investments are hedged by currency borrowing and other hedging instruments, please refer to , “Item 11. Quantitative and Qualitative Disclosures about Market Risk—Foreign exchange risk.”
 
96
5.A. Operating Results
General Factors Affecting Our Results of Operations
Our business and operating results are affected by general factors affecting China’s game-centric live streaming industry, which include:
 
  •  
China’s overall economic growth;
 
  •  
Usage and penetration rate of mobile Internet and mobile payment;
 
  •  
Growth and competitive landscape of China’s live streaming market, especially game-centric live streaming market;
 
  •  
Growth of China’s online game market, especially
e-Sports
market; and
 
  •  
Governmental policies and initiatives affecting China’s live streaming industry, including game live streaming and eSports.
Unfavorable changes in any of these general industry conditions could negatively affect demand for our services and materially and adversely affect our results of operations.
Specific Factors Affecting Our Results of Operations
While our business is influenced by general factors affecting the game-centric live streaming industry in China, we believe our results of operations are more directly affected by company specific factors, including the following major factors:
Our ability to maintain and expand our user base and enhance our user engagement
We have a large and highly engaged user base, which drives our revenue growth. As of December 31, 2019 and 2020, we had 337.9 million and 394.3 million registered users, respectively. Our average mobile MAUs increased from 54.4 million in the fourth quarter of 2019 to 58.2 million in the fourth quarter of 2020, while our average MAUs increased from 165.8 million to 174.4 million in the same period. Our brand awareness and pivotal position in the game-centric live streaming industry allows us to continue to acquire users through organic growth. Our ability of effectively maintaining and expanding our user base will affect the growth of our business and our revenue going forward.
We have generally achieved steady growth in our user base since 2017. We experience some seasonality in our user base expansion. Average MAUs during the Chinese New Year holidays and exam periods of the school year generally tend to be lower, while the growth of average MAUs generally tends to accelerate during school holidays, such as summer and winter breaks, and tends to slow down at the beginning and during the exam periods of the school year.
Our user base and level of user engagement help us attract top streamers who produce quality content. The curated content and interactive features of our platform help attract and retain users and encourage user participation, which in turn drives up virtual gifting activities and our live streaming revenue. Our game live streaming combined with a broad range of other entertainment contents have been highly effective in attracting user traffic and boosting user spending. In addition, the broad user reach and attractive commercial proposition of our platform continuously draw advertisers, game developers and other participants of the eSports industry to our platform.
We seek to continually grow our user base, invest in our brand recognition and stimulate active user engagement to strengthen our leadership position in the game-centric live streaming market. Our ability to maintain and expand our user base, as well as maintain and enhance user engagement, depends on, among other things, our ability to recruit, train, and retain high-quality streamers, continually produce quality content, maintain our pivotal position in the ever-growing eSports industry in China, and continually improve our users’ entertainment experience through technological innovation.
 
97
We intend to further explore overseas markets to expand our user base through both organic expansion and selective investments. We acquired Nonolive in 2018, which is a mobile live streaming platform mainly focused on the Southeast Asia market. We also expanded into other overseas markets through various channels, such as Japan and South America. For details, please refer to Note 2 to the combined and consolidated financial statements for the years ended December 31, 2018, 2019 and 2020 included elsewhere in this annual report.
Our ability to attract and retain popular streamers and to enhance the quality of our content
Popular streamers are critical to maintaining and expanding our user base and enhancing user engagement. The high quality content generated by our top streamers increases the vibrancies of our user community and in turn drives the growth of our revenue across live streaming, advertisement and game distribution. Our ability to attract and retain top streamers depends on, among other things, our brand awareness, size and engagement of our user base, the support from our platform, and monetization opportunities.
We will continue to attract, nurture and promote our streamers through our comprehensive streamer development system and increase our streamers’ stickiness to and reliance on our platform.
Our ability to capitalize on the eSports industry
We believe our platform is strategically positioned to benefit from the growth of the eSports market in China. Our average total eSports MAUs were approximately 101.8 million and 108.2 million in the fourth quarter of 2019 and 2020, respectively. Leveraging our early-mover advantage in eSports in China, we have built a platform that is appealing to eSports streamers, game developers and publishers, professional players and eSports tournament organizers as a result of our broad user reach, high user engagement, strong brand awareness, and attractive monetization opportunities.
We expect to continue to source and promote more eSports content on our platform, obtain more broadcasting rights, invest in eSports sponsorships, and organize high-profile eSports events. Our ability to secure coveted eSports content allows us to attract and retain more users, and also allows us to enhance our user engagement, increase our users’ willingness to pay, extend the lifespan of the related eSports games, and strengthen our brand awareness among all participants in the eSports industry, which drives the growth of our paying users and our business in the long term.
Our ability to strengthen monetization capabilities
We generate revenue from a diverse range of monetization channels including (i) live streaming and (ii) advertisement and others. Our live streaming revenue is primarily driven by the number of paying users and ARPPU. We have experienced growth in the number of paying users since 2017 as a result of continual promotion of our streamers and expansion of virtual gifting scenarios. Our annual paying user base grew from 17.5 million in 2019 to 20.7 million in 2020. We intend to attract and train more popular streamers, provide more quality content, diversify user paying scenarios on our platform, and enhance interaction between streamers and viewers to increase user willingness to pay. We have generally experienced a steady increase in the number of our paying users and paying ratio due to active cultivation of our users’ paying habits through compelling content and various promotional activities and events. We have experienced in the past and may continue to experience some fluctuations in our paying users or paying ratio due to less promotional activities in some quarters or diluted paying user base as compared to total MAUs.
We provide effective and targeted advertising solutions that reach a broad audience with attractive demographics to incentivize more spending by existing advertising customers and to attract new advertising customers. We continue to innovate our advertising methods, as well as to improve advertisement efficiency. We will monitor market developments and consider deepening our partnerships with game developers and publishers to increase our participation in game distribution. We also plan to further explore other monetization channels including promotional channels for new games and online ticketing for eSports and other game events to provide a holistic suite of services to our users.
 
98
We believe our large and engaged user base and our leading position in China’s game-centric live streaming ecosystem will allow us to continue to enhance our monetization efficiency and diversification.
Our ability to further improve cost efficiency and economies of scale
We have made significant investments in our technology, brand, streamers and team. Our costs consist primarily of revenue sharing fees, content cost and bandwidth costs. Our expenses primarily consist of sales and marketing expenses, general and administrative expenses and research and development expenses. It is critical for us to manage our costs and expenses effectively and improve operational efficiency. We believe our platform has achieved strong operating leverage and economies of scale. For example, bandwidth cost has dropped from 8.5% of total net revenue in 2019 to 6.9% in 2020.
Our ability to achieve greater cost efficiency and economies of scale also depends on our ability to efficiently manage and control our costs and expense. We plan to upgrade our technological capabilities and infrastructure to support the growth of our business. We expect that the adoption of advanced streaming technologies and strong business growth will enable us to improve operational efficiency and to benefit further from economies of scale.
Key Components of Results of Operations
 
    
For the Year Ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
     
US$
  
    
(in millions)
  
Net revenues
(1
)
   
 
3,654.4
 
   
 
7,283.2
 
   
 
9,601.9
 
   
 
1,471.6
 
Cost of revenues
      (3,503.4 )       (6,087.0 )       (8,041.6 )       (1,232.5 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Gross profit
   
 
151.0
 
   
 
1,196.2
 
   
 
1,560.3
 
   
 
239.1
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Operating expenses:
            
Sales and marketing expenses
      (538.9 )       (598.7 )       (580.4 )       (88.9 ) 
Research and development expenses
      (329.3 )       (383.9 )       (416.3 )       (63.8 ) 
General and administrative expenses
(2)
      (196.8 )       (446.1 )       (375.9 )       (57.6 ) 
Other operating income, net
      54.9        100.8        74.4        11.4  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total operating expenses
   
 
(1,010.1
) 
   
 
(1,327.9
) 
   
 
(1,298.2
) 
   
 
(198.9
) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Income (loss) from operations
   
 
(859.1
) 
   
 
(131.7
) 
   
 
262.1
 
   
 
40.2
 
Other expense, net
      (20.2 )       (22.8 )       (27.4 )       (4.3 ) 
Foreign exchange gain (loss), net
      (75.6 )       32.0        —          —    
Interest income
      85.8        159.1        145.2        22.3  
Gain on disposal of subsidiary
      —          —          23.5        3.6  
  
 
 
     
 
 
     
 
 
     
 
 
  
Income (loss) before income taxes
   
 
(869.1
) 
   
 
36.6
 
   
 
403.4
 
   
 
61.8
 
Income tax expenses
      —          —          —          —    
Share of income (loss) in equity method investments
      (7.2 )       (3.3 )       1.3        0.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net income (loss)
   
 
(876.3
) 
   
 
33.3
 
   
 
404.7
 
   
 
62.0
 
Net loss attributable to noncontrolling interest
      —          (6.5 )       (80.8 )       (12.4 ) 
Deemed dividend
      (6.7 )       —          —          —    
Net income (loss) attributable to ordinary shareholders of the Company
   
 
(883.0
) 
   
 
39.8
 
   
 
485.5
 
   
 
74.4
 
Net income (loss)
   
 
(876.3
) 
   
 
33.3
 
   
 
404.7
 
   
 
62.0
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Other comprehensive loss, net of tax of nil:
            
Foreign currency translation adjustments
      325.6        109.5        (425.7 )       (65.2 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Comprehensive income (loss)
   
 
(550.7
) 
   
 
142.8
 
   
 
(21.0
) 
   
 
(3.2
) 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
Note:
(1)
We adopted ASU
2014-09,
“Revenue from Contracts with Customers (Topic 606)” and its amendments on January 1, 2019 with modified retrospective method, and thus results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under Topic 605.
(2)
Includes share-based compensation of RMB35.4 million, RMB290.8 million and RMB142.1 million (US$21.8 million) in 2018, 2019 and 2020, respectively.
 
99
Revenue
We generate revenue mainly from (i) live streaming and (ii) advertisement and other revenues.
The following table sets forth sources of our revenue in absolute amounts and as percentages of total net revenue for the periods indicated:
 
    
For the Year Ended December 31,
  
    
2018
     
2019
     
2020
  
Net revenues
   
RMB
     
%
     
RMB
     
%
     
RMB
     
US$
     
%
  
    
(in millions, except for percentages)
  
Live Streaming
      3,147.2        86.1        6,617.3        90.9        8,852.2        1,356.7        92.2  
Advertisement and others
      507.2        13.9        665.9        9.1        749.7        114.9        7.8  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
 
3,654.4
 
   
 
100.0
 
   
 
7,283.2
 
   
 
100.0
 
   
 
9,601.9
 
   
 
1,471.6
 
   
 
100.0
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Live Streaming
We primarily generate live streaming revenues through the sales of virtual gifts. See “Item 4. Information of the Company—4.B. Business Overview—Monetization opportunities—Live Streaming”. We expect that our revenues from live streaming derived from the sale of virtual gifts to increase as we grow our user base, enhance our user engagement, expand virtual gifting scenarios, increase users’ willingness to pay, and continue to capitalize on the significant market potential of eSports.
Advertisement and Others
We generate advertisement revenue primarily through offering various forms of advertising services and promotion campaigns to advertisers, including (i) integrated promotion activities during live streaming, (ii) advertisement display, and (iii) online and offline events-related advertisements. To a lesser extent, we also generate revenue from revenue sharing arrangements with game developers and publishers through game distribution. See “Item 4. Information of the Company—4.B. Business Overview—Monetization Opportunities—Advertisement and Others.” We expect that our revenues from advertisement will grow as a result of our increased brand awareness, broader user base, increase in user traffic, and continuous innovation in advertisement format.
Cost of Revenues
Our cost of revenues consists of (i) revenue sharing fees and content cost, (ii) bandwidth cost, and (iii) other. The table below sets forth a breakdown of the components of cost of revenues in absolute amounts and as percentages of total cost of revenues for the periods indicated:
 
    
For the Year Ended December 31,
  
    
2018
     
2019
     
2020
  
Cost of Revenues
   
RMB
     
%
     
RMB
     
%
     
RMB
     
US$
     
%
  
    
(in millions, except for percentages)
  
Revenue sharing fees and content cost
(1)
      2,790.0        79.6        5,176.5        85.0        7,129.1        1,092.7        88.7  
Bandwidth cost
      555.9        15.9        617.8        10.1        661.1        101.3        8.2  
Other
      157.5        4.5        292.8        4.9        251.4        38.5        3.1  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
 
3,503.4
 
   
 
100.0
 
   
 
6,087.1
 
   
 
100.0
 
   
 
8,041.6
 
   
 
1,232.5
 
   
 
100.0
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
Note:
(1)
Include content right costs which are expensed over the streaming periods.
 
100
Revenue sharing fees and content cost.
Our revenue sharing fees represent our payment to streamers and talent agencies based on a percentage of revenue from sales of virtual items, including virtual gifts and other subscription based privileges. When a viewer sends a virtual gift to a streamer, we pay a certain percentage of the sales of virtual gifts to the streamers or the talent agency of which the streamer is a member. Our content cost mainly covers
(i) sign-up
bonus to top exclusive streamers, a monthly payment that is determined based on the streamers’ performance matrix, (ii) costs we incurred in purchasing content rights, and (iii) our investments in generating self-produced content. We expect the revenue sharing fees and content cost to increase in absolute amount as our business grows and we further expand our content offerings, enhance user engagement and strengthen investment in eSports-related contents. We expect the percentage of revenue sharing fees and content cost of total net revenues to decline as we benefit from economies of scale, and industry-wide effort in rationalizing the
sign-up
bonus to top streamers.
Bandwidth cost.
Bandwidth cost is fees that we pay to telecommunication service providers for bandwidth and content delivery-related services. We expect our bandwidth cost continue to increase in absolute amount as our user base and user engagement grow, partially offset by upgrades in our technology infrastructure, proactive management in peak traffic times and decrease in unit purchase price from third-party bandwidth service providers. We expect the percentage of bandwidth cost of total net revenues to decline as we benefit from economies of scale.
Others.
Other costs include fees that we pay to third-party payment processing platforms through which our users purchase our virtual currencies, depreciation of servers, cost related to data center services, cost related to eSports teams which we invested in and other IT infrastructure expenditures.
Operating Expenses
Our operating expenses consist of (i) sales and marketing expenses; (ii) research and development expenses; (iii) general and administrative expenses; and (iv) other operating income.
The following table sets forth the components of our operating expenses in absolute amounts and as percentages of total operating expenses for the periods indicated:
 
    
For the Year Ended December 31,
  
    
2018
    
2019
    
2020
  
Operating Expenses
   
RMB
    
%
    
RMB
    
%
    
RMB
    
US$
    
%
  
    
(in millions, except for percentages)
  
Sales and Marketing expenses
      538.9       53.4       598.7       45.1       580.4       88.9       44.7  
Research and development expenses
      329.3       32.6       383.9       28.9       416.3       63.8       32.1  
General and administrative expenses
      196.8       19.4       446.1       33.6       375.9       57.6       28.9  
Other operating income net
      (54.9 )      (5.4 )      (100.8 )      (7.6 )      (74.4 )      (11.4 )      (5.7 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
 
1,010.1
 
  
 
100.0
 
  
 
1,327.9
 
  
 
100.0
 
  
 
1,298.2
 
  
 
198.9
 
  
 
100.0
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
101
Sales and Marketing Expenses
Our sales and marketing expenses primarily consist of (i) salaries and benefits for our sales and marketing employees, (ii) branding and advertisement expenses, include costs of placing advertisements, holding promotional events and developing and designing marketing campaigns to generate user traffic to our platform, and (iii) share-based compensation and (iv) other expenses, such as sponsorship of eSports tournaments for which we have naming rights. We expect our sales and marketing expenses to continue to grow in absolute amount as we continue to promote our brand as well as grow our business.
Research and Development Expenses
Our research and development expenses primarily consist of (i) salaries and benefits for our research and development employees, and (ii) share-based compensation and (iii) other expenses primarily including depreciation related to research use. We expect our research and development expenses to continue to grow in absolute amount as we continue to upgrade IT technology and infrastructure to offer better user experience.
General and Administrative Expenses
Our general and administrative expenses primarily consist of (i) salaries and benefits for our general and administrative staff, (ii) share-based compensation, (iii) professional service fees, and (iv) other expenses primarily including travel expenses, general office expenses, and office rental expenses. We expect our general and administrative expenses to grow in absolute amount as we grow our business and incur additional costs related to operating as a public company and complying with our reporting obligations under the U.S. securities laws.
Other Operating Income, net
Our other operating income, net primarily consists of (i) gain on government subsidies, which refer to funds we received from local government, and (ii) gain or loss on litigation settlement.
Other expense, net
Our other expense, net primarily consists of the impairment loss from equity method investments, and the disposal loss of cost method investments.
Foreign currency translation adjustments
Foreign currency translation adjustments are reported as a cumulative translation adjustments and are shown as a component of other comprehensive income. A cumulative translation adjustment is resulted from the translation of the financial statements of the consolidating entities within the group with functional currency other than the group’s reporting currency in Renminbi. The cumulative translation adjustment for the year ended December 31, 2020 was mainly attributable to the amount of cash and cash equivalents held at the Cayman Islands holding company level and the appreciation in Renminbi against U.S. dollar for the year ended December 31, 2020. We expect that the foreign currency translation adjustments will continue to fluctuate in accordance with the fluctuation between Renminbi and U.S. dollars in future periods.
Results of Operations
Year Ended December 31, 2020 Compared to Year Ended December 31, 2019
Revenue.
Our revenue increased by 31.8% from RMB7,283.2 million in 2019 to RMB9,601.9 million (US$1,471.6 million) in 2020, mainly attributable to the increase in our live streaming revenue.
Live streaming revenue.
Our live streaming revenue increased by 33.8% from RMB6,617.3 million in 2019 to RMB8,852.2 million (US$1,356.7 million) in 2020, which was mainly due to growth of our paying users from 17.5 million in 2019 to 20.7 million in 2020, as a result of our continuing efforts in growing our user base, and developing users’ willingness to pay through diversifying content on the platform, upgrading user experience and strengthening user-streamer interactions.
 
102
Advertisement and other revenues.
Our advertisement and other revenues increased by 12.6% from RMB665.9 million in 2019 to RMB749.7 million (US$114.9 million) in 2020, primarily as a result of the company’s broadened brand awareness and the corresponding increase in demand from advertisers.
Cost of revenues.
Our cost of revenues increased by 32.1% from RMB6,087.0 million in 2019 to RMB8,041.6 million (US$1,232.4 million) in 2020, primarily due to the increase in revenue sharing fees and content cost.
Revenue sharing fees and content cost.
Our revenue sharing fees and content cost increased by 37.7% from RMB5,176.5 million in 2019 to RMB7,129.1 million (US$1,092.7 million) in 2020, primarily due to increases in revenue sharing fees which were in line with the increases in total net revenue, and the increases in content costs attributable to the Company’s investment in eSports-related content.
Bandwidth cost.
Our bandwidth cost increased by 7.0% from RMB617.8 million in 2019 to RMB661.1 million (US$101.3 million) in 2020, primarily as a result of the increases in bandwidth usage resulting from growing user traffic and user engagement on our platform, partially offset by a lower unit purchase price and improved utilization efficiency as a result of our proactive management in peak traffic times and technology upgrades.
Gross profit (loss) and gross profit margin.
As a result of the foregoing, we had gross profit of RMB1,560.3 million (US$239.1 million) in 2020, as compared to the gross profit of RMB1,196.2 million in 2019. Our gross margin slightly decreased from 16.4% to 16.3% during the same periods.
Total operating expenses.
Our total operating expenses slightly decreased by 2.2% from RMB1,327.9 million in 2019 to RMB1,298.2 million (US$198.9 million) in 2020.
Sales and marketing expenses.
Our sales and marketing expenses decreased by 3.1% from RMB598.7 million in 2019 to RMB580.4 million (US$88.9 million) in 2020. This decrease was primarily attributable to decrease in the number of marketing events as a result of the
COVID-19
pandemic outbreak.
Research and development expenses.
Our research and development expenses increased by 8.4% from RMB383.9 million in 2019 to RMB416.3 million (US$63.8 million) in 2020. The increase was primarily due to the increase in staff cost as a result of the continual research and development efforts for various business segments.
General and administrative expenses.
Our general and administrative expenses decreased by 15.7% from RMB446.1 million in 2019 to RMB375.9 million (US$57.6 million) in 2020. This decrease was primarily attributable to the decrease in share-based compensation expenses.
Other operating income, net.
Our other operating income, net decreased from RMB100.8 million in 2019 to RMB74.4 million (US$11.4 million) in 2020. The decrease is mainly attributable to our government subsidies being setoff by the increase in the litigation costs, of which RMB49.7 million was resulted from our settlement of contract dispute related to one of our streamers.
Foreign exchange gain (loss), net.
We had a foreign exchange gain of RMB32.0 million in 2019. We did not record any forign exchange gain in 2020. The change is mainly because we realized a gain from a repayment in U.S. dollar from one of our shareholders in connection with our reorganization in 2019 as a result of the fluctuations in foreign exchange rates.
Interest income.
Interest income consists of interests earned on bank deposits. We recorded RMB159.1 million in 2019 and RMB145.2 million (US$22.3 million) in 2020, respectively. The decrease in interest income was mainly due to the decrease in the interest rate.
Income before income tax expenses.
As a result of the foregoing, we realized an income before income tax expenses of RMB36.6 million and RMB403.4 million (US$61.8 million) in 2019 and 2020, respectively.
 
103
Income tax expense.
We had no income tax expense in 2019 and 2020 due to our cumulative net losses and the resulting tax loss carryforward.
Net income.
We realized a net income of RMB33.3 million and RMB404.7 million (US$62.0 million) in 2019 and 2020, respectively.
Adjusted net income.
We realized an adjusted net income of RMB346.4 million and RMB541.6 million (US$83.0 million) in 2019 and 2020, respectively.
Year Ended December 31, 2019 Compared to Year Ended December 31, 2018
Revenue.
Our revenue increased by 99.3% from RMB3,654.4 million in 2018 to RMB7,283.2 million (US$1,041.1 million) in 2019, mainly attributable to the increase in our live streaming revenue.
Live streaming revenue.
Our live streaming revenue increased by 110.3% from RMB3,147.2 million in 2018 to RMB6,617.3 million (US$946.0 million) in 2019, which was mainly due to growth of both of our paying users and ARPPU, as a result of our continuing efforts in growing our user base, and developing users’ willingness to pay through diversifying content on the platform, upgrading user experience and strengthening user-streamer interactions.
Advertisement and other revenues.
Our advertisement and other revenues increased by 31.3% from RMB507.2 million in 2018 to RMB665.9 million (US$95.1 million) in 2019, primarily as a result of the company’s broadened brand awareness and the corresponding increase in demand from advertisers.
Cost of revenues.
Our cost of revenues increased by 73.7% from RMB3,503.4 million in 2018 to RMB6,087.0 million (US$870.1 million) in 2019, primarily due to the increase in revenue sharing fees and content cost.
Revenue sharing fees and content cost.
Our revenue sharing fees and content cost increased by 85.5% from RMB2,790.0 million in 2018 to RMB5,176.5 million (US$740.0 million) in 2019, primarily due to increases in revenue sharing fees which were in line with the increases in total net revenue, and the increases in content costs attributable to the Company’s investment in eSports-related content.
Bandwidth cost.
Our bandwidth cost increased by 11.1% from RMB555.9 million in 2018 to RMB617.8 million (US$88.3 million) in 2019, primarily as a result of the increases in bandwidth usage resulting from growing user traffic and user engagement on our platform, partially offset by a lower unit purchase price and improved utilization efficiency as a result of our proactive management in peak traffic times and technology upgrades.
Gross profit (loss) and gross profit margin.
As a result of the foregoing, we had gross profit of RMB1,196.2 million (US$171.0 million) in 2019, as compared to gross profit of RMB151.0 million in 2018. Our gross margin improved from 4.1% to 16.4% during the same periods.
Total operating expenses.
Our total operating expenses increased by 31.4% from RMB1,010.1 million in 2018 to RMB1,327.9 million (US$189.8 million) in 2019.
Sales and marketing expenses.
Our sales and marketing expenses increased by 11.1% from RMB538.9 million in 2018 to RMB598.7 million (US$85.6 million) in 2019. This increase was primarily attributable to our increasing efforts in promoting our products and brand name, and the recognition of share-based compensation expenses starting in 2019.
Research and development expenses.
Our research and development expenses increased by 16.6% from RMB329.3 million in 2018 to RMB383.9 million (US$54.9 million) in 2019. The increase was primarily due to the increase in staff cost as a result of the continual research and development efforts for various business segments, and the recognition of share-based compensation expenses starting in 2019.
 
104
General and administrative expenses.
Our general and administrative expenses increased by 126.7% from RMB196.8 million in 2018 to RMB446.1 million (US$63.8 million) in 2019. This increase was primarily attributable to the increase in share-based compensation expenses, and employee salaries and benefits as a result of our business growth.
Other operating income, net.
Our other operating income, net increased from RMB54.9 million in 2018 to RMB100.8 million (US$14.4 million) in 2019. The increase is mainly attributable to the increase in the government subsidies.
Foreign exchange gain (loss), net.
We had a foreign exchange loss of RMB75.6 million in 2018 and a foreign exchange gain of RMB32.0 million (US$4.6 million) in 2019. The increase is mainly relating to a realized gain from a repayment in U.S. dollar from one of our shareholders in connection with our reorganization.
Interest income.
Interest income consists of interests earned on bank deposits. We recorded RMB85.8 million in 2018 and RMB159.1 million (US$22.7 million) in 2019, respectively. The increase in interest income was mainly due to the increase in our bank deposits as a result of the proceeds we received from our IPO in July 2019 and our improved cash flow.
Income (Loss) before income tax expenses.
As a result of the foregoing, we incurred loss before income tax of RMB869.1 million in 2018, and realized an income before income tax expenses of RMB36.6 million (US$5.2 million) in 2019.
Income tax expense.
We had no income tax expense in 2018 and 2019 due to our cumulative net losses and the resulting tax loss carryforward.
Net income (loss).
We realized a net income of RMB33.3 million (US$4.8 million) in 2019, compared to a net loss of RMB876.3 million in 2018.
Adjusted net income (loss).
We realized an adjusted net income of RMB346.4 million (US$49.5 million) in 2019, compared to an adjusted net loss of RMB818.5 million in 2018.
Taxation
Cayman Islands
We are incorporated in the Cayman Islands. Under the current law of the Cayman Islands, we are not subject to income or capital gains tax. In addition, dividend payments are not subject to withholding tax in the Cayman Islands. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands.
Japan
Our subsidiaries in Japan are subject to an income tax rate calculated according to relevant regulations of Japan Ministry of Finance. We may be required to withhold a 5% withholding tax from dividends we pay to our shareholders that are
non-resident
enterprises.
Hong Kong
Our subsidiaries in Hong Kong are subject to Hong Kong profits tax on their activities conducted in Hong Kong at a uniform tax rate of 16.5%. Payments of dividends by our subsidiaries to us are not subject to withholding tax in Hong Kong.
PRC
Generally, our subsidiary and consolidated variable interest entities in China are subject to enterprise income tax on their taxable income in China at a rate of 25%, except where a special preferential rate applies such as a rate of 15% applicable to enterprises qualified as “High and New Technology Enterprise”, subject to various criteria. The enterprise income tax is calculated based on the entity’s global income as determined under PRC tax laws and accounting standards.
 
105
In addition, a Software Enterprise is entitled to an income tax exemption for two years beginning with its first year of profitable operation after offsetting tax losses incurred from prior years and a 50% reduction to a rate of 12.5% for the subsequent three years. Enterprises wishing to enjoy the status of a Software Enterprise must perform a self-assessment each year to ensure they meet the criteria for qualification and file required supporting documents with the tax authorities before using the preferential enterprise income tax rates. These enterprises will be subject to the tax authorities’ review each year as to whether they are entitled to use the relevant preferential treatments. If at any time during the preferential tax treatment years an enterprise uses the preferential rate but the relevant authorities determine that it fails to meet applicable criteria for qualification, the relevant authorities may revoke the enterprise’s Software Enterprise status. Douyu Yule, Wuhan Ouyue and Wuhan Douyu obtained the Software Enterprise status in 2019, but they have not enjoyed the preferential tax treatment with such status. Douyu Yule obtained “Software Enterprise Certificate”, which enables it to enjoy a tax holiday consisting of a
two-year-exemption
commencing from first profitable calendar year and a 50% reduction in ordinary tax rate for the following three calendar years.
In April 2009, the State Administration of Taxation issued a circular, known as SAT Circular 82, which provides certain specific criteria for determining whether the “de facto management body” of a
PRC-controlled
enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the State Administration of Taxation’s general position on how the “de facto management body” test should be applied in determining the tax resident status of all offshore enterprises. According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its “de facto management body” in China only if all of the following conditions are met: (i) the primary location of the
day-to-day
operational management is in the PRC; (ii) decisions relating to the enterprise’s financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise’s primary assets, accounting books and records, company seals, and board and shareholder resolutions are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC. Further to the SAT Circular 82, the SAT issued the SAT Bulletin 45, which became effective since September 2011, to provide more guidance on the implementation of the SAT Circular 82. The SAT Bulletin 45 provides for detailed procedures and administration with respect to determination of residence status and administration of post determination matters. DouYu International Holdings Limited is a company incorporated outside the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key assets are located, and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained, outside the PRC. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term “de facto management body”. There can be no assurance that the PRC government will ultimately take a view that is consistent with us.
If the PRC tax authorities determine that DouYu International Holdings Limited is a PRC resident enterprise for enterprise income tax purposes, we may be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are
non-resident
enterprises, including the holders of the ADSs. In addition,
non-resident
enterprise shareholders (including the ADS holders) may be subject to a 10% PRC tax on gains realized on the sale or other disposition of ADSs or Class A ordinary shares, if such income is treated as sourced from within the PRC. It is unclear whether our
non-PRC
individual shareholders (including the ADS holders) would be subject to any PRC tax on dividends or gains obtained by such
non-PRC
individual shareholders in the event we are determined to be a PRC resident enterprise. If any PRC tax were to apply to such dividends or gains, it would generally apply at a rate of 20% unless a reduced rate is available under an applicable tax treaty. It is also unclear whether
non-PRC
shareholders of DouYu International Holdings Limited would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that DouYu International Holdings Limited is treated as a PRC resident enterprise.
If our holding company in the Cayman Islands or any of our subsidiaries outside of China were deemed to be a “resident enterprise” under the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—Under the PRC enterprise income tax law, we may be classified as a PRC “resident enterprise,” which could result in unfavorable tax consequences to us and our shareholders and have a material adverse effect on our results of operations and the value of your investment.”
 
106
We are subject to value-added tax, or VAT, at a rate of 6% on the services we provide less any deductible VAT we have already paid or borne.
We are also subject to surcharges on VAT payments in accordance with PRC law.
British Virgin Islands
Under the current laws of the British Virgin Islands, our company is not subject to tax on income or capital gains. In addition, upon payments of dividends by our British Virgin Islands subsidiary to its shareholders who are not resident in the British Virgin Islands, no British Virgin Islands withholding tax will be imposed.
Critical Accounting Policies, Judgments and Estimates
An accounting policy is considered critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time such estimate is made, and if different accounting estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the combined and consolidated financial statements.
We prepare our financial statements in conformity with U.S. GAAP, which requires us to make judgments, estimates and assumptions. We continually evaluate these estimates and assumptions based on the most recently available information, our own historical experience and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. Some of our accounting policies require a higher degree of judgment than others in their application and require us to make significant accounting estimates.
The following descriptions of critical accounting policies, judgments and estimates should be read in conjunction with our combined and consolidated financial statements and accompanying notes and other disclosures included in this annual report. When reviewing our financial statements, you should consider (i) our selection of critical accounting policies, (ii) the judgments and other uncertainties affecting the application of such policies and (iii) the sensitivity of reported results to changes in conditions and assumptions.
Basis of Consolidation
We prepare our combined and consolidated financial statements in conformity with U.S. GAAP, which requires us to make judgments, estimates and assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of each fiscal period and our reported amounts of revenue and expenses during each fiscal period. We continually evaluate these judgments and estimates based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information and assumptions that we believe to be reasonable, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.
The selection of critical accounting policies, the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions and assumptions are factors that should be considered when reviewing our financial statements. We believe the following accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements.
Investments
Investment in equity investees represents our investments in privately held companies and private equity funds. We apply the equity method of accounting to account for an equity investment, in common stock or
in-substance
common stock, according to ASC Topic 323, Investment—Equity Method and Joint Ventures (“ASC 323”), over which it has significant influence but does not own a majority equity interest or otherwise control.Under the equity method, our share of the post-acquisition profits or losses of the equity investees are recorded in “share of results of equity investees” in our consolidated statements of operations and comprehensive income/(loss) and our share of post-acquisition movements are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. We record our share of the results of equity investments in publicly listed companies and certain privately held companies on one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When our share of losses in the equity investee equals or exceeds our interest in the equity investee, we do not recognize further losses, unless we have incurred obligations or made payments or guarantees on behalf of the equity investee, or we hold other investments in the equity investee.
 
107
We continually review our investment in equity investees under equity method to determine whether a decline in value of the investment has occurred that is other-than-temporary. The primary factors we consider are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If the decline in value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to its fair value.
Our equity investments without readily determinable fair values, which we do not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative upon the adoption of Accounting Standards Update (“ASU”)
2016-01
(the “Measurement Alternative”). Under the Measurement Alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in Other expenses, net in the Combined and Consolidated Statements of Comprehensive Income (Loss). We make assessment of whether an investment is impaired based on performance and financial position of the investee as well as other evidence of market value at each reporting date. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance. We recognize an impairment loss equal to the difference between the carrying value and fair value in Other expenses, net in the Combined and Consolidated Statements of Comprehensive Income (Loss) if there is any.
Revenue recognition
Adoption of ASU
No. 2014-09
“Revenue from Contracts with Customers”
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU
No. 2014-09,
Revenue from Contracts with Customers (Topic 606) (“Topic 606”) as modified by subsequently issued ASUs
2015-14,
2016-08,
2016-10,
2016-12
and
2016-20
(collectively “ASU
2014-09”).
On January 1, 2019, we adopted ASC 606, “Revenue from Contracts with Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Based on our assessment, the adoption of ASC 606 did not have any material impact to our combined and consolidated financial statements and there were no material differences between our adoption of ASC 606 and our historic accounting under ASC 605.
The following table disaggregates our revenue by major type for the years ended December 31, 2018, 2019 and 2020:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
     
US$
  
Live streaming
      3,147,196,247        6,617,291,032        8,852,225,839        1,356,662,964  
Advertisement
      342,169,195        513,265,806        645,227,128        98,885,384  
Other
      165,017,684        152,673,415        104,420,970        16,003,213  
    
 
 
     
 
 
                    
Total
   
 
3,654,383,126
 
   
 
7,283,230,253
 
   
 
9,601,873,937
 
   
 
1,471,551,561
 
    
 
 
     
 
 
     
 
 
     
 
 
  
 
108
Live streaming
We principally engage in operating our own live streaming platforms, which enable streamers and users to interact with each other during live streaming. The users have the option to purchase virtual currency, which is
non-refundable
and can only be used to redeem for virtual items to be used in the live streaming sessions on the our platforms. Unredeemed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below.
Virtual items are categorized as consumable and time-based items. Consumable items consist of virtual gifts presented from the users to the streamers to show their support, and are consumed immediately upon redemption and time-based items consist of monthly premium subscription services.
We have evaluated and determined that it is the principal and views the users to be our customers. Specifically, we control the virtual items before they are transferred to users. Our control is evidenced by our sole ability to monetize the virtual items before they are transferred to users, and is further supported by us being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, we report its live streaming revenue on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. We have determined that the virtual items represent one performance obligation in the live streaming service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers and consumed by them, while revenue related to time-based items is recognized ratably over a fixed period on a straight line basis. Although some virtual items have expiry dates, we consider that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. We do not have further performance obligations to the user after the virtual items are consumed.
Virtual items may be sold individually or bundled into one arrangement. When our users purchase multiple virtual items bundled within the same arrangement, we allocate the total consideration to each distinct virtual item based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as we do not sell the virtual items separately, we determine the standalone selling price based on pricing strategies, market factors and strategic objectives. We recognize revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated.
Advertisement
We generate advertisement revenues from rendering of various forms of advertisement services and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. Advertisements on our platforms are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. We provide sales incentives in the forms of discounts and rebates to advertisers or advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the advertisers or agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience. For the years ended December 31, 2018, 2019 and 2020, the rebates recorded by us were RMB44.4 million, RMB 64.3 million and RMB75.5 million, respectively.
Other revenue
Other revenue mainly consists of game distribution revenue. Online games developed by third-party game developers are displayed through our platforms to attract users to download and play the games. We earn revenues from game developers in accordance with the
pre-determined
arrangements based on the
in-game
purchase amounts for the games downloaded or played through our platform. Game distribution revenue is recognized at a point in time when the purchase in game is made. Other revenue also includes ticket revenue for certain events held by us.
 
109
Income taxes
Current income taxes are provided for in accordance with the laws of the relevant tax authorities.
Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized.
We account for uncertainty in income taxes recognized in the combined and consolidated financial statements by applying a
two-step
process to determine the amount of the benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed
more-likely-than-not
to be sustained (defined as a likelihood of more than fifty percent of being sustained upon an audit, based on the technical merits of the tax position), the tax position is then assessed to determine the amount of benefits to recognize in the combined and consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. We did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2018, 2019 and 2020.
Share-based compensation
We follow ASC 718 “Stock Compensation,” and under the fair value recognition provisions of ASC 718, we recognize share-based compensation net of an estimated forfeiture rate and therefore only recognize compensation cost for those shares expected to vest over the service period of the award.
Upon closing of the issuance of Series A preferred equity, our two founding shareholders, Mr. Shaojie Chen and Mr. Wenming Zhang, entered into an arrangement with the investor, whereby a certain percentage of their equity interest in Wuhan Douyu (“Founders’ Equity”) became subject to service and transfer restriction. Such Founders’ Equity interest is subject to repurchase by us upon early termination of their requisite period of employment. The repurchase price is the minimum price permitted under PRC law. The Founders’ Equity shall be vested monthly in equal installment over the period from closing of the insurance of Series A Preferred Equity to
2018 year-end.
This arrangement has been accounted for as a grant of restricted shares awards subject to service vesting conditions based on the fair value of the underlying equity interest at the grant date which is determined to be RMB18.65 per share.
In April 2018, board of directors adopted a restricted share unit scheme, which was approved by our board of directors and amended and restated in April 2019 (the “Amended and Restated 2018 RSU Scheme”). Under the Amended and Restated 2018 RSU Scheme, the maximum aggregate number of shares that may be issued shall not exceed 2,106,321 RSUs. One RSU represents one ordinary share. The Scheme shall be valid and effective for a period of 10 years.
On April 1, 2018, pursuant to a board of director resolution, 2,098,069 RSUs corresponding to 2,098,069 ordinary shares were granted to certain employees, directors and officers for zero cash subscription, of which 923,250 RSUs corresponding to 923,250 ordinary shares remain outstanding as of March 31, 2021. The RSUs are vested by equal instalment for 36 months upon our initial public offering.
The fair value per RSU was estimated as the fair value of ordinary share (RMB274.51 per share) at the date of grant.
 
110
In connection of the acquisition of Nonolive, Gogo Glocal, one of our wholly-owned subsidiaries, issued 4,900,000 ordinary shares, which represents 46% of its equity, to the founders for Nonolive. These ordinary shares are subject to transfer restriction and repurchase by us for a consideration of US$1 upon early termination of their requisite employment service period of 15 months. These ordinary shares will vest upon the earlier of the satisfaction of certain performance target as measured by number of daily active users or the requisite service period. This arrangement has been accounted for as a grant of restricted shares awards subject to service and performance conditions based on the fair value of the restricted ordinary share as of the dates of issuance, which was determined to be RMB18.45 per share.
With the assistance of a third party valuer, we used the discounted cash flow method to determine the underlying equity value of Gogo Glocal and adopted an equity allocation model to determine the fair value of the restricted shares as of the dates of issuance, which was determined to be at RMB18.45 per share. The aggregate fair value of the restricted shares was RMB90,425,865. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a fair value measurement categorized within Level 3 of the fair value hierarchy. Key assumptions include a discount rate range of 27% and a terminal growth rate of 3%.
On September 30, 2019, we and the founders of Nonolive entered into another agreement to renew the agreement, which was considered as a modification to the
non-vested
restricted equity. Pursuant to the agreement, (i) we injected additional capital of RMB100 million; (ii) we acquired 1,039,780 shares of ordinary shares from one of the founders for a consideration of US$1 due to an early termination of the employment, which was considered as forfeiture of the unvested restricted shares; (iii) 1,696,895 ordinary shares were vested immediately, of which 444,444 share were repurchased and (iv) the remaining 2,163,325
non-vested
ordinary shares held by the founders are subject to transfer restriction and repurchase by us for a consideration of US$1 upon early termination of their renewed requisite employment service period and will be vested monthly in equal installments over the next 36 months, which was considered as a modification of unvested restricted share.
As a result of the modification, an incremental compensation cost of RMB28,224,142 was measured as the excess of the fair value of the modified restricted share award over the fair value of the original restricted share. The fair value per share of the modified restricted shares of RMB43.92 is determined according to the share price and other pertinent factors at the modification date.
For details, please refer to Note 14 to the combined and consolidated financial statements for the years ended December 31, 2018, 2019 and 2020 included elsewhere in this annual report.
Fair value of our ordinary share
Prior to our initial public offering in July 2019, we were a private company with no quoted market prices for our ordinary shares. We therefore needed to make estimates of the fair value of our ordinary shares at various dates for the following purposes:
 
  •  
Determining the fair value of our ordinary shares at the date of the grant of share-based compensation award to our employees as one of the inputs into determining the grant date fair value of the award.
 
  •  
Determining the fair value of our paid in capital of Wuhan Douyu as one of the inputs into determining the deemed dividend when issuing preferred equity.
The following table sets forth the fair value of our ordinary shares/paid in capital estimated at different times prior to our initial public offering with the assistance from an independent valuation firm:
 
111
Date
   
Fair Value
per share/
paid in
capital
     
DLOM
    
Discount Rate
    
Type of valuation
   
Purpose of valuation
December 30, 2014
      18.65        23.5 %      25.0 %    Discounted cash flow method    Fair value of restricted paid in capital in connection of share based compensation
February 3, 2016
      81.47        23.0 %      22.0 %    Discounted cash flow method    Fair value of paid in capital in connection of deemed dividend related to Series B Preferred Equity
August 8, 2016
      128.33        22.0 %      21.5 %    Discounted cash flow method    Fair value of paid in capital in connection of deemed dividend related to Series C Preferred Equity
April 1, 2018
      274.51        10.5 %      19.0 %    Discounted cash flow method    Fair value of restricted share units granted in connection of share based compensation
The determination of the fair value of our ordinary shares/paid in capital of Wuhan Douyu requires complex and subjective judgments to be made regarding our projected financial and operating results, our unique business risks, the liquidity of our shares and our operating history and prospects at the time of valuation.
The major assumptions used in calculating the fair value of ordinary shares include:
Discount rates. The discount rates listed out in the table above were based on the weighted average cost of capital, which was determined based on a consideration of the factors including risk-free rate, comparative industry risk, equity risk premium, company size premium and
non-systemic
risk factors.
Discount for lack of marketability, or DLOM. DLOM was quantified by the average-price Asian put option model (“AAP Model”). Under AAP model, the cost of the put option, which can hedge the price change before the privately held shares can be sold, was considered as a basis to determine the DLOM. AAP model is one of the methods commonly used in estimating DLOM as it can take into consideration factors like timing of a liquidity event (such as an IPO) and estimated volatility of our shares. The farther the valuation date is from an expected liquidity event, the higher the put option value and thus the higher the implied DLOM. The lower DLOM is used for the valuation, the higher is the determined fair value of the ordinary shares.
The income approach involves applying appropriate discount rates to estimated cash flows that are based on earnings forecasts. Our revenues and earnings growth rates, as well as major milestones that we have achieved, contributed to the increase in the fair value of our ordinary shares. However, these fair values are inherently uncertain and highly subjective. The assumptions used in deriving the fair values are consistent with our business plan. These assumptions include: no material changes in the existing political, legal and economic conditions in China; our ability to retain competent management, key personnel and staff to support our ongoing operations; and no material deviation in market conditions from economic forecasts. These assumptions are inherently uncertain.
A hybrid method of the probability-weighted expected return method (“PWERM”) and the option pricing method (“OPM”) was used to allocate equity value to preferred and ordinary shares, taking into account the guidance prescribed by the AICPA Audit and Accounting Practice Aid, “Valuation of Privately-Held Company Equity Securities Issued as Compensation.” Under the PWERM, the values of ordinary shares and preferred shares are based upon the probability-weighted value derived through the OPM under liquidation, redemption and qualified IPO scenarios. Under the OPM, ordinary shares and preferred shares are treated as call options on equity value, with exercise prices based on the liquidation preferences, redemption payouts and qualified IPO automatic conversion of the preferred shares. The OPM involves making estimates of the anticipated timing of a potential liquidity event, such as a sale of our company or an initial public offering, and estimates of the volatility of our equity securities. The anticipated timing is based on the plans of our board of directors and management. Estimating the volatility of the share price of a privately held company is complex because there is no readily available market for the shares. We estimate the volatility of our shares to range from
41% - 52%
based on the historical volatilities of comparable publicly traded companies engaged in similar lines of business. Had we used different estimates of volatility, the allocations between preferred and ordinary shares would have been different.
 
112
The fair value of our paid in capital of Wuhan Douyu increased from RMB18.65 as of December 30, 2014 to RMB81.47 as of February 3, 2016. DLOM decreased from 23.5% to 23% during the same period, primarily due to our expectations for the timing of our initial public offering. Meanwhile, the increase in fair value of our ordinary shares was attributable to organic growth of our business.
The fair value of our paid in capital of Wuhan Douyu increased from RMB81.47 as of February 3, 2016 to RMB128.33 as of August 8, 2016. DLOM decreased from 23% to 22% during the same period, primarily due to our expectations for the timing of our initial public offering. Meanwhile, the increase in fair value of our ordinary shares was attributable to organic growth of our business.
The fair value of our ordinary share increased from RMB128.33 as of August 8, 2016 to RMB274.51 as of April 1, 2018. DLOM decreased from 22% to 10.5% during the same period, primarily due to completion of 2018 Restructuring, and our expectations for the timing of our initial public offering. Meanwhile, the increase in fair value of our ordinary shares was attributable to organic growth of our business.
After our initial public offering, the closing market price of the underlying shares on the grant date is applied to determine the fair value of ordinary shares.
Recently issued accounting pronouncements
 
113
In February 2016, the FASB issued ASU
2016-02,
“Leases (Topic 842)”, which introduces a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued ASU
2018-11,
and provided another transition approach by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Group adopted the new lease standard beginning January 1, 2020 using the modified retrospective transition approach through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedients. Adoption of the standard resulted in recognition of additional ROU assets and lease liabilities by approximately RMB100 million and RMB81 million as of January 1, 2020, respectively.
In June 2016, the FASB issued ASU
No. 2016-13,
Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Group’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. On January 1, 2020, the Group adopted ASU
2016-13
and The cumulative effect from the adoption as of January 1, 2020 was immaterial to the consolidated financial statements.
In December 2019, the FASB issued ASU
2019-12,
“Simplifying the Accounting for Income Taxes” to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Group does not expect any material impact on its consolidated financial statements and related disclosures as a result of adopting the new standard.
In January 2020, the FASB issued ASU
No. 2020-01,
Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) (“ASU
2020-01”),
which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU
2020-01
could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Group does not expect any material impact on its consolidated financial statements and related disclosures as a result of adopting the new standard .
Non-GAAP
Financial Measure
To supplement our combined and consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use the following
non-GAAP
financial measures to understand and evaluate our core operating performance: adjusted operating income (loss), which is calculated as operating income (loss) adjusted for share-based compensation expenses; adjusted net income (loss), which is calculated as net loss adjusted for shared-based compensation expenses, share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments; adjusted net income (loss) attributable to DouYu, which is calculated as net income (loss) attributable to DouYu adjusted for share-based compensation expenses, share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments; and adjusted basic and diluted net income per ordinary shares, which is the
non-GAAP
net income (loss) attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of
non-GAAP
basic and diluted net income per ordinary share. The
non-GAAP
financial measures are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical
non-GAAP
financial measures to the most directly comparable GAAP financial measures. As
non-GAAP
financial measures have material limitations as an analytical metric and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider
non-GAAP
financial measures as a substitute for, or superior to, such metrics prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on any single financial measure.
 
114
The table below sets forth a reconciliation from the GAAP measures to the
non-GAAP
measures for the years indicated:
 
    
For the Year Ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
     
US$
  
    
(in millions, excepts for shares, ADSs, per share and per ADS
data)
  
Operating income (loss)
      (859.1 )       (131.7 )       262.1        40.2  
Add:
            
Share-based compensation expenses
      35.4        290.8        142.1        21.8  
  
 
 
     
 
 
     
 
 
     
 
 
  
Adjusted operating income (loss)
   
 
(823.7
) 
   
 
159.1
 
   
 
404.2
 
   
 
62.0
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net income (loss)
   
 
(876.3
) 
   
 
33.3
 
   
 
404.7
 
   
 
62.0
 
Add:
            
Share-based compensation expenses
      35.4        290.8        142.1        21.8  
Share of (income) loss in equity method investments
      7.2        3.3        (1.3 )       (0.2 ) 
Gain on disposal of subsidiary
      —          —          (23.4 )       (3.6 ) 
Impairment losses and fair value adjustments on investments
      15.2        19.0        19.5        3.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
Adjusted net income (loss)
   
 
(818.5
) 
   
 
346.4
 
   
 
541.6
 
   
 
83.0
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net income (loss) attributable to DouYu
   
 
(876.3
) 
   
 
39.8
 
   
 
485.5
 
   
 
74.4
 
Add:
            
Share-based compensation expenses
      35.4        290.8        142.1        21.8  
Share of income (loss) in equity method investments
      7.2        3.3        (1.3 )       (0.2 ) 
Gain on disposal of subsidiary
      —          —          (23.4 )       (3.6 ) 
Impairment losses and fair value adjustments on investments
      15.2        19.0        19.5        3.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
Adjusted net income (loss) attributable to DouYu
   
 
(818.5
) 
   
 
352.9
 
   
 
622.4
 
   
 
95.4
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Adjusted net income (loss) per ordinary share
            
Basic
      (101.7 )       17.58        19.47        2.98  
Diluted
      (101.7 )       11.74        19.47        2.98  
Adjusted net income (loss) per ADS
            
Basic
      —          1.76        1.95        0.30  
Diluted
      —          1.17        1.95        0.30  
Weighted average number of ordinary shares used in calculating adjusted net income (loss) per ordinary share
            
Basic
      8,115,160        19,254,661        31,963,526        31,963,526  
Diluted
      8,115,160        31,442,931        33,012,682        33,012,682  
Weighted average number of ordinary shares used in calculating adjusted net income (loss) per ADS
            
Basic
      —          192,546,612        319,635,264        319,635,264  
Diluted
      —          314,429,306        330,126,823        330,126,823  
 
115
5.B. Liquidity and Capital Resources
Liquidity and Capital Resources
Cash flows and working capital
Our principal sources of liquidity have been cash generated from our operations and contributions from our shareholders. As of December 31, 2020, we had RMB5,279.9 million (US$809.2 million) in cash and cash equivalents. Our cash and cash equivalents consist primarily of cash on hand and time deposits placed with banks with maturities of three months or less and money market funds stated at cost plus accrued interest.
We intend to finance our future working capital requirements and capital expenditures from cash generated from operating activities and funds raised from financing activities, including the net proceeds we received from our initial public offering in July 2019. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. We believe that our current cash and cash equivalents, together with our cash generated from operating activities and financing activities will be sufficient to meet our present anticipated working capital requirements and capital expenditures. If our existing cash is insufficient to meet our requirements, we may seek to issue debt or equity securities or obtain additional credit facilities. Financing may be unavailable in the amounts we need or on terms acceptable to us, if at all. Issuance of additional equity securities, including convertible debt securities, would dilute our earnings per share. The incurrence of debt would divert cash for working capital and capital expenditures to service debt obligations and could result in operating and financial covenants that restrict our operations and our ability to pay dividends to our shareholders. If we are unable to obtain additional equity or debt financing as required, our business and prospects may suffer.
As a holding company with no material operations of our own, we conduct our operations primarily through our PRC subsidiaries, variable interest entities and their subsidiaries. We are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries in China through capital contributions or loans, subject to the approval of government authorities and limits on the amount of capital contributions and loans. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—PRC regulation of direct investment and loans by offshore holding companies to PRC entities may delay or limit us from using the proceeds of our initial public offering to make additional capital contributions or loans to our PRC subsidiary” and “Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds—14.E. Use of Proceeds.” The ability of our subsidiaries in China to make dividends or other cash payments to us is subject to various restrictions under PRC laws and regulations. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—Our PRC subsidiary and PRC variable interest entities are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements” and “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—Under the PRC enterprise income tax law, we may be classified as a PRC “resident enterprise,” which could result in unfavorable tax consequences to us and our shareholders and have a material adverse effect on our results of operations and the value of your investment.”
 
116
The following table presents the summary of our combined and consolidated cash flow data for the years ended December 31, 2018, 2019 and 2020.
 
    
For the Year Ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
     
US$
  
    
(in millions)
  
Net cash provided by (used in) operating activities
      (337.6 )       813.2        667.6        102.3  
Net cash used in investing activities
      (265.0 )       (246.3 )       (2,612.6 )       (400.4 ) 
Net cash provided by (used in) financing activities
      5,280.1        1,896.3        (479.2 )       (73.4 ) 
Effect of foreign exchange rate changes on cash and cash equivalents
      345.1        109.5        (418.9 )       (64.2 ) 
Net increase in cash and cash equivalents
   
 
5,022.6
 
   
 
2,572.7
 
   
 
(2,843.1
) 
   
 
(435.7
) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Cash, cash equivalents and restricted cash at the beginning of the year
   
 
539.6
 
   
 
5,562.2
 
   
 
8,134.9
 
   
 
1,246.7
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Cash, cash equivalents and restricted cash at the end of the year
   
 
5,562.2
 
   
 
8,134.9
 
   
 
5,291.8
 
   
 
811.0
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Operating activities
Net cash provided by operating activities was RMB667.6 million (US$102.3 million) in 2020. The difference between our net cash from operating activities and our net income of RMB404.7 million (US$62.0 million) was due to recognization of share-based compensation of RMB142.1 million (US$21.8 million) in 2020, increase in accounts payables of RMB96.4 million (US$14.8 million), and increase in amortization of intangible assets of RMB89.8 million (US$13.8 million), partially offset by increase in amounts due to related parties of RMB75.2 million (US$11.5 million).
Net cash provided by operating activities was RMB813.2 million in 2019. The difference between our net cash from operating activities and our net income of RMB33.3 million was due to the recognization of share-based compensation of RMB290.8 million in 2019, increase in deferred revenue of RMB130.0 million, increase in accounts payable of RMB86.4 million, decrease in prepayments of RMB85.5 million and increase in amounts due to related parties of RMB65.5 million, partially offset by increase in accounts receivable of RMB69.5 million. The share-based compensation were recognized following our IPO in July 2019. The increase in accounts payable, amount due to related parties were mainly driven by growth in live streaming revenue, which contributed to more revenue sharing fee payables to our streamers or talent agencies. The increase in account receivables was primarily attributable to the increase in receivables generated from our customers such as advertisers, which was in line with our business growth. The decrease in prepayments was mainly due to our declining prepayments to exclusive top streamers as a result of industry-wide rationalization of their
sign-up
bonus.
Net cash used in operating activities was RMB337.6 million in 2018. The difference between our net cash used in operating activities and our net loss of RMB876.3 million was due to increase in accounts payable of RMB348.3 million, increase in accrued expenses and other current liabilities of RMB105.3 million, increase in amounts due to related parties of RMB73.0 million and increase in deferred revenue of RMB66.1 million, partially offset by increase in other current assets of RMB133.7 million, increase in prepayments of RMB50.9 million, and increase in amount due from related parties of RMB50.5 million. The increases in accounts payable, accrued expenses and other current liabilities, deferred revenue, amount due to related parties were attributable to our business growth which requires higher bandwidth capacity, results in more advance payments from users and generates more payables for marketing expense and content cost and more headcount. The increase in other current assets and prepayments was driven by our continuing efforts to provide quality content by securing top streamers.
 
117
Investing activities
Net cash used in investing activities was RMB2,612.6 million (US$400.4 million) in 2020 primarily due to payment for investments of RMB276.3 million (US$42.3 million), purchases of long-term investments of RMB220.0 million (US$33.7 million), purchases of intangible assets of RMB63.2 million (US$9.7 million), partially offset by proceeds from disposal of long-term investments of RMB120.0 million (US$18.4 million).
Net cash used in investing activities was RMB246.3 million in 2019 primarily due to payment for investments of RMB114.6 million, purchase of intangible assets of RMB105.9 million, purchase of property and equipment of RMB16.0 million and payment for acquisition of subsidiary, net of cash acquired, of RMB11.0 million, partially offset by proceeds on disposal of investment in associate of RMB1.0 million.
Net cash used in investing activities was RMB265.0 million in 2018 primarily due to payment for investments of RMB92.5 million, purchase of intangible assets of RMB83.2 million, payment for acquisition of subsidiary, net of cash acquired, of RMB58.0 million and purchase of property and equipment of RMB32.8 million, partially offset by proceeds on disposal of intangible assets of RMB1.5 million.
Financing activities
Net cash used in financing activities was RMB479.2 million (US$73.4 million) in 2020 primarily due to repurchase of ordinary shares of RMB579.8 million (US$88.9 million), partially offset by proceeds from capital contribution from noncontrolling interest shareholder of RMB105.1 million (US$16.1 million).
Net cash provided by financing activities was RMB1,896.3 million in 2019 primarily due to proceeds of RMB3,422.5 million received on issuance of ordinary shares upon our completion of IPO in July 2019, partially offset by repurchase of shares under a share repurchase program authorized by our board of directors of RMB115.3 million in December 2019.
Net cash provided by financing activities was RMB5,280.1 million in 2018 primarily due to (i) our completion of series E financing in March 2018, and (ii) the additional capital injection from one of our shareholders in connection with our reorganization.
Capital Expenditures
We made capital expenditures of RMB116.0 million, RMB122.0 million and RMB82.1 million (US$12.6 million) in 2018, 2019 and 2020, respectively. In these years, our capital expenditures were mainly used for purchases of, intangible assets such as agency contract rights and computer software, and plant and equipment such as servers and computers. We will continue to make capital expenditures to meet the expected growth of our business. As of December 31, 2020, we did not have significant capital commitments.
Holding Company Structure
DouYu International Holdings Limited is a holding company with no material operations of its own. We conduct our operations primarily through our subsidiaries, variable interest entities and their subsidiaries in China. As a result, our ability to pay dividends depends upon dividends paid by our subsidiaries, variable interest entities and their subsidiaries. If our subsidiaries and variable interest entities or any newly formed subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.
In addition, our subsidiaries, variable interest entities and their subsidiaries in China are permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with the Accounting Standards for Business Enterprise as promulgated by the Ministry of Finance of the PRC, or PRC GAAP. Pursuant to the law applicable to China’s foreign investment enterprise, our subsidiaries, variable interest entities and their subsidiaries that are foreign investment enterprise in the PRC have to make appropriation from their
after-tax
profit, as determined under PRC GAAP, to reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the
after-tax
profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached 50% of the registered capital of our subsidiaries, variable interest entities and their subsidiaries. Appropriation to the other two reserve funds are at our subsidiary’s discretion.
 
118
As an offshore holding company, we are permitted under PRC laws and regulations to provide funding from the proceeds of our offshore fund raising activities to our PRC subsidiaries only through loans or capital contributions, and to our consolidated affiliated entity only through loans, in each case subject to the satisfaction of the applicable government registration and approval requirements. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—PRC regulation of direct investment and loans by offshore holding companies to PRC entities may delay or limit us from using the proceeds of our initial public offering to make additional capital contributions or loans to our PRC subsidiary.” As a result, there is uncertainty with respect to our ability to provide prompt financial support to our PRC subsidiaries when needed. Notwithstanding the foregoing, our PRC subsidiaries may use their own retained earnings (rather than Renminbi converted from foreign currency denominated capital) to provide financial support to our consolidated affiliated entity either through entrustment loans from our PRC subsidiaries or direct loans to such consolidated affiliated entity’s nominee shareholders, which would be contributed to the consolidated variable entity as capital injections. Such direct loans to the nominee shareholders would be eliminated in our combined and consolidated financial statements against the consolidated affiliated entity’s share capital.
5.C. Research and Development, Patents and Licenses, Etc.
Our advanced technology infrastructure and capabilities allow us to efficiently and effectively provide our services with superior user experience. Our platform incorporates the following features: (i) video and audio quality, (ii) content recommendation, (iii) image recognition, (iv) streamer discovery and evaluation and (v) advanced streaming capabilities. We continue to strengthen our technologies and big data analytic capabilities to enhance user experience and achieve operational efficiencies. See “Item 4. Information on the Company—4.B. Business Overview—Our Technology.”
5.D. Trend Information
Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the year ended December 31, 2020 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial condition.
5.E.
Off-Balance
Sheet Arrangements
We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder’s equity or that are not reflected in our combined and consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity.
5.F. Tabular Disclosure of Contractual Obligations
The following table sets forth our contractual obligations as of December 31, 2020:
 
    
Payment Due by Years Ending
  
    
Total
     
Less than 1 year
     
1-3 years
     
3-5 years
     
More than 5 years
  
    
(RMB in millions)
  
Lease obligation
(1)
      56.5        39.7        16.8        —          —    
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
Note:
(1)
Lease obligation represents our future minimum lease payments under
non-cancelable
operating leases agreements.
 
119
5.G. Safe harbor
See “Forward-Looking Information.”
 
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
6.A. Directors and Senior Management
The following table sets forth information regarding our executive officers and directors as of the date of this annual report.
 
Directors and Executive Officers
   
Age
   
Position/Title
Shaojie Chen    37    Founder, Chief Executive Officer, Director
Wenming Zhang    36   
Co-founder,
Co-Chief
Executive Officer, Director
Chao Cheng    30    Chief Operational Officer
Mingming Su    36    Chief Strategy Officer, Director
Hao Cao    41    Vice President, Director
Song Zhou    42    Director
Haiyang Yu    38    Director
Xi Cao    36    Independent Director
Zhaoming Chen    38    Independent Director
Xuehai Wang    46    Independent Director
Zhi Yan    48    Independent Director
Shaojie Chen
is our founder. Mr. Chen has served as our director and chief executive officer since May 2014. Mr. Chen was the founder of Shenzhen Zhangmenren Network Technology Co., Ltd. and served as its general manager from May 2008 to March 2010. He was also the founder of
Acfun
, an online video platform in China and served as its chief executive officer from March 2010 to March 2012. Mr. Chen joined Tsinghua SEM Entrepreneur Fellows Program in September 2020. Mr. Chen graduated from Shandong Youth University of Political Science in July 2007 majoring in computer science. Mr. Chen also completed the chief executive officer series courses (CKGSB CEO Program) in Cheung Kong Graduate School of Business in November 2018.
Wenming Zhang
is our
co-founder.
Mr. Zhang has served as our director and
co-chief
executive officer since May 2014. Mr. Zhang was the
co-founder
of Shenzhen Zhangmenren Network Technology Co., Ltd. and served as the deputy general manager from May 2008 to December 2010. Mr. Zhang obtained his bachelor’s degree majoring in computer science and technology from Wuhan University of Technology in June 2006.
Chao Cheng
has served as our chief operational officer since May 2014, responsible for our operations and content management. Mr. Cheng served as the operational specialist of Shenzhen Zhangmenren Network Technology Co., Ltd. from June 2010 to April 2011 and served as the project operational manager of Hangzhou Bianfeng Network Technology Co., Ltd. from April 2011 to June 2013. Mr. Cheng graduated from China University of Geosciences (Hankou Branch) in June 2012 majoring in computer science and has completed the courses for the EMBA program of Guanghua School of Management at Peking University in June 2018. Mr. Cheng also qualified as the Cisco Certified Internet Expert in August 2010.
Mingming Su
has served as our chief strategy officer since November 2015 and our director since October 2016. Mr. Su oversees advertising, investor relations, investment and financing. Mr. Su served as the investment analyst of Shanda Computer (Shanghai) Co., Ltd. from March 2010 to March 2011, the investment manager of Hangzhou Bianfeng Network Technology Co., Ltd. from March 2011 to August 2012 and the vice president of investment at Shenzhen Qingsong Investment Management Partnership (Limited Partnership) from August 2012 to November 2015. Mr. Su obtained his bachelor’s degree majoring in library science and minoring in English from Anhui University in July 2007. Mr. Su also obtained his master of management majoring in library science from Chinese Academy of Sciences in March 2010.
 
120
Hao Cao
has served as our vice president from November 2015 and as our director since October 2016. Mr. Cao is in charge of the internal control, corporate finance, and matters related to the financial management of our company. Mr. Cao served as the audit manager of Deloitte from July 2004 to January 2011, the chief financial officer of Firstextile AG from February 2011 to June 2015. Mr. Cao obtained his bachelor of science majoring in geology from China University of Geosciences in June 2001, and his master degree majoring in finance from Fudan University in June 2004. He is also qualified as a Certified Public Accountants in China and is a CFA Charterholder.
Song Zhou
has served as our director since March 2020. Ms. Zhou served as the auditor at Arthur Andersen Huaqiang Accounting Firm from July 2001 to June 2002, senior auditor at PricewaterhouseCoopers from July 2002 to June 2004, senior manager at Protiviti Shanghai Consulting Co. LTD from June 2004 to March 2011, the vice general manager of finance at Tencent from April 2011 till now. Ms. Zhou obtained her bachelor’s degree majoring in accounting from Sun
Yat-sen
University in June 2001.
Haiyang Yu
has served as our director since May 2018. Mr. Yu served as the associate at China Growth Capital from April 2007 to February 2010, the associate at WI Harper Group from March 2010 to August 2011, the vice general manager at Tencent from August 2011 till now. Mr. Yu obtained his bachelor of science degree majoring in civil engineering from Tsinghua University in 2005.
Xi Cao
has served as our director since November 2014. Mr. Cao is a partner of Sequoia Capital China. Prior to joining Sequoia Capital China in August 2013, he served as the product manager of Tencent Technology (Shenzhen) Co., Ltd. from June 2008 to March 2010, the operational director of Kingsoft Software Co. Ltd. from March 2010 to August 2011, and the investment director of Cowin Venture Capital Investments Limited from August 2011 to August 2013. Mr. Cao obtained his bachelor’s degree of science from Peking University in June 2008.
Zhaoming Chen
has served as our director since July 2019. Mr. Chen has served as the chief financial officer of Dada Nexus Limited, a leading platform of local
on-demand
retail and delivery in China, from December 2018. Prior to that, Mr. Chen was the chief financial officer of Baozun Inc. (NASDAQ: BZUN), the leading brand
e-commerce
service partner in China from December 2012 to November 2018. Mr. Chen also served as the financial controller at LaShou Group Inc., an online social commerce company in China from 2011 to 2012 and an audit manager at Deloitte Touche Tohmatsu Certified Public Accountants LLP from 2004 to 2011. Mr. Chen obtained his bachelor’s degree in economics from Fudan University in 2004. He is also qualified as a Certified Public Accountants in China and is a CFA Charterholder.
Xuehai Wang
has served as our director since July 2019. Mr. Wang has served as the chairman of Jissbon Sanitary Products Co., Ltd. from December 1999 to August 2009 and then from August 2017 till now. Mr. Wang has also served as the president of Humanwell Healthcare (Group) Co., Ltd. from February 2003 to August 2006 and as the chairman from August 2006 till now. Mr. Wang obtained his bachelor’s degree in Geochemistry from China University of Geosciences in July 1996. He also obtained his master degree and doctorate degree in business management from Wuhan University in July 1999 and July 2003, respectively. Mr. Wang has also completed the courses for the EMBA program at Central Connecticut State University in August 2002.
Zhi Yan
has served as our director since July 2019. Mr. Yan has served as the chairman of Zall Holding Co., Ltd. since December 2002, the
co-chairman
and
co-chief
executive officer of Zall Smart Commerce Group since June 2011, the chairman and director of China Infrastructure & Logistics Group Ltd. since November 2011, the director of LightInTheBox Holding Co., Ltd. (NYSE: LITB) since March 2016 and the chairman and the director of Hanshang Group since March 2019. Mr. Yan has completed the courses for the EMBA program at Wuhan University in February 2008 and also completed the courses for the EMBA program in Cheung Kong Graduate School of Business in September 2013. Mr. Yan obtained his doctorate degree in Chinese History from Wuhan University in June 2018.
 
121
6.B. Compensation
Compensation
For the fiscal year ended December 31, 2020, we paid an aggregate of RMB29.0 million (US$4.4 million) in cash to our directors and executive officers, and we paid an aggregate of RMB4.4 million (US$0.7 million) cash compensation to our
non-executive
directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors. Our PRC subsidiaries, variable interest entities and their subsidiaries are required by law to make contributions equal to certain percentages of each employee’s salary for his or her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident fund. For share incentive grants to our directors and executive officers, see “—Share Incentive Plan.”
Employment Agreements and Indemnification Agreements
We have entered into an employment agreement with each of our executive officers. Each of our executive officers is employed for a specified time period, which will be automatically extended unless upon
30-day
prior written notice by us or
60-day
prior written notice by the executive officer to terminate such employment. We may terminate the executive officer’s employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties.
Each executive officer has agreed not to disclose, use, transfer or sell, except in the course of employment with our company and for the purpose of carrying out his or her duties as an officer of our company, any of our confidential information or proprietary data so long as such information or proprietary data remains confidential and has not been disclosed or is not otherwise in the public domain. Each officer has agreed that we shall own all the intellectual property developed by such officer during his or her employment. In addition, each executive officer has agreed to be bound by
non-competition
and
non-solicitation
restrictions during the term of his or her employment and typically for two years following the last date of employment.
We have also entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agreed to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our company.
Share Incentive Plan
DouYu International Holdings Limited 2019 Share Incentive Plan
In April 2019, we adopted the 2019 Share Incentive Plan (the “2019 Share Incentive Plan”). Under the 2019 Share Incentive Plan, the maximum aggregate number of shares we may issue is 3,456,869. The term of the options will not exceed ten years from the date the 2019 Share Incentive Plan was approved by the board. As of the date of this annual report, we have not granted any options under the 2019 Share Incentive Plan.
The following paragraphs summarize the terms of the 2019 Share Incentive Plan.
Types of Awards.
The 2019 Share Incentive Plan permits the awards of options, restricted shares, restricted share units, share appreciation rights, rights to dividends, dividend equivalent rights and other rights or benefits under the 2019 Share Incentive Plan.
Plan Administration.
After the completion of our initial public offering in July 2019, a committee formed in accordance with applicable stock exchange rules has administered the 2019 Share Incentive Plan, unless otherwise determined by the board.
Eligibility.
Employees, directors and officers and the consultants of our company or an affiliate are eligible to participate pursuant to the terms of the 2019 Share Incentive Plan, provided, however, that the aggregate amount of awards to be granted to any participant shall not exceed 1% of the maximum aggregate number of shares that may be issued pursuant to all awards under the 2019 Share Incentive Plan.
 
122
Conditions of Award.
The board, individuals authorized by the board or the committee formed after our initial public offering in July 2019 to administer the 2019 Share Incentive Plan, as the administrator, shall determine the participants, types of awards, numbers of shares to be covered by awards, terms and conditions of each award, and provisions with respect to the vesting schedule, settlement, exercise, repurchase, cancellation, forfeiture, restrictions, limitations or suspension of awards.
Term of Award.
The term of each award shall be fixed by the administrator and is stated in the award agreement between recipient of an award and us. No award shall be granted under the 2019 Share Incentive Plan after ten years from the date the 2019 Share Incentive Plan was approved by the board.
Transfer Restrictions.
Unless otherwise determined by the administrator of the 2019 Share Incentive Plan, no award and no right under any such award shall be assignable, alienable, saleable or transferable by the employee otherwise than by will or by the laws of descent and distribution, provided that if so determined by the administrator, the recipient of an award may, in the manner established by such administrator, designate a beneficiary or beneficiaries to exercise his or her rights, and to receive any property distributable, with respect to any award upon the death of the recipient. All shares or other securities issued or transferred under the 2019 Share Incentive Plan pursuant to any award or the exercise, sale, transfer and disposition thereof shall be subject to such stop transfer orders and other transfer or conversion restrictions as the administrator may deem advisable under the plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such shares or other securities are then listed, any applicable laws, and any arrangement to be entered into by our company with any depositary bank and/or the underwriters.
DouYu International Holdings Limited Amended and Restated Restricted Share Unit Scheme
We adopted a restricted share unit scheme in April 2018 which was amended and restated in April 2019, or the Amended and Restated 2018 RSU Scheme. The purpose of the Amended and Restated 2018 RSU Scheme is to recognize and reward suitable personnel for their contribution to our Company, to attract suitable personnel, and to provide incentives to them to remain with and further contribute to our Company. Under the Amended and Restated 2018 RSU Scheme, the maximum aggregate number of ordinary shares we are authorized to issue pursuant to all awards is 2,106,321 ordinary shares. As of March 31, 2021, a total of 2,079,360 RSUs corresponding to 2,079,360 ordinary shares were granted and not forfeited under the Amended and Restated 2018 RSU Scheme. The RSUs are vested by equal installment for 36 months upon our initial public offering in July 2019. As of March 31, 2021, 1,156,110 RSUs corresponding to 1,156,110 ordinary shares have vested.
We issued 2,106,321 ordinary shares to Douyu Employees Limited for the purpose of transferring such shares to the plan participants according to the RSUs issued or to be issued to them under our Amended and Restated 2018 RSU Scheme adopted in April 2018. Douyu Employees Limited is an exempted company incorporated in the Cayman Islands and acts according to the Amended and Restated 2018 RSU Scheme and the trust deed entered into by and between the our company and Maples Trustee Services (Cayman) Limited on May 16, 2018. As of March 31, 2021, 1,156,110 RSUs corresponding to 1,156,110 ordinary shares out of such 2,106,321 ordinary shares have become vested. Douyu Employees Limited has waived its rights associated with the remaining 950,211 of such ordinary shares, including voting rights and dividend rights before the corresponding RSUs vest pursuant to the vesting schedule.
The following paragraphs summarize the terms of the Amended and Restated 2018 RSU Scheme.
Types of Awards.
The Amended and Restated 2018 RSU Scheme permits the awards of RSUs.
Scheme Administration.
The Amended and Restated 2018 RSU Scheme shall be administrated by the board and the trustee in accordance with the Amended and Restated 2018 RSU Scheme and the trust deed entered into by and between the company and Maples Trustee Services (Cayman) Limited on May 16, 2018. The powers and obligations of the trustee will be limited as set forth in the aforementioned trust deed. The board may by resolution delegate any or all of its powers in the administration of this Amended and Restated 2018 RSU Scheme to the administration committee or any other committee as authorized by the board for such purpose.
 
123
Eligibility.
RSUs may be granted to any employee or any person as determined by the board to be eligible to participate in the Amended and Restated 2018 RSU Scheme.
Notice of Grant.
Each award under the Amended and Restated 2018 RSU Scheme shall be evidenced by a letter or any such notice or document in such form as the board may from time to time determine, an offer of grant of award, which shall attach an acceptance notice. The grantee shall sign the acceptance notice and return it to the trustee or the company within the time period and in a manner prescribed in the notice of grant.
Conditions of Award.
The board shall determine the provisions, terms, and conditions of each award including, but not limited to, eligible participant, vesting schedule, the
lock-up
arrangements upon vesting and other terms and conditions that the award is subject to.
Transfer Restrictions.
Any award granted pursuant to this Amended and Restated 2018 RSU Scheme shall be personal to the grantee and shall not be assignable or transferable. No grantee shall in any way sell, transfer, assign, charge, mortgage, encumber, hedge or create any interest in favor of any other person over or in relation to any RSUs or any other property held by the trustee on trust for the grantees, awards, shares underlying any awards or any interest or benefits therein.
Voting Power and Dividend Right of the RSUs.
No grantee shall enjoy any of the rights of a shareholder by virtue of the grant of an award pursuant to the Amended and Restated 2018 RSU Scheme, unless and until such shares underlying the award are actually transferred to the grantee upon the vesting of the RSU. None of the RSUs granted under this Amended and Restated 2018 RSU Scheme carry any right to vote at general meetings of the company or have any rights to any cash or
non-cash
income, dividends or distributions and/or the sale proceeds of
non-cash
and
non-scrip
distributions from any shares underlying an unvested RSU, unless otherwise specified by the board.
Amendment of the Amended and Restated 2018 RSU Scheme.
The Amended and Restated 2018 RSU Scheme may be altered, amended or waived in any respect by the board,
provided that
, such alteration, amendment or waiver shall not affect any subsisting rights of any grantee thereunder.
Term of the Amended and Restated 2018 RSU Scheme.
The Amended and Restated 2018 RSU Scheme shall remain valid and effective until the 10th anniversary date of the date if was adopted.
Termination of the Amended and Restated 2018 RSU Scheme.
The Amended and Restated 2018 RSU Scheme may be terminated at any time prior to the expiry of its term by the board,
provided that
, such termination shall not affect any subsisting rights of any grantee thereunder.
The following table summarizes, as of the date of this annual report, the number of RSUs that we granted to our directors and executive officers under the Amended and Restated 2018 RSU Scheme. We have not granted other equity awards to our directors or executive officers.
 
Name
   
Ordinary Shares
Underlying RSUs
     
Exercise Price
(US$/Share)
     
Date of Grant
     
Date of
Expiration
  
Shaojie Chen
      1,430,315        —          April 1, 2018        —    
Wenming Zhang
      313,236        —          April 1, 2018        —    
Chao Cheng
      *        —          April 1, 2018        —    
Mingming Su
      *        —          April 1, 2018        —    
Hao Cao
      *        —          April 1, 2018        —    
Song Zhou
      —          —          —          —    
Haiyang Yu
      —          —          —          —    
Xi Cao
      —          —          —          —    
Zhaoming Chen
      —          —          —          —    
Xuehai Wang
      —          —          —          —    
Zhi Yan
      —          —          —          —    
 
Note: * Less than 1% of our total outstanding shares.
 
124
As of March 31, 2021, other grantees under the Amended and Restated 2018 RSU Scheme as a group held 159,040 RSUs.
In accordance with the Merger Agreement, each award of restricted share units (“DouYu RSU Award”) granted pursuant to the Amended and Restated Restricted Share Unit Scheme of DouYu (the “DouYu Restricted Share Unit Scheme”) that is outstanding and unvested and held directly by the applicable grantee immediately prior to the Effective Time shall be assumed by Huya and converted into a restricted share unit award (an “Assumed RSU Award”) with respect to a number of Huya Class A shares equal to the product obtained by multiplying (i) the applicable number of DouYu shares subject to such DouYu RSU Award immediately prior to the Effective Time by (ii) 7.30, rounded to the nearest whole share. Each Assumed RSU Award shall continue to have, and shall be subject to, the same terms and conditions as applied to the corresponding DouYu RSU Award immediately prior to the Effective Time (taking into account any changes thereto by reason of the Merger Agreement or the Merger), except for changes made as appropriate to effectuate the administration of the Assumed RSU Awards and certain other changes agreed by DouYu. Each DouYu RSU Award that is outstanding and vested and held directly by the applicable grantee immediately prior to the Effective Time shall be canceled in exchange for the right to receive a number of Huya Class A shares equal to the product obtained by multiplying (i) the applicable number of DouYu shares subject to such DouYu RSU Award immediately prior to the Effective Time by (ii) 7.30, rounded to the nearest whole share.
For discussions of our accounting policies and estimates for awards granted pursuant to the Amended and Restated 2018 RSU Scheme, see “Item 5. Operating and Financial Review and Prospects—5.A. Operating Results—Critical Accounting Policies, Judgments and Estimates—Share-based compensation.”
6.C. Board Practices
Board of directors
Our board of directors consists of ten directors, including four independent directors. A director is not required to hold any shares in our company to qualify to serve as a director. The Listing Rules of the Nasdaq Stock Market generally require that a majority of an issuer’s board of directors must consist of independent directors. However, the Listing Rules of the Nasdaq Stock Market permit foreign private issuers like us to follow “home country practice” in certain corporate governance matters. We rely on this “home country practice” exception and do not have a majority of independent directors serving on our board of directors.
A director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with our company is required to declare the nature of his or her interest at a meeting of our directors. In addition, the interested director shall not vote (nor be counted in the quorum) on any resolution of our Board approving any contract or arrangement or any other proposal in which he or any of his close associates is materially interested in except for certain circumstances as set out in the Articles of Association. Our board of directors may exercise all of the powers of our company to borrow money, to mortgage or charge its undertaking, property and uncalled capital, or any part thereof, and to issue debentures, debenture stock or other securities whenever money is borrowed or as security for any debt, liability or obligation of our company or of any third party. None of our directors has a service contract with us that provides for benefits upon termination of service as a director.
The directors and officers upon completion of the merger are set forth in the section “The Merger Agreement and Plan of Merger—Memorandum and Articles of Association; Directors and Officers of the Surviving Company,” as set forth in the Proxy Statement/Prospectus in the Registration Statement on Form
F-4,
as amended, filed by Huya with SEC on November 10, 2020.
 
125
Committees of the board of directors
We have established the following committees in our board of directors: an audit committee, a compensation committee and a nominating and corporate governance committee. The committees operate in accordance with terms of reference established by our board of directors.
Audit Committee.
Our audit committee consists of Mr. Zhaoming Chen, Mr. Xuehai Wang and Mr. Zhi Yan. Mr. Zhaoming Chen is the chairman of our audit committee. We have determined that each of Mr. Zhaoming Chen, Mr. Xuehai Wang and Mr. Zhi Yan satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market and
Rule 10A-3
under the Securities Exchange Act of 1934. We have determined that Mr. Zhaoming Chen qualifies as an “audit committee financial expert.” The audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee is responsible for, among other things:
 
  •  
selecting the independent registered public accounting firm and
pre-approving
all auditing and
non-auditing
services permitted to be performed by the independent registered public accounting firm;
 
  •  
reviewing with the independent registered public accounting firm any audit problems or difficulties and management’s response;
 
  •  
reviewing and approving all proposed related party transactions, as defined in Item 404 of
Regulation S-K
under the Securities Act;
 
  •  
discussing the annual audited financial statements with management and the independent registered public accounting firm;
 
  •  
reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;
 
  •  
annually reviewing and reassessing the adequacy of our audit committee charter;
 
  •  
meeting separately and periodically with management and the independent registered public accounting firm; and
 
  •  
reporting regularly to the board.
Compensation Committee.
Our compensation committee consists of Mr. Shaojie Chen, Mr. Wenming Zhang and Mr. Zhi Yan and is chaired by Mr. Shaojie Chen. We have determined that Mr. Zhi Yan satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our executive officers. Our officer may not be present at any committee meeting during which such officer’s compensation is deliberated upon. The compensation committee is responsible for, among other things:
 
  •  
reviewing and approving, or recommending to the board for its approval, the compensation for our executive officers;
 
  •  
reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and
 
  •  
selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person’s independence from management.
 
126
Nominating and Corporate Governance Committee.
Our nominating and corporate governance committee consists of Mr. Shaojie Chen, Mr. Wenming Zhang and Mr. Xuehai Wang, and is chaired by Mr. Shaojie Chen. We have determined that Mr. Xuehai Wang satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:
 
  •  
recommending nominees to the board for election or
re-election
to the board, or for appointment to fill any vacancy on the board pursuant to the terms of the Fourth Amended and Restated Memorandum and Articles of Association, effective upon the completion of our initial public offering in July 2019;
 
  •  
reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us;
 
  •  
developing and recommending to our board such policies and procedures with respect to nomination or appointment of members of our board and chairs and members of its committees or other corporate governance matters as may be required pursuant to any SEC or Nasdaq rules, or otherwise considered desirable and appropriate;
 
  •  
selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;
 
  •  
developing and reviewing at least annually the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices;
 
  •  
evaluating the performance and effectiveness of the board as a whole; and
 
  •  
review and approve compensation for our directors.
Duties and Functions of Directors
Under Cayman Islands law, our directors owe fiduciary duties to our company, including a duty to act honestly and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our company a duty to exercise the skill they actually possess and such care and diligence that a reasonable director would exercise in comparable circumstances. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended and restated from time to time. Our company has the right to seek damages if a duty owed by our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached. The functions and powers of our board of directors include, among others, (i) convening shareholders’ annual general meetings and reporting its work to shareholders at such meetings, (ii) declaring dividends and other distributions, (iii) appointing officers and determining their terms of offices and responsibilities, and (iv) approving the transfer of shares of our company, including the registering of such shares in our share register.
Terms of Directors and Officers
Our directors are elected pursuant to the terms of our Fourth Amended and Restated Memorandum and Articles of Association. Mr. Shaojie Chen and Mr. Wenming Zhang, and entities which hold shares of our company on behalf of and are controlled by Mr. Shaojie Chen and Mr. Wenming Zhang, have the right to appoint up to four directors. Nectarine, a wholly-owned subsidiary of Tencent, has the right to appoint up to two directors as long as it beneficially owns no less than 33% of the shares it beneficially owns immediately prior to the completion of our initial public offering in July 2019. Our board of directors has the right to appoint up to four independent directors and may appoint additional directors, if any. Directors appointed by a specified group may only be removed by the affirmative vote of such group.
 
127
Our directors are not subject to a term of office and hold office until such time as they are removed from office pursuant to the terms of the Fourth Amended and Restated Memorandum and Articles of Association. A director will cease to be a director if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing; (iv) is prohibited by any applicable law or regulations of the Nasdaq from being a director; (v) without special leave of absence from the board, is absent from meetings of the board for three consecutive meetings and the board resolves that his office be vacated; or (vi) is removed from office pursuant to any other provision of our Fourth Amended and Restated Memorandum and Articles of Association.
Our officers are nominated by Mr. Shaojie Chen (who has a second or casting vote when there is an equality of votes) and Mr. Wenming Zhang, and entities which hold shares of our company on behalf of and are controlled by Mr. Shaojie Chen and Mr. Wenming Zhang, and are elected by the board at such term and remuneration as the board sees fit.
6.D. Employees
We had 1,877 employees as of December 31, 2020, and substantially all of our employees were based in China.
The following table sets forth a breakdown of our employees by function as of December 31, 2020:
 
    
Number of

Employees
     
Percentage
  
Operation and products
      362        19.3 % 
Research and development
      814        43.3 % 
Sales and marketing
      153        8.2 % 
General and administration
      548        29.2 % 
Total
      1,877        100.0 % 
Our success depends on our ability to attract, retain and motivate qualified personnel. We adopt high standards in recruitment with strict procedures to ensure the quality of new hires. Moreover, we provide a robust training program for new employees that we hire, which we believe are effective in equipping them with the skill set and work place ethics that we require of our employees. We have developed a dynamic corporate culture that encourages innovation, technical skills and self-development.
We enter into standard contracts and agreements regarding confidentiality, intellectual property, employment, commercial ethics policies and
non-competition
with most of our executive officers, managers and employees. These contracts typically include a
non-competition
provision effective during and up to two years after their employment with us and a confidentiality provision effective during and after their employment with us.
Our employees have formed the employee union. We believe that we maintain a good working relationship with our employees and we have not experienced any significant labor disputes.
6.E. Share Ownership
The following table sets forth information concerning the beneficial ownership of our ordinary shares as of March 31, 2021 by:
 
  •  
each of our directors and executive officers;
 
  •  
all of our directors and executive officers as a group; and
 
  •  
each of our principal shareholders who beneficially own more than 5% of our total outstanding ordinary shares.
 
128
The calculations in the table below are based on 32,440,979 ordinary shares issued and outstanding as of March 31, 2021.
Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any option, warrant, or other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage ownership of any other person. The table below excludes 950,211 ordinary shares issued to Douyu Employees Limited, our employee shareholding platform established for the RSUs granted under the Amended and Restated 2018 RSU Scheme, which has waived its rights associated with these 950,211 ordinary shares, including voting rights and dividend rights, before the corresponding RSUs vest pursuant to the vesting schedule, except when calculating the number of shares underlying share options held by such person or group that are exercisable or RSUs that will become vested within 60 days after the date of this annual report.
 
    
Ordinary Shares
  
Directors and Executive Officers†
   
Number
     
Percentage of total
ordinary shares
     
Percentage of aggregate
voting power
***
  
Shaojie Chen
(1)
      4,885,716        15.0        15.0  
Wenming Zhang
(2)
      581,631        1.8        1.8  
Chao Cheng
         *          *          * 
Mingming Su
         *          *          * 
Hao Cao
         *          *          * 
Song Zhou
      —          —          —    
Haiyang Yu
      —          —          —    
Xi Cao
      —          —          —    
Zhaoming Chen
      —          —          —    
Xuehai Wang
      —          —          —    
Zhi Yan
      —          —          —    
All Directors and Executive Officers as a Group
      5,514,005        16.9        16.9  
Principal Shareholders:
         
Nectarine Investment Limited
(3)
      12,068,104        37.2        37.2  
Warrior Ace Holding Limited
(4)
      4,806,254        14.8        14.8  
 
Notes:
*
Less than 1% of our total outstanding shares.
**
For each person and group included in this column, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of (i) 32,440,979, being the number of ordinary shares outstanding as of March 31, 2021, excluding 950,211 ordinary shares issued to Douyu Employees Limited, our employee shareholding platform established for the RSUs granted under the Amended and Restated 2018 RSU Scheme, which has waived its rights associated with these 950,211 ordinary shares, including voting rights and dividend rights, before the corresponding RSUs vest pursuant to the vesting schedule, and (ii) the number of ordinary shares underlying share options held by such person or group that are exercisable or RSUs that will become vested within 60 days after the date of this annual report.
***
For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our ordinary shares as a single class.
†
The address of our directors and executive officers except for Ms. Song Zhou, Mr. Haiyang Yu, Mr. Xi Cao, Mr. Zhaoming Chen, Mr. Xuehai Wang and Mr. Zhi Yan is 20/F, Building A, New Development International Center, No. 473 Guanshan Avenue, Hongshan District, Wuhan, Hubei Province, the People’s Republic of China. The business address for Ms. Zhou is Room 1631, Building C, Kexing Science Park, Kejizhongsan Avenue, Nanshan District, Shenzhen, the People’s Republic of China, the business address for Mr. Yu is 29/F, Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong, the business address for Mr. Cao is Room 3606, China Central Place Tower 3, 77 Jianguo Road, Beijing 100025, China, the business address of Mr. Chen is 22/F, Oriental Fisherman’s Wharf, No. 1088 Yangshupu Road, Yangpu District, Shanghai, the People’s Republic of China, the business address for Mr. Wang is No. 666 Gaoxin Avenue, East Lake New Technology Development Zone, Wuhan, the People’s Republic of China, and the business address for Mr. Yan is Special #1, Julong Avenue, Panlong Town Economics Development Zone, Wuhan, the People’s Republic of China.
 
129
(1)
The number of ordinary shares beneficially owned represents (i) 4,806,254 ordinary shares held by Mr. Chen through Warrior Ace Holding Limited, or Warrior Ace. On August 13, 2020, Nectarine and Mr. Chen entered into an agreement (the “Share Transfer Agreement”) where Mr. Chen would sell 3,703,704 ordinary shares through Warrior Ace to Nectarine for an aggregate consideration of US$500,000,040, with such sale to close immediately before the closing of the merger between DouYu and Huya. Upon the consummation of the sale contemplated under the Share Transfer Agreement, Warrior Ace will hold 1,102,550 ordinary shares on behalf of Mr. Shaojie Chen, excluding any ordinary share underlying the RSUs granted to Mr. Chen which will become vested before the consummation of the sale; and (ii) 79,462 ordinary shares underlying the RSUs we granted to Mr. Chen under our Amended and Restated 2018 RSU Scheme, which will vest within 60 days after the date of this annual report. In accordance with the Merger Agreement, all of the outstanding and unvested RSUs of DouYu held by Mr. Shaojie Chen as of the Proxy Mailing Date will become fully vested before the Effective Time, subject to certain conditions including the entry into a lockup undertaking and a securities account monitoring agreement. Warrior Ace is an exempted company incorporated with limited liability under the laws of the British Virgin Islands wholly-owned by Mr. Chen. The registered address of Warrior Ace is Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, British Virgin Islands. Warrior Ace is beneficially owned and controlled by Mr. Chen.
(2)
The number of ordinary shares beneficially owned represents (i) 564,229 ordinary shares held by Mr. Zhang through Starry Zone Investments Limited, or Starry Zone; and (ii) 17,402 ordinary shares underlying the RSUs we granted to Mr. Zhang under our Amended and Restated 2018 RSU Scheme, which will vest within 60 days after the date of this annual report. Starry Zone is an exempted company incorporated with limited liability under the laws of the British Virgin Islands wholly-owned by Mr. Zhang. The registered address of Starry Zone is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. Starry Zone is beneficially owned and controlled by Mr. Zhang.
(3)
Represents 12,068,104 ordinary shares held by Nectarine, an exempted company incorporated with limited liability under the laws of the British Virgin Islands and a wholly-owned subsidiary of Tencent, according to the Schedule 13D filed jointly by Tencent and Nectarine with the SEC on October 14, 2020. Tencent is a Cayman Islands exempted company listed on the Main Board of the Hong Kong Stock Exchange. The principal business address of Nectarine is Level 29, Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong. Pursuant to the Share Transfer Agreement, Mr. Chen would sell 3,703,704 ordinary shares through Warrior Ace to Nectarine for an aggregate consideration of US$500,000,040, with such sale to close immediately before the closing of the merger between DouYu and Huya.
(4)
Represents 4,806,254 ordinary shares beneficially owned by Mr. Chen, our chief executive officer and director, as set forth in note (1) above.
To our knowledge, as of March 31, 2021, a total of 15,134,495 ordinary shares are held by one record holder in the United States, representing approximately 46.7% of our total outstanding shares. The holder is JPMorgan Chase Bank, N.A., the depositary of our ADS program.
None of our shareholders has informed us that it is affiliated with a member of Financial Industry Regulatory Authority, or FINRA.
We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.
 
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7.A. Major Shareholders
Please refer to “Item 6. Directors, Senior Management and Employees — 6.E. Share Ownership.” The company’s major shareholders do not have different voting rights than the other shareholders.
 
130
7.B. Related Party Transactions
Transactions with Tencent
In 2018, 2019 and 2020, we provided services to Tencent’s PRC affiliated entities in relation to advertisements, game distribution and promotional activities on our platform for the total amount of approximately RMB50.8 million, RMB29.3 million and RMB9.0 million (US$1.4 million) in fees, respectively. As of December 31, 2020, we had an amount of approximately RMB9.0 million (US$1.4 million) due from certain of Tencent’s PRC affiliated entities, representing the unsettled balance of fees for the services we provided to them.
In 2018, 2019 and 2020, Tencent provided services to us through its PRC affiliated entities in relation to CDN, P2P streaming technologies, online payment and website technology support and licensed certain copyrights to us for the total amount of approximately RMB387.7 million, RMB377.6 million and RMB330.6 million (US$50.7 million) in fees, respectively. As of December 31, 2020, we had an amount of approximately RMB201.6 million (US$30.9 million) due to certain of Tencent’s PRC affiliated entities, representing the unsettled balance of fees for the services and copyrights they provided to us.
We have entered into the Amended and Restated SCFM and other agreements with Tencent through its PRC affiliated entities.
Transactions with Equity Method Investee Talent Agencies
We cooperate with certain talent agencies to manage and organize streamers on our platform and may enter into revenue sharing arrangements with them. We have also made equity investments in certain talent agencies and exercise significant influence over them. Such investments are accounted for as equity method investee talent agencies.
In 2018, 2019 and 2020, we received live streaming revenue and other revenue from the equity method investee talent agencies of RMB25.2 million, RMB78.9 million and RMB23.9 million (US$3.7 million), respectively. In 2018, 2019 and 2020, we paid revenue sharing fees and content costs of RMB229.9 million, RMB715.5 million and RMB435.5 million (US$66.7 million), respectively, to the equity method investee talent agencies. For details, please refer to Note 16 to the combined and consolidated financial statements for the years ended December 31, 2018, 2019 and 2020 included elsewhere in this annual report.
Terms of Directors and Officers
See “Item 6. Directors, Senior Management and Employees—6.C. Board Practices—Terms of Directors and Officers.”
Contractual Arrangements with Our VIEs and Our VIEs’ Respective Shareholders
See “Item 4. Information on the Company—4.C. Organizational Structure—Contractual Arrangements with Our VIEs and Our VIEs’ Respective Shareholders.”
Employment Agreements and Indemnification Agreements
See “Item 6. Directors, Senior Management and Employees—6.B. Compensation—Employment Agreements and Indemnification Agreements.”
Share Incentives
See “Item 6. Directors, Senior Management and Employees—6.B. Compensation—Share Incentive Plan.”
 
131
7.C. Interests of Experts and Counsel
Not applicable.
 
ITEM 8.
FINANCIAL INFORMATION
8.A. Consolidated Statements and Other Financial Information
We have appended consolidated financial statements filed as part of this annual report.
Litigation
We have been and may become a party to various legal or administrative proceedings arising in the ordinary course of our business, including matters relating to contractual disputes, intellectual property infringement and unfair competition. We intend to defend ourselves against this claim vigorously. This case is still pending and in its early stage. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management’s time and attention. See “Item 3. Key Information—Item 3.D. Risk Factors—Risks Related to Our Business and Our Industry—We may be subject to intellectual property infringement claims or other allegations by third parties for information or content displayed on, retrieved from or linked to our platform, or distributed to our users, or for proprietary information appropriated by former employees, which may materially and adversely affect our business, financial condition and prospects,” “Item 3. Key Information—Item 3.D. Risk Factors—Risks Related to Our Business and Our Industry—We may be held liable for information or content displayed on, retrieved from or linked to our platform, or distributed to our users if such content is deemed to violate any PRC laws or regulations, and PRC authorities may impose legal sanctions on us,” “Item 3. Key Information—Item 3.D. Risk Factors—Risks Related to Our Business and Our Industry—Implementation of the new labor laws and regulations in China may adversely affect our business and results of operations,” and “Item 3. Key Information—Item 3.D. Risk Factors—We are subject to risks relating to litigation, which could adversely affect our business, prospects, results of operations and financial condition.”
In March and April 2020, we and certain of our current and former officers and directors were also named as defendants in several putative securities class actions filed in state and federal courts alleging that we made material misstatements and omissions in our IPO registration statement. The cases allege claims under the Securities Act. The actions have been transferred and consolidated into the two pending actions: 
In re Douyu Int’l Holdings Ltd. Secs. Litig.
, Index No. 651703/2020 (Sup. Ct. N.Y. Cty.) (the “Consolidated State Court Action”), and
 In re Douyu Int’l Holdings Ltd. Secs. Litig.
, 20-cv-7234
(S.D.N.Y.) (the “Consolidated Federal Court Action”).
We filed a motion to dismiss the Consolidated State Court Action on August 14, 2020. The plaintiffs filed an opposition to motion to dismiss on September 29, 2020, and we filed a reply to opposition on October 20, 2020. On March 16, 2021, the court issued an order denying the motion to dismiss.
In the Consolidated Federal Court Action, an Amended Class Action Complaint was filed on December 24, 2020. Pursuant to the individual practices of the judge presiding over the Federal Court Action, on February 19, 2021, we filed a letter requesting a
pre-motion
conference with the federal court regarding our anticipated motion to dismiss. Plaintiffs responded to the letter by seeking leave to file a second amended complaint, which was granted by the federal court on March 15, 2021. Plaintiff filed a second amended complaint on April 2, 2021.
We will have to defend against the putative securities class action lawsuits, as applicable, including any appeals of such lawsuits should its initial defense be unsuccessful. We are currently unable to estimate the possible outcome or loss or possible range of loss, if any, associated with the resolution of these lawsuits. In the event that its initial defense of the lawsuits is unsuccessful, we cannot assure you that we will prevail in any appeal. Any adverse outcome of the case, including any plaintiff’s appeal of a judgment in the lawsuits, could have a material adverse effect on our business, financial condition, results of operation, cash flows, and reputation. The litigation process may utilize a significant portion of our resources and divert management’s attention from
the day-to-day operations,
all of which could harm our business.
 
132
Dividend Policy
We have not previously declared or paid cash dividends and we have no plan to declare or pay any dividends in the near future on our ordinary shares or the ADSs representing our ordinary shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.
We are a holding company incorporated in the Cayman Islands. We rely principally on dividends from our PRC subsidiaries for our cash requirements, including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our PRC subsidiaries to pay dividends to us. See “Item 4. Information on the Company—4.B. Business Overview—Regulation—Regulations Relating to Foreign Currency Exchange and Dividend Distribution.”
Our board of directors has discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that our board of directors may deem relevant. If we pay any dividends on our ordinary shares, we will pay those dividends which are payable in respect of the ordinary shares underlying the ADSs to the depositary, as the registered holder of such ordinary shares, and the depositary then will pay such amounts to the ADS holders in proportion to the ordinary shares underlying the ADSs held by such ADS holders, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. See “Item 12. Description of Securities Other Than Equity Securities—12.D. American Depositary Shares.”
8.B. Significant Changes
Except as otherwise disclosed in this report, we have not experienced any significant changes since the date of our audited consolidated financial statements included herein.
 
ITEM 9.
THE OFFER AND LISTING
9.A. Offering and Listing Details
Our ADSs have been listed on the Nasdaq Global Select Market since July 17, 2019 under the symbol “DOYU.” Every 10 American depositary shares represent one ordinary share, par value US$0.0001 per share.
9.B. Plan of Distribution
Not applicable.
9.C. Markets
Every 10 of our American depositary shares represent one ordinary share. Our ADSs have been listed on the Nasdaq Global Select Market since July 17, 2019. Our ADSs trade under the symbol “DOYU.”
9.D. Selling Shareholders
Not applicable.
9.E. Dilution
Not applicable.
9.F. Expenses of the Issue
Not applicable.
 
133
ITEM 10.
ADDITIONAL INFORMATION
10.A. Share Capital
Not applicable.
10.B. Memorandum and Articles of Association
We are an exempted company incorporated under the laws of the Cayman Islands and our affairs are governed by our Fourth Amended and Restated Memorandum and Articles of Association, as amended and restated from time to time, and Companies Act (As Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of the Cayman Islands.
We incorporate by reference into this annual report our Fourth Amended and Restated Memorandum and Articles of Association, the form of which was filed as Exhibit 3.2 to our registration statement on Form
F-1
(File Number
333-230976)
filed with the Securities and Exchange Commission on April 22, 2019, as amended. Our shareholders adopted our Fourth Amended and Restated Memorandum and Articles of Association by a special resolution in May 2019, which became effective immediately prior to completion of our initial public offering of ADSs representing our ordinary shares.
Upon completion of the Merger, our Memorandum and Artiles of Association will be amended. For further details, please see “The Merger Agreement and Plan of Merger—Memorandum and Articles of Association; Directors and Officers of the Surviving Company,” as set forth in the Porxy Statement/Prospectus in the Registration Statement on Form
F-4,
as amended, filed by Huya with SEC on November 10, 2020.
The following are summaries of material provisions of our Fourth Amended and Restated Memorandum and Articles of Association and the Companies Act insofar as they relate to the material terms of our ordinary shares.
Registered Office and Objects
Our registered office in the Cayman Islands is at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman,
KY1-1104,
Cayman Islands.
According to Clause 3 of our Fourth Amended and Restated Memorandum and Articles of Association, the objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by any law as provided by Section 7(4) of the Companies Act or as the same may be revised from time to time, or any other law of the Cayman Islands.
Board of Directors
See “Item 6. Directors, Senior Management and Employees.”
Ordinary Shares
General
Our authorized share capital is US$100,000 divided into (i) 500,000,000 ordinary shares of a nominal or par value of US$0.0001 each, and (ii) 500,000,000 shares of a par value of US$0.0001 as our board of directors may determine in accordance with our Fourth Amended and Restated Memorandum and Articles of Association. Holders of our ordinary shares will have the same rights except for voting and conversion rights. All of our issued and outstanding ordinary shares are fully paid and
non-assessable.
Certificates representing the ordinary shares are issued in registered form. We may not issue share to bearer. Our shareholders who are
non-residents
of the Cayman Islands may freely hold and transfer their ordinary shares.
Dividends
The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors subject to our Fourth Amended and Restated Memorandum and Articles of Association and the Companies Act. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our directors. In either case, under the laws of the Cayman Islands, our company may pay a dividend out of either profits or share premium account, provided that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.
 
134
Voting Rights
In respect of all matters subject to a shareholders’ vote, each ordinary share is entitled to one vote for each ordinary share registered in his or her name on our register of members. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any one shareholder.
A quorum required for a meeting of shareholders consists of one or more shareholders holding not less than
one-third
of the votes attaching to the issued and outstanding shares entitled to vote at general meetings present in person or by proxy or, if a corporation or other
non-natural
person, by its duly authorized representative. As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders’ annual general meetings. Our Fourth Amended and Restated Memorandum and Articles of Association provide that we may (but are not obliged to) in each year hold a general meeting as our annual general meeting in which case we will specify the meeting as such in the notices calling it, and the annual general meeting will be held at such time and place as may be determined by our directors. We, however, will hold an annual shareholders’ meeting during each fiscal year, as required by the Listing Rules at the Nasdaq. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting. Shareholders’ annual general meetings and any other general meetings of our shareholders may be called by a majority of our board of directors or our chairman or upon a requisition of shareholders holding at the date of deposit of the requisition not less than
one-third
of the votes attaching to the issued and outstanding shares entitled to vote at general meetings, in which case the directors are obliged to call such meeting and to put the resolutions so requisitioned to a vote at such meeting; however, our Fourth Amended and Restated Memorandum and Articles of Association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders. Advance notice of at least ten (10) calendar days is required for the convening of our annual general meeting and other general meetings unless such notice is waived in accordance with our articles of association.
An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast by those shareholders entitled to vote who are present in person or by proxy or, in the case of corporations, by their duly authorized representatives, at a general meeting, while a special resolution also requires the affirmative vote of no less than
two-thirds
of the votes attaching to the ordinary shares cast by those shareholders entitled to vote who are present in person or by proxy or, in the case of corporations, by their duly authorized representatives, at a general meeting. A special resolution will be required for important matters such as making changes to our Fourth Amended and Restated Memorandum and Articles of Association.
Transfer of Ordinary Shares
Subject to the restrictions in our Fourth Amended and Restated Memorandum and Articles of Association as set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.
Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:
 
  •  
the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;
 
  •  
the instrument of transfer is in respect of only one class of shares;
 
  •  
the instrument of transfer is properly stamped, if required;
 
  •  
in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed four; and
 
  •  
a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.
 
135
If our directors refuse to register a transfer they shall, within one month after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.
The registration of transfers may, on ten calendar days’ notice being given by advertisement in such one or more newspapers or by electronic means, or after compliance with any notice required of the Nasdaq, be suspended and the register of members closed at such times and for such periods as our board of directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register of members closed for more than 30 calendar days in any year.
Liquidation
On a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of ordinary shares), if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the
paid-up
capital, the assets will be distributed so that the losses are borne by our shareholders in proportion to the par value of the shares held by them. Any distribution of assets or capital to a holder of ordinary share will be the same in any liquidation event.
Redemption, Repurchase and Surrender of Ordinary Shares
We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders thereof, on such terms and in such manner as may be determined, before the issue of such shares, by our board of directors or by an ordinary resolution of our shareholders. Our company may also repurchase any of our shares provided that the manner and terms of such purchase have been approved by our board of directors or by ordinary resolution of our shareholders, or are otherwise authorized by our Fourth Amended and Restated Memorandum and Articles of Association. Under the Companies Act, the redemption or repurchase of any share may be paid out of our company’s profits or out of the proceeds of a fresh issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if the company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares issued and outstanding, or (c) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.
Variations of Rights of Shares
If at any time our share capital is divided into different classes or series of shares, the rights attached to any class or series of shares (unless otherwise provided by the terms of issue of the shares of that class or series), whether or not our company is being wound- up, may be varied with the consent in writing of the holders of not less than
two-thirds
of the issued shares of the relevant class, or with the sanction of a resolution passed at a separate meeting of the holders of the shares of such class by the holders of
two-thirds
of the votes cast at such a meeting. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be materially adversely varied by the creation or issue of further shares ranking pari passu with such existing class of shares.
Inspection of Books and Records
Holders of our ordinary shares have no general right under the Companies Act to inspect or obtain copies of our list of shareholders or our corporate records (except for our memorandum and articles of association and our register of mortgages and charges). However, we will provide our shareholders with annual audited financial statements.
 
136
Issuance of Additional Shares
Our Fourth Amended and Restated Memorandum and Articles of Association authorizes our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.
Our Fourth Amended and Restated Memorandum and Articles of Association also authorizes our board of directors to establish from time to time one or more series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:
 
  •  
the designation of the series;
 
  •  
the number of shares of the series;
 
  •  
the dividend rights, dividend rates, conversion rights, voting rights; and
 
  •  
the rights and terms of redemption and liquidation preferences.
Our board of directors may issue preferred shares without action by our shareholders to the extent authorized but unissued. Issuance of these shares may dilute the voting power of holders of ordinary shares.
Anti-Takeover Provisions
Some provisions of our Fourth Amended and Restated Memorandum and Articles of Association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preferred shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further vote or action by our shareholders.
However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Fourth Amended and Restated Memorandum and Articles of Association for a proper purpose and for what they believe in good faith to be in the best interests of our company.
Exempted Company
We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:
 
  •  
does not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;
 
  •  
is not required to open its register of members for inspection;
 
  •  
does not have to hold an annual general meeting;
 
  •  
may issue bearer shares or shares with no par value;
 
  •  
may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);
 
  •  
may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;
 
  •  
may register as a limited duration company; and
 
  •  
may register as a segregated portfolio company.
 
137
“Limited liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder’s shares of the company, except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil.
10.C. Material Contracts
The following is a summary of each contract (not being a contract entered into in the ordinary course of business, or otherwise described in this annual report) that has been entered into: (a) within the two years immediately preceding the date of this Form
20-F
which are, or may be, material to us; or (b) at any time which contain obligations or entitlements which is, or may be, material to us as at the date of this Form
20-F:
Merger Agreement and Plan of Merger
For the summary of the Merger Agreement and Plan of Merger, please see “The Merger Agreement and Plan of Merger” as set forth in the Porxy Statement/Prospectus in the Registration Statement on Form
F-4,
as amended, filed by Huya with SEC on November 10, 2020.
10.D. Exchange Controls
The Cayman Islands currently has no exchange control regulations or currency restrictions. See “Item 4. Information of the Company—4.B. Business Overview—Regulation—Regulations Relating to Foreign Currency Exchange and Dividend Distribution.”
10.E. Taxation
Cayman Islands Taxation
The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation, and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us or holders of our ADSs or ordinary shares levied by the government of the Cayman Islands, except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the Cayman Islands. The Cayman Islands are not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.
Payments of dividends and capital in respect of the ADSs or ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the ADSs or ordinary shares, nor will gains derived from the disposal of the ADSs or ordinary shares be subject to Cayman Islands income or corporation tax.
People’s Republic of China Taxation
Under the PRC Enterprise Income Tax Law, which became effective on January 1, 2008 and amended on February 24, 2017 and December 29, 2018, an enterprise established outside the PRC with “de facto management bodies” within the PRC is considered a “resident enterprise” for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation rules to the PRC Enterprise Income Tax Law, a “de facto management body” is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise.
 
138
SAT Circular 82 issued by the SAT in April 2009 specifies that certain offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise groups will be classified as PRC resident enterprises only if all of the following conditions are met: (a) the senior management and core management departments in charge of its daily operations function have their presence mainly in the PRC; (b) its financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) its major assets, accounting books, company seals, and minutes and files of its board and shareholders’ meetings are located or kept in the PRC; and (d) not less than half of the enterprise’s directors or senior management with voting rights habitually reside in the PRC. Although SAT Circular 82 and SAT Bulletin 45 apply only to offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise group and not those controlled by PRC individuals or foreigners, Han Kun Law Offices, our legal counsel as to PRC law, has advised us that the determination criteria set forth therein may reflect SAT’s general position on how the term “de facto management body” could be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, individuals or foreigners. Further to SAT Circular 82, the SAT issued the SAT Bulletin 45, which took effect in September 2011, to provide more guidance on the implementation of SAT Circular 82. SAT Bulletin 45 provides for procedures and administration details of regarding the determination on residence status and administration on post-determination matters. Our company is a company incorporated outside the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key assets are located, and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained, outside the PRC. As such, we do not believe that our company meets all of the conditions above or is a PRC resident enterprise for PRC tax purposes even if the standards for “de facto management body” prescribed in SAT Circular 82 are applicable to us. For similar reasons, we believe our other entities outside China are not PRC resident enterprises either. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term “de facto management body.” There can be no assurance that the PRC government will ultimately take a view that is consistent with us. If the PRC tax authorities determine that our Cayman Islands holding company is a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow. For example, a 10% withholding tax would be imposed on dividends we pay to our
non-PRC
enterprise shareholders (including our ADS holders). In addition, nonresident enterprise shareholders (including our ADS holders) may be subject to a 10% PRC tax on gains realized on the sale or other disposition of ADSs or ordinary shares, if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to our
non-PRC
individual shareholders (including our ADS holders) and any gain realized on the transfer of ADSs or ordinary shares by such shareholders may be subject to PRC tax at a rate of 20% (which, in the case of dividends, may be withheld at source by us). These rates may be reduced by an applicable tax treaty, but it is unclear whether
non-PRC
shareholders of our company would be able to obtain the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. See “Item 3. Key Information—3.D. Risk Factors—Risks Related to Doing Business in China—Under the PRC enterprise income tax law, we may be classified as a PRC “resident enterprise,” which could result in unfavorable tax consequences to us and our shareholders and have a material adverse effect on our results of operations and the value of your investment.”
U.S. Federal Income Tax Considerations
The following are certain U.S. federal income tax consequences to the U.S. Holders described below of owning and disposing of the ADSs or ordinary shares, but this discussion does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person’s decision to hold or dispose of the ADSs or ordinary shares.
This discussion applies only to a U.S. Holder that holds the ADSs or ordinary shares as capital assets for U.S. federal income tax purposes (generally, property held for investment). It does not describe all of the tax consequences that may be relevant in light of a U.S. Holder’s particular circumstances, including any alternative minimum tax or Medicare contribution tax considerations and tax consequences applicable to U.S. Holders subject to special rules, such as:
 
  •  
certain financial institutions;
 
  •  
dealers or traders in securities that use a
mark-to-market
method of tax accounting;
 
  •  
persons holding ADSs or ordinary shares as part of a straddle, integrated or similar transaction;
 
  •  
persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;
 
  •  
entities classified as partnerships for U.S. federal income tax purposes and their partners;
 
  •  
tax-exempt
entities, “individual retirement accounts” or “Roth IRAs”;
 
  •  
insurance companies;
 
  •  
certain U.S. expatriates;
 
  •  
persons that own or are deemed to own ADSs or ordinary shares representing 10% or more of our voting power or value;
 
  •  
persons who acquired our ADSs or ordinary shares pursuant to the exercise of an employee stock option or otherwise as compensation; or
 
  •  
persons holding ADSs or ordinary shares in connection with a trade or business outside the United States.
 
139
If a partnership (or other entity that is classified as a partnership for U.S. federal income tax purposes) owns ADSs or ordinary shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships owning ADSs or ordinary shares and their partners should consult their tax advisers as to their particular U.S. federal income tax consequences of owning and disposing of ADSs or ordinary shares.
This discussion is based on the Internal Revenue Code of 1986, as amended, or the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between the United States and the PRC, or the Treaty, all as of the date hereof, any of which is subject to change, possibly with retroactive effect.
As used herein, a “U.S. Holder” is a person that for U.S. federal income tax purposes is a beneficial owner of the ADSs or ordinary shares and:
 
  •  
a citizen or individual resident of the United States;
 
  •  
a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or
 
  •  
an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.
In general, a U.S. Holder that owns ADSs will be treated as the owner of the underlying ordinary shares represented by those ADSs for U.S. federal income tax purposes. Accordingly, no gain or loss will be recognized if a U.S. Holder exchanges ADSs for the underlying ordinary shares represented by those ADSs.
This discussion does not address any U.S. federal taxes (such as estate or gift taxes) other than income taxes, nor does it address any state, local or
non-U.S.
considerations. U.S. Holders should consult their tax advisers concerning the U.S. federal, state, local and
non-U.S.
tax consequences of owning and disposing of ADSs or ordinary shares in their particular circumstances.
Taxation of Distributions
The following is subject to the discussion regarding the passive foreign investment company rules described below.
Distributions paid on the ADSs or ordinary shares, other than certain
pro rata
distributions of ADSs or ordinary shares, will be treated as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, it is expected that distributions generally will be reported to U.S. Holders as dividends. Dividends will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Subject to applicable limitations, dividends paid to certain
non-corporate
U.S. Holders may be taxable at a favorable rate if certain conditions are met (including a minimum holding period and other requirements, and provided that we are not a PFIC for the taxable year of distribution or the preceding taxable year).
Non-corporate
U.S. Holders should consult their tax advisers regarding the availability of this favorable rate in general and in their particular circumstances.
Dividends will be included in a U.S. Holder’s income on the date of the U.S. Holder’s, or in the case of ADSs, the depositary’s, receipt. The amount of any dividend income paid in foreign currency will be the U.S. dollar amount calculated by reference to the spot rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars on such date. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect of the amount received. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.
Dividends will be treated as foreign-source income and will constitute passive category income or in certain cases, general category income, for foreign tax credit purposes. As described in “—People’s Republic of China Taxation,” dividends paid by us may be subject to PRC withholding tax. For U.S. federal income tax purposes, the amount of the dividend income will include any amounts withheld in respect of PRC withholding tax. Subject to applicable limitations, which vary depending upon the U.S. Holder’s circumstances, PRC taxes withheld from dividend payments (at a rate not exceeding the applicable rate provided in the Treaty in the case of a U.S. Holder that is eligible for Treaty benefits) generally will be creditable against a U.S. Holder’s U.S. federal income tax liability. The rules governing foreign tax credits are complex, and U.S. Holders should consult their tax advisers regarding the creditability of foreign taxes in their particular circumstances. In lieu of claiming a credit, a U.S. Holder may elect to deduct such PRC taxes in computing its taxable income, subject to applicable limitations. An election to deduct foreign taxes instead of claiming foreign tax credits must apply to all foreign taxes paid or accrued in the relevant taxable year.
 
140
Sale or Other Taxable Disposition of ADSs or Ordinary Shares
The following is subject to the discussion regarding the passive foreign investment company rules described below.
A U.S. Holder will generally recognize capital gain or loss on a sale or other taxable disposition of ADSs or ordinary shares in an amount equal to the difference between the amount realized on the sale or disposition and the U.S. Holder’s tax basis in the ADSs or ordinary shares disposed of, in each case as determined in U.S. dollars. The gain or loss will be long-term capital gain or loss if, at the time of the sale or disposition, the U.S. Holder has owned the ADSs or ordinary shares for more than one year. Long-term capital gains recognized by
non-corporate
U.S. Holders are subject to tax rates that are lower than those applicable to ordinary income. The deductibility of capital losses is subject to limitations.
As described in “—People’s Republic of China Taxation,” gains on the sale of ADSs or ordinary shares may be subject to PRC taxes. A U.S. Holder is entitled to use foreign tax credits to offset only the portion of its U.S. federal income tax liability that is attributable to foreign-source income. Because under the Code capital gains of U.S. persons are generally treated as U.S.-source income, this limitation may preclude a U.S. Holder from claiming a credit for all or a portion of any PRC taxes imposed on any such gains. However, U.S. Holders that are eligible for the benefits of the Treaty may be able to elect to treat the gain as
PRC-source
gain and therefore claim foreign tax credits in respect of PRC taxes on such disposition gains. U.S. Holders should consult their tax advisers regarding their eligibility for the benefits of the Treaty and the creditability of any PRC tax on disposition gains in their particular circumstances.
Passive Foreign Investment Company Rules
In general, a
non-U.S.
corporation is a passive foreign investment company (a “PFIC”) for U.S. federal income tax purposes for any taxable year in which (i) 75% or more of its gross income consists of passive income; or (ii) 50% or more of the value of its assets (generally determined on a quarterly average basis) consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a
non-U.S.
corporation that owns, directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, rents, royalties and certain gains. Cash is a generally passive asset for these purposes. Goodwill is generally characterized as a
non-passive
or passive asset based on the nature of the income produced in the activity to which the goodwill is attributable. The value of the goodwill may be determined in large part by reference to the average market capitalization of the
non-U.S.
corporation.
Based on the composition of our income and assets and the estimated value of our assets, including goodwill, we believe that we were not a PFIC for our 2020 taxable year. However, it is not entirely clear how the contractual arrangements between us, our wholly-owned subsidiaries, our VIEs and the shareholders of our VIEs will be treated for purposes of the PFIC rules, and we may be or become a PFIC if our VIEs are not treated as owned by us for these purposes. In addition, the extent to which our goodwill should be characterized as a
non-passive
asset is not entirely clear. Furthermore, our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time, and such status cannot be determined until after the end of the relevant taxable year. While we continue to hold a substantial amount of cash, our PFIC status for any taxable year will depend primarily on the average value of our goodwill during that year. Because the value of our goodwill may be determined in large part by reference to our market capitalization, which has been and may continue to be volatile, there is a risk (which, depending on the market price of our ADSs from time to time, could be significant) that we will be a PFIC for 2021 or any other taxable year. Because our PFIC status for 2021 or any future taxable year could depend on market conditions, which have been and may continue to be unstable, we cannot express an expectation as to our PFIC status for any such year. U.S. Holders should be aware that our PFIC status for any taxable year could affect the U.S. federal income tax consequence to them of our merger with Huya, as described in the relevant risk factor included in the Registration Statement filed by Huya with the SEC on November 10, 2020, which is incorporated herein by reference.
 
141
If we were a PFIC for any taxable year and any of our subsidiaries, VIEs or other companies in which we own or are treated as owning equity interests were also a PFIC (any such entity, a “Lower-tier PFIC”), U.S. Holders would be deemed to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and would be subject to U.S. federal income tax according to the rules described in the subsequent paragraphs on (i) certain distributions by a Lower-tier PFIC and (ii) dispositions of shares of Lower-tier PFICs, in each case as if the U.S. Holders held such shares directly, even though the U.S. Holders did not receive the proceeds of those distributions or dispositions.
In general, if we were a PFIC for any taxable year during which a U.S. Holder held ADSs or ordinary shares, gain recognized by such U.S. Holder on a sale or other disposition (including certain pledges) of its ADSs or ordinary shares would be allocated ratably over that U.S. Holder’s holding period. The amounts allocated to the taxable year of the sale or disposition and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed on the resulting tax liability for each such year. Furthermore, to the extent that distributions received by a U.S. Holder in any year on its ADSs or ordinary shares exceed 125% of the average of the annual distributions on the ADSs or ordinary shares received during the preceding three years or the U.S. Holder’s holding period, whichever is shorter, such distributions would be subject to taxation in the same manner.
If we are a PFIC for any taxable year during which a U.S. Holder owns ADSs or ordinary shares, we will generally continue to be treated as a PFIC with respect to the U.S. Holder for all succeeding years during which the U.S. Holder owns the ADSs or ordinary shares, even if we cease to meet the threshold requirements for PFIC status. If we are a PFIC for any taxable year but cease to be PFIC for subsequent years, U.S. Holders should consult their tax advisers regarding the advisability of making a “deemed sale” election that would allow them to eliminate the continuing PFIC status under certain circumstances.
Alternatively, if we were a PFIC and if the ADSs were “regularly traded” on a “qualified exchange,” a U.S. Holder of ADSs could make a
mark-to-market
election that would result in tax treatment different from the general tax treatment for PFICs described above. The ADSs would be treated as “regularly traded” for any calendar year in which more than a
de minimis
quantity of the ADSs were traded on a qualified exchange on at least 15 days during each calendar quarter. Nasdaq, where the ADSs are listed, is a qualified exchange for this purpose. If a U.S. Holder made the
mark-to-market
election, the U.S. Holder generally would recognize as ordinary income any excess of the fair market value of the ADSs at the end of each taxable year over their adjusted tax basis, and would recognize an ordinary loss in respect of any excess of the adjusted tax basis of the ADSs over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as a result of the
mark-to-market
election). If a U.S. Holder made the election, the U.S. Holder’s tax basis in the ADSs will be adjusted to reflect the income or loss amounts recognized. Any gain recognized on the sale or other disposition of ADSs in a year in which we were a PFIC would be treated as ordinary income and any loss would be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the
mark-to-market
election, with any excess treated as capital loss). If a U.S. Holder made the
mark-to-market
election, distributions paid on ADSs would be treated as discussed under “—Taxation of Distributions” above (but subject to the discussion in the immediately subsequent paragraph). If we were a PFIC for any taxable year, U.S. Holders should consult their tax advisers regarding the availability and advisability of making a
mark-to-market
election in their particular circumstances. In particular, U.S. Holders should consider carefully the impact of a
mark-to-market
election with respect to their ADSs given that we may have Lower-tier PFICs for which a
mark-to-market
election will likely not be available.
If we were a PFIC (or with respect to a particular U.S. Holder were treated as a PFIC) for a taxable year in which we paid a dividend or for the prior taxable year, the favorable tax rate described above with respect to dividends paid to certain
non-corporate
U.S. Holders would not apply.
We do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.
 
142
If we were a PFIC for any taxable year during which a U.S. Holder owned any ADSs or Ordinary shares, the U.S. Holder would generally be required to file annual reports with the Internal Revenue Service. U.S. Holders should consult their tax advisers regarding the determination of whether we are a PFIC for any taxable year and the potential application of the PFIC rules to their ownership of ADSs or ordinary shares.
Information Reporting and Backup Withholding
Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related intermediaries may be subject to information reporting and backup withholding, unless (i) the U.S. Holder is a corporation or other “exempt recipient” and (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder’s U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the Internal Revenue Service.
10.F. Dividends and Paying Agents
Not applicable.
10.G. Statement by Experts
Not applicable.
10.H. Documents on Display
We previously filed with the SEC registration statement on Form
F-1
(File Number
333-230976),
as amended, including annual report contained therein, to register additional securities that become effective immediately upon filing, to register our ordinary shares in relation to our initial public offering. We also filed with the SEC related registration statement on Form
F-6
(File Number
333-232579)
to register the ADSs and registration statement on Form
S-8
(File Number
333-235862)
to register our securities to be issued under our DouYu International Holdings Limited Amended and Restated Restricted Share Unit Scheme. In connection to the Merger, Huya filed with the SEC the Registration Statement on Form
F-4
(File Number
333-250016),
which includes a preliminary prospectus of Huya relating to the Huya shares to be offered as consideration in the Merger and which also functions as a proxy statement of DouYu under Cayman Islands law in relation to the extraordinary general meeting of shareholders of DouYu, at which shareholders of DouYu will be asked to approve the Merger Agreement, the Plan of Merger and the Merger.
We are subject to the periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Under the Exchange Act, we are required to file reports and other information with the SEC. Specifically, we are required to file annually a Form
20-F
within four months after the end of each fiscal year. Copies of reports and other information, when so filed with the SEC, can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You can request copies of these documents, upon payment of a duplicating fee, by writing to the SEC. The public may obtain information regarding the Washington, D.C. Public Reference Room by calling the Commission at
1-800-SEC-0330.
The SEC also maintains a web site at www.sec.gov that contains reports, proxy and information statements, and other information regarding registrants that make electronic filings with the SEC using its EDGAR system. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of quarterly reports and proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.
We will furnish JPMorgan Chase Bank, N.A., the depositary of our ADSs, with our annual reports, which will include a review of operations and annual audited consolidated financial statements prepared in conformity with U.S. GAAP, and all notices of shareholders’ meetings and other reports and communications that are made generally available to our shareholders. The depositary will make such notices, reports and communications available to holders of ADSs and, upon our request, will mail to all record holders of ADSs the information contained in any notice of a shareholders’ meeting received by the depositary from us.
 
143
10.I Subsidiary information
Not applicable.
 
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest rate risk
We have not been exposed to material risks due to changes in market interest rates, and we have not used any derivative financial instruments to manage our interest risk exposure.
We may invest the net proceeds we receive from the offering in interest-earning instruments. Investments in both fixed rate and floating rate interest earning instruments carry a degree of interest rate risk. Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than expected if interest rates fall.
Foreign exchange risk
Substantially all of our revenues are denominated in Renminbi. The Renminbi is not freely convertible into foreign currencies for capital account transactions. The value of the Renminbi against the U.S. dollar and other currencies is affected by, among other things, changes in China’s political and economic conditions and China’s foreign exchange policies. On July 21, 2005, the PRC government changed its
decade-old
policy of pegging the value of the Renminbi to the U.S. dollar, and the Renminbi appreciated more than 20% against the U.S. dollar over the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the Renminbi and the U.S. dollar remained within a narrow band. Since June 2010, the Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future.
To date, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. To the extent that we need to convert U.S. dollars we received from our initial public offering in July 2019 into Renminbi for our operations or capital expenditures, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely, if we decide to convert our Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amount available to us.
As of December 31, 2020, we had U.S. dollar-denominated cash and cash equivalents of US$700.7 million. A 10% depreciation of U.S. dollar against the Renminbi based on the foreign exchange rate on December 31, 2020 would result in a decrease of RMB457.2 million in cash and cash equivalents. A 10% appreciation of U.S. dollar against the Renminbi based on the foreign exchange rate on December 31, 2020 would result in an increase of RMB457.2 million in cash and cash equivalents.
Inflation risk
Since our inception, inflation in China has not materially impacted our results of operations. According to the National Bureau of Statistics of China, the year-over-year percent changes in the consumer price index for December 2018, 2019 and 2020 were increases of 1.9%, 4.5% and 0.2%, respectively. Although we have not in the past been materially affected by inflation since our inception, we can provide no assurance that we will not be affected in the future by higher rates of inflation in China.
 
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
12.A. Debt Securities
Not applicable.
 
144
12.B. Warrants and Rights
Not applicable.
12.C. Other Securities
Not applicable.
12.D. American Depositary Shares
Fees and Expenses
Pursuant to the terms of the deposit agreement, the depositary may charge each person to whom ADSs are issued, including, without limitation, issuances against deposits of shares, issuances in respect of share distributions, rights and other distributions, issuances pursuant to a stock dividend or stock split declared by us or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or deposited securities, and each person surrendering ADSs for withdrawal of deposited securities or whose ADRs are cancelled or reduced for any other reason, $5.00 for each 100 ADSs (or any portion thereof) issued, delivered, reduced, cancelled or surrendered, or upon which a share distribution or elective distribution is made or offered, as the case may be. The depositary may sell (by public or private sale) sufficient securities and property received in respect of a share distribution, rights and/or other distribution prior to such deposit to pay such charge.
The following additional charges shall also be incurred by the ADR holders, the beneficial owners, by any party depositing or withdrawing shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of stock regarding the ADSs or the deposited securities or a distribution of ADSs), whichever is applicable:
 
  •  
a fee of U.S.$1.50 per ADR or ADRs for transfers of certificated or direct registration ADRs;
 
  •  
a fee of U.S.$0.05 or less per ADS held for any cash distribution made, or for any elective cash/stock dividend offered, pursuant to the deposit agreement;
 
  •  
an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by the depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders of ADRs as of the record date or record dates set by the depositary during each calendar year and shall be payable in the manner described in the next succeeding provision);
 
  •  
a fee for the reimbursement of such fees, charges and expenses as are incurred by the depositary and/or any of its agents (including, without limitation, the custodian and expenses incurred on behalf of ADR holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the shares or other deposited securities, the sale of securities (including, without limitation, deposited securities), the delivery of deposited securities or otherwise in connection with the depositary’s or its custodian’s compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against ADR holders as of the record date or dates set by the depositary and shall be payable at the sole discretion of the depositary by billing such ADR holders or by deducting such charge from one or more cash dividends or other cash distributions);
 
  •  
a fee for the distribution of securities (or the sale of securities in connection with a distribution), such fee being in an amount equal to the $0.05 per ADS issuance fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities (treating all such securities as if they were shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the depositary to those ADR holders entitled thereto;
 
  •  
stock transfer or other taxes and other governmental charges;
 
  •  
cable, telex and facsimile transmission and delivery charges incurred at your request in connection with the deposit or delivery of shares, ADRs or deposited securities;
 
145
  •  
transfer or registration fees for the registration of transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities;
 
  •  
in connection with the conversion of foreign currency into U.S. dollars, JPMorgan shall deduct out of such foreign currency the fees, expenses and other charges charged by it and/or its agent (which may be a division, branch or affiliate) so appointed in connection with such conversion; and
 
  •  
fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement.
JPMorgan and/or its agent may act as principal for such conversion of foreign currency. For further details see https://www.adr.com.
We will pay all other charges and expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between us and the depositary.
The right of the depositary to receive payment of fees, charges and expenses survives the termination of the deposit agreement, and shall extend for those fees, charges and expenses incurred prior to the effectiveness of any resignation or removal of the depositary.
The fees and charges described above may be amended from time to time by agreement between us and the depositary.
The depositary may make available to us a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as we and the depositary may agree from time to time. The depositary collects its fees for issuance and cancellation of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions, or by directly billing investors, or by charging the book-entry system accounts of participants acting for them. The depositary will generally set off the amounts owing from distributions made to holders of ADSs. If, however, no distribution exists and payment owing is not timely received by the depositary, the depositary may refuse to provide any further services to ADR holders that have not paid those fees and expenses owing until such fees and expenses have been paid. At the discretion of the depositary, all fees and charges owing under the deposit agreement are due in advance and/or when declared owing by the depositary.
Payments by Depositary
In 2020, excluding withholding tax, we did not receive cash payment from JPMorgan Chase Bank, N.A., the depositary bank for our ADR program.
PART II
 
ITEM 13.
ITEM DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
 
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
14.A. – 14.D. Material Modifications to the Rights of Security Holders
See “Item 10. Additional Information” for a description of the rights of shareholders, which remain unchanged.
 
146
14.E. Use of Proceeds
The following “Use of Proceeds” information relates to the registration statement on Form
F-1
(File
No. 333-230976),
as amended, including the annual report contained therein, which registered 6,738,711 ordinary shares representing by ADSs and was declared effective by the SEC on July 16, 2019, for our initial public offering, which closed in July 19, 2019, at an initial offering price of US$11.50 per ADS. Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and BofA Securities, Inc. were the representatives of the underwriters.
For the period from the effective date of the registration statement on Form
F-1
was declared effective to December 31, 2020, our expenses incurred and paid to others in connection with the issuance and distribution of the ADSs in our initial public offering totaled approximately US$27.2 million, which included US$23.4 million for underwriting discounts and commissions and US$3.8 million for net expenses. None of the transaction expenses included director or indirect payments to directors or officers of our company or their associates, persons owning more than 10% or more of our equity securities or our affiliates or others. We received an aggregate net proceeds of approximately US$489.4 million from our initial public offering.
For the period from the effective date of the registration statement on Form
F-1
to December 31, 2020, we used US$83.2 million of the net proceeds received from our initial public offering primarily for overseas expansion. We still intend to use the remainder of the proceeds from our initial public offering as disclosed in our registration statements on Form
F-1.
None of these net proceeds from our initial public offering and the optional offering was paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates or others.
 
ITEM 15.
CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our management, with the participation of our Chief Strategy Officer, has performed an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule
13a-15(e)
under the Exchange Act) as of the end of the period covered by this report, as required by Rule
13a-15(b)
under the Exchange Act.
Based upon that evaluation, our management has concluded that, as of December 31, 2020, our disclosure controls and procedures were effective in ensuring that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act was recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure.
Management’s Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules
13a-15(f)
and
15d-15(f)
under the Exchange Act. As required by Rule
13a-15(c)
of the Exchange Act, our management conducted an evaluation of our company’s internal control over financial reporting as of December 31, 2020 based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2020.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
147
Attestation Report of the Registered Public Accounting Firm
Our independent registered public accounting firm, Deloitte Touche Tohmatsu Certified Public Accountants LLP, has audited the effectiveness of our internal control over financial reporting as of December 31, 2020, as stated in its report, which appears on page
F-4
of this annual report.
Changes in Internal Control over Financial Reporting
The material weakness that was identified in connection with the audits of our financial statements for the years ended December 31, 2018 and 2019 has been fully remediated and no material weakness was identified in the course of evaluations or audits, as applicable, of the effectiveness of our internal control over financial reporting as of December 31, 2020.
The material weakness identified as of December 31, 2019 related to our lack of sufficient skilled staff with U.S. GAAP knowledge for the purpose of financial reporting and lack of formal accounting policies and procedures manual to ensure proper financial reporting to comply with U.S. GAAP and SEC requirements has been fully remediated as of the date of this annual report, and no material weakness was identified in the evaluation or audit, as applicable, of the effectiveness of our internal control over financial reporting as of December 31, 2020.
We have implemented a number of measures to remediate the material weakness that has been identified in connection with the audits of our combined and consolidated financial statements for the year ended December 31, 2019. These measures include the followings:
 
  •  
We have developed and implemented a full set of U.S. GAAP accounting policies and financial reporting procedures as well as related internal control policies, including a systematic accounting manual for U.S. GAAP and financial closing process;
 
  •  
We have enhanced our U.S. GAAP expertise;
 
  •  
We have hired new finance team members with U.S. GAAP qualifications to strengthen our U.S. GAAP reporting framework; and
 
  •  
We have participated in trainings and seminars provided by professional services firms on a regular basis to gain knowledge on regular accounting and SEC reporting updates.
 
  •  
We have provided internal training to our current accounting team on U.S. GAAP knowledge.
Other than those disclosed above, there were no significant changes in our internal controls over financial reporting during the year ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting. We may identify additional control deficiencies in the future. Should we discover such deficiencies, we intend to remediate them as soon as possible.
 
ITEM 16.A.
AUDIT COMMITTEE FINANCIAL EXPERT
Our board of directors has determined that Mr. Zhaoming Chen, an independent director and the chairman of our audit committee, the qualifies as an “audit committee financial expert” within the meaning of the SEC rules and possesses financial sophistication within the meaning of Listing Rules of the Nasdaq Stock Market. Mr. Zhaoming Chen satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market and
Rule 10A-3
under the Securities Exchange Act of 1934.
 
148
ITEM 16.B.
CODE OF ETHICS
Our board of directors has adopted a code of business conduct and ethics that applies to all of our directors, officers, employees, including certain provisions that specifically apply to our principal executive officer, principal financial officer, principal accounting officer or controller and any other persons who perform similar functions for us. We have filed our code of business conduct and ethics as Exhibit 99.1 of our registration statement on Form
F-1
(file
No. 333-230976)
filed with the SEC on April 22, 2019, as amended, and posted a copy of our code of business conduct and ethics on our website at https://ir.douyu.com/. We hereby undertake to provide to any person without charge, a copy of our code of business conduct and ethics within ten working days after we receive such person’s written request.
 
ITEM 16.C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
Auditor Fees
The following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Deloitte Touche Tohmatsu Certified Public Accountants LLP, our independent registered public accounting firm, for the periods indicated.
 
    
Year Ended December 31,
  
Services
   
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
    
(in thousands)
  
Audit Fees
(1)
      7,445        6,899        8,483  
Audit-Related Fees
(2)
      1,810        —          1,958  
Tax Fees
(3)
      4,100        89        2,175  
    
 
 
     
 
 
     
 
 
  
Total
      13,355        6,988        12,616  
    
 
 
     
 
 
     
 
 
  
 
(1)
“Audit fees” means the aggregate fees billed for professional services rendered by our principal auditors for the audit of our annual financial statements and the review of our comparative interim financial statements.
(2)
“Audit-related fees” means the aggregate fees billed for professional services rendered by our principal accounting firm for the assurance and related services, which mainly included the audit and review of financial statements and are not reported under “Audit fees” above.
(3)
“Tax fees” means the aggregate fees billed for professional services rendered by our principal accounting firm for tax compliance, tax advice and tax planning.
The policy of our audit committee is to
pre-approve
all audit and
non-audit
services provided by Deloitte Touche Tohmatsu Certified Public Accountants LLP, including audit services, audit-related services and tax services as described above, other than those for de minimis services which are approved by the audit committee prior to the completion of the audit.
 
ITEM 16.D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.
 
ITEM 16.E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
On December 20, 2019, our board of directors authorized a share repurchase program whereby our company was authorized a share repurchase program under which the Company may repurchase up to US$100.0 million of its ordinary shares in the form of American depositary shares during a period of up to 12 months commencing on December 20, 2019 (the “Share Repurchase Program”). The Share Repurchase Program was concluded in February 2020. The Company’s share repurchases may be made from time to time on the open market at prevailing market prices, in open-market transactions, privately negotiated transactions or block trades, and/or through other legally permissible means, depending on market conditions and in accordance with the applicable rules and regulations. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule
10b-18
and Rule
10b5-1
of the Exchange Act. Our board of directors will review the share repurchase program periodically and may authorize adjustments to its terms and size or suspend or discontinue the program.
 
149
ITEM 16.F.
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
Not applicable.
 
ITEM 16.G.
CORPORATE GOVERNANCE
Rule 5635(c) of the Nasdaq Rules requires a Nasdaq-listed company to obtain its shareholders’ approval of all equity compensation plans, including stock plans, and any material amendments to such plans. Rule 5615 of the Nasdaq Rules permits a foreign private issuer like our company to follow home country practice in certain corporate governance matters. Currently, we do not plan to rely on home country practice with respect to our corporate governance matters. However, if we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq Global Market corporate governance listing standards applicable to U.S. domestic issuers. Specifically, we do not plan to have a majority of independent directors serving on our board of directors or to establish a nominating committee and a compensation committee composed entirely of independent directors. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our American Depositary Shares—As an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq corporate governance listing standards; these practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards.”
 
ITEM 16.H.
MINE SAFETY DISCLOSURE
Not applicable.
PART III
 
ITEM 17.
FINANCIAL STATEMENTS
We have elected to provide financial statements pursuant to Item 18.
 
ITEM 18.
FINANCIAL STATEMENTS
The consolidated financial statements of DouYu International Holdings Limited are included at the end of this annual report.
 
ITEM 19.
EXHIBITS
 
Exhibit
Number
   
Description of Document
   
    1.1    Fourth Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.2 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    2.1    Form of Registrant’s Specimen American Depositary Receipt (incorporated by reference to Exhibit 4.3 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    2.2    Registrant’s Specimen Certificate for Ordinary shares (incorporated by reference to Exhibit 4.2 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    2.3    Form of Deposit Agreement (incorporated by reference to Exhibit 4.3 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
 
150
    2.4    Shareholders Agreement dated May 29, 2018 among the Registrant, its ordinary shareholders, preferred shareholders and other parties named therein (incorporated by reference to Exhibit 4.4 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    2.5    Description of Securities (incorporated by reference to Exhibit 2.5 to our annual report on Form 20-F (File No. 001-38967) filed with the SEC on April 28, 2020)
    4.1    DouYu International Holdings Limited Amended and Restated Restricted Share Unit Scheme (incorporated by reference to Exhibit 10.1 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.2    DouYu International Holdings Limited 2019 Share lncentive Plan (incorporated by reference to Exhibit 10.2 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.3    Form of Indemnification Agreement with the Registrant’s directors (incorporated by reference to Exhibit 10.3 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.4    Form of Employment Agreement between the Registrant and an executive officer of the Registrant (incorporated by reference to Exhibit 10.4 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.5    Series E Preferred Share Purchase Agreement dated March 8, 2018 among the Registrant, Nectarine Investment Limited and other parties named therein (incorporated by reference to Exhibit 10.5 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.6    Share Purchase Agreement dated May 14, 2018 among the Registrant, SCC Growth IV 2018-D, L.P., SCC Growth IV 2018-F, L.P., Sequoia Capital Global Growth Fund II, L.P., Sequoia Capital Global Growth II Principals Fund, L.P. and other parties named therein (incorporated by reference to Exhibit 10.6 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.7    English translation of the amended and restated strategic cooperation framework memorandum between the respective PRC affiliated entities of the Registrant and Tencent, effective April 1, 2019 (incorporated by reference to Exhibit 10.7 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.8    English translation of the amended share pledge agreements entered into on January 10, 2019 by and among Douyu Yule, Wuhan Douyu and Mr. Shaojie Chen, one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.8 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.9    English translation of the share pledge agreement entered into on May 8, 2018 by and among Douyu Yule, Wuhan Douyu and Mr. Wenming Zhang, one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.9 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.10    English translation of the share pledge agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Mr. Dongqing Cai, one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.10 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.11    English translation of the share pledge agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Beijing Fengye Equity Investment Center (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.11 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
    4.12    English translation of the share pledge agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Nanshan Lanyue Asset Management (Tianjin) Partnership (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.12 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019) 
 
151
    4.13    English translation of the share pledge agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Nanshan Douyu Asset Management (Tianjin) Partnership (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.13 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.14    English translation of the share pledge agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Linzhi Lichuang Information Technology co., Ltd., one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.14 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.15    English translation of the share pledge agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Beijing Fenghuang Fuju Investment Management Center (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.15 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.16    English translation of the share pledge agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Shenzhen Innovation Investment Group Co., Ltd., one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.16 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.17    English translation of the share pledge agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Suzhou Industrial Park Yuanhe Nanshan Equity Investment Partnership, one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.17 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.18    English translation of the share pledge agreement entered into on May 29, 2018 by and among Douyu Yule, Wuhan Ouyue and Mr. Shaojie Chen, the sole shareholder of Wuhan Ouyue (incorporated by reference to Exhibit 10.18 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.19*    English translation of the amended exclusive option agreement entered into on July 25, 2020, by and among Douyu Yule, Wuhan Douyu and Mr. Shaojie Chen, one of the shareholders of Wuhan Douyu
   
    4.20    English translation of the exclusive option agreement entered into on May 8, 2018 by and among Douyu Yule, Wuhan Douyu and Mr. Wenming Zhang, one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.20 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
 
152
    4.21    English translation of the exclusive option agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Mr. Dongqing Cai, one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.21 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.22    English translation of the exclusive option agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Beijing Fengye Equity Investment Center (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.22 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.23    English translation of the exclusive option agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Nanshan Lanyue Asset Management (Tianjin) Partnership (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.23 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.24    English translation of the exclusive option agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Nanshan Douyu Asset Management (Tianjin) Partnership (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.24 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.25    English translation of the exclusive option agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Linzhi Lichuang Information Technology co., Ltd., one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.25 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.26    English translation of the exclusive option agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Beijing Fenghuang Fuju Investment Management Center (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.26 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.27    English translation of the exclusive option agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Shenzhen Innovation Investment Group Co., Ltd., one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.27 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.28    English translation of the exclusive option agreement entered into on May 14, 2018 by and among Douyu Yule, Wuhan Douyu and Suzhou Industrial Park Yuanhe Nanshan Equity Investment Partnership (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.28 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.29    English translation of the exclusive option agreement dated May 29, 2018 by and among Douyu Yule, Wuhan Ouyue and Mr. Shaojie Chen, the sole shareholder of Wuhan Ouyue (incorporated by reference to Exhibit 10.29 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.30    English translation of exclusive business cooperation agreement dated May 14, 2018 by and between Douyu Yule and Wuhan Douyu (incorporated by reference to Exhibit 10.30 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.31    English translation of the exclusive business operation agreement dated May 29, 2018 by and between Douyu Yule and Wuhan Ouyue (incorporated by reference to Exhibit 10.31 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.32*    English translation of amended powers of attorney dated July 25, 2020, issued by Mr. Shaojie Chen, one of the shareholders of Wuhan Douyu
   
    4.33    English translation of powers of attorney dated May 8, 2018 issued by Mr. Wenming Zhang, one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.33 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.34    English translation of powers of attorney dated May 14, 2018 issued by Mr. Dongqing Cai, one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.34 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
 
153
    4.35    English translation of powers of attorney dated May 14, 2018 issued by Beijing Fengye Equity Investment Centre (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.35 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.36    English translation of powers of attorney dated May 14, 2018 issued by Nanshan Lanyue Asset Management (Tianjin) Partnership (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.36 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.37    English translation of powers of attorney dated May 14, 2018 issued by Nanshan Douyu Asset Management (Tianjin) Partnership (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.37 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.38    English translation of powers of attorney dated May 14, 2018 issued by Linzhi Lichuang Information Technology co., Ltd., one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.38 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.39    English translation of powers of attorney dated May 14, 2018 issued by Beijing Fenghuang Fuju Investment Management Center (Limited Partnership), one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.39 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.40    English translation of powers of attorney dated May 14, 2018 issued by Shenzhen Innovation Investment Group Co., Ltd., one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.40 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.41    English translation of powers of attorney dated May 14, 2018 issued by Suzhou Industrial Park Yuanhe Nanshan Equity Investment Partnership, one of the shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.41 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.42    English translation of powers of attorney dated May 29, 2018 issued by Mr. Shaojie Chen, the sole shareholder of Wuhan Ouyue (incorporated by reference to Exhibit 10.42 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.43*    English translations of amended consent letter dated July 25, 2020, executed by the spouse of Mr. Shaojie Chen, one of the individual shareholders of Wuhan Douyu
   
    4.44    English translations of consent letter dated May 8, 2018 executed by the spouse of Mr. Wenming Zhang, one of the individual shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.44 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.45    English translations of consent letter dated May 14, 2018 executed by the spouse of Mr. Dongqing Cai, one of the individual shareholders of Wuhan Douyu (incorporated by reference to Exhibit 10.45 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.46    English translations of consent letter dated May 29, 2018 executed by the spouse of Mr. Shaojie Chen, the sole shareholder of Wuhan Ouyue (incorporated by reference to Exhibit 10.46 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
    4.47    Merger Agreement and Plan of Merger, dated as of October 12, 2020, by and among Huya, Merger Sub, DouYu and Tencent (incorporated herein by reference to Annex A to the proxy statement/prospectus included in the Registration Statement on Form F-4 (File Number 333-250016), as amended, filed by Huya with the SEC on November 10, 2020)
   
    4.48    Voting Agreement, dated as of October 12, 2020, by and among Mr. Shaojie Chen, Huya, Tencent and DouYu (incorporated herein by reference to Annex C to the proxy statement/prospectus included in the Registration Statement on Form F-4 (File Number 333-250016), as amended, filed by Huya with the SEC on November 10, 2020)
 
154
    4.49    Voting Agreement, dated as of October 12, 2020, by and among Mr. Wenming Zhang, Huya, Tencent and DouYu (incorporated herein by reference to Annex D to the proxy statement/prospectus included in the Registration Statement on Form F-4 (File Number 333-250016), as amended, filed by Huya with the SEC on November 10, 2020)
   
    8.1    Significant subsidiaries of the registrant (incorporated by reference to Exhibit 21.1 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
  11.1    Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 to our registration statement on Form F-1 (File No. 333-230976), as amended, initially filed with the SEC on April 22, 2019)
   
  12.1*    Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
  12.2*    Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
  13.1**    Certification by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
   
  13.2**    Certification by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
155
  15.1*    Consent of Maples and Calder (Hong Kong) LLP
   
  15.2*    Consent of Han Kun Law Offices
   
  15.3*    Consent of Deloitte Touche Tohmatsu Certified Public Accountants LLP
   
101.INS*    Inline XBRL Instance Document
   
101.SCH*    Inline XBRL Taxonomy Extension Schema Document
   
101.CAL*    Inline XBRL Taxonomy Extension Calculation Linkbase Document
   
101.DEF*    Inline XBRL Taxonomy Extension Definition Linkbase Document
   
101.LAB*    Inline XBRL Taxonomy Extension Label Linkbase Document
   
101.PRE*    Inline XBRL Taxonomy Extension Presentation Linkbase Document
   
104*    Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
*
Filed herewith
**
Furnished herewith
 
156
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing its annual report on Form
20-F
and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.
 
DouYu International Holdings Limited
   
By:  
/s/ Shaojie Chen
    Name:   Shaojie Chen
    Title:   Chief Executive Officer and Director
Date: April 30, 2021
 
157
DOUYU INTERNATIONAL HOLDINGS LIMITED
INDEX TO COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS
 
    
Page
  
   
    
F-2
  
    
F-5
  
    
F-6
  
    
F-7
  
    
F-8
  
    
F-10
  
    
F-41
  
 
F-1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of DouYu International Holdings Limited
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of DouYu International Holdings Limited, its variable interest entities and its subsidiaries (the “Company”) as of December 31, 2020 and 2019, the related combined and consolidated statements of comprehensive income (loss), changes in shareholders’ equity (deficit), and cash flows, for each of the three years in the period ended December 31, 2020, and the related notes and the financial statement schedule included in Schedule I (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 30, 2021, expressed an unqualified opinion on the Company’s internal control over financial reporting.
Convenience Translation
Our audits also comprehended the translation of Renminbi amounts into United States dollar amounts and, in our opinion, such translation has been made in conformity with the basis stated in Note 2 to the combined and consolidated financial statements. Such United States dollar amounts are presented solely for the convenience of readers in the United States of America.
Change in Accounting Principle
As discussed in Note 2 to the financial statements, the Company has changed its method of accounting for leases due to the adoption of Financial Accounting Standards Board Accounting Standards Update 2016-02, Leases (Topic 842). This change has been applied on a modified retrospective basis effective on January 1, 2020.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 
F-2
Critical Audit Matters
 
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Investments – Impairment on Investments - Refer to Notes 2.15 and 7 to the financial statements
Critical Audit Matter Description
The Company holds equity method investments and investments in equity securities without readily determinable fair values which amounted to RMB500,658,570 as of December 31, 2020, in the aggregate. During the year ended December 31, 2020, impairment losses totaling RMB28,088,491 had been recognized against these investments.
We identified the impairment assessments of equity securities without readily determinable fair values and equity method investments as critical audit matters because of the significant judgments made by management to identify impairment indicators and to estimate the fair value of these investments in order to determine the amount of impairment, if any, that should be recorded against the investments’ carrying amounts. This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s significant judgments.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures relating to the impairment on investments included the following, among others:
 
  •  
We tested the effectiveness of the internal controls which address risks of material misstatement with respect to management’s assessment of whether or not impairment indicators are present, and if so the estimated value of these investments and conclusions as to whether or not an impairment has occurred.
 
  •  
We tested management’s evaluation of impairment for investments accounted for as equity securities without readily determinable fair value and equity method investments by:
 
  •  
evaluating the appropriateness of the indicators used by management to assess for impairment, and testing management’s evaluation of whether indicators of impairment existed by considering both quantitative and qualitatively factors.
 
  •  
testing the appropriateness of the valuation methodology and assumptions used in the fair value calculations of potentially impaired investments including whether the valuation methodology used is an acceptable method to value such investment and whether the assumptions and projections used by management are reasonable and supportable.
/s/ Deloitte Touche Tohmatsu Certified Public Accountants LLP
Shanghai, the People’s Republic of China
April 30, 2021
We have served as the Company’s auditor since 2015.
 
F-3
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of DouYu International Holdings Limited
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of DouYu International Holdings Limited, its variable interest entities and its subsidiaries (the “Company”) as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the combined and consolidated financial statements as of and for the year ended December 31, 2020, of the Company and our report dated April 30, 2021, expressed an unqualified opinion on those financial statements and included explanatory paragraphs regarding to (1) the convenience translation of Renminbi amounts into United States dollar amounts and (2) the Company’s adoption of FASB Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and related ASUs.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Deloitte Touche Tohmatsu Certified Public Accountants LLP
Shanghai, the People’s Republic of China
April 30, 2021
 
F-4
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
 
    
As of December 31,
  
    
2019
    
2020
  
    
RMB
    
RMB
    
US$ (
Note 2.6
)
  
ASSETS
                         
Current assets:
                         
Cash and cash equivalents
      8,091,990,270       5,279,902,398       809,180,444  
Restricted cash
      42,902,719       11,875,079       1,819,935  
Short-term bank deposits
      —         2,230,229,000       341,797,548  
Accounts receivable, net of allowance of RMB15,834,902 and RMB 12,573,550 as of December 31, 2019 and December 31, 2020, respectively
      188,099,873       199,744,129       30,612,127  
Prepayments
      50,304,112       66,257,313       10,154,377  
Amount
s
due from related parties
      24,043,850       9,045,078       1,386,219  
Other current assets
      204,309,593       236,704,095       36,276,490  
    
 
 
    
 
 
    
 
 
  
Total current assets
      8,601,650,417       8,033,757,092       1,231,227,140  
Property and equipment, net
      38,909,465       37,791,688       5,791,830  
Intangible assets, net
      198,056,841       141,671,881       21,712,166  
Long-term bank deposits
      —         100,000,000       15,325,670  
Investments
      225,533,885       500,658,570       76,729,283  
Goodwill
      30,972,888       12,932,564       1,982,002  
Right-of-use
assets
      —         62,141,054       9,523,533  
Other
non-current
assets
      8,546,843       19,004,481       2,912,564  
    
 
 
    
 
 
    
 
 
  
TOTAL ASSETS
      9,103,670,339       8,907,957,330       1,365,204,188  
    
 
 
    
 
 
    
 
 
  
LIABILITIES AND SHAREHOLDERS’ EQUITY
                         
Current liabilities:
(including amounts of the consolidated VIEs without recourse to DouYu International Holdings Limited. See Note 2.2)
                         
Accounts payable
      890,038,953       986,073,111       151,122,316  
Advances from customers
      17,134,532       10,910,989       1,672,182  
Deferred revenue
      195,982,486       242,013,205       37,090,146  
Accrued expenses and other current liabilities
      392,347,124       384,040,820       58,856,831  
Amount due to related parties
      298,733,022       223,524,929       34,256,694  
Lease liabilities due within one year
      —         36,280,773       5,560,272  
    
 
 
    
 
 
    
 
 
  
Total current liabilities
      1,794,236,117       1,882,843,827       288,558,441  
Lease liabilities
      —         16,951,948       2,598,000  
Deferred revenue
      46,070,348       30,778,568       4,717,022  
    
 
 
    
 
 
    
 
 
  
TOTAL LIABILITIES
      1,840,306,465       1,930,574,343       295,873,463  
    
 
 
    
 
 
    
 
 
  
Commitments and contingencies (Note
20
)
                   
SHAREHOLDERS’ EQUITY
                         
Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized, 34,568,689 shares issued
 and
 32,751,819
shares outstanding as of December 31, 2019 and 34,568,689 shares issued and
33,445,346
shares outstanding as of December 31, 2020)
      22,144       22,630       3,468  
Treasury shares (291,207 and 1,177,499 ordinary shares as of December 31, 2019 and 2020, respectively)
      (168,567,125 )      (695,097,853 )      (106,528,407 ) 
Additional
paid-in
capital
      10,324,277,855       10,486,398,881       1,607,110,940  
Accumulated deficit
      (3,348,717,860 )      (2,863,219,263 )      (438,807,550 ) 
Accumulated other comprehensive income
      434,893,990       10,911,853       1,672,314  
    
 
 
    
 
 
    
 
 
  
Total DouYu Shareholder’s Equity
      7,241,909,004       6,939,016,248       1,063,450,765  
Noncontrolling interests
      21,454,870       38,366,739       5,879,960  
    
 
 
    
 
 
    
 
 
  
Total Shareholders’ Equity
      7,263,363,874       6,977,382,987       1,069,330,725  
    
 
 
    
 
 
    
 
 
  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
      9,103,670,339       8,907,957,330       1,365,204,188  
    
 
 
    
 
 
    
 
 
  
The accompanying
notes are an integral part of these combined and consolidated 
financial statements.
 
F-
5
DOUYU INTERNATIONAL HOLDINGS LIMITED
COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
    
Year ended December 31,
  
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
US$ (Note 2
.6
)
  
Net revenues (including
related party revenues 
of RMB75,946,677, RMB108,214,768 and RMB 32,910,229 for the years ended December 31, 2018, 2019 and 2020, respectively)
      3,654,383,126       7,283,230,253       9,601,873,937       1,471,551,561  
Cost of revenues
      (3,503,356,228 )      (6,087,073,336 )      (8,041,528,585 )      (1,232,418,174 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross profit
      151,026,898       1,196,156,917       1,560,345,352       239,133,387  
Operating
income (expense):
                                 
Sales and marketing expenses
      (538,898,272 )      (598,695,105 )      (580,373,601 )      (88,946,146 ) 
General and administrative expenses
      (196,824,280 )      (446,142,859 )      (375,935,570 )      (57,614,647 ) 
Research and development expenses
      (329,334,413 )      (383,886,857 )      (416,272,985 )      (63,796,626 ) 
Other operating income, net
      54,910,077       100,898,056       74,298,644       11,386,765  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
      (1,010,146,888 )      (1,327,826,765 )      (1,298,283,512 )      (198,970,654 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) from operations
      (859,119,990 )      (131,669,848 )      262,061,840       40,162,733  
Other expenses, net
      (20,176,164 )      (22,882,425 )      (27,393,678 )      (4,198,265 ) 
Foreign exchange gain (loss), net
      (75,613,235 )      32,045,080       —         —    
Interest income
      85,840,246       159,096,901       145,235,383       22,258,296  
Gain on disposal of subsidiary
      —         —         23,525,694       3,605,470  
    
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) before income taxes and share of income (loss) in equity method investments
   
 
(869,069,143
) 
  
 
36,589,708
 
  
 
403,429,239
 
  
 
61,828,234
 
Income tax expense
      —         —         —         —    
Share of income (loss) in equity method investments
      (7,210,685 )      (3,241,580 )      1,306,287       200,197  
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
   
 
(876,279,828
) 
  
 
33,348,128
 
  
 
404,735,526
 
  
 
62,028,431
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net loss attributable to noncontrolling interest
      —         6,405,104       80,763,071       12,377,482  
Deemed dividend
      (6,661,667 )      —         —         —    
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to ordinary shareholders
of the Company
   
 
(882,941,495
) 
  
 
39,753,232
 
  
 
485,498,597
 
  
 
74,405,913
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) per ordinary share attributable to ordinary shareholders
                                 
Basic
      (108.80 )      1.32       15.19       2.33  
Diluted
      (108.80 )      1.26       14.71       2.25  
Net income per ADS*
                                 
Basic
      —         0.13       1.52       0.23  
Diluted
      —         0.13       1.47       0.23  
Weighted average shares used in calculating net income (loss) per ordinary share
                                 
Basic
      8,115,160       19,254,661       31,963,526       31,963,526  
Diluted
      8,115,160       31,442,931       33,012,682       33,012,682  
Weighted average number of ADS used in calculating net income per ADS
                                 
Basic
      —         192,546,612       319,635,264       319,635,264  
Diluted
      —         314,429,306       330,126,823       330,126,823  
Net income (loss)
   
 
(876,279,828
) 
  
 
33,348,128
 
  
 
404,735,526
 
  
 
62,028,431
 
Other comprehensive income (loss), net of tax of nil:
                                     
Foreign currency translation adjustments
      325,593,213       109,461,578       (425,737,643 )      (65,247,148 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income (loss)
      (550,686,615 )      142,809,706       (21,002,117 )      (3,218,717 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income attributable to noncontrolling interests
      —         6,244,303       82,518,577       12,646,525  
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income (loss) attributable to the ordinary shareholders
      (550,686,615 )      149,054,009       61,516,460       9,427,808  
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Every ten ADSs represent one ordinary share.
The accompanying notes are an integral part of these combined and consolidated financial statements.
 
F-
6
DOUYU INTERNATIONAL HOLDINGS LIMITED
COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)
 
   
Ordinary shares
    
Treasury shares
    
Additional
paid-in
capital
    
Accumulated
deficit
    
Accumulated
other
comprehensive
income
    
Total
shareholders’
equity (deficit)
attributable to
DouYu
    
Noncontrolling
interests
    
Total
shareholders’
equity (deficit)
  
   
Number

of shares
    
RMB
    
Number
of shares
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
  
                     
Balance at December 31, 2017
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
42,500,365
 
 
 
(2,512,191,264
) 
 
 
—  
 
 
 
(2,469,690,899
) 
 
 
—  
 
 
 
(2,469,690,899
) 
Deemed dividend upon repurchase of Series C-2 Preferred Equity
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 (6,661,667
) 
 
 
—  
 
 
 
—  
 
 
 
 (6,661,667
) 
 
 
—  
 
 
 
 (6,661,667
) 
Issuance of ordinary share in connection
with 2018 Restructuring
     8,188,790
 
 
 
 5,207
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 5,207
 
 
 
—  
 
 
 
 5,207
 
Repurchase of ordinary share upon
issuance of
Series B-4
Preferred Share
     (125,000
) 
 
 
 (59
) 
 
 
—  
 
 
 
—  
 
 
 
 (22,254,341
) 
 
 
—  
 
 
 
—  
 
 
 
 (22,254,400
) 
 
 
—  
 
 
 
 (22,254,400
) 
Net loss
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 (876,279,828
) 
 
 
—  
 
 
 
 (876,279,828
) 
 
 
—  
 
 
 
 (876,279,828
) 
Share-based compensation
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 35,404,887
 
 
 
—  
 
 
 
—  
 
 
 
 35,404,887
 
 
 
—  
 
 
 
 35,404,887
 
Foreign currency translation adjustments
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 325,593,213
 
 
 
 325,593,213
 
 
 
—  
 
 
 
 325,593,213
 
Balance at December 31, 2018
  
 
8,063,790
 
 
 
5,148
 
 
 
—  
 
 
 
—  
 
 
 
48,989,244
 
 
 
(3,388,471,092
) 
 
 
325,593,213
 
 
 
(3,013,883,487
) 
 
 
—  
 
 
 
(3,013,883,487
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                    
Issuance of ordinary shares at the initial
public offering (“IPO”), net of
 
issuance
cost of RMB49,479,335
     4,492,473
 
 
 
 3,092
 
 
 
—  
 
 
 
—  
 
 
 
 3,373,014,806
 
 
 
—  
 
 
 
—  
 
 
 
 3,373,017,898
 
 
 
—  
 
 
 
 3,373,017,898
 
Conversion of preferred shares to
ordinary shares upon the completion
of
 
the IPO
     19,906,105
 
 
 
 13,701
 
 
 
—  
 
 
 
—  
 
 
 
 6,644,808,938
 
 
 
—  
 
 
 
—  
 
 
 
 6,644,822,639
 
 
 
—  
 
 
 
 6,644,822,639
 
Noncontrolling interest arising from
business acquisition
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 5,980,924
 
 
 
 5,980,924
 
Noncontrolling interest arising from a
newly established subsidiary
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 7,921,555
 
 
 
 7,921,555
 
Repurchase of ordinary shares
 
(
N
ote 11)
    
—  
 
 
 
—  
 
 
 
 (291,207
) 
 
 
 (168,567,125
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 (168,567,125
) 
 
 
—  
 
 
 
 (168,567,125
) 
Noncontrolling interest arising from vest
of nonrestricted shares in Gogo Glocal
 

(
N
ote 14)
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 (22,209,344
) 
 
 
—  
 
 
 
—  
 
 
 
 (22,209,344
) 
 
 
 22,209,344
 
 
 
—  
 
Acquisition of noncontrolling interest in
Gogo Glocal
 
(
N
ote 12)
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 (11,107,350
) 
 
 
—  
 
 
 
—  
 
 
 
 (11,107,350
) 
 
 
 (8,412,650
) 
 
 
 (19,520,000
) 
Share-based compensation
     —
 
 
 
 —
 
 
 
—  
 
 
 
—  
 
 
 
 290,781,764
 
 
 
—  
 
 
 
—  
 
 
 
 290,781,764
 
 
 
—  
 
 
 
 290,781,764
 
Vesting of restricted share units
 
 
289,451
 
 
 
 
203
 
 
 
—
 
 
 
 
—
 
 
 
 
 
(203)
 
 
 
—
 
 
 
 
—
 
 
 
 
 
—
 
 
 
—
 
 
 
 
 
—
 
 
Net income (loss)
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 39,753,232
 
 
 
—  
 
 
 
 39,753,232
 
 
 
 (6,405,104
) 
 
 
 33,348,128
 
Foreign currency translation adjustments
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 109,300,777
 
 
 
 109,300,777
 
 
 
 160,801
 
 
 
 109,461,578
 
Balance at December 31, 2019
  
 
32,751,819
 
 
 
22,144
 
 
 
(291,207
) 
 
 
(168,567,125
) 
 
 
10,324,277,855
 
 
 
(3,348,717,860
) 
 
 
434,893,990
 
 
 
7,241,909,004
 
 
 
21,454,870
 
 
 
7,263,363,874
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repurchase of ordinary shares (Note 11)
    
—  
 
 
 
—  
 
 
 
 (886,292
) 
 
 
 (526,530,728
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 (526,530,728
) 
 
 
—  
 
 
 
 (526,530,728
) 
Acquisitions of noncontrolling interests
in
 
Gogo Glocal (Note 12)

 
 
 
—
 
 
 
 
 
—
 
 
 
 
 
—
 
 
 
 
 
—
 
 
 
 
 
11,171,730
 
 
 
—
 
 
 
 
 
—
 
 
 
 
 
11,171,730
 
 
 
(11,171,730
) 
 
 
 
—
 
Acquisitions of noncontrolling interests in Shuangsi (Note 12)
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 (2,271,492
) 
 
 
—  
 
 
 
—  
 
 
 
 (2,271,492
) 
 
 
 (2,228,508
) 
 
 
 (4,500,000
) 
Contribution from shareholder in
connection with an acquisition of an
equity method investment
 
(Note 7)
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 18,767,750
 
 
 
—  
 
 
 
—  
 
 
 
 18,767,750
 
 
 
—  
 
 
 
 18,767,750
 
Capital contribution from noncontrolling
interest shareholder in DouYu Japan
(Note 12)
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 (7,700,837
) 
 
 
—  
 
 
 
—  
 
 
 
 (7,700,837
) 
 
 
 112,830,684
 
 
 
 105,129,847
 
Net income (loss)
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 485,498,597
 
 
 
—  
 
 
 
 485,498,597
 
 
 
 (80,763,071
) 
 
 
 404,735,526
 
Shared-based compensation
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 142,154,361
 
 
 
—  
 
 
 
—  
 
 
 
 142,154,361
 
 
 
—  
 
 
 
 142,154,361
 
Vesting of restricted share units
     693,527
 
 
 
 486
 
 
 
—  
 
 
 
—  
 
 
 
 (486
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Foreign currency translation adjustments
    
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 (423,982,137
) 
 
 
 (423,982,137
) 
 
 
 (1,755,506
) 
 
 
 (425,737,643
) 
Balance at December 31, 2020
  
 
33,445,346
 
 
 
22,630
 
 
 
(1,177,499
) 
 
 
(695,097,853
) 
 
 
10,486,398,881
 
 
 
(2,863,219,263
) 
 
 
10,911,853
 
 
 
6,939,016,248
 
 
 
38,366,739
 
 
 
6,977,382,987
 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The accompanying notes are an integral part of these combined and consolidated financial statements.
 
F-
7
DOUYU INTERNATIONAL HOLDINGS LIMITED
COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS
 
    
Year ended December 31,
  
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
US$ (Note 2
.6
)
  
Cash flows from operating activities:
                                 
Net income (loss)
      (876,279,828 )      33,348,128       404,735,526       62,028,431  
Adjustments to reconcile net income (loss) to net cash used in operating activities:
                                 
Depreciation of property and equipment
      26,996,910       32,814,894       21,126,504       3,237,778  
Loss (gain) from the disposal of intangible assets
      (3,525,314 )      16,667      
550,590
      
84,382
  
Amortization of intangible assets
      18,548,448       57,306,920       89,790,156       13,760,943  
Non-cash operating lease expenses
      —
 
      —         44,300,218       6,789,305  
Loss
from the 
disposal of property and equipment
      117,573       44,421       24,880       3,813  
Provision for allowance for credit loss
      1,121,009       13,563,744       3,270,564       501,236  
Dividends from an equity investee
 
 
—
 
 
 
 
—
 
 
 
297,690
 
 
 
45,623
 
Share of loss (income) in equity method investments
      7,210,685       3,241,580       (1,306,287 )      (200,197 ) 
Loss on disposal of investments
      3,504,018       —         —         —    
Gain on disposal of
 a 
subsidiary
      —         —         (23,525,694 )      (3,605,470 ) 
Impairment losses and fair value adjustments on investments
      15,166,140       19,076,725       19,517,062       2,991,121  
Share-based compensation
      35,404,887       290,781,764       142,154,361       21,786,109  
Foreign exchange loss (gain)
      75,613,235       (32,045,080 )      —         —    
Changes in operating assets and liabilities:
                                 
Accounts receivable
      5,192,716       (69,456,813 )      (25,808,778 )      (3,955,368 ) 
Prepayments
      (50,864,521 )      85,451,242       (26,602,239 )      (4,076,971 ) 
Other current assets
      (133,691,495 )      25,627,488       (33,345,122 )      (5,110,364 ) 
Other
non-current
assets
      (8,468,841 )      (723,216 )      (10,457,638 )      (1,602,703 ) 
Amount due from related parties
      (50,533,854 )      40,026,364       14,909,528       2,284,985  
Accounts payable
      348,302,741       86,444,383       96,426,827       14,778,058  
Advances from customers
      4,219,929       7,426,481       (6,083,543 )      (932,344 ) 
Accrued expenses and other current liabilities
      105,273,090       24,734,559       43,125,766       6,609,313  
Amounts due to related parties
      72,956,231       65,514,731       (75,208,093 )      (11,526,145 ) 
Deferred revenue
      66,149,835       129,981,038       30,738,939       4,710,949  
Lease liabilit
ies
      —         —         (40,982,350 )      (6,280,820 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (337,586,406 )      813,176,020       667,648,867       102,321,664  
    
 
 
    
 
 
    
 
 
    
 
 
  
Cash flows from investing activities:
                                 
Proceeds on disposal of property and equipment
      26,477       260,408       (213,662 )      (32,745 ) 
Purchases of property and equipment
      (32,826,275 )      (16,045,562 )      (18,897,736 )      (2,896,205 ) 
Proceeds from disposal of intangible asset
s
 
 
1,484,377
 
 
 
—
 
 
 
1,991,510
 
 
 
305,213
 
Purchases of intangible assets
      (83,163,444 )      (105,905,115 )      (63,243,106 )      (9,692,430 ) 
Purchases of short-term investments
      (2,770,000,000 )      (4,309,500,000 )      (4,836,476,896 )      (741,222,513 ) 
Purchases of long-term investments
     
—
 
     
—
       (220,000,000 )      (33,716,475 ) 
Proceeds from disposal of short-term investments
      2,770,000,000       4,309,500,000       2,606,247,896       399,424,965  
Proceeds from disposal of long-term investments
      —         —         120,000,000       18,390,805  
Proceeds from disposal of equity method investee
      —
 
     
1,000,000
       —       —  
Proceeds from
disposal of subsidiary, net of cash disposed
      —         —       50,543,502       7,746,131  
Payment for business acquisition, net of cash acquired
      (57,971,520 )      (11,012,762 )      —         —    
Payments for acquisitions of equity investments
      (92,500,000 )      (114,600,000 )      (276,291,399 )      (42,343,509 ) 
Loan to related parties
      —         (5,000,000 )      (10,000,000 )      (1,532,567 ) 
Repayment of loan
s
to related parties
      —         5,000,000       33,720,064       5,167,826  
    
 
 
    
 
 
    
 
 
    
 
 
  
Cash used in investing activities
      (264,950,385 )      (246,303,031 )      (2,612,619,827 )      (400,401,504 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Cash flows from financing activities
                                 
Proceeds on issuance of ordinary shares through IPO
      5,207       3,422,497,233       —         —    
Payment of IPO offering costs
      (6,876,834 )      (36,249,484 )      —         —    
Acquisition of noncontrolling interest
      —         (19,520,000 )      (4,500,000 )      (689,655 ) 
Proceeds from capital contribution from noncontrolling interest shareholder
      —         7,921,555       105,129,847       16,111,854  
Repurchase of ordinary shares
      —         (115,273,325 )      (579,824,528 )      (88,861,997 ) 
Capital contribution from convertible redeemable preferred shareholders
      4,026,518,012       —         —         —    
Capital investment from a preferred shareholder in connection with 2018 Restructuring (Note 1
8
(1))
      1,260,439,815       —         —         —    
Settlement of redemption liability to a preferred shareholder in connection with 2018 Restructuring (Note 1
8
(1))
      —         (1,323,049,149 )      —         —    
Repurchase of
Series C-2
Preferred Equity
      (39,995,000 )      —         —         —    
Advance from related party
      39,995,000       —         —         —    
Repayment of advance from related party
      —         (39,995,000 )      —         —    
    
 
 
    
 
 
    
 
 
    
 
 
  
Cash provided by (used in) financing activities
      5,280,086,200       1,896,331,830       (479,194,681 )      (73,439,798 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Effect of foreign exchange rate changes on cash and cash equivalents
      345,053,928       109,483,281       (418,949,871 )      (64,206,877 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net increase (decrease) in cash, cash equivalents and restricted cash
      5,022,603,337       2,572,688,100       (2,843,115,512 )      (435,726,515 ) 
Cash, cash equivalent and restricted cash at the beginning of the year
      539,601,552       5,562,204,889       8,134,892,989       1,246,726,894  
    
 
 
    
 
 
    
 
 
    
 
 
  
Cash, cash equivalent and restricted cash at the end of the year
      5,562,204,889       8,134,892,989       5,291,777,477       811,000,379  
    
 
 
    
 
 
    
 
 
    
 
 
  
Supplemental disclosure of cash flow information:
                                 
Interest expenses paid
      323,650       —         —         —    
Income tax paid
      —         —         —         —    
Supplemental disclosure on
non-cash
investing and financing activities:
                                 
Deferred offering costs payable
      6,353,017       —         —         —    
Payable for purchases of property and equipment
      —         5,527,829      
764,669
      
117,191
  
Payable for repurchase of ordinary shares not yet paid
      —         53,293,800       —         —    
 
F-
8
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.
 
    
Year ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Cash and cash equivalents
      5,562,204,889        8,091,990,270        5,279,902,398  
Restricted cash
      —          42,902,719        11,875,079  
    
 
 
     
 
 
     
 
 
  
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
      5,562,204,889        8,134,892,989        5,291,777,477  
    
 
 
     
 
 
     
 
 
  
The accompanying notes are an integral part of these combined and consolidated financial statements.
 
F-
9
Notes to the Combined and Consolidated Financial Statements
 
1.
Organization and principal activities
DouYu International Holdings Limited (the “Company” or “DouYu International”) was incorporated under the laws of Cayman Islands on January 5, 2018. The Company, its subsidiaries and its variable interest entities (collectively referred to as the “Group”) operate platform on PC and mobile apps, through which users can enjoy immersive and interactive gaming and entertainment live streaming.
History of the Group
The Group’s history began with the commencement of operations of Guangzhou Douyu Internet Technology Co., Ltd. (“Guangzhou Douyu”), a limited liability company established in Guangdong Province, the People Republic of China (the “PRC”) on April 3, 2014, which was owned by two founders, Mr. Shaojie Chen and Mr. Wenming Zhang (the “Founders”) and an outside investor (collectively referred to as the “Original Shareholders”).
2018 Restructuring
In 2018, the Original Shareholders and all of the investors undertook an equity restructuring in order to redomicile its business from PRC to the Cayman Islands (the “2018 Restructuring”), which was executed in the following steps:
 
  1.
On January 5, 2018, the Company was incorporated in the Cayman Islands to be the holding company of the Group. The Ordinary Shareholders subscribed to 8,188,790 ordinary shares of the Company at par value of US$0.0001 per share.
 
  2.
Upon obtaining all necessary approvals from the PRC government, on May 14, 2018, the investors subscribed for convertible redeemable preferred shares at no consideration, all in the same proportions, on an as converted basis, as the percentage of equity interest they held in Wuhan Douyu. Upon the issuance of preferred shares and ordinary shares issued in step 1, the equity structure of the Company is identical to that of Wuhan Douyu.
 
  3.
On May 18, 2018, the Company, through its wholly owned subsidiary in PRC, entered into a series of contractual arrangement (“VIE agreements”) with Wuhan Douyu and its respective shareholders. The arrangements pursuant to which the Company and its subsidiary were established as a primary beneficiary of Wuhan Douyu.
On July 17, 2019, the Company completed its initial public offering (“IPO”) and issued 44,924,730 American Depositary shares (“ADSs”), representing 4,492,473 ordinary shares. Every ten ADSs represent one ordinary share. Net proceeds from the IPO after deducting underwriting discount and offering costs were US$497.3 million.
 
F-
10
Notes to the Combined and Consolidated Financial Statements (Continued)
 
1.
Organization and principal activities (Continued)
 
As of December 31, 2020, the Company’s principal subsidiaries, VIEs are as follows:
 
    
Date of
incorporation/
establishment
   
Place of
incorporation/
establishment
   
Percentage of
direct/indirect

ownership
  
       
Wholly owned subsidiaries
                   
Wuhan Douyu Education Consulting Co., Ltd.
    November 9, 2016    Wuhan      100 % 
Wuhan Yuwan Culture Media Co., Ltd.
    June 28, 2016    Wuhan      100 % 
Wuhan Yuxing Tianxia Culture Media Co., Ltd.
    June 24, 2016    Wuhan      100 % 
Wuhan Yuyin Raoliang Culture Co., Ltd.
    June 23, 2016    Wuhan      100 % 
Wuhan Yu Leyou Internet Technology Co., Ltd.
    November 9, 2016    Wuhan      100 % 
Wuhan Douyu Yule Internet Technology Co., Ltd. (“Wuhan Yule”)
    April 2, 2018    Wuhan      100 % 
DouYu Network Inc.
    January 12, 2018    The British Virgin Islands      100 % 
Douyu Hongkong Limited
    January 24, 2018    Hong Kong      100 % 
Gogo Glocal Holding Limited
    October 8, 2018    Cayman      100 % 
VIEs
                   
Wuhan Ouyue Online TV Co., Ltd. (“Wuhan Ouyue”)
    February 3, 2016    Wuhan      100 % 
Wuhan Douyu Network Technology Co., Ltd.
    May 8, 2015    Wuhan      100 % 
 
2.
Summary of significant accounting policies
 
 
2.1
Basis of Presentation
The combined and consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
 
 
2.2
Basis of Consolidation
The financial statements presented herein represent (1) prior to 2018 Restructuring, the combined financial statements of Wuhan Douyu, its subsidiaries and variable interest entities; (2) subsequent to 2018 Restructuring, the combined and consolidated financial statements of the Company, its subsidiaries and variable interest entities. All inter-company transactions and balances have been eliminated.
The Company, through its wholly-owned foreign invested subsidiary, WFOE in the PRC, entered into a series of contractual arrangements (“VIE agreements”) with Wuhan Douyu and Wuhan Ouyue (collectively known as “the VIEs”) and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs.
Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet valued-added businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in provisions of internet content or online services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs.
 
F-1
1
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.2
Basis of Consolidation (Continued)
 
The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
ASSETS
                  
Cash and cash equivalents
      826,481,128        577,710,921  
Restricted cash
      42,902,719        11,242,719  
Short-term bank deposits
      —          860,000,000  
Accounts receivable, net
      176,599,681        187,884,372  
Prepayments
      12,982,856        63,119,815  
Amount due from related parties
      13,431,477        8,464,978  
Other current assets
      82,405,807        157,178,414  
Property and equipment, net
      17,794,907        15,236,373  
Long-term bank deposits
      —          100,000,000  
Intangible assets, net
      130,272,386        102,837,070  
Right-of-use
assets
      —          32,361,695  
Investments
      147,033,947        310,111,384  
Other
non-current
assets
      1,918,598        4,766,301  
    
 
 
     
 
 
  
Total Assets
      1,451,823,506        2,430,914,042  
    
 
 
     
 
 
  
LIABILITIES
                  
Accounts payable
      794,266,492        868,771,872  
Advances from customers
      16,975,882        9,700,361  
Deferred revenue
      181,250,993        225,282,265  
Accrued expenses and other current liabilities
      177,228,742        208,531,141  
Amount due to related parties
      59,693,186        215,467,131  
Lease liabilities
      —          30,212,470  
    
 
 
     
 
 
  
Total Liabilities
      1,229,415,295        1,557,965,240  
    
 
 
     
 
 
  
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Net revenue
      3,436,175,885        7,207,666,259        8,697,485,194  
Net income (loss)
      (680,682,612 )       985,034,474        432,731,451  
   
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Net cash provided by operating activities
      1,091,289,940        816,655,741        899,235,343  
Net cash used in investing activities
      (80,279,043 )       (133,917,000 )       (1,179,665,550 ) 
Net cash used in financing activities
      —          (1,363,044,149 )       —    
The VIEs contributed 94%, 99% and 91% of the Group’s consolidated revenue for the years ended
December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the VIEs accounted for an aggregate of 16% and 
27%
 
of the consolidated total assets and 67% and
 81% of the consolidated total liabilities.
 
F-1
2
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.2
Basis of Consolidation (Continued)
 
There are no terms in any arrangements, considering both explicit arrangements and implicit variable
interests
that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group may provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs.
The Group believes that there are no assets held in the VIEs that can be used only to settle obligations of the VIEs. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its registered capital, to the Company in the form of loans and advances or cash dividends.
 
 
2.3
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s combined and consolidated financial statements include revenue recognition, share-based compensation, realization of deferred tax assets, impairment of investment, and allowance for credit loss.
 
 
2.4
Fair value measurements
Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities.
The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:
 
    Level 1   —   Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.
       
    Level 2   —   Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.
       
    Level 3   —   Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
 
F-1
3
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.4
Fair value measurements (Continued)
 
The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.
The Group’s short-term financial instruments include cash and cash equivalents, restricted cash, short-term investments, receivables, payables, other current assets, amounts due from related parties, other current liabilities, amounts due to related parties and short-term loan. The carrying amounts of these short-term financial instruments approximate their fair values due to the short-term maturity of these instruments. The carrying amounts of the long-term time deposits and long-term bank borrowings approximate their fair values as the interest rates are comparable to the prevailing interest rates in the market.
 
 
2.5
Foreign currency translation
The functional currency of the Company and Douyu Hongkong Limited are in US dollars (“US$”). The functional currency of the Group’s subsidiaries and VIEs in the PRC is Renminbi (“RMB”). The functional currency of DouYu Japan is Japanese Yen (“JPY”). 
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Translation gains and losses are recognized in the combined and consolidated statements of comprehensive income (loss).
The Group’s reporting currency is Renminbi (“RMB”). For entities within the Group that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income in the combined and consolidated statements of comprehensive income (loss) and the combined and consolidated statements of change in shareholders’ equit
y
 (deficit).
 
 
2.6
Convenience Translation into United States Dollars
Translations of balances in the consolidated balance sheets, combined and consolidated statements of comprehensive income (loss) and combined and consolidated statements of cash flows from RMB into United States dollars are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.5250 on December 31, 2020, as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2020, or at any other rate.
 
 
2.7
Cash and cash equivalents
Cash and cash equivalents primarily consist of cash on hand and highly liquid investments, which are unrestricted as to withdrawal and use.
 
 
2.8
Restricted cash
The Group’s restricted cash represents cash restricted by court related to lawsuits in which the group is a defendant. The restriction will be removed when the cases are closed.
 
F-1
4
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.9
Short-term and long-term bank deposits
The Group holds fixe
d
 term certificates of deposit with commercial banks in the PRC. Certificate of deposits with maturities between three months to one year are classified as short-term bank deposits and fixed term certificates of deposit with maturities beyond one year are classified as long term bank deposits.
 
 
 
2.10
Accounts receivable and allowance for credit loss
Accounts receivable are stated at the historical carrying amount net of
allowance
for credit loss. On January 1, 2020, the Group adopted ASU
No. 2016-13
“Fin
a
ncial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”
, using the modified retrospective transition method. Based on the Group’s assessment, the adoption of ASC 326 did not have any material impact to the Group’s combined consolidated financial statements and there were no material differences between the Group’s adoption of ASC 326 and its historic accounting method. ASU
2016-13
replaces the existing incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology, which results in more timely recognition of credit losses. The Group has developed a CECL model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements.
 
 
2.1
1
Property and equipment, net
Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:
 
Computer and transmission equipment    3 years
Leasehold improvements    Over the shorter of the lease term or expected useful lives
Furniture and office equipment    5 years
Motor vehicles    5 years
Gains and losses from disposals of property and equipment are included in other operating income or expense in the combined and consolidated statements
o
f comprehensive income (loss).
 
2.1
2
Intangible assets, net
Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely.
 
Brand name    10 years
Agency contract rights    Over the shorter of the contract period or expected useful lives
License for Online Transmission of Audio/Video Programs    Infinite life
Platform    5 years
Software    3
 - 5 years
Others    1 - 10 years
 
 
2.1
3
Goodwill
Goodwill
 is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of business acquired. Several factors give rise to goodwill in the Group’s acquisitions, such as the expected benefit from the existing workforce and client service capability of the acquired business. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. Prior to January 1, 2020, the Group performed a
two-step
test to determine the amount, if any, of goodwill impairment. In Step 1, the Group compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the Group performs Step 2 and compares the implied fair value of goodwill with the carryi
n
g amount of that goodwill for that reporting unit. An impairment charge equal to the amount by which the carrying amount of goodwill for the reporting unit exceeds the implied fair value of that goodwill is recorded, limited to the amount of goodwill allocated to that reporting unit. Starting from January 1, 2020, the Group adopted ASU
2017-04,
“Intangibles — Goodwill and Other (Topic 350): simplifying the test for goodwill impairment”, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. For the years ended December 31,
 
2018,
2019 and 2020, no impairment charge was recognized on goodwill.
 
F-1
5
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.14
Impairment of long-lived assets and intangible assets
The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition.
The Group evaluates intangible asset that is not subject to amortization for impairment annual and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment test for indefinite-lived intangible asset and compares of the fair value of the asset with its carrying amount. The Group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the long-lived assets and intangible asset as its new accounting basis.
 
 
2.1
5
Long-term investments
Investments held by the Group comprised of equity investments in privately-held entities.
Equity method investments
The Group accounts for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investments and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment.
The Group assesses its equity method investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value. The Group recorded impairment loss of RMB15,166,140, RMB20,872,725
and 
nil
, respectively in 
o
ther expense, net for the years ended December 31, 2018, 2019 and 2020, respectively.
Equity securities without readily determinable fair value
The Group’s investment in equity securities comprise of investment in privately-held companies.
On January 1, 2019, the Group adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) and elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustment to the carrying amount is recorded in other income (expense), net. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in investment loss.
For years ended 2018, 2019 and 2020, the Group recorded impairment loss of nil, nil and RMB28,088,491 in other expenses, net, respectively.
 
F-1
6
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.16
Revenue recognition
On Januar
y
 1, 2019, the Grou
p
 adopted ASC 606, “Revenue from Contracts
with
Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Group’s historic accounting under Topic 605. Based on the Group’s assessment, the adoption of ASC 606 did not have any material impact to the Group’s combined and
consolidated
financial statements.
The following table
disaggregates
the Group’s revenue by major type of services for the years ended December 31, 2018, 2019 and 2020:
 
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming
      3,147,196,247        6,617,291,032        8,852,225,839  
Advertisement
      342,169,195        513,265,806        645,227,128  
Other
      165,017,684        152,673,415        104,420,970  
    
 
 
     
 
 
     
 
 
  
Total
      3,654,383,126        7,283,230,253        9,601,873,937  
    
 
 
     
 
 
     
 
 
  
Live streaming
The Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each other during live streaming. The users have the option to purchase virtual currency, which is
non-refundable
and can only be used to redeem for virtual items to be used in the live streaming sessions on the Group’s platforms. Unredeemed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below. Virtual items are categorized as consumable and time-based items. Consumable items consist of virtual gifts presented from the users to the streamers to show their support, and are consumed immediately upon redemption and time-based items consist of monthly premium subscription services.
The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live streaming revenue on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live streaming service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers and consumed by them, while revenue related to time-based items is recognized ratably over a fixed period on a straight line basis. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed.
Virtual items
can 
be sold individually or bundled into one arrangement. When the Group’s users purchase multiple virtual items bundled within the same arrangement, the Group allocates the total consideration to each distinct virtual item based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated.
 
F-1
7
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.1
6
Revenue recognition (Continued)
 
Advertisement
The Group generates advertisement revenues from rendering of various forms of advertisement services and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. The Group determined that it is the principal in the advertisement service. 
Advertisements on the Group’s platforms are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. The Group provides sales incentives in the forms of discounts and rebates to advertisers or advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the advertisers or agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience. For the years ended December 31, 2018, 2019 and 2020, the rebates recorded by the Group were RMB44,389,826, RMB64,274,647 and RMB75,497,951 , respectively.
Other revenue
Other revenue mainly consists of game distribution revenue. Online games developed by third party game developers are displayed through the Group’s platforms t
o
 attract users to download and play the games. The Group earns revenues from game developers in accordance with the
pre-determined
arrangements based on the in game purchase amounts for the games downloaded or played through the Group’s platforms. The Group considers itself as agent in these arrangement. Game distribution revenue is recognized at a point in time when the purchase in game is made.
Practical expedients and exemptions
The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations.
Contract balances
Contract balances include accounts receivable, advances from customers and deferred revenue. Accounts receivable represent cash due from third-party application stores as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for credit loss reflects the best estimate of probable losses inherent to the account receivable balance. Advances from customers primarily represent cash received from the Group’s advertisement customers. Deferred revenue primarily includes cash received from paying users related to the Group’s live streaming service. Deferred revenue is recognized as revenue when all of the revenue recognition criteria have been met or over the estimated service period. Revenue recognized in 2020 that was included in the deferred revenue balance as of January 1, 2020 was RMB182,819,528
, which consists primarily of virtual items consumption.
 
    
Accounts
receivable
     
Advances
from
customers
     
Deferred
revenue
  
    
RMB
     
RMB
     
RMB
  
       
Opening Balance as of January 1, 2019
      129,464,732        9,708,051        112,071,796  
Increase, net
      58,635,141        7,426,481        70,747,732  
    
 
 
     
 
 
     
 
 
  
Ending Balance as of December 31, 2019
      188,099,873        17,134,532        182,819,528  
Increase (decrease), net
      11,644,256        (6,223,543 )       46,882,250  
    
 
 
     
 
 
     
 
 
  
Ending Balance as of December 31, 2020
      199,744,129        10,910,989        229,701,778  
    
 
 
     
 
 
     
 
 
  
 
F-1
8
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.1
7
Cost of revenues
Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees paid to live streamers and talent agencies determined based on a percentage of revenue from sale of virtual items, (ii) content costs, (iii) bandwidth, (iv) salaries and welfare, (v) server costs, depreciation and amortization expense for servers and other equipment, and intangibles directly related to operating the platform, and (vi) payment handling costs.
 
 
2.1
8
Research and development expenses
Research and development expenses primarily consist of (i) salaries and benefits expenses incurred for research and development personnel,(ii) rental, general expenses and depreciation expenses associated with the research and development activities and (iii) share based compensation. Expenditures incurred during the research phase are expensed as incurred and no research and development expenses were capitalized as of December 31, 2018, 2019 and 2020.
 
 
2.1
9
Sales and marketing expenses
Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salaries and welfare for sales and marketing personnel and (iii) share based compensation. The advertising and market promotion expenses amounted to RMB129,013,488, RMB135,859,453 and RMB219,369,426 for the years ended December 31, 2018, 2019 and 2020, respectively.
 
 
2.
20
General and administrative expenses
General and administrative expenses consist primarily of (i) consulting fees, and (ii) share based compensation, salaries and welfare for general and administrative personnel and (iii) allowance for credit loss.
 
 
 
2.21
Income taxes
Current income taxes are provided for in accordance with the laws of the relevant tax authorities.
Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized.
The Group accounts for uncertainty in income taxes recognized in the combined and consolidated financial statements by applying a
two-step
process to determine the amount of the benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed
more-likely-than-not
to be sustained (defined as a likelihood of more than fifty percent of being sustained upon an audit, based on the technical merits of the tax position), the tax position is then assessed to determine the amount of benefits to recognize in the combined and consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2018, 2019 and 2020.
 
F-1
9
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.2
2
Segment information
The Group uses management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resource and assessing performance.
The Group’s CODM has been identified as the Chief Executive Officer. Before October 2018, the Group operates and manages it business in PRC China as a single operating segment. In October 2018, the Group acquired a business which operates a live stream platform mainly in Southeast Asia (“Nonolive”) and identified it as a new operating segment. In August 2019, the Group set up DouYu Japan Inc. (“DouYu Japan”) which operates a live streaming platform in Japan with a third party. The Group has determined that Nonolive and DouYu Japan do not meet the quantitative thresholds for a reportable segment under ASC 280-10-50 for the year ended December 31, 2020, therefore, does not result in a reportable segment. As such, the Group concluded that it has one reportable segment.
 
 
2.2
3
Operating leases as lessee
On January 1, 2020, the Group adopted ASU
No. 2016-02,
Leases (Topic 842) by using the modified retrospective method and did not restate the comparable periods. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less.
Under the new lease accounting standard, the Group determines if an arrangement is a lease or contains a lease at lease inception. The Group measure the operating lease liabilities at the commencement date based on the present value of remaining lease payments over the lease term, which was computed using the Group’s incremental borrowing rate, an estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the lease term. The Group measures the operating lease ROU assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing operating lease expense based on lease payments on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Group.
RMB100,318,025
of lease assets and 
RMB81,851,982
of liabilities were recognized on the balance sheet upon adoption as of January 1, 2020.
 
 
2.2
4
Government subsidies
Government subsidies are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies are recorded as other operating income
, net
in the period the cash is received. Government subsidies recognized for the years ended December 31, 2018, 2019 and 2020 were RMB27,430,993, RMB68,834,899 and RMB92,708,856, respectively.
 
 
2.25
Certain risks and concentrations
The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents denominated in RMB that are subject to such government controls amounted to RMB561,928,329
, which 
accounted for
10.6%
of total cash and cash equivalents as of December 31, 2020. 
No customer individually represents greater than 10% of the total net revenues.
 
F-
20
Notes to the Combined and Consolidated Financial Statements (Continued)
 
2.
Summary of significant accounting policies (Continued)
 
 
2.26
Recently issued accounting pronouncements
New Accounting Pronouncements Recently Adopted
In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which introduces a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, and provided another transition approach by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Group adopted the new lease standard beginning January 1, 2020 using the modified retrospective transition approach through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedients. Adoption of the standard resulted in recognition of additional ROU assets and lease liabilities by approximately RMB100 million and RMB81 million as of January 1, 2020, respectively. Refer to Note 19 for further details.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Group’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. On January 1, 2020, the Group adopted ASU 2016-13 and the cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements.
New Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard.
In January 2020, the FASB issued ASU
No. 2020-01,
 Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic
 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)
(“ASU
2020-01”),
which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU
2020-01
could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard.
 
F-21
Notes to the Combined and Consolidated Financial Statements (Continued)
 
3.
Accounts receivable, net
Accounts receivable, net consisted of the followings:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
     
Accounts receivable, gross
      203,934,775        212,317,679  
Less: allowance for credit loss
      (15,834,902 )       (12,573,550 ) 
    
 
 
     
 
 
  
Accounts receivable, net
      188,099,873        199,744,129  
    
 
 
     
 
 
  
 
    
As of December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Balance as of January 1
      5,172,435        5,907,369        15,834,902  
Addition
      1,121,009        13,563,744        3,270,564  
Write offs
      (386,075 )       (3,636,211 )       (6,531,916 ) 
    
 
 
     
 
 
     
 
 
  
Balance as of December 31
      5,907,369        15,834,902        12,573,550  
    
 
 
     
 
 
     
 
 
  
The following customers accounted for 10% or more of accounts receivable, net:
 
    
As of December 31,
  
    
2019
    
2020
  
  
RMB
     
%
    
RMB
     
%
    
US$
     
%
  
             
Company A
      37,615,505        20 %      43,563,107        22 %      6,676,338        22 % 
Company B
      47,776,989        25 %      39,546,942        20 %      6,060,834        20 % 
Company C
      23,466,780        12 %      35,765,532        18 %      5,481,308        18 % 
 
F-2
2
Notes to the Combined and Consolidated Financial Statements (Continued)
 
4.
Other current assets
Other current assets consist of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Funds receivable from third party payment service provider (1)
      69,263,440        91,623,838  
Value-added tax recoverable
      62,336,003        89,697,345  
Interest receivable
      53,484,027        29,768,158  
Content rights
      10,589,085        11,710,702  
Others
      8,637,038        13,904,052  
    
 
 
     
 
 
  
Total
      204,309,593        236,704,095  
    
 
 
     
 
 
  
 
(1)
The Group opened accounts with external online payment service providers to collect funding from users.
 
5.
Property and equipment, net
Property and equipment, net consists of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
     
Gross carrying amount
                  
Computer and transmission equipment
      91,375,589        96,712,005  
Leasehold improvements
      29,237,111        24,726,231  
Furniture and office equipment
      6,339,065        6,370,893  
Motor vehicles
      410,200        410,200  
    
 
 
     
 
 
  
Total
      127,361,965        128,219,329  
Less: accumulated depreciation
      (88,452,500 )       (90,427,641 ) 
    
 
 
     
 
 
  
Property and equipment, net
      38,909,465        37,791,688  
    
 
 
     
 
 
  
Depreciation expense was RMB26,996,910, RMB32,814,894 and RMB21,126,504 for the years ended December 31, 2018, 2019 and 2020, respectively.
 
F-2
3
Notes to the Combined and Consolidated Financial Statements (Continued)
 
6.
Intangible assets, net
Intangible assets, net consists of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
Gross carrying amount
                  
Brand name
      41,276,297        38,606,076  
Agency contract rights(1)
      193,898,260        194,320,755  
License for Online Transmission of Audio/Video Programs(2)
      7,988,748        7,988,748  
Platform
      10,116,739        9,462,274  
Software
      8,613,202        9,359,079  
Others
      15,081,941        30,119,677  
    
 
 
     
 
 
  
Total of gross carrying amount
      276,975,187        289,856,609  
Less: accumulated amortization
                  
Brand name
      (4,717,435 )       (8,525,509 ) 
Agency contract rights
      (63,433,706 )       (110,970,198 ) 
Platform
      (2,867,765 )       (4,338,452 ) 
Software
      (2,745,522 )       (3,335,165 ) 
Others
      (5,153,918 )       (21,015,404 ) 
    
 
 
     
 
 
  
Total of accumulated amortization
      (78,918,346 )       (148,184,728 ) 
    
 
 
     
 
 
  
Intangible assets, net
      198,056,841        141,671,881  
    
 
 
     
 
 
  
 
(1)
The agency contract rights, which represent the upfront payment of cooperation cost to top streamers, acquired during the years ended December 31, 2019 and 2020 are
RMB111,879,121 and RMB28,301,887
,
respectively, with weighted average amortization period
of 4.5 years and
 
2 years.
(2)
In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2021 which remains valid until March 2024, and intends to renew the license indefinitely. 
Amortization expenses were RMB18,548,448, RMB57,306,920 and RMB89,790,156 for the years ended December 31, 2018, 2019 and 2020 respectively. The Group expects to record amortization expenses in the future 5 years as below:
 
    
Future
amortization
expenses
  
    
RMB
  
   
2021
      60,907,151  
2022
      25,117,402  
2023
      21,435,725  
2024
      9,781,667  
2025
      4,796,470  
 
F-2
4
Notes to the Combined and Consolidated Financial Statements (Continued)
 
6.
Intangible assets, net (Continued)
 
The weighted average amortization periods of intangible assets as of December 31, 2019 and 2020 are as below:
 
    
As of December 31,
  
    
2019
     
2020
  
  
 
 
     
 
 
  
     
Brand name
      10 years        10 years  
Agency contract rights
      3.9 years        3.5 years  
Platform
      5 years        5 years  
Software
      3.1 years        3.2 years  
Others
      3.3 years        2.2 years  
 
7.
Investments
Equity method investments:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Hangzhou Aijidi Culture Creation Co., Ltd. (“Aijidi”)
      4,090,990        5,960,527  
Chongqing Yuwan Network Media Co., Ltd. (“Chongqing Yuwan”)
      9,721,472        11,944,122  
Hunan Yuyou Starfire Culture Media Co., Ltd. (“Yuyou Starfire”) (1)
      15,139,902        —    
Wuhan Shayu Network Technology Co., Ltd. (“Shayu”) (2)
      —          184,555,328  
Wuhan DouYu entertainment equity investment LLP. (“DouYu LLP”) (3)
      —          10,007,084  
Others (4)
      3,849,736        —    
    
 
 
     
 
 
  
       32,802,100        212,467,061  
    
 
 
     
 
 
  
 
(1)
In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30%
equity interest in the company. In November 2020, the Group lost significant influence over Yuyou Starfire and reclassified this investment with a carrying amount of 
 
RMB15,274,909
to equity securities without readily determinable fair values.
(2)
In 2016, the Group invested RMB10 million for 8.5% equity interest in Shayu, a live streaming platform in the PRC
, and 
accounted for this investment as an equity security without a readily determinable fair value. In May 2020, the Group completed the following transactions with respect to its investment in Shayu:
 
•  
The Group acquired 19.125% equity interest in Shayu from Mr. Chen Shaojie, the Group’s CEO and shareholder for a cash consideration of RMB24,850,000. The purchase price paid by the Group was below fair value of the acquired equity interest, which is determined to be RMB43,617,750 by the Group with the assistance of an independent valuer. The excess amount of RMB18,767,750 between the fair value of the equity interest acquired in Shayu over the price paid is accounted as contribution from shareholder in the
combined and consolidated 
statement of change in shareholders’ equity.
 
•  
The Company injected cash of RMB80,000,000 and its holding of 100% equity interest in Chengdu Shuangsi Culture Broadcasting Co., Ltd (“Shuangsi”) with a fair value determined to be RMB54,391,900 into Shayu, in exchange for 8.309% of newly issued equity interest in Shayu. Shuangsi ceased to be a subsidiary of the Group and a gain on disposal of subsidiary in the amount of RMB23,525,694 was recognized in the combined and consolidated statement of comprehensive income, representing the difference between the fair value of Shuangsi and its carrying value at the date of the transaction.
Upon the completion of these transactions, the Group has 35.084% equity interest of Shayu and accounts for its investment in Shayu under the equity method.
 
F-2
5
Notes to the Combined and Consolidated Financial Statements (Continued)
 
7.
Investments (Continued)
 
Equity method investments: (Continued)
 
(3)
In September 2020, the Group injected cash of RMB10,000,000 in DouYu LLP, an equity fund, for 99.99% limited partnership.
(4)
In 2018, the Group made investments in four talent agencies with aggregate cash consideration of RMB3,600,000, none of which was individually material. As of December 31, 2020, the Group no longer has significant influence over these investees, and therefore these equity investments with carrying amount of RMB4,077,376 were reclassified as equity securities without readily determinable fair values.
During the years ended 2018, 2019 and 2020, the Group recorded impairment of RMB15,166,140,
 
RMB20,872,725 and nil, respectively.
Equity securities without readily determinable fair values:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
     
Content producers
      123,629,785        196,465,009  
Technology and software companies
      59,102,000        49,102,000  
Others
      10,000,000        42,624,500  
    
 
 
     
 
 
  
       192,731,785        288,191,509  
    
 
 
     
 
 
  
Equity securities without readily determinable fair value were accounted as cost method investments prior to adopting ASC321, on
January
 
1, 2019.
For years ended 2018, 2019 and 2020, nil, 
nil
and RMB
28,088,491
impairment were recorded and an upward adjustments of
 nil
,
 
RMB
1,796,000
and RMB
8,571,429
as result of observable price change for the identical or similar investment of the same investees was recognized in other expenses, net.
 
F-2
6
Notes to the Combined and Consolidated Financial Statements (Continued)
 
8.
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consist of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Accrued payroll and welfare
      163,309,115        176,217,767  
Accrued marketing 
cost
      112,859,994        132,487,573  
Deposits
      30,566,743        19,994,929  
Other tax payable
      13,767,363        18,974,895  
Payable for repurchase of ordinary shares
      53,293,800        —    
Others
      18,550,109        36,365,656  
    
 
 
     
 
 
  
Total
      392,347,124        384,040,820  
    
 
 
     
 
 
  
 
9.
Cost of revenues
Cost of revenues consist of the following:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Revenue sharing fees and content costs
      2,790,038,662        5,176,508,004        7,129,094,348  
Bandwidth costs
      555,863,781        617,801,344        661,129,019  
Others
      157,453,785        292,763,988        251,305,218  
    
 
 
     
 
 
     
 
 
  
Total
      3,503,356,228        6,087,073,336        8,041,528,585  
    
 
 
     
 
 
     
 
 
  
 
10.
Income taxes
Cayman Islands
Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.
Hong Kong
Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5%. Operations in Hong Kong have incurred net accumulated operating losses for income tax purpose and no income tax provisions are recorded for the period presented.
Japan
Entities incorporated in Japan are subject to an income tax rate calculated according to relevant regulations of Japan Ministry of Finance. Operations in Japan have incurred net accumulated operating losses for income tax purpose and no income tax provisions are recorded for the period presented.
China
The Company’s subsidiar
i
es and consolidated VIEs established in the PRC are subject to an income tax rate of 25%, according to the PRC Enterprise Income Tax (“EIT”) Law. The subsidiaries and the VIEs of the Group in the PRC are subject to a uniform income tax rate of 25% for years presented. Wuhan Douyu obtained High and New Technology Enterprise (“HNTE”) status from 2016 to 2018. It enjoyed a favorable statutory tax rate of 15% from 2017 to 2018 and it did not renew the status
 
since
2019. In 2019, Wuhan Douyu, Wuhan Yule and Wuhan Ouyue obtained “Software Enterprise Certificate
”, which enable they to enjoy a tax holiday of a two-year exemption commencing from first profitable calendar year and a 50% reduction in uniform tax rate for the following three calendar years. 
As of December 31, 2020, Wuhan Yule is profitable after offsetting its accumulated loss and starts to enjoy the tax benefit of software enterprise, while Wuhan Douyu, and Wuhan Ouyue are still in accumulative loss status and have not enjoyed the tax benefit yet. According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2018 to 2020, enterprises engaged in research and development activities are entitled to claim 175% of the research and development expenses so incurred in a year as tax deductible expenses in determining its tax assessable profits for that year (“Super Deduction”).
 
F-2
7
Notes to the Combined and Consolidated Financial Statements (Continued)
 
10.
Income taxes (Continued)
 
China (Continued)
 
Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese Income Tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that
non-resident
legal entities will be considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting and properties, occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that the legal entities organized outside of the PRC within the Group should be treated as residents for EIT law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC should be deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income taxes, at a statutory income tax rate of
25
%. The Group is not subject to any other uncertain tax position.
According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.
Income (loss) before income taxes consist of:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
PRC
      (881,940,287 )       143,570,454        710,575,006  
Foreign
      12,871,144        (106,980,746 )       (307,145,767 ) 
    
 
 
     
 
 
     
 
 
  
Total
      (869,069,143 )       36,589,708        403,429,239  
    
 
 
     
 
 
     
 
 
  
The Group did not incur any current or deferred component of income tax expenses for the years ended December 31, 2018, 2019 and 2020. The reconciliation of total tax expenses computed by applying the respective statutory income tax rate to
pre-tax
income is as follows:
 
    
Years ended December 31,
  
    
2018
    
2019
    
2020
  
       
PRC income tax rate
      25.00 %      25.00 %      25.00 % 
Expenses not deductible for tax purposes
      (2.45 )%      157.72 %      26.87 % 
Super deduction on research and development expenses
      6.14 %      (145.44 )%      (8.37 )% 
Effect of change in income tax rate
      —         (555.07 )%      —    
Effect of tax holiday
      (0.27 )%      —         (36.13
%)
Effect of tax rate in different tax jurisdiction
      0.71 %      4.82 %      14.16 % 
Change in valuation allowance
      (29.13 )%      512.97 %      (21.53 )% 
    
 
 
    
 
 
    
 
 
  
Total
      0.00 %      0.00 %      0.00 % 
    
 
 
    
 
 
    
 
 
  
 
F-2
8
Notes to the Combined and Consolidated Financial Statements (Continued)
 
10.
Income taxes (Continued)
 
The aggregate amount and per share effect of the tax holiday are as follows:
 
 
  
Years ended December 31,
 
 
  
2018
 
  
2019
 
  
2020
 
 
  
RMB
 
  
RMB
 
  
RMB
 
       
The aggregate dollar effect
  
 
2,346,487
 
  
 
—  
 
  
 
145,777,478
 
Per share effect—basic and diluted
  
 
0.29
 
  
 
—  
 
  
 
4.56
 
Deferred tax assets are as follows:
 
    
Years ended December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Deferred tax assets
                  
Tax loss carried forward
      609,004,112        581,481,841  
Deductible temporary differences
      114,334,735        62,849,372  
Tax basis
difference upon the restructuring in 2016
      66,897,143        55,895,669  
Allowance for credit loss
      5,509,508        6,251,724  
Total deferred tax assets
      795,745,498        706,478,606  
Less: valuation allowance
      (795,745,498 )       (706,478,606 ) 
    
 
 
     
 
 
  
Net deferred tax assets
      —          —    
    
 
 
     
 
 
  
The movement of deferred tax valuation allowance is as follows:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Balance at beginning of the year
      353,511,080        606,708,962        795,745,498  
Increase
      253,197,882        408,704,189        72,777,388  
Decrease
 
 
— 
 
 
 
 
(219,667,653
)
 
 
(162,044,280
)
    
 
 
     
 
 
     
 
 
  
Balance at end of the year
      606,708,962        795,745,498        706,478,606  
    
 
 
     
 
 
     
 
 
  
The Group operates through its subsidiaries, VIEs and subsidiaries of the VIEs. As of December 31, 2019 and 2020, the Group had tax operating loss carry forwards of RMB2,493,643,064 and RMB2,414,846,539
 
respectively from its subsidiaries, VIEs and
subsidiaries
of the VIEs registered in the PRC, which can be carried forward to offset taxable income.
The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are
consistent
with the plans and estimates the Group is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to
generate
sufficient taxable income within the carry forward periods provided for in the tax law. The Group has provided a full valuation allowance for the deferred tax assets as of December 31, 2019 and 2020, as management is not able to conclude that the future realization of those net operating loss carry forwards and other deferred tax assets are more likely than not.
In accordance with the EIT Law, dividends, which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008, are subject to a 10% withholding income tax. In addition, under tax treaty between the PRC and Hong Kong, if the foreign investor is incorporated in Hong Kong and qualifies as the beneficial owner, the applicable withholding tax rate is reduced to 5%, if the investor holds at least 25% in the FIE, or 10%, if the investor holds less than 25% in the FIE.
 
F-2
9
Notes to the Combined and Consolidated Financial Statements (Continued)
 
11.
Ordinary shares
In accordance with the Company’s memorandum and articles of association, total authorized shares for ordinary shares are 500,000,000 shares with par value of US$0.0001.
Upon the incorporation of the Company on January 5, 2018, the Original Shareholders of the Group subscribed to 8,188,790 ordinary shares of the Company at par value of US$0.0001. In May 2018, the Company converted 2,944,395 ordinary shares held by the Original Shareholder to 2,944,395 shares of Angel Preferred Shares with no change to the rights and obligations associated with these shares. As the terms of the Angel Preferred Shares are identical to those for the Ordinary Shares, the Company believe it is appropriate to continue to treat the Angel Preferred Shares as ordinary shares issued and outstanding in the combined and consolidated financial statements as well as for the purpose of EPS calculations.
In May 2018, the Company repurchased 125,000 shares of ordinary shares from one investor and issued 125,000 Series
B-4
Preferred Share to the same shareholder for zero consideration.
As disclosed in Note 1
4
, 2,106,321 ordinary shares of the Company were issued to Douyu Employee Benefit Trust (the “Trust”) to establish a reserve pool for future issuances of equity share incentive to the Group’s employees. All shareholder rights of these 2,106,321 ordinary shares including but not limited to voting rights and dividend rights are unconditionally waived until the corresponding restrict share units are vested. While the ordinary shares were legally issued to the Trust, the Trust does not have any of the rights associated with the ordinary shares, as such the Company accounted for these shares as issued but no outstanding until the waiver is released by the Company, which occur when the restricted share units vest and ordinary shares are awarded to the employees.
Upon the IPO in July 2019, the Company issued 4,492,473 ordinary shares.
On December 20, 2019, the Company announced the repurchase program whereby the Company may repurchase up to US$100 million of its ordinary shares in the form of American depositary shares during a period of up to 12 months commencing on December 20, 2019. As of December 31, 2020, the Company has repurchased an aggregate of 1,177,499 ordinary shares for total cash consideration of US$99,999,998 (equivalent of RMB695,097,853) including repurchase commissions
, among which 291,207 ordinary shares for total cash consideration of US$16,471,881 (equivalent of RMB115,273,325) was paid in 2019.
 
F-
30
Notes to the Combined and Consolidated Financial Statements (Continued)
 
12.
Noncontrolling Interest
As of December 31, 2020, the Group’s noncontrolling interest mainly included equity interest in DouYu Japan. The following schedule shows the effects of changes in the ownership interest of the Company in its subsidiaries on equity attributed to DouYu for the years ended December 31, 2018, 2019 and 2020.
Below are the changes in the Group’s ownership in its subsidiaries on the Group’s equity.
 
 
  
Years ended December 31,
 
 
  
2018
 
  
2019
 
  
2020
 
 
  
RMB
 
  
RMB
 
  
RMB
 
Net income (loss) attributable to DouYu’s ordinary shareholders
  
 
(876,279,828
) 
  
 
39,753,232
 
  
 
485,498,597
 
Transfers to noncontrolling interest
  
      
  
      
  
      
Decrease in DouYu’s additional paid-in capital for acquisition of noncontrolling interest in Shuangsi (1)
  
 
—  
 
  
 
—  
 
  
 
(2,271,492
) 
Decrease in DouYu’s additional paid-in capital due to capital contribution from noncontrolling interest shareholder in DouYu Japan (2)
  
 
—  
 
  
 
—  
 
  
 
(7,700,837
) 
Increase in DouYu’s additional paid-in capital due to repurchase of noncontrolling interest in Gogo Glocal (Note 14)
  
 
—  
 
  
 
—  
 
  
 
11,171,730
 
Decrease in DouYu’s additional paid-in capital due to vest of Gogo Glocal’s noncontrolling interest restricted shares (Note 14)
  
 
—  
 
  
 
(22,209,344
) 
  
 
—  
 
Decrease in DouYu’s additional paid-in capital for acquisition of shares of Gogo Glocal’s noncontrolling interest
  
 
—  
 
  
 
(11,107,350
) 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net transfers to noncontrolling interest
  
 
—  
 
  
 
(33,316,694
) 
  
 
1,199,401
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Change from net income attribute to DouYu and transfers to noncontrolling interest
  
 
(876,279,828
) 
  
 
6,436,538
 
  
 
486,697,998
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
In March 2020, the Group purchased 15% equity of Chengdu Shuangsi with cash consideration of RMB4,500,000. The difference between the fair value of the consideration paid and the carrying amount of the noncontrolling interest acquired was recognized in additional paid-in capital.
(2)
In April, June and November, 2020, the
Group and
noncontrolling interest shareholder purchased the newly issued common shares of DouYu Japan with consideration of
JPY4,189,200,000 (equivalent of RMB272,248,433 ) and
JPY1,610,800,000 (equivalent of RMB105,129,847 ), respectively. As a result of these transactions, the noncontrolling interest shareholder’s ownership interest increased from 14.9% to 28.9% while the Group retains its controlling financial interest in DouYu Japan. The difference between the consideration received and the amount of the noncontrolling interest was adjusted was recognized in additional paid-in capital.
 
13.
Convertible redeemable preferred shares
Series A Preferred Equity
In January 2015, Beijing Sequoia acquired 20.49% of Guangzhou Douyu’s equity interest with preference rights for a total consideration of RMB106,999,090 (Series A Preferred Equity).
Series B Preferred Equity
In April 2015, Guangzhou Douyu entered into an agreement with Beijing Sequoia for a convertible loan and a detachable warrant for a total proceed of RMB50 million. In April 2016, Beijing Sequoia converted the outstanding loan principal and unpaid interest expense amounted RMB 56,187,500 into 2.71% of the equity interest of Wuhan Douyou with preference rights (Series B-1 Preferred Equity).
In April 2016, Wuhan Douyu issued 18.80% and 1.96% equity interest with preference rights (Series B-2 and B-3 Preferred Equity) for a cash consideration of RMB381,504,000 and RMB50,000,000, respectively, to a group of third party investors. The subscription prices of two of these investors were below fair value of Series B-2 and Series B-3 Preferred Equity. The difference between the fair value of these preferred equity and the subscription consideration paid by these Series B-2 and Series B-3 investors amounted to RMB72,736,597 was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit).
 
F-31
Notes to the Combined and Consolidated Financial Statements (Continued)
 
13.
Convertible redeemable preferred shares (Continued)
 
Series B Preferred Equity
(Continued)
 
In April 2016, concurrent with the issuance of Series B-2 and B-3 Preferred Equity, Wuhan Douyu repurchased 5.95% of its equity interest from the Original Shareholders at a consideration of RMB162,775,040. The fair value of equity interest repurchased was RMB77,396,500 as determined by the Group with the assistance of independent valuation firm was below the consideration paid by Wuhan Douyu. As such, the amount of RMB85,378,540 paid by Wuhan Douyu that was in excess of the fair value of the equity interest at the time of the repurchase was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit).
Series C Preferred Equity
In August 2016, Wuhan Douyu issued 15.80% of the equity interest with preference rights to a group of investors with a total consideration of RMB1,067,000,000 (Series C-1 Preferred Equity). Concurrent with the issuance of Series C-1 Preferred Equity, Wuhan Douyu repurchase and cancelled 2.94% of its equity interest from the Original Shareholders with a consideration of RMB198,848,000. The fair value of the equity interest repurchased was RMB72,020,079 as determined by the Group with the assistance of independent valuation firm was below the repurchase consideration paid by Wuhan Douyu. As such, the amount of RMB126,827,921 paid by Wuhan Douyu in excess of the fair value of the equity interest at the time of the repurchase was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit).
In August 2016, Shanghai Qincheng exercised the warrant to purchase 0.49% of the equity interest of Wuhan Douyu with a subscription price of RMB30,000,000 (Series C-2 Preferred Equity). Series C-2 Preferred Equity was repurchased by Wuhan Douyu in January 2018 at fair value for a cash consideration of RMB39,995,000.
Series D Preferred Equity
On November 14, 2017, Wuhan Douyu issued 5.81% equity interest of Wuhan Douyu with preferred rights (Series D Preferred Equity) for a consideration of RMB500,000,000 to three new investors.
Upon the 2018 Restructuring, as described in Note 1, upon obtaining all necessary approvals from the PRC government, the Preferred Equity shareholders subscribed for convertible redeemable preferred shares (Preferred Shares) at no consideration, all in the same proportions, on an as converted basis, as the percentage of equity interest they held in Wuhan Douyu.
In conjunction with the issuance of Series E Preferred Shares, the Company modified certain terms of Series A, B, C and D Preferred Shares to extend the date of qualified IPO from December 31, 2020 to December 31, 2022, as well as change certain calculation of the redemption value. The Company does not consider these changes as an extinguishment of Series A, B, C and D as the impact of these changes was insignificant.
In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital.
In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial.
The key terms of the Preferred Shares are summarized as follows:
Dividend Rights
In the event the Company declares dividends, for holder of each series of Convertible Redeemable Preferred Shares, at the rate of eight percent of issue cost.
Liquidation Rights
In the event of any liquidation, dissolution or winding up of the Company (each a “Liquidation Event”), whether voluntary or involuntary, all assets and funds of the Company legally available for distribution to the Members (after satisfaction of all creditors’ claims and claims that may be preferred by Law) shall be distributed to the Members of the Company as follows:
The liquidation right should be settled in the sequence of (i) Series E Convertible Redeemable Preferred Shares, (ii) Series D Convertible Redeemable Preferred Shares, (iii) Series C-1 Convertible Redeemable Preferred Shares, (iv) Series B-1, Series B-2, Series B-3 and Series B-4 Convertible Redeemable Preferred Shares (Series B Convertible Redeemable Preferred Shares), and (v) Series A Convertible Redeemable Preferred Shares.
If there are any assets or funds remaining after the aggregate Series A Preference Amount, Series B Preference Amount, Series C Preference Amount, Series D Preference Amount and Series E Preference Amount have been distributed or paid in full to the applicable holders of Preferred Shares, the remaining assets and funds of the Company available for distribution to the Members shall be distributed ratably among all Members in proportion to the number of Ordinary Shares (on an as-converted basis) held by them.
Total liquidation value for all preferred shares was nil.
 
F-32
Notes to the Combined and Consolidated Financial Statements (Continued)
 
13.
Convertible redeemable preferred shares (Continued)
 
Series D Preferred Equity
(Continued)
The key terms of the Preferred Shares are summarized as follows: (Continued)
 
Conversion Rights
The holders of the Preferred Shares shall have the rights to convert of the Preferred Shares into Ordinary Shares at an initial conversion ratio of one for one.
The holders of each Convertible Redeemable Preferred Shares, at the option of the holders, has the right to convert the Convertible Redeemable Preferred Shares into ordinary shares at any time.
Each Convertible Redeemable Preferred Share shall automatically be converted, into Ordinary Shares upon the earlier of (i) the closing of a Qualified IPO, or (ii) the written notice signed by the Majority Holders.
Voting Rights
The Preferred Shareholders are entitled to vote with ordinary shareholders on an as-converted basis.
Redemption
Upon the earlier of (a) the Company has not consummated a Qualified IPO by December 31, 2022, (b) there is a material breach of the Articles of the Memorandum, (c) the creditworthiness of any Founder or any holder of Ordinary Shares (other than any Investor) is materially damaged, or there is any fraud, gross negligence or willful misconduct of any Founder or any holder of Ordinary Shares (other than any Investor), or there is any misconduct of any Founder or any Management Director, any of which results in damages to the Group Companies that cannot be cured, or (d) any event (other than force majeure) that result in the shutdown of the website (including the main website, IOS and Android apps) of the Group for more than 60 days, the holder of each series of Convertible Redeemable Preferred Shares except for the holder of Series C-2 Convertible Redeemable Preferred Shares and Series Angel Convertible Redeemable Preferred Shares has the right to require the Company to redeem all or any number of the then outstanding Convertible Redeemable Preferred Shares at a pre-determined Redemption Price.
The redemption right should be settled in the sequence of (i) Series E Convertible Redeemable Preferred Shares, (ii) Series D Convertible Redeemable Preferred Shares, (iii) Series C-1 Convertible Redeemable Preferred Shares, (iv) Series B-1, Series B-2 and Series B-3 Convertible Redeemable Preferred Shares, and (v) Series A Convertible Redeemable Preferred Shares.
Management of the Group evaluated that redemption was not probable and therefore did not accrete the Preferred Shares to the redemption value. The redemption value as of December 31, 2019 and 2020 would be.
All of the preferred shares were converted to ordinary shares immediately upon the completion of the Group’s IPO on July 17, 2019.
The following is the rollforward of the carrying amounts of Preferred Share for the years ended December 31, 2018 and 2019:
 
 
 
Series A
 
 
Series B-1
 
 
Series B-2
 
 
Series B-3
 
 
Series B-4(1)
 
 
Series C-1
 
 
Series C-2(2)
 
 
Series D
 
 
Series E(3)
 
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
December 31, 2017
 
 
106,999,090
 
 
 
56,187,500
 
 
 
464,343,750
 
 
 
202,671,887
 
 
 
—  
 
 
 
1,265,848,000
 
 
 
33,333,333
 
 
 
500,000,000
 
 
 
—  
 
Issuance
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
22,254,400
 
 
 
—  
 
 
 
(33,333,333
) 
 
 
—  
 
 
 
4,026,518,012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
106,999,090
 
 
 
56,187,500
 
 
 
464,343,750
 
 
 
202,671,887
 
 
 
22,254,400
 
 
 
1,265,848,000
 
 
 
—  
 
 
 
500,000,000
 
 
 
4,026,518,012
 
Conversion into ordinary shares upon IPO
 
 
(106,999,090
) 
 
 
(56,187,500
) 
 
 
(464,343,750
) 
 
 
(202,671,887
) 
 
 
(22,254,400
) 
 
 
(1,265,848,000
) 
 
 
—  
 
 
 
(500,000,000
) 
 
 
(4,026,518,012
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
2019
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
——  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial.
(2)
In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital.
(3)
On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share purchase price of US$80.57 for cash consideration of RMB4,026,518,012.
 
F-33
Notes to the Combined and Consolidated Financial Statements (Continued)
 
1
4
.
Share-based compensation
I.
Non-vested
Douyu restricted equity
Upon closing of the issuance of Series A Preferred Equity, the Founders entered into an arrangement with the investor, whereby partial of their equity (“Founders’ Equity”) became subject to service and transfer restriction. Such Founders’ Equity is subject to repurchase by the Company upon early termination of their requisite period of employment. The repurchase price is the minimum price permitted under PRC law. The Founders’ Equity shall be vested monthly in equal installment over the period from issuance of Series A Preferred Equity to 2018. This arrangement has been accounted for as a grant of restricted share awards subject to service vesting conditions.
The Group used the discounted cash flow method to determine the underlying equity value of Wuhan Douyu and adopted equity allocation model to determine the fair value of the equity as of the dates of issuance. The aggregate fair value of the restricted equity was RMB80,100,005. For the years ended December 31, 2018, 2019 and 2020, the Group recorded compensation expenses of RMB17,574,638, nil
 
and nil, respectively. All the restricted equity has been vested as of December 31, 2018.
II.
Non-vested
Gogo Glocal restricted shares
In connection of the acquisition of Nonolive, Gogo Glocal issued 4,900,000 ordinary shares, which represents 46% of its equity, to the founders for Nonolive. These ordinary shares are subject to transfer restriction and repurchase by the Group for a consideration of US$1 upon early termination of their requisite employment service period of 15 months. These ordinary shares are vested upon the earlier of the satisfaction of certain performance target as measured by number of Daily Active Users or the requisite service period. This arrangement has been accounted as a grant of restricted share awards subject to service and performance conditions.
With the assistance of third party valuation firm, the Group used the discounted cash flow method to determine the underlying equity value of Gogo Glocal and adopted equity allocation model to determine the fair value of the restricted ordinary share as of the dates of issuance, which was determined to be RMB18.45 per share. The aggregate fair value of the restricted shares was RMB90,425,865.
On September 30, 2019, the Group and the founders of Nonolive entered into another agreement to renew the arrangement. Pursuant to the agreement, (i) the Group injected additional capital of RMB100 million in Gogo Glocal; (ii) the Group repurchased 1,039,780 shares of ordinary shares from one of the founders for a consideration of US$1 due to an early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares; (iii) 1,696,895 ordinary shares were vested immediately, of which 444,444 shares were repurchased by the Group at fair value of RMB43.92 per share; and (iv) the remaining 2,163,325
non-vested
restricted shares held by the founders are subject to transfer restriction and repurchase by the Group for a consideration of US$1 upon early termination of their renewed requisite employment service period and will be vested monthly in equal installments over the next 36 months, which was considered as a modification of unvested restricted shares.
As a result of the modification, an incremental compensation cost of RMB28,224,142 was measured as the excess of the fair value of the modified restricted share award over the fair value of the original restricted share. The fair value per share of the modified restricted shares of RMB43.92 is determined according to the share price and other pertinent factors at the modification date.
A summary of
non-vested
restricted share activity during the years ended December 31, 2020 is presented below:
 
    
Number of
shares
     
Weighted
average
grant-date

fair value
  
           
RMB
  
     
Outstanding as of December 31, 2019
      2,049,466        31.50  
Vested
      (62,105 )       31.50  
Forfeited(1)
      (1,429,906 )       31.50  
Cancellation(2)
      (557,455 )       31.50  
    
 
 
     
 
 
  
Outstanding as of December 31, 2020
      —          —    
    
 
 
     
 
 
  
 
F-3
4
Notes to the Combined and Consolidated Financial Statements (Continued)
 
14.
Share-based compensation (Continued)
 
II. Non-vested Gogo Glocal restricted shares (continued)
 
 
  (1)
In February 2020, the Group repurchased 1,429,906 shares of unvested restricted shares from one of the Gogo Glocal’s founders with a consideration of US$1
 
due to the early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares.
 
  (2)
In February 2020, the Group canceled 557,455 unvested restricted shares granted. The corresponding unrecognized share-based compensation expense of RMB7,451,210 was immediately recognized in the combined and consolidated statement of comprehensive income for the year ended December 31, 2020.
As of December 31, 2020, the total unrecognized share-based compensation expense was nil.
For the years ended December 31, 2018, 2019 and 2020, the Group recorded compensation expenses of RMB17,830,249, RMB55,275,106 and RMB8,029,561, respectively.
III. Restricted share units
On April 1, 2018, the Company’s board of director approved the 2018 Restricted Share Unit Scheme (“2018 Plan”). In connection with the 2018 Plan, the Company established Douyu Employee Benefit Trust (the “Trust”) as a holding platform and 2,106,321 share of ordinary shares were issued to the Trust as a reserve pool for future issuance of equity share incentive to the Group’s employees. All shareholder rights of these 2,106,321 ordinary shares including but not limited to voting rights and dividend rights are unconditionally waived until the corresponding restrict share units are vested. The Group referred to the interest in Trust as Restricted Share Units and each Restricted Share Unit represents one ordinary share. The Scheme shall be valid and effective for a period of 10 years.
On April 1, 2018, pursuant to a board of director resolution, 2,098,069 restricted share units corresponding to 2,098,069 ordinary shares were granted to certain employees, directors and officers for zero cash subscription. The restricted share units will begin vesting by equal instalment for 36 months upon a qualified IPO. The Group has determined the per share fair value of the restricted share unit to be RMB274.51 with the assistance of an independent valuation firm based on the fair value of the underlying ordinary shares which was determined by using the hybrid method of the probability weighted expected return method (“PWERM”) and the option pricing method (“OPM”) to allocate equity value to preferred and ordinary shares on a fully diluted basis.
A summary of restricted share units activity during the years ended December 31, 2020 is presented below:
 
    
Number of
restricted
shares
     
Weighted
average
grant-date

fair value
     
Weighted
average
remaining
contractual
life
  
           
RMB
     
Years
  
       
Outstanding as of December 31, 2019
      1,794,586        274.55        2.58  
Vested
      (693,527 )       274.55           
Forfeited
      (4,392 )       274.55           
    
 
 
     
 
 
     
 
 
  
Outstanding as of December 31, 2020
      1,096,667        274.55        1.58  
    
 
 
     
 
 
     
 
 
  
The
Group has recorded compensation expenses of nil, 
RMB235,506,658 and RMB134,124,800 for the years ended
December 31, 2018
, 2019 and 2020 relating to these restricted share units. As of December 31, 2019 and 2020, there were RMB342,243,484 and RMB207,249,251, respectively, unrecognized share based compensation expenses related to the restricted share.
 
F-3
5
Notes to the Combined and Consolidated Financial Statements (Continued)
 
1
5
.
Net income (loss) per share and net loss attributable to ordinary shareholders
The Group’s convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an
as-if
converted basis.
For the year ended December 31, 2019, the Group used the
two-class
method of computing basic earnings per share. Under this method, net income applicable to holders of ordinary shares is allocated on a
pro-rata
basis to the ordinary and preferred shares to the extent that each class may share in income for the period had it been distributed. Diluted net income per share for the year ended December 31, 2019 is computed using
as-if-converted
method and assumes the vest of restricted share units using the treasury stock method as this method is more dilutive than the
two-
class method.
Upon the consummation of the Company’s IPO on July 17, 2019, the convertible redeemable preferred shares were automatically converted into ordinary shares. The two-class method of computing earnings per share ceased to apply on the conversion date.
Basic and diluted net income (loss) per share for each of the years presented were calculated as follows
:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Basic net income (loss) per share calculation
                           
Numerator:
                           
Net income (loss) attributable to DouYu Holdings Limited shareholders
      (876,279,828 )       39,753,232        485,498,597  
Deemed dividend
      (6,661,667 )       —          —    
Amounts allocated to convertible redeemable preferred shares for participating rights to dividends
      —          (14,283,763 )       —    
    
 
 
     
 
 
     
 
 
  
Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share
      (882,941,495 )       25,469,469        485,498,597  
    
 
 
     
 
 
     
 
 
  
Denominator:
                           
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share
      8,115,160        19,254,661        31,963,526  
    
 
 
     
 
 
     
 
 
  
Basic net income (loss) per ordinary share
      (108.80 )       1.32        15.19  
    
 
 
     
 
 
     
 
 
  
Diluted net income (loss) per share calculation
                           
Numerator:
                           
Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited
      (882,941,495 )       25,469,469        485,498,597  
Add: undistributed earnings allocated to participating securities
      —          14,283,763        —    
    
 
 
     
 
 
     
 
 
  
Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share
      (882,941,495 )       39,753,232        485,498,597  
    
 
 
     
 
 
     
 
 
  
Denominator:
                           
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share
      8,115,160        19,254,661        31,963,526  
Add: conversion of convertible redeemable preferred shares into ordinary shares
      —          10,798,380        —    
Restricted Share Units
      —          1,389,890        1,049,156  
    
 
 
     
 
 
     
 
 
  
Weighted average ordinary shares used in computing diluted income (loss) per ordinary share
      8,115,160        31,442,931        33,012,682  
    
 
 
     
 
 
     
 
 
  
Diluted net income (loss) per ordinary share
      (108.80 )       1.26        14.71  
    
 
 
     
 
 
     
 
 
  
 
F-3
6
Notes to the Combined and Consolidated Financial Statements (Continued)
 
1
5
.
Net income (loss) per share and net loss attributable to ordinary shareholders (Continued)
 
Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Convertible Redeemable Preferred Equity/Shares
      19,906,105        —          —    
Restricted Share Units
      2,098,069        —          —    
    
 
 
     
 
 
     
 
 
  
Total
      22,004,174        —          —    
    
 
 
     
 
 
     
 
 
  
 
1
6
.
Statutory reserves and restricted net assets
As a result of the PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include
paid-in
capital, additional
paid-in
capital, and the statutory reserves of the Company’s PRC subsidiaries and VIEs. As of
December 31, 2020, total restricted net assets were 
RMB3,476,357,108.
 
1
7
.
Segment Information
The Group uses the management approach to determine operation segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resources and assessing performance.
The Group’s CODM has been identified as the Chief Executive Officer. Before October 2018, the Group operated and managed its business in PRC China as a single operating segment. In October 2018, the Group acquired a business which operates a live stream platform mainly in Southeast Asia (“Nonolive”) and identified it as a new operating segment. In August 2019, the Group set up “DouYu Japan” which operates a live streaming platform in Japan with a third party. The Group has determined that Nonolive and DouYu Japan do not meet the quantitative thresholds for a reportable segment under ASC 280-10-50 in the year ended December 31, 2020, therefore, does not result in a reportable segment.
The following table summarizes the revenue by type of service provided by the Group:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming
      3,147,196,247        6,617,291,032        8,852,225,839  
Advertisement
      342,169,195        513,265,806        645,227,128  
Other
      165,017,684        152,673,415        104,420,970  
    
 
 
     
 
 
     
 
 
  
Total
      3,654,383,126        7,283,230,253        9,601,873,937  
    
 
 
     
 
 
     
 
 
  
99.8%, 99.5% and 98.8% of the Group’s revenue for the years ended December 31, 2018, 2019 and 2020, respectively, were generated from the PRC. As of December 31, 2019 and 2020, 100% and 100% of long-lived assets of the Group were located in the PRC.
There were no customers from whom revenue accounted for 10% or more of total revenue for the years ended December 31, 2018, 2019 and 2020, respectively.
 
F-3
7
Notes to the Combined and Consolidated Financial Statements (Continued)
 
1
8
.
Related party transactions
The table below sets forth major related parties and their relationships with the Group:
 
Company Name
   
Relationship with the Group
   
Tencent Holdings Limited (“Tencent Group”)    Parent company of one of our ordinary shareholders
For the years ended December 31, 2018, 2019 and 2020, significant related party transactions were as follows:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming revenue derived from
                           
Equity method investees- talent agencies
      25,164,152        78,933,963        23,679,248  
Tencent Group
      3,405,827        —          —    
    
 
 
     
 
 
     
 
 
  
Total
      28,569,979        78,933,963        23,679,248  
    
 
 
     
 
 
     
 
 
  
Advertisement revenue derived from
                           
Tencent Group
      27,483,962        2,699,737        743,697  
    
 
 
     
 
 
     
 
 
  
Other revenue derived from
                           
Tencent Group
      19,892,736        26,581,068        8,282,751  
Equity method investees- talent agencies
      —          —          204,533  
    
 
 
     
 
 
     
 
 
  
Total
      19,892,736        26,581,068        8,487,284  
    
 
 
     
 
 
     
 
 
  
Bandwidth fees paid to
                           
Tencent Group
      258,981,005        230,752,735        212,785,773  
    
 
 
     
 
 
     
 
 
  
Revenue sharing fees and content cost paid to
                           
Tencent Group
      —          4,986,374        6,202,423  
Equity method investees- talent agencies
      229,901,724        715,473,955        435,496,349  
    
 
 
     
 
 
     
 
 
  
Total
      229,901,724        720,460,329        441,698,772  
    
 
 
     
 
 
     
 
 
  
Payment handling fees paid to
                           
Tencent Group
      12,656,246        29,546,113        36,033,966  
    
 
 
     
 
 
     
 
 
  
Content rights purchased from
                           
Tencent Group
      116,100,000        112,354,423        75,528,302  
    
 
 
     
 
 
     
 
 
  
 
F-3
8
Notes to the Combined and Consolidated Financial Statements (Continued)
 
1
8
.
Related party transactions (Continued)
 
As of December 31, 2018, 2019 and 2020, the amounts due from/to related parties are as follows:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Amount due from related parties
                           
Tencent Group
      56,840,030        23,935,019        9,045,078  
Equity method investees- talent agencies
      7,230,184        108,831        —    
    
 
 
     
 
 
     
 
 
  
Total
      64,070,214        24,043,850        9,045,078  
    
 
 
     
 
 
     
 
 
  
Amount due to related parties
                           
Tencent Group
      227,897,451        251,069,127        201,579,602  
Beijing Sequoia Xinyuan Equity Investment Center LLP
(1)
     1,355,094,229        —          —    
Shaojie Chen
      39,995,000        —          —    
Equity method investees- talent agencies
      5,320,840        47,663,895        21,945,327  
    
 
 
     
 
 
     
 
 
  
Total
      1,628,307,520        298,733,022        223,524,929  
    
 
 
     
 
 
     
 
 
  
 
(1)
In May 2018, as an integrated step of the 2018 Restructuring (Note 1), in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US$197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount, equivalent to RMB1,260,439,815, has been received by the Company but the redemption amount, equivalent to RMB1,355,094,229, has not yet been paid by Wuhan Douyu, which was considered as a
non-cash
financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018. The redemption amount is denominated in US$ and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. US$197,443,500 equivalent in the amount of RMB1,323,049,149 was fully settled in March, 2019.
 
1
9
.
Leases
The Group’s leases consist of operating leases for administrative office spaces in different cities of Asia. As of December 31, 2020 the Group had no long-term leases that were classified as a financing lease.
For the year ended December 31, 2020, the lease expense is as:
 
    
Year ended

December 31, 2020
  
    
RMB
  
   
Operating lease expense
      44,300,218  
Short-term lease expense
      7,781,246  
    
 
 
  
Total lease expense
   
 
52,081,464
 
    
 
 
  
Operating lease expenses were RMB36,914,653 and 
RMB39,845,627
 
for the year ended December 31, 2018 and 2019 prior to the adoption of the lease ASUs. 
 
F-3
9
Notes to the Combined and Consolidated Financial Statements (Continued)
 
1
9
.
Leases (Continued)
 
Supplemental consolidated balance sheet information related to leases was as follows:
 
    
As of December 31, 2020
  
    
RMB
  
Operating lease:
         
Operating leases
right-of-use
assets
      62,141,054  
Current portion of lease liabilities
      36,280,773  
Non-current
portion of lease liabilities
      16,951,948  
Total operating lease liabilities
         
Weighted-average remaining lease term (in years) – operating leases
      1.75  
Weighted-average discount rate – operating leases
      4.25 % 
Supplemental cash flow information related to leases are as follows:
 
    
For the year ended

December 31,2020
  
    
RMB
  
   
Cash paid for operating leases
      54,493,222  
Lease liabilities arising from obtaining
right-of-use
assets
      25,873,961  
As of December 31, 2020, future minimum lease payments under
non-cancellable
operating lease agreements for which the Group has recognized operating lease
right-of-use
assets and liabilities are as follows:
 
Years ending
   
RMB
  
   
2021
      39,752,994  
2022
      12,610,408  
2023
      4,498,810  
2024 and thereafter
      254,800  
    
 
 
  
Total undiscounted cash flows
      57,117,012  
Less: imputed interest
      3,884,291  
    
 
 
  
Total
   
 
53,232,721
 
    
 
 
  
   
Lease liabilities due within one year
      36,280,773  
Lease liabilities due after one year
      16,951,948  
As of December 31, 2019, the future minimum lease payments under non-cancelable operating lease agreements based on ASC 840 are as follows:
 
Years ending
  
RMB
 
2020
  
 
45,023,403
 
2021
  
 
26,297,961
 
2022
  
 
11,451,395
 
2023
  
 
1,297,103
 
2024 and thereafter
  
 
—  
 
 
20.
Commitments and contingencies
Contingencies
The Group is subject to other periodic legal or administrative proceedings in the ordinary course of business. The Group does not have any pending legal or administrative proceeding to which the Group is a party that will have a material effect on its business or financial condition.
 
21
.
Subsequent events
The Group has evaluated subsequent events through April 30, 2021, which is the date when the combined and consolidated financial statements were issued.
 
F-
40
SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONDENSED BALANCE SHEETS
 
    
As of December 31,
  
    
2019
    
2020
  
    
RMB
    
RMB
    
US$
  
       
ASSETS
                         
Current assets:
                         
Cash and cash equivalents
      7,140,577,532       4,449,399,546       681,900,314  
Short-term deposits
      —         1,370,229,000       209,996,782  
Prepayments
      838,398       889,759       136,362  
Other current assets
      56,840,976       24,267,221       3,719,113  
Amount due from subsidiaries and VIEs
      39,995,433      
38,099,544
      
5,839,010
  
    
 
 
    
 
 
    
 
 
  
Total current assets
      7,238,252,339       5,882,885,070       901,591,581  
Other
non-current
assets
      —         —         —    
Investments in subsidiaries and VIEs
      124,167,455       1,118,657,273       171,441,728  
    
 
 
    
 
 
    
 
 
  
Total assets
      7,362,419,794       7,001,542,343       1,073,033,309  
    
 
 
    
 
 
    
 
 
  
LIABILITIES
                         
Current liabilities:
                         
Accrued expenses and other current liabilitie
s
      60,938,325       19,118,882       2,930,097  
Amount due to subsidiaries and VIEs
      339,159       317,218       48,616  
Deferred revenue
      13,162,958       12,311,427       1,886,809  
    
 
 
    
 
 
    
 
 
  
Total current liabilities
      74,440,442       31,747,527       4,865,522  
Non-current
liabilities
      46,070,348       30,778,568       4,717,022  
    
 
 
    
 
 
    
 
 
  
Total liabilities
      120,510,790       62,526,095       9,582,544  
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity (deficit)
                         
Ordinary shares (US$0.0001
 p
ar value, 500,000,000
 s
hares authorized, 34,568,689 shares issued, 32,751,819 and 33,445,346 shares outstanding as of December 31, 2019 and 2020, respectively)
      22,144       22,630       3,468  
Treasury shares (291,207 and 1,177,499 shares as of December 31, 2019 and 2020, respectively)
      (168,567,125 )      (695,097,853 )      (106,528,407 ) 
Additional
paid-in
capital
      10,324,277,855       10,486,398,881       1,607,110,940  
Accumulated deficit
      (3,348,717,860 )      (2,863,219,263 )      (438,807,550 ) 
Accumulated other comprehensive income
      434,893,990       10,911,853       1,672,314  
    
 
 
    
 
 
    
 
 
  
Total shareholders’ equity
   
 
7,241,909,004
 
  
 
6,939,016,248
 
  
 
1,063,450,765
 
    
 
 
    
 
 
    
 
 
  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
   
 
7,362,419,794
 
  
 
7,001,542,343
 
  
 
1,073,033,309
 
    
 
 
    
 
 
    
 
 
  
 
F-
41
SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
    
Years ended December 31,
  
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
US$
  
General and administrative expenses
      (11,697,585 )      (41,464,310 )      (63,824,140 )      (9,781,477 ) 
Research and development expenses
      —         —         (3,787,468 )      (580,455 ) 
Other operating income (expense), net
      (338 )      6,508,518       13,014,651       1,994,583  
Interest income
      68,216,989       148,245,151       116,756,835       17,893,768  
Equity in equity (deficit) of subsidiaries and VIE
      (932,798,894 )      (73,536,127 )      423,338,719       64,879,494  
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
   
 
(876,279,828
) 
  
 
39,753,232
 
  
 
485,498,597
 
  
 
74,405,913
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustm
e
nt
   
 
325,593,213
 
  
 
109,300,777
 
  
 
(423,982,137
) 
  
 
(64,978,105
) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income (loss)
   
 
(550,686,615
) 
  
 
149,054,009
 
  
 
61,516,460
 
  
 
9,427,808
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-
42
SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF CASH FLOWS
 
    
Years ended December 31,
  
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
US$
  
         
CASH FLOWS FROM OPERATING ACTIVITIES
                                 
Net income (loss)
      (876,279,828 )      39,753,232       485,498,597       74,405,913  
Adjustments to reconcile net loss to net cash provided by operating activities:
                                 
Loss from equity in earnings of subsidiaries and VIEs
      932,798,894       73,536,127       (423,338,719 )      (64,879,494 ) 
Share-based compensation
      —         23,241,480       16,059,123       2,461,168  
Changes in operating assets and liabilities:
                                 
Prepayments
      (49,333 )      (789,065 )      (51,361 )      (7,871 ) 
Other current assets
      (60,502,935 )      3,661,959       32,573,755       4,992,146  
Other
non-current
assets
      (6,353,017 )      —         —         —    
Amount due from subsidiaries and VIEs
      (426 )      (39,995,000 )      1,895,888       290,557  
Accrued expenses and other current liabilities
      11,842,346       (4,197,822 )      11,474,356       1,758,522  
Amount due to subsidiaries and VIEs
      333,665       —         —         —    
Other liabilities
      —         59,233,306       (16,143,311 )      (2,474,071 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH PROVIDED BY OPERATING ACTIVITIES
      1,789,366       154,444,217       107,968,328       16,546,870  
Purchases of short-term investments
      —         —         (1,370,229,000 )      (209,996,782 ) 
Investment in subsidiaries
      (1,853,885,036 )      (151,881,863 )      (425,088,709 )      (65,147,695 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH USED IN INVESTING ACTIVITIES
      (1,853,885,036 )      (151,881,863 )      (1,795,317,709 )      (275,144,477 ) 
Proceeds on issuance of ordinary shares through IPO
      5,207       3,422,497,233       —         —    
Deferred offering cost
      (6,876,834 )      —         —         —    
Payment of deferred offering costs
      —         (36,249,484 )      —         —    
Repurchase of ordinary shares
      —         (115,273,325 )      (579,824,528 )      (88,861,997 ) 
Capital contribution from convertible redeemable preferred shareholders
      4,026,518,012       —         —         —    
Capital investment from a preferred shareholder in connection with 2018 Restructuring
      1,260,439,815       —         —         —    
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
      5,280,086,200       3,270,974,424       (579,824,528 )      (88,861,997 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Effect of foreign exchange rate changes
      329,743,960       109,306,264       (424,004,077 )      (64,981,468 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
      3,757,734,490       3,382,843,042       (2,691,177,986 )      (412,441,072 ) 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
      —         3,757,734,490       7,140,577,532       1,094,341,386  
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH AND CASH EQUIVALENTS AT YEAR END
      3,757,734,490       7,140,577,532       4,449,399,546       681,900,314  
    
 
 
    
 
 
    
 
 
    
 
 
  
Supplemental disclosure on
non-cash
investing and financing activities:
                                 
Deferred offering costs payable
      6,353,017       —         —         —    
Payable for repurchase of ordinary shares not yet paid
      —         53,293,800       —         —    
 
F-
43
SCHEDULE I—NOTES TO CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY
1. Schedule I has been provided pursuant to the requirements of Rule
12-04(a)
and
5-04(c)
of Regulation
S-X,
which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same date and for the same period for which audited combined and consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.
2. The condensed financial information has been prepared using the same accounting policies as set out in the combined and consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and VIEs. For the parent company, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments— Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheet as “Investments in subsidiaries and VIEs” and the subsidiaries and VIEs’ profit or loss as “Loss from equity in earnings of subsidiaries and VIEs” on the Condensed Statements of Comprehensive Income (loss). Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and VIE regardless of the carrying value of the investment even though the parent company is not obligated to provide continuing support or fund losses.
3. For the years ended December 31, 2018, 2019 and 2020, there were no material contingencies, significant provisions of long-term obligations, guarantees of the Company.
4. Translations of balances in the additional financial information of Parent Company—Financial Statements Schedule I from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00= RMB6.5250, as set forth in H.10 statistical release of the Federal Reserve Board on December 31, 2020. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2020, or at any other rate.
 
F-4
4
 EX-4.19 2 d40930dex419.htm EX-4.19 EX-4.19

Exhibit 4.19

Exclusive Option Agreement

This Exclusive Option Agreement (“Agreement”) is executed as of July 25, 2020 by and among the following parties in Beijing, China.

 

Party A:

Wuhan Douyu Culture Network Technology Co., Ltd., a limited liability company incorporated and existing under the PRC laws, with its registered address at No. 007, Room A301, 3rd Floor, Building B1, Software Industry Phase 4.1, No. 1 Software Park East Road, East Lake New Technology Development Zone, Wuhan (Wuhan Free Trade Zone).

 

Party B:

Shaojie Chen, a PRC citizen ID card No. [                    ].

 

Party C:

Wuhan Douyu Internet Technology Co. Ltd., a limited liability company incorporated and existing under the PRC laws, with its registered address at 11th floor, Building B1, Software Industry Phase 4.1, No. 1 Software Park East Road, East Lake Development Zone, Wuhan.

Party A, Party B and Party C are hereinafter collectively referred to as the “Parties” and individually as a “Party”.

WHEREAS,

 

1.

Party B holds approximately 50.2271% equity interest of Party C; and

 

2.

Party B intends to grant Party A an irrevocable and exclusive option to purchase all equity of Party C held by Party B; and Party B and Party C intend to grant Party A an irrevocable and exclusive option to purchase all assets of Party C;

NOW, THEREFORE, the Parties, upon negotiation, hereby agree as follows:

 

1.

Purchase and Sale of Equity

 

1.1

Grant of Rights

Party B hereby irrevocably grants Party A, to the extent permitted by the laws of the People’s Republic of China (the “PRC”), an irrevocable and exclusive option to purchase all or part of equity of Party C held by Party B by itself or one or several persons it designates (“Designee”) from Party B at any time, once or more times, per the exercise steps at Party A’s sole discretion and at the price set forth in Article 1.3 hereof (“Equity Call Option”). No third person other than Party A and the Designee may enjoy the Equity Call Option or other rights related to the equity held by Party B. Party C hereby agrees that Party B grants the Equity Call Option to Party A. For the purpose of this clause and this Agreement, a “Person” refers to any individual, corporation, joint venture, partnership, enterprise, trust or unincorporated organization.

 

1

1.2

Exercise Steps

Party A shall exercise its Equity Call Option subject to the PRC laws and regulations. When exercising the Equity Call Option, Party A shall give a written notice to Party B (“Equity Purchase Notice”), specifying (a) the decision made by Party A or the Designee on the exercise of the Equity Call Option; (b) the percentage of equity proposed to be purchased by Party A or the Designee from Party B (“Purchased Equity”); and (c) the purchase date/transfer date of the Purchased Equity.

 

1.3

Equity Purchase Price and Payment Thereof

The purchase price for the Purchased Equity (“Equity Purchase Price”) shall be CNY1 or the lowest price permitted by the then PRC laws or the competent governmental authority, whichever lower, unless the PRC laws or the competent governmental authority requires evaluation thereof when Party A or the Designee exercises the option. Upon necessary tax withholding and payment for the Equity Purchase Price in accordance with the PRC laws, if necessary, Party A or the Designee shall pay the Equity Purchase Price to the account designated by Party B within seven (7) days as of the official transfer of the Purchased Equity to Party A or the Designee.

 

1.4

Transfer of Purchased Equity

At each exercise of the Equity Call Option by Party A:

 

  1.4.1

Party B shall cause Party C to timely convene the shareholders’ meeting, on which, a resolution shall be adopted to approve the transfer of the Purchased Equity from Party B to Party A and/ or the Designee;

 

  1.4.2

Party B shall enter into an equity transfer contract with Party A and/or (where applicable) the Designee for each transfer in accordance with the provisions of this Agreement and the Equity Purchase Notice;

 

  1.4.3

The relevant parties shall sign all other requisite contracts, agreements or documents (including but not limited to the amendment to the articles of association), obtain all requisite licenses and permits from the government (including but not limited to the business license of the company), and take all necessary actions, so as to transfer the valid ownership of the Purchased Equity to Party A and/or the Designee free of any security interest and cause Party A and/or the Designee to be the registered owner of the Purchased Equity. For the purpose of this clause and this Agreement, “Security Interest” includes guarantee, mortgage, third-party right or interest, any share option, right to acquire, right of first refusal, right of offset, retention of title or other security arrangements; and for the sake of clarity, security interest excludes any security interest created under this Agreement and Party B’s Share Pledge Agreement. The “Party B’s Share Pledge Agreement” mentioned in this clause and this Agreement refers to the share pledge agreement entered into by Party A, Party B and Party C on the date hereof (“Share Pledge Agreement”), whereby Party B pledges all equity of Party C held by Party B to Party A for the purpose of guaranteeing Party C’s performance of the obligations under the Exclusive Business Cooperation Agreement by and between Party C and Party A entered into on the date hereof (“Exclusive Business Cooperation Agreement”).

 

2

2.

Purchase and Sale of Assets

 

2.1

Grant of Rights

Party C hereby irrevocably grants Party A, to the extent permitted by the PRC laws, an irrevocable and exclusive option to purchase all or part of assets of Party C by itself or one or several Persons it designates (“Designee”) from Party C at any time, once or more times, per the exercise steps at Party A’s sole discretion and at the price set forth in Article 2.3 hereof (“Asset Purchase Option”). No third person other than Party A and the Designee may enjoy the Asset Purchase Option or other rights related to Party C’s assets. Party B, as a shareholder of Party C, hereby agrees that Party C grants the Asset Purchase Option to Party A. For the purpose of this clause and this Agreement, a “Person” refers to any individual, corporation, joint venture, partnership, enterprise, trust or unincorporated organization.

 

2.2

Exercise Steps

Party A shall exercise its Asset Purchase Option subject to the PRC laws and regulations. When exercising the Asset Purchase Option, Party A shall give a written notice to Party C (“Notice for Assets Purchase”), specifying (a) the decision made by Party A or the Designee on the exercise of the Asset Purchase Option; (b) the assets share proposed to be purchased by Party A or the Designee from Party C (“Purchased Assets”); and (c) the purchase date/transfer date of the Purchased Assets.

 

2.3

Assets Purchase Price and Payment Thereof

The purchase price for the Purchased Assets (“Assets Purchase Price”) shall be the lowest price permitted by the then PRC laws or the competent governmental authority, unless the PRC laws or the competent governmental authority requires evaluation thereof when Party A or the Designee exercises the option. Upon necessary tax withholding and payment for the Assets Purchase Price in accordance with the PRC laws, if necessary, Party A or the Designee shall pay the Assets Purchase Price to the account designated by Party C within seven (7) days as of the official transfer of the Purchased Assets to and the registration thereof in the name of Party A or the Designee. The Assets Purchase Price shall be refunded in full to Party A or the Designee within one month as of the receipt by Party C.

 

2.4

Transfer of Purchased Assets

At each exercise of the Asset Purchase Option by Party A:

 

  2.4.1

Party C shall timely convene the shareholders’ meeting, on which, a resolution shall be adopted to approve the transfer of the Purchased Assets from Party C to Party A and/ or the Designee. As for the adoption of such resolution, the shareholders of Party C shall give all necessary cooperation;

 

3

  2.4.2

Party C shall enter into an assets transfer contract with Party A and/or (where applicable) the Designee for each transfer in accordance with the provisions of this Agreement and the Assets Purchase Notice;

 

  2.4.3

The relevant parties shall sign all other requisite contracts, agreements or documents (including but not limited to the amendment to the articles of association), obtain all requisite licenses and permits from the government (including but not limited to the business license of the company), and take all necessary actions, so as to transfer the valid ownership of the Purchased Assets to Party A and/or the Designee free of any security interest and cause Party A and/or the Designee to be the registered owner of the Purchased Assets. For the purpose of this clause and this Agreement, “Security Interest” includes guarantee, mortgage, third-party right or interest, any share option, right to acquire, right of first refusal, right of offset, retention of title or other security arrangements; and for the sake of clarity, excludes any security interest created under this Agreement and Party B’s Share Pledge Agreement. The term of “Party B’s Share Pledge Agreement” mentioned in this clause and this Agreement refers to the share pledge agreement entered into by Party A, Party B and Party C on the date hereof (“Share Pledge Agreement”), whereby Party B pledges all equity of Party C held by Party B to Party A for the purpose of guaranteeing Party C’s performance of the obligations under the Exclusive Business Cooperation Agreement by and between Party C and Party A entered into on the date hereof (“Exclusive Business Cooperation Agreement”).

 

3.

Covenants

 

3.1

Covenants concerning Party C

Party B, as a shareholder of Party C, and Party C each hereby covenants that:

 

  3.1.1

Without the prior written consent of Party A, it shall not supplement, revise or amend the articles of association or bylaws of Party C in any form, or increase or decrease its registered capital, or otherwise change its registered capital structure;

 

  3.1.2

It shall maintain the corporate existence of Party C according to good financial and business standards and practices, and prudently and effectively conduct its business and transact its affairs, and cause Party C to perform its obligations under the Exclusive Business Cooperation Agreement;

 

  3.1.3

Without the prior written consent of Party A, it shall not sell, transfer, mortgage or otherwise dispose any legal or beneficial interests in and to any assets, business or revenue of Party C, or permit the creation of any encumbrance of security interests thereon, at any time from the date hereof;

 

4

  3.1.4

Upon the statutory liquidation set forth in Article 4.6, Party B will pay any remaining residual value collected by it on a non-two-way payment basis to Party A in full amount, or cause such payment. If the PRC laws prohibit such payment, Party B shall pay Party A or the party designated by Party A such revenue to the extent permitted by the PRC laws;

 

  3.1.5

Without the prior written consent of Party A, Party C shall not incur, inherit, guarantee or permit the existence of any debt, except for (i) debts arising in the ordinary course of business other than through loan; and (ii) debts disclosed to Party A and consented by Party A in writing;

 

  3.1.6

It shall always conduct all of Party C’s business in the ordinary course of business to maintain the asset value of Party C, and refrain from any act or omission which may affect the operating condition or asset value of Party C;

 

  3.1.7

Without prior written consent of Party A, it shall not cause Party C to enter into any material contract, other than in the ordinary course of business (for the purpose of this paragraph, if the value of a contract exceeds CNY100,000, it shall be deemed as a material contract);

 

  3.1.8

Without the prior written consent of Party A, it shall not cause Party C to provide any loan or credit or security in any form to any person;

 

  3.1.9

At the request of Party A, it shall provide Party A with all information on the operational and financial condition of Party C;

 

  3.1.10

If requested by Party A, Party C shall take out insurance for Party C’s assets and business with an insurer acceptable by Party A, the amount and types of which shall be consistent with those of the companies engaging in similar business;

 

  3.1.11

Without prior written consent of Party A, it shall not cause or allow Party C to merge or consolidate with any person, or acquire or invest in any person, or cause or allow Party C to sell its asset with a value of more than CNY100,000;

 

  3.1.12

It shall immediately notify Party A about any pending or threatened litigation, arbitration, or administrative proceeding in connection with Party C’s asset, business or income and any circumstance which may have adverse effect on Party C’s existence, business operation, financial conditions, asset or goodwill, and timely take all measures accepted by Party A to eliminate such adverse conditions or take remedial measures effective upon such conditions;

 

5

  3.1.13

In order to maintain Party C’s ownership over all of its assets, it shall execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, or make all necessary and appropriate defenses against all claims;

 

  3.1.14

Without prior written consent of Party A, it shall procure Party C not to distribute dividends in any form to its shareholders, provided that at the written request of Party A, Party C shall immediately distribute all distributable profits to its shareholders; and

 

  3.1.15

At the request of Party A, it shall appoint any person designated by Party A as the director of Party C and/or remove any current director of Party C.

 

3.2

Covenants of Party B and Party C

Party B and Party C hereby covenants that:

 

  3.2.1

Without the prior written consent of Party A, Party B shall not sell, transfer, mortgage or otherwise dispose any of its legal or beneficial interest in any equity of Party C it holds, or permit the creation of any encumbrance of security interests thereon, except for the pledge created on such equity pursuant to the Party B’s Share Pledge Agreement;

 

  3.2.2

Party B shall not require Party C to pay dividend or make other form of profit distribution with respect to Party C’s equity held by Party B, or propose any matter related thereto for resolution at the shareholders’ meeting, or vote in favor of such matter for resolution at the shareholders’ meeting. In any event, should Party B receive any proceeds, profit distribution, dividends from Party C, Party B shall, to the extent permitted by the PRC laws, immediately pay or transfer the same to Party A or a party designated by Party A for the benefit of Party C, as the Service Fee payable by Party C to Party A under the Exclusive Business Cooperation Agreement.

 

  3.2.3

Party B shall cause the shareholders’ meeting and/or board of directors of Party C not to approve, without the prior written consent of Party A, to sell, transfer, mortgage or otherwise dispose any of the legal or beneficial interest in any equity of Party C held by Party B, or permit the creation of any encumbrance of security interests thereon, except for the pledge created on such equity pursuant to the Party B’s Share Pledge Agreement;

 

  3.2.4

Party B shall cause the shareholders’ meeting or board of directors of Party C not to approve, without the prior written consent of Party A, to merge or consolidate with any person, or acquire or invest in any person;

 

  3.2.5

Party B shall immediately notify Party A about any pending or threatened litigation, arbitration or administrative proceedings relating to Party C’s equity it owns;

 

6

  3.2.6

Party B shall cause the shareholders’ meeting or board of directors of Party C to vote in favor of the transfer of the Purchased Equity hereunder and take any and all other actions as Party A may request;

 

  3.2.7

In order to maintain its ownership over Party C’s equity, Party B shall execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, or make all necessary and appropriate defenses against all claims;

 

  3.2.8

At the request of Party A, Party B shall appoint any person designated by Party A as the director of Party C;

 

  3.2.9

At Party A’s request at any time, Party B shall immediately and unconditionally transfer its equity of Party C to the Designee of Party A per the Equity Call Option hereunder, and Party B hereby waives its right of first refusal, if any, over the equity transfer of other existing shareholders of Party C; and

 

  3.2.10

Party B shall be in strict compliance with this Agreement, other contracts entered into by Party B, Party C and Party A jointly or severally, perform its obligations hereunder and thereunder, and refrain from any act/omission which may affect the validity and enforceability thereof. In the event that Party B has any remaining rights with respect to the equity under this Agreement or the share pledge agreement among the Parties hereto or under the Power of Attorney granted in favor of Party A, then unless otherwise instructed by Party A in writing, Party B shall not exercise such rights.

 

4.

Representations and Warranties

Party B and Party C hereby jointly and severally represent and warrant to Party A on the date hereof and each date of transfer of the Purchased Equity that:

 

4.1

It has the authority to execute and deliver this Agreement and any equity transfer contract to which it is a party in connection with its equity to be transferred hereunder (each a “Transfer Contract”) and perform its obligations under this Agreement and any Transfer Contract. Party B and Party C agree that when Party A exercises the Equity Call Option, it will execute a Transfer Contract with the same terms as this Agreement. This Agreement and a Transfer Contract to which it is a party constitute or will constitute its legal, valid and binding obligations and shall be enforceable against it in accordance with their terms;

 

4.2

Neither the execution and delivery of this Agreement or any Transfer Contract nor the obligations under this Agreement or any Transfer Contract will: (i) violate any applicable PRC laws; (ii) conflict with the articles of association, by-laws or other organization documents of Party C; (iii) violate, or constitute default under, any contract or instrument to which it is a party or which is binding upon it; (iv) cause violation of any condition for granting and/or maintaining the validity of any license or permit granted to any of them; or (v) cause any license or permit granted to any of them to be suspended, canceled or imposed with additional conditions;

 

7

4.3

Party B has good and marketable title to Party C’s equity held by it. Except for the Party B’s Share Pledge Agreement, Party B has not created any security interest on such equity;

 

4.4

Party C has good and marketable title to the assets it owns and has not created any security interest over such assets;

 

4.5

Party C has no outstanding debt, except for (i) debts arising in the ordinary course of business; and (ii) debts disclosed to Party A and consented by Party A in writing;

 

4.6

If Party C is dissolved or liquidated as required by the PRC laws, Party C shall, to the extent permitted by the PRC laws, sell all of its assets to Party A or other qualified entity designated by Party A at the lowest price permitted by the PRC laws. Party C shall exempt Party A or the qualified entity designated by Party A from any payment obligation incurred thereby, as applicable under the then-current valid PRC laws; or the proceeds from any of such transaction shall be paid to Party A or the qualified entity designated by Party A as part of the Service Fee under the Exclusive Business Cooperation Agreement, as applicable under the then-current valid PRC laws;

 

4.7

Party C will comply with all PRC laws and regulations applicable to asset acquisition; and

 

4.8

There is no pending or threatened litigation, arbitration or administrative proceedings relating to Party C’s equity, Party C’s assets or Party C.

 

5.

Effective Date

This Agreement shall take effect after ten (10) business days from the date when the Parties execute this Agreement and be valid for 10 years, and Party A may choose to extend the term. This Agreement shall automatically extend if Party A fails to confirm the extension of this Agreement upon the expiry of the term hereof, until Party A delivers a confirmation letter specifying the extended term of this Agreement.

 

6.

Governing Law and Dispute Resolution

 

6.1

Governing Law

The execution, validity, interpretation, performance, amendment and termination of this Agreement and the resolution of dispute hereunder shall be governed by the PRC laws officially published and publicly available. International legal principles and practices shall apply to the matters on which the PRC laws officially published and publicly available are silent.

 

8

6.2

Dispute Resolution

Any dispute arising out of the interpretation and performance of this Agreement shall be first resolved by the Parties through friendly negotiation. In case that the Parties fail to resolve such dispute within 30 days as of the request of a Party to other Parties for resolution through negotiation, either Party then may submit such dispute to the China International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration rules then in force. The arbitration shall take place in Beijing and the language of arbitration shall be Chinese. The arbitration award shall be final and binding upon the Parties. The arbitral tribunal may rule on compensating or offsetting Party A’s loss caused by the breach of contract of the other Party hereto with respect to Party C’s equity interest, asset or property interest, decide on injunctive relief with respect to business or mandatory asset transfer, or order Party C to go bankrupt. Upon the effectiveness of the arbitral award, either Party may apply with a competent court for enforcement of the arbitration award. When necessary, the arbitration institution may, before the final award on the dispute of the parties, rule that the breaching party immediately ceases the breach or that the breaching party may not act in furtherance of the loss suffered by Party A. The competent courts in Hong Kong, the Cayman Islands or other jurisdiction (including the courts at the domicile of Party C, or the courts at the place where the main assets of Party C or Party A are located, which shall be deemed as competent) shall also be entitled to grant or enforce the award of the tribunal and rule or enforce provisional relief in respect of Party C’s equity interest or property interest, and also make decision or ruling to grant provisional relief to the Party requesting for arbitration pending the composition of the tribunal or in other proper circumstances, such as decision or ruling that the breaching party immediately ceases the breach of contract or that the breaching party may not act in furtherance of the loss suffered by Party A.

 

7.

Taxes and Expenses

Any and all transfer and registration taxes, expenses and costs paid for the preparation and execution of this Agreement and the Transfer Contract and the completion of the transaction contemplated by this Agreement and the Transfer Contract shall be borne by Party A or Party C.

 

8.

Notice

 

8.1

All notices and other communications required or permitted hereunder shall be sent to the following address of the Party by personal delivery, or registered mail with postage prepaid, commercial courier service or fax. For each notice, a confirmation shall be also be sent via email. Such notice shall be deemed validly served on the date below:

 

  8.1.1

If given by personal delivery, courier service or registered mail with postage prepaid, on the date of delivery or refusal at the recipient address designated in the notice.

 

  8.1.2

If given by fax, on the date of successful transmission, as evidenced by an automatically generated confirmation of transmission.

 

9

8.2

For the purpose of notice, the addresses of the Parties shall be as follows:

 

Party A:    Wuhan Douyu Culture Network Technology Co., Ltd.
Address:    18th Floor, Building F4, Guanggu Software Park, Guanshan Avenue, Hongshan District, Wuhan, Hubei
Attn.:    Mingming Su
Email:    [                    ]
Tel:    [                    ]
Party B:    Shaojie Chen
Address:    18th Floor, Building F4, Guanggu Software Park, Guanshan Avenure, Hongshan District, Wuhan, Hubei
Tel:    [                    ]
Party C:    Wuhan Douyu Internet Technology Co. Ltd.
Address:    18th Floor, Building F4, Guanggu Software Park, Guanshan Avenue, Hongshan District, Wuhan, Hubei
Attn.:    Mingming Su
Email:    [                    ]
Tel:    [                    ]

 

8.3

Either Party may change its address for notice at any time upon notice to the other Parties per this Article.

 

9.

Confidentiality Liabilities

The Parties acknowledge that any oral or written information exchanged with respect to this Agreement shall be confidential information. Each Party shall keep in confidential all such information, and without written consent of the other Parties, it shall not disclose any relevant information to any third party except under the following circumstances: (a) where such information is or becomes known by the general public (for reasons other than the disclosure to the public by the Party receiving such information); (b) where the disclosure of such information is required by applicable laws or stock exchange rules or regulations; or (c) where a Party discloses such information for the purpose of the transaction contemplated herein to its legal or financial advisor which is also bound by the confidentiality obligation similar to that provided in this Article. The disclosure of any confidential information by the staff or organization hired or engaged by a Party shall be deemed as the disclosure of such confidential information by such Party, and such Party shall be held liable for breach of this Agreement. This Article shall survive the termination of this Agreement for whatsoever reason.

 

10.

Further Assurance

The Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and purpose of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purpose of this Agreement.

 

10

11.

Miscellaneous

 

11.1

Amendment, Change and Supplement

Any amendment, change or supplement to this Agreement shall be made in a written agreement signed by all Parties.

 

11.2

Entire Agreement

Except for the amendments, supplements or changes made in writing after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement.

 

11.3

Heading

The headings of this Agreement are for reading convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement.

 

11.4

Language

This Agreement shall be written in Chinese and made in triplicate (3), with Party A, Party B and Party C each holding one (1) copy of the same legal effect.

 

11.5

Severability

Where any provision or several provisions hereof are held to be invalid, illegal or unenforceable in any aspect under any applicable law or regulation, the validity, legality and enforceability of the remaining provisions hereof shall in no way be affected or damaged. The Parties shall, through good-faith negotiation, make efforts to replace such invalid, illegal or unenforceable provisions with valid provisions to the fullest extent permitted by laws and meeting expectations of the Parties, and the economic effects produced by such valid provisions shall be close to the economic effects of such invalid, illegal or unenforceable provisions as much as possible.

 

11

11.6

Successor

This Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the Parties.

 

11.7

Survival

 

  11.7.1

Any obligation due or accrued due to this Agreement prior to the expiration or early termination of this Agreement shall survive the expiration or early termination of this Agreement.

 

  11.7.2

Articles 6, 8, 9 and 11.7 shall survive the termination of this Agreement.

 

11.8

Waiver

Any Party may waive the terms and conditions of this Agreement, provided that such waiver shall be made in writing and signed by the Parties. No waiver by a Party of the breach of other Parties in certain circumstances shall be deemed as a waiver by such Party of any similar breach in other circumstances.

(The remainder of this page is intentionally left blank.)

 

12

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Exclusive Option Agreement on the date first written above.

 

Party A:
Wuhan Douyu Culture Network Technology Co., Ltd. (Seal)
/s/ Seal of Wuhan Douyu Culture Network Technology Co., Ltd.
By:   /s/ Shaojie Chen
Name:   Shaojie Chen
Party C:
Wuhan Douyu Internet Technology Co. Ltd. (Seal)
By:   /s/ Shaojie Chen
Name:   Shaojie Chen

 

13

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Exclusive Option Agreement on the date first written above.

 

Party B:
Shaojie Chen
By:   /s/ Shaojie Chen

 

14

EX-4.32 3 d40930dex432.htm EX-4.32 EX-4.32

Exhibit 4.32

Power of Attorney

Date: July 25, 2020

I, Shaojie Chen (the “Principal”), a citizen of the People’s Republic of China (the “PRC”), with ID Card No. [                    ], holding 50.2271% of the entire registered capital (the “Equity”) of Wuhan Douyu Internet Technology Co. Ltd. (“Wuhan Douyu”), hereby irrevocably authorize: (i) Wuhan Douyu Culture Network Technology Co., Ltd. (the “WFOE”) and (ii) the directors designated by the WFOE and their successors (including any liquidator who replaces such directors) (and the foregoing persons referred to in item (i) and (ii) above are hereinafter collectively referred to as the “Attorney”), to exercise the following rights with respect to the Equity during the term of this Power of Attorney:

The WFOE is hereby authorized to act as the Principal’s sole and exclusive proxy and attorney on the Principal’s behalf with respect to all matters relating to the Equity, including but not limited to: (1) proposing, convening and attending Wuhan Douyu’s shareholders’ meeting; (2) exercising all shareholder’s rights and voting rights enjoyed by the Principal under the PRC laws and the articles of association of Wuhan Douyu, including, without limitation, voting on the sale, transfer, pledge or disposition of the Equity, in whole or in part, or executing and delivering any written resolution in the name of and on behalf of the Principal, and/or receiving Wuhan Douyu’s dividends or any other form of distribution; and (3) designating and appointing the legal representative (chairman of the board of directors), directors, supervisors, chief executive officer (or manager) and other senior officers of Wuhan Douyu on the Principal’s behalf.

Without limiting the generality of the power granted hereunder, the WFOE shall have the power and authorization hereunder to enter into the Transfer Contract set forth in the Exclusive Option Agreement on the Principal’s behalf to the extent that the Principal is required to be a party thereto, and perform the terms of the Share Pledge Agreement and the Exclusive Option Agreement, of even date herewith, to which the Principal is a party.

All the actions of the WFOE in relation to the Equity shall be deemed as the Principal’s own actions, and all documents executed by the WFOE shall be deemed to be executed by the Principal itself. The WFOE may decide at its sole and absolute discretion when conducting all such actions, without securing prior consent from the Principal (but prior written notice to the Principal), and the Principal hereby acknowledges and authorizes such actions and/or documents taken and executed by the WFOE, and accepts and assumes the legal consequence arising out of such actions and/or documents, except for those actions which the Principal has reasonable grounds to believe that the WFOE has any willful misconduct or gross negligence or has violated applicable laws and regulations, which causes material adverse effect on relevant interests of the Principal in Wuhan Douyu and has not been corrected within a reasonable time limit.

The WFOE shall have the right to delegate or assign, at its own discretion, its rights relating to the matters above to any other person or entity, without securing prior consent from the Principal, but prior notice to the Principal.

As long as the Principal is a shareholder of Wuhan Douyu, this Power of Attorney and the power granted hereunder shall be coupled with interest and irrevocable and be continuously effective from the date hereof, and will replace any similar documents that I have issued before.

The Principal hereby waives, and shall not exercise in person, all rights granted to the WFOE relating to the Equity hereunder during the term of this Power of Attorney.

The Principal hereby undertakes not: to take or cause Wuhan Douyu to take any action against or inconsistent with the resolutions adopted by the board of directors or the general meeting of shareholders, which is organized by the Attorney through exercising of the shareholder’s rights, or, to take any action to question, challenge, contest or object to the Exclusive Business Cooperation Agreement between Wuhan Douyu and the WFOE.

This Power of Attorney is written in Chinese.

(The remainder of this page is intentionally left blank.)

[Signature Page to the Power of Attorney]

 

Shaojie Chen
Signature:   /s/ Shaojie Chen
 EX-4.43 4 d40930dex443.htm EX-4.43 EX-4.43

Exhibit 4.43

Spousal Consent Letter

I, Li Gao, the undersigned (ID Card No. [                    ]), as the legal spouse of Shaojie Chen (ID Card No. [                    ]), hereby unconditionally and irrevocably agree on Shaojie Chen’s execution of the following documents (“Transaction Documents”) on July 25, 2020, and on the disposition of the equity in Wuhan Douyu Internet Technology Co. Ltd. (“Wuhan Douyu”) as held by and registered in the name of Shaojie Chen according to the provisions of the following documents:

 

  (1)

The Share Pledge Agreement between Wuhan Douyu Culture Network Technology Co., Ltd. (the “WFOE”) and Wuhan Douyu;

 

  (2)

The Exclusive Option Agreement between the WFOE and Wuhan Douyu; and

 

  (3)

The Power of Attorney signed by Shaojie Chen.

I hereby unconditionally and irrevocably undertake that the equity as Shaojie Chen directly or indirectly holds in DouYu International Holdings Limited (“Cayman Company”) and Wuhan Douyu and any other interest (if any) in the subsidiaries of the foregoing entities (collectively “Target Equity”), is personal property of Shaojie Chen and not part of the marital or community property. I have no right or interest in or to the Target Equity and will never make in the future any claim with respect to the Target Equity or the carried interest thereof. Shaojie Chen has the exclusive and full voting rights and right of disposition with respect to the Target Equity, and I shall raise no objection to the exercise of such rights by Shaojie Chen, and will not take any action which may affect or impede Shaojie Chen’s performance of the obligations under the Transaction Documents. I further confirm that Shaojie Chen’s performance of the Transaction Documents and further amendment to or termination of the Transaction Documents require no additional authorization or consent from me.

I hereby unconditionally and irrevocably undertake that I will sign all necessary documents and take all necessary actions to ensure the proper performance of the Transaction Documents (as may be amended from time to time).

In case of division of marital or community property between Shaojie Chen and me due to divorce, I and Shaojie Chen shall make our best efforts to negotiate in good faith to properly settle the division of marital or community property, which shall have no adverse effect on the normal operation of Wuhan Douyu.

I hereby unconditionally and irrevocably agree and undertake not to act in conflict with the arrangements under the Transaction Documents or this Consent Letter at any time. I agree and undertake that if I obtain any equity of Wuhan Douyu held by Shaojie Chen due to any reason, I shall be bound by the Transaction Documents (as may be amended from time to time) and the Exclusive Business Cooperation Agreement executed by and between the WFOE and Wuhan Douyu on May 14, 2018 (the “Exclusive Business Cooperation Agreement”), and comply with the obligations of a shareholder of Wuhan Douyu under the Transaction Documents (as may be amended from time to time) and the Exclusive

Business Cooperation Agreement, and for this purpose, once required by the WFOE, I shall sign a series of written instruments in the form and substance substantially identical to the Transaction Documents (as may be amended from time to time) and the Exclusive Business Cooperation Agreement.

Li Gao
Signature:   /s/ Li Gao
Date: July 25, 2020
 EX-12.1 5 d40930dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Certification by the Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Shaojie Chen, certify that:

 

  1.

I have reviewed this annual report on Form 20-F of DouYu International Holdings Limited (the “Company”);

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

 

  4.

The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the company and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (c)

Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

 

  5.

The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors:

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.

 

Date: April 30, 2021
By:  

/s/ Shaojie Chen

Name:   Shaojie Chen
Title:   Chief Executive Officer and Director
 EX-12.2 6 d40930dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

Certification by the Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Mingming Su, certify that:

 

  1.

I have reviewed this annual report on Form 20-F of DouYu International Holdings Limited (the “Company”);

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

 

  4.

The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the company and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (c)

Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

 

  5.

The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors:

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.

 

Date: April 30, 2021
By:  

/s/ Mingming Su

Name:   Mingming Su
Title:  

Chief Strategy Officer and Director

(Principal Financial Officer)

 EX-13.1 7 d40930dex131.htm EX-13.1 EX-13.1

Exhibit 13.1

Certification by the Principal Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the annual report of DouYu International Holdings Limited (the “Company”) on Form 20-F for the year ended December 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Shaojie Chen, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 30, 2021

 

By:  

/s/ Shaojie Chen

Name:   Shaojie Chen
Title:   Chief Executive Officer and Director
 EX-13.2 8 d40930dex132.htm EX-13.2 EX-13.2

Exhibit 13.2

Certification by the Principal Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the annual report of DouYu International Holdings Limited (the “Company”) on Form 20-F for the year ended December 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mingming Su, Chief Strategy Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 30, 2021

 

By:  

/s/ Mingming Su

Name:   Mingming Su
Title:  

Chief Strategy Officer and Director

(Principal Financial Officer)

 EX-15.1 9 d40930dex151.htm EX-15.1 EX-15.1

Exhibit 15.1

LOGO

Our ref    LWP/739086-000004/19746558v1

DouYu International Holdings Limited

20/F, Building A, New Development International Center,

No. 473 Guanshan Avenue,

Hongshan District, Wuhan, Hubei Province,

People’s Republic of China

30 April 2021

DouYu International Holdings Limited

We have acted as legal advisors as to the laws of the Cayman Islands to DouYu International Holdings Limited, an exempted limited liability company incorporated in the Cayman Islands (the “Company”), in connection with the filing by the Company with the United States Securities and Exchange Commission of an annual report on Form 20-F for the fiscal year ended 31 December 2020.

We hereby consent to the reference of our name under the heading “Item 10. Additional Information E. Taxation—Cayman Islands Taxation” in the Form 20-F.

We consent to the filing with the SEC of this consent letter as an exhibit to the Form 20-F in giving such consent.

Yours faithfully

Maples and Calder (Hong Kong) LLP

/s/ Maples and Calder (Hong Kong) LLP

EX-15.2 10 d40930dex152.htm EX-15.2 EX-15.2

Exhibit 15.2

 

9/F, Office Tower C1, Oriental Plaza, 1 East Chang An Ave., Dongcheng District

Beijing 100738, PRC

Tel: +86 10 8525 5500    Fax: +86 10 8525 5511 / 8525 5522

Beijing • Shanghai • Shenzhen • Hong Kong

www.hankunlaw.com

    LOGO

April 30, 2021

DouYu International Holdings Limited

20/F, Building A, New Development International Center,

No. 473 Guanshan Avenue,

Hongshan District, Wuhan, Hubei Province,

People’s Republic of China

Dear Sir/Madam:

We hereby consent to the reference of our name under the heading “Item 3. Key Information—3.D. Risk Factors”, “Item 4. Information on the Company—4.C. Organizational Structure—Contractual Arrangements with Our VIEs and Our VIEs’ Respective Shareholders” and “Item 10. Additional Information—10.E. Taxation” in DouYu International Holdings Limited’s Annual Report on Form 20-F for the year ended December 31, 2020 (the “Annual Report”), which will be filed with the Securities and Exchange Commission (the “SEC”) in the month of April 2021. We also consent to the filing of this consent letter with the SEC as an exhibit to the Annual Report.

In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, or under the Securities Exchange Act of 1934, in each case, as amended, or the regulations promulgated thereunder.

Very truly yours,

/s/ Han Kun Law Offices

Han Kun Law Offices

EX-15.3 11 d40930dex153.htm EX-15.3 EX-15.3

Exhibit 15.3

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement No. 333-235862 on Form S-8 of our reports dated April 30, 2021, relating to (1) the financial statements of DouYu International Holdings Limited, its variable interest entities and its subsidiaries (collectively, the “Company”) and (2) the effectiveness of the Company’s internal control over financial reporting, appearing in this Annual Report on Form 20-F of DouYu International Holdings Limited for the year ended December 31, 2020.

/s/ Deloitte Touche Tohmatsu Certified Public Accountants LLP

Shanghai, the People’s Republic of China

April 30, 2021

EX-101.SCH 12 doyu-20201231.xsd XBRL TAXONOMY EXTENSION SCHEMA 1001 - Document - Cover Page link:presentationLink link:definitionLink link:calculationLink 1002 - Statement - COMBINED AND CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 1003 - Statement - COMBINED AND CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 1004 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) link:presentationLink link:definitionLink link:calculationLink 1005 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 1006 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) link:presentationLink link:definitionLink link:calculationLink 1007 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 1008 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 1009 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 1010 - Disclosure - Organization and principal activities link:presentationLink link:definitionLink link:calculationLink 1011 - Disclosure - Summary of significant accounting policies link:presentationLink link:definitionLink link:calculationLink 1012 - Disclosure - Accounts receivable, net link:presentationLink link:definitionLink link:calculationLink 1013 - Disclosure - Other current assets link:presentationLink link:definitionLink link:calculationLink 1014 - Disclosure - Property and equipment, net link:presentationLink link:definitionLink link:calculationLink 1015 - Disclosure - Intangible assets, net link:presentationLink link:definitionLink link:calculationLink 1016 - Disclosure - Investments link:presentationLink link:definitionLink link:calculationLink 1017 - Disclosure - Accrued expenses and other current liabilities link:presentationLink link:definitionLink link:calculationLink 1018 - Disclosure - Cost of revenues link:presentationLink link:definitionLink link:calculationLink 1019 - Disclosure - Income taxes link:presentationLink link:definitionLink link:calculationLink 1020 - Disclosure - Ordinary shares link:presentationLink link:definitionLink link:calculationLink 1021 - Disclosure - Noncontrolling Interest link:presentationLink link:definitionLink link:calculationLink 1022 - Disclosure - Convertible redeemable preferred shares link:presentationLink link:definitionLink link:calculationLink 1023 - Disclosure - Share-based compensation link:presentationLink link:definitionLink link:calculationLink 1024 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders link:presentationLink link:definitionLink link:calculationLink 1025 - Disclosure - Statutory reserves and restricted net assets link:presentationLink link:definitionLink link:calculationLink 1026 - Disclosure - Segment Information link:presentationLink link:definitionLink link:calculationLink 1027 - Disclosure - Related party transactions link:presentationLink link:definitionLink link:calculationLink 1028 - Disclosure - Leases link:presentationLink link:definitionLink link:calculationLink 1029 - Disclosure - Commitments and contingencies link:presentationLink link:definitionLink link:calculationLink 1030 - Disclosure - Subsequent events link:presentationLink link:definitionLink link:calculationLink 1031 - Disclosure - SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY link:presentationLink link:definitionLink link:calculationLink 1032 - Disclosure - Summary of significant accounting policies (Policies) link:presentationLink link:definitionLink link:calculationLink 1033 - Disclosure - Organization and principal activities (Tables) link:presentationLink link:definitionLink link:calculationLink 1034 - Disclosure - Summary of significant accounting policies (Tables) link:presentationLink link:definitionLink link:calculationLink 1035 - Disclosure - Accounts receivable, net (Table) link:presentationLink link:definitionLink link:calculationLink 1036 - Disclosure - Other current assets (Tables) link:presentationLink link:definitionLink link:calculationLink 1037 - Disclosure - Property and equipment, net (Tables) link:presentationLink link:definitionLink link:calculationLink 1038 - Disclosure - Intangible assets, net (Tables) link:presentationLink link:definitionLink link:calculationLink 1039 - Disclosure - Investments (Tables) link:presentationLink link:definitionLink link:calculationLink 1040 - Disclosure - Accrued expenses and other current liabilities (Tables) link:presentationLink link:definitionLink link:calculationLink 1041 - Disclosure - Cost of revenues (Tables) link:presentationLink link:definitionLink link:calculationLink 1042 - Disclosure - Income taxes (Tables) link:presentationLink link:definitionLink link:calculationLink 1043 - Disclosure - Noncontrolling Interest (Tables) link:presentationLink link:definitionLink link:calculationLink 1044 - Disclosure - Convertible redeemable preferred shares (Tables) link:presentationLink link:definitionLink link:calculationLink 1045 - Disclosure - Share-based compensation (Tables) link:presentationLink link:definitionLink link:calculationLink 1046 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders (Tables) link:presentationLink link:definitionLink link:calculationLink 1047 - Disclosure - Segment Information (Tables) link:presentationLink link:definitionLink link:calculationLink 1048 - Disclosure - Related party transactions (Tables) link:presentationLink link:definitionLink link:calculationLink 1049 - Disclosure - Leases (Tables) link:presentationLink link:definitionLink link:calculationLink 1050 - Disclosure - SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY (Tables) link:presentationLink link:definitionLink link:calculationLink 1051 - Disclosure - Organization and principal activities - Additional information (Detail) link:presentationLink link:definitionLink link:calculationLink 1052 - Disclosure - Organization and principal activities - Schedule of principal subsidiaries and VIEs (Detail) link:presentationLink link:definitionLink link:calculationLink 1053 - Disclosure - Summary of significant accounting policies - Schedule of financial statement amounts and balances of the VIEs (Detail) link:presentationLink link:definitionLink link:calculationLink 1054 - Disclosure - Summary of significant accounting policies - Additional information (Detail) link:presentationLink link:definitionLink link:calculationLink 1055 - Disclosure - Summary of significant accounting policies - Schedule of property and equipment, net estimated useful lives (Detail) link:presentationLink link:definitionLink link:calculationLink 1056 - Disclosure - Summary of significant accounting policies - Schedule of intangible assets, net estimated useful lives (Detail) link:presentationLink link:definitionLink link:calculationLink 1057 - Disclosure - Summary of significant accounting policies - Schedule of disaggregation of revenue (Detail) link:presentationLink link:definitionLink link:calculationLink 1058 - Disclosure - Summary of significant accounting policies - Schedule of contract balance (Detail) link:presentationLink link:definitionLink link:calculationLink 1059 - Disclosure - Accounts receivable, net - Schedule of accounts receivable, net (Detail) link:presentationLink link:definitionLink link:calculationLink 1060 - Disclosure - Accounts receivable, net - Schedule of allowance for doubtful receivables (Detail) link:presentationLink link:definitionLink link:calculationLink 1061 - Disclosure - Accounts receivable, net - Schedule of concentration of risk, accounts receivable, net (Detail) link:presentationLink link:definitionLink link:calculationLink 1062 - Disclosure - Other current assets - Schedule of other current assets (Detail) link:presentationLink link:definitionLink link:calculationLink 1063 - Disclosure - Property and equipment, net - Schedule of property and equipment, net (Detail) link:presentationLink link:definitionLink link:calculationLink 1064 - Disclosure - Property and equipment, net - Additional information (Detail) link:presentationLink link:definitionLink link:calculationLink 1065 - Disclosure - Intangible assets, net - Schedule of intangible assets, net (Detail) link:presentationLink link:definitionLink link:calculationLink 1066 - Disclosure - Intangible assets, net - Schedule of intangible assets, net (Parenthetical) (Detail) link:presentationLink link:definitionLink link:calculationLink 1067 - Disclosure - Intangible assets, net - Additional information (Detail) link:presentationLink link:definitionLink link:calculationLink 1068 - Disclosure - Intangible assets, net - Schedule of future amortization expense (Detail) link:presentationLink link:definitionLink link:calculationLink 1069 - Disclosure - Intangible assets, net - Schedule of weighted average amortization periods of intangible assets (Detail) link:presentationLink link:definitionLink link:calculationLink 1070 - Disclosure - Investments - Additional Information (Detail) link:presentationLink link:definitionLink link:calculationLink 1071 - Disclosure - Investments - Schedule of investments accounted for under equity method (Detail) link:presentationLink link:definitionLink link:calculationLink 1072 - Disclosure - Investments - Schedule of investments accounted for under equity method (Parenthetical) (Detail) link:presentationLink link:definitionLink link:calculationLink 1073 - Disclosure - Investments - Schedule of investments accounted for under equity securities without readily determinable fair values (Detail) link:presentationLink link:definitionLink link:calculationLink 1074 - Disclosure - Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities (Detail) link:presentationLink link:definitionLink link:calculationLink 1075 - Disclosure - Cost of revenues - Schedule of cost of revenue (Detail) link:presentationLink link:definitionLink link:calculationLink 1076 - Disclosure - Income taxes - Additional Information (Detail) link:presentationLink link:definitionLink link:calculationLink 1077 - Disclosure - Income taxes - Schedule of Income (loss) before income taxes (Detail) link:presentationLink link:definitionLink link:calculationLink 1078 - Disclosure - Income taxes - Schedule of reconciliation of total tax expenses (Detail) link:presentationLink link:definitionLink link:calculationLink 1079 - Disclosure - Income taxes - Schedule of aggregate amount and per share effect of the tax holiday (Detail) link:presentationLink link:definitionLink link:calculationLink 1080 - Disclosure - Income taxes - Schedule of deferred tax assets (Detail) link:presentationLink link:definitionLink link:calculationLink 1081 - Disclosure - Income taxes - Schedule of movement of deferred tax valuation allowance (Detail) link:presentationLink link:definitionLink link:calculationLink 1082 - Disclosure - Ordinary shares - Additional information (Detail) link:presentationLink link:definitionLink link:calculationLink 1083 - Disclosure - Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Detail) link:presentationLink link:definitionLink link:calculationLink 1084 - Disclosure - Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Parenthetical) (Detail) link:presentationLink link:definitionLink link:calculationLink 1085 - Disclosure - Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Detail) link:presentationLink link:definitionLink link:calculationLink 1086 - Disclosure - Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Parenthetical) (Detail) link:presentationLink link:definitionLink link:calculationLink 1087 - Disclosure - Convertible redeemable preferred shares - Additional information (Detail) link:presentationLink link:definitionLink link:calculationLink 1088 - Disclosure - Share-based compensation - Schedule of non-vested restricted equity activity (Detail) link:presentationLink link:definitionLink link:calculationLink 1089 - Disclosure - Share-based compensation - Schedule of restricted share units activity (Detail) link:presentationLink link:definitionLink link:calculationLink 1090 - Disclosure - Share-based compensation - Additional information (Detail) link:presentationLink link:definitionLink link:calculationLink 1091 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of basic and diluted net income (loss) per share (Detail) link:presentationLink link:definitionLink link:calculationLink 1092 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of antidilutive securities excluded from computation of earnings per share (Detail) link:presentationLink link:definitionLink link:calculationLink 1093 - Disclosure - Statutory reserves and restricted net assets - Additional information (Detail) link:presentationLink link:definitionLink link:calculationLink 1094 - Disclosure - Segment Information - Schedule of revenue by type of service provided by the Group (Detail) link:presentationLink link:definitionLink link:calculationLink 1095 - Disclosure - Segment Information - Additional Information (Detail) link:presentationLink link:definitionLink link:calculationLink 1096 - Disclosure - Related party transactions - Schedule of major related parties and their relationships (Detail) link:presentationLink link:definitionLink link:calculationLink 1097 - Disclosure - Related party transactions - Schedule of significant related party transactions (Detail) link:presentationLink link:definitionLink link:calculationLink 1098 - Disclosure - Related party transactions - Schedule of amounts due from/to related parties (Detail) link:presentationLink link:definitionLink link:calculationLink 1099 - Disclosure - Related party transactions - Schedule of amounts due from/to related parties (Parenthetical) (Detail) link:presentationLink link:definitionLink link:calculationLink 1100 - Disclosure - Leases - Summary of Lease Cost (Detail) link:presentationLink link:definitionLink link:calculationLink 1101 - Disclosure - Leases - Summary of Lease Cost (Parenthetical) (Detail) link:presentationLink link:definitionLink link:calculationLink 1102 - Disclosure - Leases - Summary of information related to operating lease payments (Detail) link:presentationLink link:definitionLink link:calculationLink 1103 - Disclosure - Leases - Summary of future minimum lease payments under non-cancellable operating lease agreements (Detail) link:presentationLink link:definitionLink link:calculationLink 1104 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Detail) link:presentationLink link:definitionLink link:calculationLink 1105 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Parenthetical) (Detail) link:presentationLink link:definitionLink link:calculationLink 1106 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Detail) link:presentationLink link:definitionLink link:calculationLink 1107 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Detail) link:presentationLink link:definitionLink link:calculationLink 1108 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - Additional information (Detail) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 13 doyu-20201231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 14 doyu-20201231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 15 doyu-20201231_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 16 doyu-20201231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 17 g40930dsp80.jpg GRAPHIC begin 644 g40930dsp80.jpg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�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�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end GRAPHIC 18 g40930g0427205635624.jpg GRAPHIC begin 644 g40930g0427205635624.jpg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end GRAPHIC 19 g40930g23b30.jpg GRAPHIC begin 644 g40930g23b30.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_X1$$17AI9@ 34T *@ @ ! $[ ( M 3 (2H=I 0 ! (7IR= $ F 0UNH< < @, /@ M &UL;G,Z9&,](FAT=' Z+R]P=7)L+F]R9R]D8R]E;&5M96YT#IX;7!M971A/@T*(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" * M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @ M(" @(" @(" @(" @(" \/WAP86-K970@96YD/2=W)S\^_]L 0P '!04&!00' M!@4&" <'" H1"PH)"0H5#Q ,$1@5&AD8%1@7&QXG(1L=)1T7&"(N(B4H*2LL M*QH@+S,O*C(G*BLJ_]L 0P$'" @*"0H4"PL4*AP8'"HJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ_\ $0@ .@" M P$B (1 0,1 ?_$ !\ $% 0$! 0$! ! @,$!08'" D*"__$ M +40 (! P,"! ,%!00$ !?0$" P $$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JR ML[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V]_CY M^O_$ !\! ,! 0$! 0$! 0$ ! @,$!08'" D*"__$ +41 (! @0$ M P0'!00$ $"=P ! @,1! 4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)R MT0H6)#3A)?$7&!D:)BB_]&K7+:%+\3!X>T\:7;V1LOLZ? M9RYCR4VC;G)]*[*>'4Z//=)WZOR.:55QJOL@MT+NWL/ZUYG\,C?GQ]XC.L*BWVT M>>$Q@-NYQCBK'Q!OKCQ1XFLO!.DN0&<2WTB\A!U /T'S>Y*]ZN6&C[?D6UDV M_EJ)5G[+F>_0[_1=7MM=T:VU*R;,5P@8#NI[J?<'(_"LSQ5XUTWP@UF-4BN7 M%V7V&!%;;MVYSEA_>'3-J]+"E6E[%R6ZT/1EU&VDTK M^T8)!-;&(S*\?.Y<9XJCX9\2V?BK23J&G1SQQ"4Q;9U ;( /8GCFO-[/4+SX M=7U]X8UMVDTJ[BD-C7C /7.>_I5;5O&FFZ3K$.E> M5\:0^(-[>:+C[P7/.W/.<]>]>3[23ER^9]7++Z%.C]8E=I1B[+>[ MZOM$[/Q#XDM/#.F17VH0SM')*(@D*J6#%2>9@X.W!.=@..A^=O\ UR&E^';O5?[9U+2)'34 MM.O/,A"G[XRQ('OQQZ].]9>TE9->9ZT MHZ=97<4[R:A)Y<1B4$*'3-;%>/:CXHC\3ZMX3E9?+O(+L)E7-%T\Z3H-CI[2"4VMND)<#&[:H& MX K]N8NYFV[2H\K!&6(SD?<;L*Z M.>7)R=-SRN5"_^$;N MK^_OKS^T-1OG)>XV;<+G)'4]3R?H/2NIDD$43R,&*HI8A5+' ] .2?85P,_Q M0CB^PJ+']Y-M:7SI4@ 5O,'RB5E)YCZXQSC.:MUZC33>]OP)5*":=MC:\:># MD\66ML8;G[%?6DF^"Y"Y*CN.H] ?J*@\1>#KOQ%<^'[FXU"-)M*?S)B(3B9L MH3@9^7[GOUKH],OTU32;/4(59([N!)U5NH#*& /OS7):SX_FTR.Z,>G[WANE M@V%9&V#*#YF12NXAR=H;(&W/)Q1&O4BDD]KV^8.E"5[]3=\5^&+/Q7HCV-W\ MCCYH)P,F)_7W'J.]0>"?##^$M ;3I+I;HF9I=ZIMZ@#&,GTK0T'6$UW1HM0B MADA$A92DBD$%6*GJ!Z>E8.M>,[BPU:ZL[.VA;[*2C>=YA+MLB8;1&K'I*!T[ M$YJ?:S]G[.^@^2/-SVU+J>%W7Q[)XB^U*4>'R_(VE0>)/!,>L:A M#JFF71TW4XF!-PBYWCW&1S[^G!S5SPGKT_B'3'NKB*&%E95,_UKC%\ ^)+.%K M#3?$[1Z@R3T )HE3C+<=#'5J":A:SULTFK]TG ML/\ #7ANT\,:7]DLRTC,V^69Q\TC?T'H*J>%/"[^&YM2=[I;C[;,) FW9UX MZ\]:;X8\81>)+B>*&.$)"J_OHY]PD8C)"J0#P.2>G.,YSB]XCUM]!TV.YBM& MNY))EA6-=YY;/.$1V/3LI-/EBK>1G+%5I*:E*_/:_G8PM4^'D%WXLMM;L;A; M79,DTT/EY#LK DCGC..??FNSKC=-\>Q:CJD-DTVD6K,T:L)[YDEE+@$"*)T5 MF^\!S@Y!&*[*B,5&]A5L35KQC&H[\JLBOJ NFT^==.\O[4R$1&7[BL>,GU Z MX[]*Y:3P[J[:K9ZMBVDETU!#%;32LS7:J&42228P'^9BORD#JCG-J19'@=8W$\BLFM[:(WXF@AVORI\K3!MQ\W8'*(OH >6/7H,\D:%SXGTZTBFDF,NV&.WE?;&6.V=RD> .2<@\ M"@"QHNG/I.D06+RK-Y((#JK*",D]&9CW]:Q[SPN]YKUY?KL@5O+9,$L9G"@, MQSPO"QJ /[A/>MK2]5@U:WDDMUEC:&4Q2Q3(4>-Q@X(^A!^AJ/1]3.I:1]MF M01XEF0A=D=Q&FT1[88X@O4YXC&3QDD\# MI7/_ !#\%7WB:%IM-N(C+Y+1"">'?U[JQ==GOP?TQ70P^*+"4-O2X@=)88GC MFB*LIF.V,D=@3Q[=ZETKQ%I^L^3]@=W\U))%RN,!'"'/IDGCU'- &3X-\'S^ M%IKUY]02Z%QMVI!"88UP.3L+-S[YJYXFT:;5Q;+:00B9"VV\>4JUOG'( !+> MN,J..M+<:EJMWK%Y9Z''9;;$()GNF;YY&7<$ 7[H"E26.?O=.*RV\=RR6\5S M;Z9(8O[*FU"56(RK(=OE@Y[-G)QV''- %C0O#LVF:\'\IULK2U^SP-/<><\A MR,,./DPJD8SSN-:FNZ4=7^P0ND;V\=V)9PYZJ$?&/4[BOX9JO;>(MD,AU%=L MT45N7BBC.XR2\!0,GOQUX[GO4DOBFQAM896BO"THD8P+;,9(UC.'9E'0*2![ MY&,YH HV/AN2RU."XAAAAB&I//Y49XCB%L8$ ]2XEB:^MX+=]H!"B*1W'!'.3(00>".*V** .?TWPC;Z=) MZW,C^1?&^51&B*',#0E0% 7#9QZ@5HV>D16>BMIJ2.T;"0;CC=\[$G_ -"J M_10!B+X6LXUA6*26-5L?L$RK@"XB"X7=QU7D@CIN(Z&J\'A!$CE%UJ-S=/*+ M0;W5%VBWD,B #N3S_2NCHH J6.G1V$M[)&[,;RX-PX;^$[57 ]L**R[7PQ- M;6US:#6KPV4XF'DJD:F/S2Q)5PNX$%B0"+:WL=0MOMD@%] D1, M4,<7E%"Q5U"J/F!;.3GD5H:-X:LM"N[J>R,G^D)%'L8C;&L:[0%],\D^YK7H MH Q;OP_*^J3WVF:I/ITETBK GRAPHIC 20 g40930g40j71.jpg GRAPHIC begin 644 g40930g40j71.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_X1#^17AI9@ 34T *@ @ ! $[ ( M 1 (2H=I 0 ! (7)R= $ B 0U.H< < @, /@ M !SJ " M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M ,C R,3HP-#HR,B P,CHR-CHQ,0 R,#(Q M.C T.C(R(# R.C(V.C$Q 1 !A &X :0!C &$ ( !' &$ = !B '4 ;@!T M &\ ;@ /_A"R-H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O #P_>'!A M8VME="!B96=I;CTG[[N_)R!I9#TG5S5-,$UP0V5H:4AZDY48WIK8SED M)S\^#0H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(CX\&UL M;G,Z9&,](FAT=' Z+R]P=7)L+F]R9R]D8R]E;&5M96YT&UP;65T83X-"B @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @ M(" @(" @/#]X<&%C:V5T(&5N9#TG=R<_/O_; $, !P4%!@4$!P8%!@@'!P@* M$0L*"0D*%0\0#!$8%1H9&!48%QL>)R$;'24=%Q@B+B(E*"DK+"L:("\S+RHR M)RHK*O_; $,!!P@("@D*% L+%"H<&!PJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*O_ !$( 5@"K@,!(@ "$0$# M$0'_Q ? !!0$! 0$! 0 0(#! 4&!P@)"@O_Q "U$ " 0,# M @0#!04$! 7T! @, !!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S M8G*""0H6%Q@9&B4F)R@I*C0U-C+CY.7FY^CIZO'R\_3U]O?X^?K_Q ? 0 # M 0$! 0$! 0$! 0(#! 4&!P@)"@O_Q "U$0 " 0($! ,$!P4$! ! M G< 0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?( MRKR\_3U]O?X^?K_V@ , P$ A$#$0 _ /I& MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ** M** "BBB@ HHHH **** "BBB@ S17):IKWB$^*)M*T#3K&X6"W29Y+F=D)W$C M '^S3?M_C__ * ^C?\ @6_^% '7T5R'V_Q]_P! ?1O_ +?_"C^T/'W?1]& M_P# M_\ "@#KZ*Y#[?X^_P"@/HW_ (%O_A1_:'C[_H#Z-_X%O_A0!U]%=0\?#_F#Z-CO_I;_P"% M*-0\??\ 0'T;_P "W_PH Z^BN0^W^/\ _H#Z-_X%O_A1_:'C[OH^C#U_TM_\ M* .OHKD/[0\??] ?1O\ P+?_ I#J'C[!_XD^C9[?Z6_^% '845R']H>/O\ MH#Z-_P"!;_X4OV[Q]_T!]&_\"W_PH ZZBN0.H>/NVCZ-_P"!;_X4?;_'_P#T M!]&_\"W_ ,* .OHKC_[0\??] ?1O_ M_\*47_C[_ * ^C?\ @6_^% '7T9KD M#?\ CX#/]CZ-_P"!;_X5J>%-8NMP8?'3/K0!S^G^+)([Z*QU &6:XG"QNI4 *R!UX'L+ M9K#7-2M[O_2T2X*01Q[5* 1ASD]^]=.-'L%N(YQ:0^=& $?8,K@8&#]*CD\/ M:5-.\TMA;O+(VYG9 2QQ@G\J .=C\?KYDBO8/(QE*0I$X)90 23[_-TI6^(= MNL8D;3IA&P+!C(OW0X4G\S6W=:;HMHL(FL[=,R QC8/O>H_ 51@A\,7\OE1V MMO(/FPWE?(W.6P>AY_6@#-NOB OVN.&SM-P^TK"[&08VL.H/X5-!X[M!:QLD M$\T>%WR%U)4MG;QW''45MC2-$52JVEHJY#$;1U[&E71]'^54L[7Y$,:J$'W> M(\S+.5@@8+&RJL0=L^IY.*SIO'L[6>L+:L9)U9Y;0D!?+B$<;< MYZG+GCK760VN@W-S=1K;6YDCF'F[D S(5!!SW.TBIY-(T9FE>2SM6);>YVCK MC!S^5 '/P^/+:%%5H9YR99 SET&W;($/X9/%6_\ A-XO+NI18N8K9PC/YHP# MD@Y],;?R(J9+'PSMXEE;-%(OF;O+ (!.2WY\YI^F^#],L_-9D6Y\YMP+J M.GOZ_4T 1W>K7*^+]-M8[M([*XMGED3:"21T.3]:JW/CFWL;NXA$$MP8Y) ? MWB )C./;YJZ"YT/3KR=)KJSAED1=J,R/*:1=N5.#DU.WCR"198XK.82!O+BD)4([]",]L'UK M=7P[I*?FE74V<.V0Y<;!\Q]30!%H5W-?^';6ZN3F62/+ M].N3Z5F^!?\ D"W/_7_-_P"A5T,<$=O;"*! D:C 51@"N>\"_P#(%N?^OZ;_ M -"H Z:BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH YBQ M./B5JW_7A;_^A/73USNI>%)+S7)-4LM8O-.FEA6*00!2&"YQU!]:C_X1;5?^ MANU/_OB/_P")H Z:BN9_X1;5?^AMU/\ [XC_ /B:/^$6U7_H;=3_ .^(_P#X MF@#IJ*YG_A%M5_Z&W4_^^(__ (FC_A%M5_Z&[4_^^(__ (F@"QX@TJ6_O=/F MCRT<#.LB@]F &?PQ5"/PYJD7A4Z+%+:E8ALBE8'YESGD>N*G_P"$6U7_ *&W M4_\ OB/_ .)IO_",ZJ.OBW4_^^(O_B: ,BR\(W,=S';RC*Q0$2NRG9*P),># M[9QTJ"/P)J\-Q!-#)8JT90G)8[L1E3^> -6B\H+/:OY9RA+-E3YBOG\,$?C6[J_A^^U# M6+RX0P^1<6B0*-Q# A]Q/%5-7T36+"P,\?BS4BVY5P8XNY_W:O?\(MJW_0VZ ME_W[B_\ B: ,B]\$ZM=N?](M%!DCD#*&!W(BK^65_6I#X/U0W8D\RU6/S"\D M89B)@96<*?8!@/PK4_X1?5?^AMU/_OB+_P")H_X1?5?^AMU/_OB+_P")H S( M/"6HV<4@5H'#61MMJYY.W:",],5V&GVYL].M[=FWF*,(6QUP*PO^$6U7_H;M M3_[XC_\ B:/^$6U7_H;M3_[XB_\ B: .FHKF?^$6U7_H;=3_ .^(_P#XFC_A M%M5_Z&W4_P#OB/\ ^)H Z:BN9_X1;5?^AMU/_OB/_P")H_X1;5?^ANU/_OB/ M_P")H Z1_N'Z5S?@;C1+K_K^F_\ 0J0^%M5Q_P C;J9_X!'_ /$UJ:#HD>@Z M;]DCGDN"9&D>67&YF)R2<4 :8HH%% !1110 4444 %%%% !1110 4444 %%% M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 F:7-FV&L'3[>WM(I=JVZR;BQ;/)/M5C_A M'O$?_0W2_P#@#'_C0!T^:,US'_"/>(_^ANE_\ 8_\:/^$>\1_P#0W2_^ ,?^ M- '3YHS7,?\ "/>(_P#H;I?_ !C_P :3_A'_$7_ $-TO_@#'_C0!U&:X74+ MW43J&HQI+(AU\6R?3["G^- M#/B'XFTOPUH,.:941MI()ZXXKI;"^AU*P@O+1BT$\8DC8C&5(R#BN M+U_X>ZAXHTP:?K7B62>VWK(%^Q(IW*<@YS6F/#OB!0 GBN0!>% L4 'ZT =5 MFC- M\1_]#=+_ . ,?^- '3YHS7,?\(]XC_Z&Z7_P!C_QH_X1[Q'_ -#=+_X Q_XT M =,31FN7;P_XC )_X2V0\?\ /BG^-6?!M]>W^B.^I7 N)XKF2(RA NX*>N!T MH Z"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH YFQ_Y* M9JW_ %X6_P#Z$]=-7,V/_)3-6_Z\+?\ ]">NFH **** "L;Q5(\7A>^DC>2. M18B4:(D,#VQBMFFEU&RN8;G3))[G3WMXDNY+@LZP2GJPSR>, M9&:T;7Q#K.H:C!IU];B);EL;HT8'85)W!L\'(_6NX\H 8 4#TQ2^7SG SZXH M \VAU?4]-CWI6[9QVK2U.XU+4K+P]:"U@L_(DN-\C"]9W;(;#*I]L<#I3[/7O%*V=C))"MQ$\$^\&(/TS5C_A8"&S^T)ISA#0OY">_ '-;WE+_=7\J7R\= * '@8%% HH **** $?[A^EE:O_""^&QUTR#\C_C0!T5%=NY3D9],YH ZBBN<' M@;PV3QI<'Y&E_P"$$\.?] N'\C0!T5%<[_P@GAS_ *!!_#T6EW4B:9"&6%R",@@X- '59YQ2USO@3+> M#+ L23LZD^]=%0 4444 %%%% !1110 4444 '/^@7#^1H Z*BN=_X03PY_P! N'\C1_P@GAS_ *!M '2UA:QX<35+J:42M";FV:TF9,9 M*$YXR.N:I?\ "*>$-BO]DL]K-M#;Q@GTZT]?!WA5V81V%L^T[3M.<'TZT /T MCP;8:3!=1B22Y%W MO)OPH**-HX4 9QWZTK^$8!)H[PW=Q'_ &02T*[@?-8J M5)\%^'X-++PZ;$K;UY (XS6G_ ,()X<_Z!'/^@7#^1H Z*BN=_P"$ M$\.?] N'\C1_P@GAS_H%P_D: .BHKG?^$$\.?] N'\C1_P ()X<_Z!'/\ H%P_D: .@<_(WTKF_ O_ "!;H?\ 3]-_ MZ%4A\!^&_P#H%0_K6OI^FVFE6:VNGP)! N2$08 )H MT444 %%%% !1110 4 M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11 M10 4444 %%%% '*S?\E4M_\ L&_^SM6Y=:39WDWFW$;,V.H=A_(UAS_\E4M_ M^P;_ .SM4GB_Q]H'@F&$Z[>>5+.<0PJI+24 :?\ 8&F\#R6_[^O_ (TO_"/Z M;_SP;_OZ_P#C4D&K64T"S+,H5HUDP>P;H:D_M.TW;?/7.[;CWH R-:\&Z9J^ MBW>GLLD(N8S&9%D8E0>^"<4GA;PAIO@SPVFE:4)#%&,EI'+%VQUY.!^&*T+S M6["TLI;EY@RQQM(0!R0.O\JR=!\>:#XF\/RZOH]YY\,*%I!M(9,#)!% '+1Z M)J$B6,EMIHM9K"XFN&F$JABI+$*N#W!QSQ5HP^)Y;"25;R\B&9/F$ZA94RO.!C!P#GI5K5-*NE\07MU+9 MK>P7EHD,*LX!A< @YR>G(Y'I6I#XST>:U$YEE1=BR,#"WR!AQGCBI+SQ?I=I M;F;?+*F%P8HBP.<8&>G<<4 'O%&G-;6[:K+<0HJAR;@C&5VD >QYJF5\ M6YFCCNKL*20SM.A*C>>5YZXQ78-XLT=+?S&G9%V%^8F' .T]O44[3=>6_NKW MB-;>W"LDH;[ZE0P/ZT 6$MS*QB\F;R6C +'.3MX'J.?QJ7_A+-&D MA4M.WERL8PS1, 3W'(H R?!4NJ7=U)>7-W<36KJ1MG<-\P.,J!T'%=KFN<@\ M2^'[&S(M9%BAC^ZB0L --%6%I([EI=J;@%C;G@\=.O% '09JIJW_ "!KS_K@_P#Z M":KZ;KEGJLK1VCLS*BNP*$;*7<*Y&:T?5O']]:3WM M['!;V<+I';W3Q*"S-D_*1D\"M+_A%+;_ *"&K?\ @RF_^*H W-P]:-P]:P_^ M$3M?^@AJW_@RF_\ BJ/^$4M?^@AJW_@RF_\ BJ -SD\.Z="P675 MM31CT#:I,,_^/U)_PBMIC/\ :.K8_P"PE-_\50!N[AZUR/B+3+S4/$/^AJ8M MVGO%Y^X?*V[.,9ST[XK1_P"$5M?^@AJW_@RG_P#BJ;_PBEH,G[=JH/\ V$9O M_BJ .,7PKJQ\Z985,<]N8(K?>#Y#[0/,_$CM6P?#=_I%G+_8S>=.71LNP)8C MJP]>_7UK0?1_"2W$<=\MM=7,C^6)+I_-DD;'0LV22 0/IBKG_"&>'/\ H#V? M_?H4 8/Q+\6'PGX1M[N\T^:\$TJ1RBW(^1C]>Q/%=CIMZ;[3+:[E@:V::-7, M,A&Y,C.#CN*P]0\+^$;6W5M1TC3A$TBH/,@4@LQP!C%6E\'^&L#&C69[?ZE: M -S>OK2[U]:PCX/\-#KH]E_WY6JLV@>#H+^&RFT[3TN9@3'$8EW,!UP* .GW MKZT;U]:P%\)^&'W;='L_E.#^X'7\O>F/X8\+1S+$^D6:LREAF 8P/?&.] '1 M;U]:-Z^M8)\(>&57<='L\ 9_U(IMMX5\+7ELEQ;:39212#*L(1@B@#H-Z^M& M]?6L3_A"_#G_ $!K/_OR*/\ A"_#G_0&L_\ OR* -KS%]12[JPG\&>'@"1H] MGT_YY"L[P6RV/A:[:)/D@NIMJ X /2@#KL\9HS7'3^/[>".&1K5PGDB><[O MN*3C@=ZC'Q W2!5TZ5BP60;3N C)QDX'!XH [7-<[<>-M.AU"XLX[74+F6V; M9*;>T=U4^F0*U-/U2WU R"&1"R'!0,-P^H[5A>$N?$'B3_K]_P#910!/_P ) MM:?] O6/_ "3_"E_X3:T_P"@7K'_ ( 2?X5T8Z4M '-?\)O:?] O6/\ P ?_ M H_X3:T_P"@7K'_ ( /_A5W4->2TU(6,,)FG$1F?+A%1!W)-$?B?2OD66\C M1V7)&[< ?3<.,_C0!3_X3:T_Z!>L?^ $G^%)_P )O:?] S6/_ "3_"KD7BS1 M)D#1WRXW[.588/XC]>E33ZN%U3[!:0_:)Q%YS#>%"KT'/O0!F_\ ";VG_0+U MC_P >C_A-[3_ *!>L?\ @ _^%7/^$BMXKV6WO5^S>7$DFYFSDL2,8'TJ=O$& MEKG-VIP,Y )!Z=".O4<>] &9_P )O:?] O6/_ !_\*/^$WM/^@7K'_@ _P#A M5^/7(KF>9+5/-5+87"2!L!P2PQTX^[618>.[>\DM!) L2SJ[.WGJWE!?4"@" MQ_PF]I_T"]8_\ 'H'C>T(_Y!>L?^ #_X5(_B[3EOXXEE5H6B=VER1L*_PD=< MU#IOC.QO(#-.RV\:]F)+?>(!QCIQ0 [_ (3>T_Z!>L?^ #T?\)O:8S_9>L8_ MZ\'J\OB;2'F@BCO%=[@XC"JQS^G'XTD&M^=JVHV9@V+8JI,I?ALC/2@"E_PF M]I_T"]8Q_P!>#_X4O_";6G_0+UC_ , '_P *G7Q9I*1I]IO(TD89 7+#\\4C M>+-,CN$22X4I*V(V0$]L_-QQ0!!_PF]I_P! O6/_ >C_A-[3_H%ZQ_X /_ M (4NH^--*M-.:ZM;E+M@^S9&23G.#T''6NAB<21JW3(!QZ4 <]_PFUI_T"]8 M_P# "3_"FMXYLD7+Z9JX'J;!_P#"NFJO?#_0+C_KDW\J &Z;J-OJVFV]]9EF M@N(Q)&64@D'V-6JY_P !_P#(AZ-V_P!$3CTXKH* "BBB@ HHHH **** "BBD M;/:@#C]0O;6R^*%L]W=0VZG3L RR!<_.WK6CJ4_A;6+?R=4N=)NX\Y"RRQM@ M_B>*TKW1=.U)U?4;*"Y=!A3*@8@>U5O^$3T#_H#V?_?D4 $>LZ$BJ@U+3PJJ M +E. .W6G_VWH?_ $%-/SU_X^$_QIG_ B>@?\ 0'L_^_(H_P"$3T#_ * ] MG_WY% "3ZKH%Q;O#-J.G/'(I5E-PG(/4=:@M;CPM8Z?]ALKK2H+;;M\J.:-5 MQC'8U8_X1/0/^@/9_P#?D4?\(GH'_0'L_P#OR* ,I;7PPEA]B76(3 N/+!U! M28L'(VG/&,"JIT;P>79AJT2;BK,JWZ@,5).3SUR36_\ \(GH'_0'L_\ OR*/ M^$3T#_H#V?\ WY% &!'HOA".W:$:M%L8H2#J(XVC _B]*F73O":PR0KJ\(BD MVYC_ +1&T$8PP&[KP*V?^$3T#_H#V?\ WY%'_")Z!_T![/\ [\B@#!ET?PA, M[-)JT1SG _M$8&3DC[WT"2U2+3M?MD(8;O.OPWRYSQA@0:T(M*\++"XDUB#S)5 D9+]1DCOUX- M;W_")Z!_T![/_OR*/^$3T#_H#V?_ 'Y% '.G0/![X+ZPA()89U(?*3W'S=:D MDTCPC+,\CZO%ESEU&H@ G&/7WK>_X1/0/^@/9_\ ?D4?\(GH'_0'L_\ OR* M,_3AX:TR\-S;ZO;-*5"9DO5; 'U-7-4U_1VTB\"ZM8DF!P +E.?E/O4G_")Z M!_T![/\ [\BC_A%- _Z ]G_WY% %/P$1_P (788.?D/3ZUT=10P1V\2Q01K' M&O"JHP *EH **** "BBB@ HHHH **** .9L?^2F:M_UX6_\ Z$]=-7,V/_)3 M-6_Z\+?_ -">NFH **** .4\1VID\2:?-)IDE[!'!*LFV-6!)*X')Z\&L/3= M/\6V=BMFIF1E7,!W*55"I)5B>=P.,5Z-BEH \Y^V>)(98GN))TF>5(EMI'4& M12HW, /1OYUKZ*FO0Z\\%_\ :9+*-) )9-I#'/R].>E=68]S!F5G7? MAGQ2WE>1*Q38V8OMC (_EXW9ZG+<^U2R^-=26ZM&F"P0M=RQS (""D>.%).< MGG\ZNS_$:WMRJ-8.792_$JX*A-^<_3\J ,&;2M?U6XU!8H9?M!E41R3RL @# M ]",$\<8SQ6S%H.O'RVEQ&Z[#&8[IB(\$[QC'S;OT_"MO2?$Z:QJUU9P6VQ; M="6F+@X.1P1VZYK TOQE(TLYU744B%GYSF$Q*&NT5F ,>#S@#D=&/$U[//$^!9- M',J1M=$_>\LKGCU5OSKT2WD$]M%+C'F(&P>V1FI<4 >?1^%_$*23227+R;I1 MNA-R0DD7.%&!D$#'/?%==X=L)=,\/VEE$XKG5YKVVA5V42NDN_&3C.,GB MH/ >H6FJ:CKU[I]Q'TL[R:WM)MI\E0,*1@$ MCZX&>U9UPMW;Z'&V@Z9<07NU8Y/D7.>^>>?K55;[Q%(+E8II)6C57_=*"0QX M*8S^/6@#HM.\,QZ:KK#>2L&M_LX! &T;B\M7-.O_$SZS;#4(+A( R"0"(!3P3&6,$NP8;BV!UK/LG\3:=#'#86-RB"21W!C!!SDCO]* M-6#P9<6&OP7D=]_H]N/OR$9/KD8_6M:7PYYFIW-Y%JEQ#]LQOB0@JP QW]JY MB67Q1J%A):75O=^5*FYG\M0P;:"%Z],U=SK)_=S1S[EFC\G*A1C/S#@^G>@" MXG@"!455U&YVJ00,#L"/ZTZ'X?V2(4FNYYE/7<<9&,=JZN+/EKNX.!FGT MH+X_Z!!/^1#T?_KU3^5=!7/\ @0_\4'H__7JG\JZ"@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH Y"/4;*Q^)>J&^O+>V#6$&WSI0 MF?F?IFMW_A(M$_Z#%A_X%)_C3KS1=.U"<37ME%/(!CK7_ BVA_\ 0+MO^^*3_A%]#_Z!=M_WQ0!@KJ'@ MK366W:XBE:&1I0ZH\HW,=Q(900>O].U,DU?P+-&B2F-E3.T?9I>,]?X>]=9# MIUA:P+%#:PI&N<*$''.:E^R6W_/O%_WP* .&T_5?!FC7TMZFIOND!&6@E& > MWW>:LC6/ RO X:/=;N7B/V:7Y6/4CY>];7B6TMQHLA$$8^9>0@XYK7^QVW_/ MO%_WP* ..;6?!#Q)&SQE4W;1]GFXW=?X:IP7?@N"XNI?M[O]IR&!MY?NDY*_ M=Y%=[]CMO^?>+_O@4?8[;_GWB_[X% &$OCKPVJ@"_( &!_H\O_Q-+_PGGAS_ M *"#?^ \O_Q-;GV.V_Y]XO\ O@4?8[;_ )]XO^^!0!A_\)YX<_Z"#?\ @/+_ M /$T?\)YX<_Z"#?^ \O_ ,36Y]CMO^?>+_O@4?8[;_GWB_[X% &'_P )YX<_ MZ"#?^ \O_P 31_PGGAS_ *"#?^ \O_Q-;GV.V_Y]XO\ O@4?8[;_ )]XO^^! M0!A-X\\.%3C4&Z?\^\O_ ,34/@&02>'Y95#!)+R5T+*5RI/!P>:Z+[';=K>+ M_O@5(L:HNU %7T Q0 ^BBB@ KB[:S\2:/KVK366EVMW;WD_FQLUT$8# '(Q7 M:44 #X=M,_]?PX_P#':Z:J.KWW]FZ7/>"/S#$N[;G&: ,;^T_%G_0NVH_[?Q_\ M335OO%*,S+X:LU+=2+X#/_CM5]1\>1:=*S2VI\F/:DC9Y#L. !Z>] \:RIJ, M=G/IQ5]P\QE?(56&1^.* +8U+Q9_T+UI_P"!X_\ B:BGUSQ1;R0QR>';?]\^ MQ2+\=?\ OFMW3-2AU&%GA925;#!3G;]:AU8C[9IV?^?@=?H: ,W^TO%G_0O6 MG_@>/_B:7^TO%O\ T+UK_P"!X_\ B:Z4(;DO(\TQM7B\R"6%,9GV [.,\ \?7-:Z76O:38W%Q?M)>L61WCC M'W"<94<<#GGZ5V<<"Q*$C140'("C '>G[,]?RH R-;VW*#C/7-=(:Y+PF/^*B\2?\ 7[_[** +/_"8K_T =:_\ M!/\ Z]'_ F*_P#0!UK_ ,!/_KUT8Z4M '-_\)BO_0!UK_P$_P#KT#QBI.!H M6M?^ G_UZZ2LK7=:_L:.W;[+)UR6P. >>E;VH>([>TM[6XMT-W%=A: M*LQA7S'!WD>F* ,O2M3L-%\\6/A_7$\Y]S;K7/Y<]*Y[QI;R>*M7T6\@L_$5 MDMC<;YTBA9/.3TX/7->@'Q-H_ES.-1AVP#]X<_=JO;^+=-GO'A\]%CPIBEW< M29&>* *\?BU8D"#0M:PHP,VG_P!>G?\ "8C_ * 6M?\ @)_]>KW_ D^C#9G M4(?WC;%YZGTJ6/7-/N;R:SM;J.:ZA3>T*MR!0!F?\)B/^@%K7_@)_P#7I?\ MA,1_T =:_P# 3_Z]36/B-+S11J!A-NC2^6!*XYYQU%3IXGT>280QZA"TK' 7 M/4T 4?\ A,5_Z .M?^ G_P!>C_A,1_T =:_\!/\ Z]68O%FE&>2">ZCCEC3S M'&NC6EH YO\ X3%?^@#K7_@)_P#7I'\:1QH7?0]:55&2?LG0 M>O6NEJO?#_09_P#KDW\J &:7J,&KZ9;W]H6,-Q&)$W+@X/J.U6ZY_P "?\B' MH_\ UZI_*N@H **** "BBB@ HHHH **** "BJMSJ5G:.%N;F&)CSAY #CUY[ M5/YL97=O7;C.[=Q0 ^BH9;F.)5+'(9@HQSR:;!>03W$T44@9X2 X'8D9H L4 M56N;^TM65;FXBB9CPKN 3^%11:K9S1RM!,LBPG#[/FQ^5 %ZBHTE5T#@_*1G MGCBI,B@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH M **** "BBB@ HHHH **** "BBB@ HHHH S?$ SHMQ_N&M*L_7>=%N?:,_P J MT* "BBB@ HHHH **** "BBB@ HHHH **** URGA+_D8/$?_ %^_^RBNK-(_^OW_ -E% '5BBD%+0 5DZ]H?]MQ6Z?:6MS!,)594#9(Z=:UJ* .3 M/@.T,[SM=3O/,Q,[M@^:#V]J2/P:MQ'=?:";5I9%:-87W!-O<9'!/>NMHH Y MR;PG ^EV=B;MA%:RB7+HK;R.QS5&/P'9*\FV]?$K,6144+ANP']:M^)6G>^B M@Q(;9[:7(3.6?' XKDK*'7+":QGC@N)"MLP)\B3]WEN20>"<4 :U[\/Y4LC' M87C.V0,,JJ0N<\'UJ:/P#OD\^ZU*2-WB$4B0J$0J!C'U[YJNVL>)[>8>?'(( M8P,$6K$2+GJ?0XIVEZEJ&LZ'K'V^5Y'\HB.!864@<\C'7GTH L/X!MI9A+'J M+^;LPS%!\W3M^%3^&_#5]I.H7DUQ-'MG^48 .!GC'H/:L'19M9TW3/*;2KDZ M@$0)*+>['VF.18(SPYM&VNN2,GTXP: -D>#F_L MO^SVU:4P"02*HB4$,&W?CS4*^ 4#!EU*4,N.?*7LV[^=9ECJ^L7UL+AIY&N# M>QK'%Y13$9^\?<'%>A#I0!R!^'ULUN$:]F+#')1<'!)Y'3O5^Q\(V^GZDEU! M<.%1BXB"@+N( /0=..E=#10 @I:** "H+[_CPN/^N3?RJ>H+X_\ $ON/^N3? MRH QO G_ "(>C_\ 7JG\JZ"N?\"?\B'HW_7JG\JZ"@ HHHH **** "BBB@ I M&-!JC(=1$_[I(#%O')8YV]_QH P]1T74$UC4[FR2.Y35+=8761R/)(!7/N.< MXK%_X0S68;273TN3+:K"RQEIG&!P/ M1L5UI.HA6PD&0HV_,>O?-*6U#/$[M=&MH=1D,EQ&N'8MNSZ/3\J M +V:*H!]2P,QP9P<_,>O;M06U+_GG!C _B/7OVH OYHJAG4BP_=P8W'/S'IV M[4F=4V_G;M0!?HK/ M#:KY1S';[]G'SG&[/T]*4'4LG]W!MWGY4 7Z*S\ZIC[EOGG^(_A06U/M M';]!_$?Q[4 :%%4"VH[QB.';N_O'ICZ>M)NU/9_JX-VT_P 1Z]NU &A15$OJ M)/RQPXXQ\Q_'M1G4MWW(<9/\1Z4 7LT5F[M4"\Q6^[;_ 'CUS]*?NU+<=L<. MWSBES6>#J>T9CM\[#GYC][/';I2.=4VGRTM\Y7&6/_ J M -#(]:,CUJB(;]R&,\<8W'*A,Y';G]:06NH",@WB%MF,^7_%Z]: %UKG1;O' M:)C^E7@U8>LVU]_8U[B\4#R\@>5G"A>1^-6Q;:@60_;$VY8D>7U!Z=^U &EF MDSGI6?\ 9=0VG%XN=@ _=]&]:?\ 9K[?G[6FWS-V/+_AQ]WK0!>R*,UGK;:B M% -Y&3ALGR^N>G?M0;74/+O?O1]GU L#] MK3&XDCR^W8=: +^:,BL[[)J!SF]3.W _=]&]:=]FOP3B[3&1C]W^??O0!?HS M5!;;4!C-VG5O^6?KT[TW[+J//^F)]P*/W?\ %W/6@#0/M7#1VOBW1]>U:73- M(L+VVO+CS8WEO3$P& .0$/\ .NK-OJ!/%V@^;/\ J^WIUH^S:AQ_IB=#_P L M_P#Z] &"-4\G6@#!_M7QQ_T+6F?^#,_P#Q%']J^./^A:TS_P & M9_\ B*WA;7^T?Z6F=I!/E]3Z]:!;:CD_Z8G;'[OI^M &#_:OCC_H6M,_\&9_ M^(H_M7QQ_P!"UIG_ (,S_P#$5NBVO\\W:D9)QY?:D%KJ(4#[8F=N"?+ZG/7K M0!@MJ7C9\;O#.EG'3_B9$_\ LE!U/QSV\-:9_P"#(C_V2N@^S7^[(NH\;@1^ M[[=QUH%MJ&T9O$R,Y_=_EWH YYM1\<,A5O#.F$'J#J7_ -KJ."Y\8VD96V\) MZ1"#R1'J&!^D==+]FO\ '%VG0?\ +/\ ^O2_9[_?G[6F-V<>7V].M '/?VGX MX.,>&M,]\ZD?_B*1]1\;.K*_AG2V##!#:D<$=_X*Z#[-J''^F)PK _N^I)X/ M7M2FWO\ S&(NDVX7 \OTZ]^] ',P3^,+8?Z/X3T>+G_EGJ&/Y1U.NJ^.,<^& MM,'_ '$S_P#&ZZ#[-?%L_:T R3CR^WI3?LVH[A7_D)'C(_W*Z);6_!'^F(>N%M.L;T(+B"!4EV-N7],NYKE=F_)79VQTZTV.VU!5(>[ M1CM(SY??L>O:@"]N%+FL_P"RW^T_Z8F?EY\OTZ]^]*+:^# _:E/SDG,?\)' MZ]J +^129%9_V74=@'VQ 1'C/E_Q>O6E>UOV8;;M%7:7;VLMCY1,MRD3+("'S/L=T!N4 LH PW1LYP!]:V]0TJTU6-([^$2JC!U![$=#5%/"6BQ'Y M+!!TXR>W2@#%O/%Y2PE-BDLT\&-'"@?V?#\I)^[UR MO% &#=ZMJ]IIUG>2B"1+AHOW<"G=AR,@9//!IW_"8VJ,\@BNI$?RU6(1C*D@ M\9S_ +)_*M3_ (1S33"(&M%,08,%R<*1TQZ5$/!^AC&VP3((/?MG_$_G0 W2 M?%-GJM_]DABF5S&)59P,$8!['KR*WJR[#P]I>FSK+8V<<,BC 8#G'2M2@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** #-%< M5K&GMK?CT:?/J&H6UO'9"4):730Y;<1D[:M_\*_L?^@QKW_@UE_QH ZJC-'- NK:"9?$>L()ONJVL MR Y]/O=: .[S2YKB5\(Z-*DS6VO:U.T*DNL6KR,1^&ZLO3]/T&_DME.J>);; M[3&TD+7&I2*' .#R&/3T- 'H[31J<-(H/H6I//B_YZI_WT*X*31?A[&[+?I' MJ-PN/,N;EGGD?/3<_.>P'H !3O[!^'1\K_B46N)F*H?(?D@XQTX.10!I?$#Q M3%X9\'W=^UM)>Q@%'2W(+(",;L>@K7T'6XM8T"RU%D-L+J%9!%*1N0'IG\*Y M&[\->"3)I]O8>&K2]?4D9XA@JI0#)8D]O;%2KX8\#1R?9;SP_:6]VK*GD[&( M^;(7D<<[: .Z%Q#C_6I_WT*7[1#_ ,]8_P#OH5YKI^G?#ZZ=(KO0+:WN&B1] MODL5)=2P /KA35D:;\+S;F?[#8")0"7,3 #*A@/K@@XH ]!^T0Y_UJ?]]"D^ MTP_\]4_[Z%>>:MH?@S2IK&1O#%K-8W@R+N/I&,##,/[O(Y]Z9+IOP]LX%.IZ M)I\%P49A N7) R<9]2 3B@#T?SX?^>J?]]"CSX?^>J?]]"N!@T7X=3!!_8L" M._ 5[=PJ?]]"N#T3POX+U<.!X=M5D1W5E$3%0%..3T!]NM;(^''@\_P#, L_^^3_C M0!T?VB'_ )ZI_P!]"G+(K?=8'Z&N:_X5OX/_ .@!:?\ ?)_QJAX'LK?3=<\0 M65A"L%M#,@CB7.%X/2@#MJ*!P** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@#EA_P E2?\ [!J_^AFNIKEA_P E2?\ [!J_^AFNIH *YO7_ M ?9Z]>-<3R21.T(C/EG'(;(;ZCI7244 <;JG@,W]UYD.HR6\>U1Y:H#E@A3 M//M51OAW/,ZF;5R55@X185 R,8/Z5WM5;ZUANK-XK@,8^IVDYX^E '/Z)X4N M-(>X+:AYWG0>4O[H#!R3N]^M4%^'QETV&TU/5);A;:,I;[4"[&+ E_<\ :MIMK81Z7:R$SJ6E:[CD.\AB-G^R<8Y/%/O\ 6=8DGLK^-)5FB6;*?97^ M7[HV$#KWP: -AO MG.B/=SRM<9+2M&=BRMG.2!3XO"]IS>RL+>-YH7T\!;>=)#YBC&,$]P1VIESX2L[F^BO M)KFY$L83)$I&XJ203^)-3>7$C1K&H=+C)&P, M!T]F(J2W^'NEVUDUM'-=!?-CF1O-.8V5 @P?]T8J*YMKV&WMGT;3)[/>!'<^ M7M\W 4[<0)L>8HR,X[D!L9K.TVQU M&STO7K2#3+FWN+R[GEAE4J!@@;3G/M^M1V]AKS>*K.^O;6ZD@M%D1%+(1L*K MCOG=D'- '0#P=IGVB*X997DB6,!C(>=G0_6J[^!--9LJTZ[9?,CP_P#J_FW8 M'L2:Z=E+0!SFD>$+;1M7EO[6ZNBTV[S(WE)1B3G./7WKHAP*6B@ MKD/"AQXL\2Y_Y[Q_R:NO->0ZEH/BG6_$FN+X7UM=.5+J(S1%,F5>>-W:@#UW M-+FJ,=K=K&H-U@\9'ECICD4X6]V,?Z5GDD_NQR.P_"@"WD49%5#;7G_/V/N@ M?ZL=>YH-O=[O^/KC?G'EC[OI_P#7H N9I,U4%M=C_E[SP1_JQU[4"VN^]WW' M_+,?C0!!D8_=C@4&WN]W_'WQSQY8H N9HS5,V]YM^6[P<=?+'7UH\B[)_X^N,CCRQT M[B@"YFDS506UY@9N^<')\L<^E(+>]Y_TP=!C]V.#0!=S29JI]GN]Y/VOYJ_^.?_ !59VE:O M?:5#/#!X5U7RY)FE .S(W'G^*@!D_CJ>SBBO[JTB33I;_P"PL Q,D9Z;CV(S MFK\OC_2XI1&T-UO9"X&PZ@UAVFB:H&,\/AN.9&D>51J%WAPS'DE " M![>V*=)X;U66W2%_"^GLL9^0F_;(&,8SC.,<4 ;,OBS2=IN'L)BWFB"4F)=R M@XP3S]T[A4]_K<\'AT:II%LC06[E9X9%PXC1BK[ #C(P2!TXKFI['7;2UNI- M2\/Z;*MQLC;;=E=J+P@Z=O6M3[-XC329--7P]8BUE#;U%^@#H8-5O;?5+6SU:*))+LRB/R*I]2BO9="L&D M@4K%_II^7/4_=JV-0\8_] +3_P#P-/\ \30!T]%%QGOCWH Z>B@=** "BBB@ HHHH **** "BBB@ HHHH M **** "BBB@ JCJ>WRX=^S E!^?/Z8[U>JEJ)(2+!;F5?NIN_P#U4 6T.5S3 MJ1?NTM !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%-D=8XV=R%51DD]JS1XDTC_G^C]^O^% &I167_P ))I'_ #_Q_K1_ MPDFD?\_T?Z_X4 :E%9?_ DFD?\ /]'^O^%'_"2:1_S_ $?Z_P"% &I167_P MDFD?\_T?Z_X4?\))I'_/]'^O^% &I167_P ))I'_ #_1_K_A1_PDFD?\_P!' M^O\ A0!J45E_\))I'_/]'^O^%!\2Z.!DW\7Z_P"% &I162OB?17&5U"(@]QF MG?\ "2:1_P _\?ZT :E%9?\ PDFC_P#/_'^M'_"2:1_S_1_K_A0!J45E_P#" M2:1_S_1_K_A1_P ))I'_ #_1_K_A0!J45E_\))I'_/\ 1_K_ (4?\))I'_/] M'^O^% &I167_ ,))I'_/]'^O^%'_ DFD?\ /]'^O^% &I166?$ND#K?Q#/K MFC_A)-(_Y_H_U_PH U**R_\ A)-(_P"?^/\ 7_"C_A)-(_Y_H_U_PH U**R_ M^$DTC_G_ (_U_P */^$DTC_G^C_7_"@#4HK+_P"$DTC_ )_H_P!?\*/^$DTC M_G^C_7_"@#4HK(;Q+9;CY27$R=I(H2RGZ&F_\)-:_P#/M>_^ YH /$Q_XD[# M_IHH_6MFO-/B5;7/B[P]%::+=:EIUU'.L@=(F4,O<''Z5U.FZS:V&FVUGLU& M8P1K'YDL)+/@8R3ZF@#HJ*QO^$FM?^?:]_\ _^ YH_X2:U_P"?:]_\!S0!LT5C?\)-:_\ M/M>_^ YH_P"$FM?^?:]_\!S0!LT5C#Q+:;E#1748) W/"0!GWK9H **** "B MBB@ HHHH **** "BBB@ HHS10 449HS0 54OP2D6 3^\'1]M6\U1U+;Y<6\Q M@>8/OC/Y4 7%SCFG4U3\M.S0 449HS0 449%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% %35>=)N?\ KF?Y5GK>65C::=%/",W"*JD( M, A,G/Y5#XXUO_A'O!^HZDUK+=1P0EG2+&['K6?H;GQEX;T74S%-81( X@F0 M%G7:5]> 0<_E0!*/&.C,K;+9F?/[M!&,RC^\OJ.#4]EXGT:_N'BMHL[5#!C& M,-G'3Z9JFO@"V26*1+J02VR[+>38/D3GY2,\]3S5Q_!UD=/^S0$P-Y0B$D:@ M-QWSWH WD@@=01#'@C^X*=]F@_YXQ_\ ? J+3K0V%A#:^8TOE*%WOU-6LT 1 M?9H/^>,?_? H^S0?\\8_^^!4M% $7V:#_GC'_P!\"C[-!_SQC_[X%2T4 1?9 MH/\ GC'_ -\"HY[:#[/)^YC^Z?X!Z59K,\0W\NF>'[R]@M7NG@A9Q"G5L F@ M"KHXM+;PVL]PD2QQJS,Q4< &IY-3TB&6*.5X%:5=RD@8QUKE/ NMW/C?X<32 MQ:>^G><)(HA*6<*B(Z!AL51U^OUK2T+2;_3+ MBZ^UWOGPR/F).?E% &Q]F@_YXQ_]\"C[-!_SQC_[X%2T4 1?9H/^>,?_ 'P* M/LT'_/&/_O@5+10!%]F@_P">,?\ WP*/LT'_ #QC_P"^!4M% &/K4$(6SQ%& M/])7^$5-J%U8:7 DMW&@6218UQ&#\S' KG?'OBVP\,#2_P"TEG(N+H+'Y<9; M+>G ZUL:O82Z_I-L+:00'S8YSYBDG .<8]: (Y/$&C0RSQL 6AX($7WSD#"_ MWCDC@4EKXAT6\N4MX@OFM&9-IBQM Z@^A]JSI? Y>97%T (9WN;8;?NR.X=M MW/(R/UJY:^$((HIZ=>U:M $7V:#_GC'_WP*/LT'_/&/\ M[X%2YHH 14"*%0!0.@ Q2T9HS0 5EQ,3XEN5W$K]G0A>P.36GFN)M?&VB2_$ MV\\/I/*=1$2H8_(? (R3SC&,=Z .JN-3M;:Z-O-*$=86G.RU_3K_?\ 9+@2;7V< \GV]NO-:@KE M[WPC%)9O%ITOV-MZE6C&W@=>G.?\!730J8X41FW%5 +'O0 ^BDS2Y% !1110 M 4444 9>O'_B5M_OK_.K\]Q#:6[37,BQ1(,L[G %(?!TO]EQY:\A#1+.-G!P>0>E &DVKZ>ET;=[R$3!= MY0N,@8SFFQ:WIDS0K%?0.TY(C "M2OKB1-\<<,C";S!(=VX)C9 MC'W:MV'@R5'>\O%5;R:;S"$D.V,8 'KTH [..5)5W1L&7U%/K#\,V6K65M, MFLS+(?,_=!3G"_D*W* "BC-% !1110 54OI7C,2Q21H9'VG?W^E6ZYSQ)XLT M3P]?6$&L:A]EEN9 (EV$^8?2@#5,=_@;9HL[#D[#RW:E:._W_+-%MRO\!_&K M4;;XPPZ,,CZ4^@"D8KX\^=%_%GY/RI!%J&#^_AR5&/W9ZU>HS0!3\N^W']]% MC/'R'I3/)OV7YYH=V#_RSSSVJ_FC- %$QZASB:+H,?(>O>G>7>[@?.BQN_N' MIBK>:,T 4_)O]O\ KX7?#_EM%V_@_.KN:3- &?.][;;9"5E'F8V( MG)7M^5:"].*Y'XA>,],\&:3;W.L074T4TP13;QEL'WQ736%TM[8072*Z+-&K MJL@VL 1GD4 6:*,T4 %%%)F@!:*,T4 %%%% !1110 4444 %(WW32TC?=- ' M >'?#-IKT%]>ZE=:D\QOIDRFH3( H;@ *P K8_X0#1_^>^J_^#2?_P"+I? G M_(%N_P#L(3_^A5T;31H<,Z@^A- '-_\ " :/_P ]]5_\&D__ ,71_P (!H__ M #WU7_P:3_\ Q==,LBMG:0<=<=J2.5)06B8,H.,@]Z .7G^'6A7$#Q7#:E+$ MXVNCZE.0P]"-U$7P\T2&-(XI-21% 5574IP% Z #=Q75DU'Y\9&0ZXSCK0!S M?_" :/\ \]]5_P#!I/\ _%T?\(!H_P#SWU7_ ,&D_P#\7739&,]J2.1)5W1L M&7/4&@#FO^$!T M"K,17>5S/B__ %VC?]?Z?R- &GXB=XO#>H/$[(ZP.593@@XKG='\$Z;>:/:7 M%QKH?$W_(KZC_U[M_*E\._\BWI_P#U[K_*@#*_X0#1 M_P#GOJO_ (-)_P#XNC_A -'_ .>^J_\ @TG_ /BZZ5I8T^^X'U- E4\!@3UQ MF@#FO^$ T?\ Y[ZK_P"#2?\ ^+I&^'^BLI#2ZHP(P0=3GY_\?KI8YHY"PC8, M5X.#TJ3- ')V_P .-!M81#;'488E& D>I3@#_P >J3_A -'_ .>^J_\ @TG_ M /BZZ0S1<_.O'O3\@CCIZT );64]XT,MF6=+BZDE&=V.-Q-6?& MK3.NEVD-U<6RW-VL3()8_,N\[''0CCK5K_ (0>W[:UK?\ X&?_ M &-17/BB>]\)ZG>V,+65Q:Q;T\[:W8,#P?2L^U\6WNF:A;66HXOVO+=)HVC MC\MR3\A.<(1R#3YI(9(RR2+*N"0RJR_4% MOT- %[_A![?_ *#6M_\ @9_]C3/!Z36NH:W8R7ES=0VMTJQ-+O$6L:'?[+ M%+=TE@#VZM&2SL&^=>]0 MV/C:_L]'N3=V)N)K=F*,TF#,OF,/3C&* .@/@S21_P M+_\ \&$__P 75-/A MOX<35I=16WNA>21B)YA>RAF4'."V[.*FTOQ2^JZX++[$8X64[9]Y.6V*V,8] M&K$N=8US2Y=26ZN9)4TF?[2SE5'VB!ONJ<#Y<<].3CI0!T7_ AFDG_EI?\ M_@PG_P#BZ/\ A"])/_+2_P#_ 83_P#Q=8^J^);Z\\&-J5D6T^=-0%N=N),@ M2[">1WK5UKQ$^E7]O8V=HU_!C'+' [J?0@<&J'AG_ )"&N_\ 80_]I1U<\2?\BSJ7_7L_ M_H)H Y_2/#VIW^CVEW+XKU@/-$KL%:( $C/'R5=_X1+4/^ALUG_OJ+_XBM/P MU_R+&F_]>R?RK4S0!S'_ B6H?\ 0V:S_P!]1?\ Q%'_ B6H?\ 0V:S_P!] M1?\ Q%=/10!Q6I_#UM9M3::KXAU:Z@W!]CF+&0<@_<[&KB>$+Y4"KXJUA0!@ M -%@?^.5U-&: .8_X1*__P"ALUG_ +ZB_P#B*/\ A$K_ /Z&S6?^^HO_ (BN MGHH YC_A$K__ *&S6?\ OJ+_ .(JOI]OJ&E>,H;&;6[S4+>:U:0I*! M<264OFP,UDOR-Z]:ZR+Q3HSPPNVHPAI!TR>N.1[4-XGTM]+NKRUO(IUMEW.% M8X'I^= &,/#/BT#_ )')A_VYK_C2_P#",^+O^AS;_P U_QJ>W\8-#>00:_# M'8+=1>9 Y).[V[^HK13Q9H;I,4U")A"-SX!X&<9Z>M &/_PC/B[_ *')O_ - M?\:/^$8\7?\ 0YM_X!K_ (ULGQ;H2P^8VIP!,@$L2.3T_G6PCAU#(05/(([T M QQ/) ^UM MI!R,_A3K;_DI%Y_UY1_S-'C/_5:3_P!A*+^34 1+X(B*@G6]:Z?\_A_PKF]9 MAMM$U![6XN_$;A0C"47RA6#-MR,^AZUZ:OW!]*R-:\.66N2Q/>!MT<;Q@J<9 M#C!_+J* .4CLM*,DB7.OZQ;,OW!)?C]X#T(QV^M1V,&AW=@;B;Q-JUL5?8R2 M:ARIS@9X[UN77@6TFM[:&&\N($MXQ%QM8L 6G/. M>>* *D_A+PYXBW6$GB#4-0*_O/):\WX([XQVK,@ET_U5U\ 6[QM#>W]S=6S7#W'D,% M5=[G.7>6\7ZD N2?]/Z =>U(;3PZL22GQ?J81Y/+#&^X+9 QT MZ\C\ZN3?#JTFL?);4+E7V>6951,E-NW;C&.G>DL_"IU!-1^W1SV)D9(HL.K9 M$9&)0,8!; SQVH GM?"=E?0":S\0ZQ-$20&6])&0<'M67XFT27P];V5Y9:WJ MQW'>L'XB?\@:Q_[",' M_H8H ZM.F>F>U.H'044 %%%% !1110 4444 %(WW32TC?=- ',^!?^0+=_\ M7_/_ .A56\7^&)M4O(;NPACDF:-K:;>0,1L/O#W!P?PJSX%_Y EW_P!?\_\ MZ%3+O7-5MO$KV&+3R%MGN=Q5BP52 1QWYH Q9['Q18V,#VL3+8\=U#%& 0JPQ[3\YR3_P'%:=SX\M_+AEL MH)'0L&E5U )4H6&WGK5J/QOIYMA)+!=0YZJR D';N[>QH J>![^_OKB[DU"X MFDW8*1LJ[4Y[,/Y&KOB__7:-_P!?Z?R-3:;XFTZZU(6-M%.D[)O^17U'_KW;^5+X=_Y%O3_^O=/Y4GB;_D5]1_Z] MV_E6%=:W<:#X(TR[@2-ODC1S("< CKQ0!:\8:#/J\-K+91))<0/C#D#*-PWZ M5BQ:7XCTW2HFBB N(6, ,.UBT>#@\^^*V+;QG;C3;*XU2%[9KK.-HRH]#GWZ M^M,NO&41> 6:,H9P'\V,@E#G#+S@CB@#G[.#Q)92SRQ6]X);AB)/E3 .W[PY M]:T;"Y\4B^MOMB7.U617'EH58$G<2<_2M-?&NGH@$_G,_E>:"D> _P!.:M/+&0-Y]I=0-G@,@.[G&1@^U6;;QEIMS=001I<"2 MG8G'04 $W_)1K?\ Z\&_]"J/QA_Q^:'_ -?Z_P C4DW_ "4:W_Z\&_\ 0JC\ M8?\ 'YH?_7^O\C0!TYJ!K:!F+O"C-D$DJ">*GHH YN&]\.:MJ,T"6D*X].]3V<'A^\EG6"SM"T$ACDW0*.>O<<]:Q8O">II_:866V1KV0 MLLH=\H, 8VYQVZU0?X>7I9VA>PB,A.Y4C;"_=.1^*_K0!V@TS2DAEA6UM5CE M 61-BA6QT!%0+:Z,";*&TM65FPZI$I4%>S8Z'ZUR\_@74)M/\@RV1F,I+3[& MW..<$G/4$]J)? >IFZE>WO+:W\UY79XT8,Q8+U]?NX/L: .LN-*L+B,^0D%O M,4V1W$2)O3C'RG'N:=;Z)81V4%O);13B$?*TL2L>>IY'4UR47@:_ANEF1[-M MI#*OS8B;>&^7TX!'XFN^CR$ ?[V.: %50J@*, = *YGPU_R,GB;_ *_$_P#1 M:UT]))&CR4+*# MMR,&N;^(7_(/TC_L+0?R:NL!X% &7<^'M+N1$LME$5A4K&NP *#VK,OM"\,Z M3;FYO[>.*$$+O?)QEL_S-=16-XFL+K4]%DM;!8S*SH?WC$# 8$]CZ4 -MM"T M:PN$NX(HXI ?E;=C!8 ?R %3S:+IT\]W//;H[W<0BFWG(=1_":XVY\%ZO?!5 MN#;G%R)VW7#ON*R[QP1V7BIH_".LK>6;W-U]HC6Y:6[5KI\2KM8*0,#G)7CV MH Z>3P[I$VE_8'M8_LOF>9L!P-VDMO"GGP$A)@=S(W?G\N#7* MCPCKSB&)YPELH3S8TNWW.X4@OG;P<[3_ (5U/A[2FTF*]1PG[ZZDF5U/WPQS MD^] "P>';---%M=QI<$RF9Y"@4LYZMQTJ:'0=,M]1^WPV<,=S_ST50#T _D! M^5:8I: ,#PU_R$->_P"PA_[2CJWXD_Y%G4O^O9__ $$U4\-?\A#7O^PA_P"T MHZM^)/\ D6=2_P"O9_\ T$T 'AO_ )%C3?\ KV3^5#U&*ZGPW_P BOIO_ %[)_*F7.N00ZD]E'%-6;8.#AUX(.,?G0!EZ5 MXMDUC5%LC#%"DH<(Z3;G!"@],>]8SZUJNG75U;7%W]I;291,[AU!GB7-I<7$$MC S0KP1/CYLC@Y'H:Z/3- M?T_4;"">&58EF0O''*0K%1WQZ<57M_$&EW\LH3RV1'*/*[+MX&<]>10!8\/Z MQ_;>F&Y:-8V61HRJ/N'!QG-4;C_DHMG_ ->,G_H0K>M'MY( ]HT;1GHT9!!_ M*L*X_P"2BV?_ %XR?^A"@";QG_R*%_\ ]<_ZUKVO_'E#_N+_ "K(\9_\BA?_ M /7/^M3:G!>7/A>6+37,=T]N!&0<'./TH KZCX7TK6+Z2YFRTK*JL4;IM.1^ M-4M3\&V%]?23/J$UN[X)C5EP.,9Y&:P[JTU6W:UGT"PN]/,<0CN_+C7,K>N. M^/6H0?$+3/=2Z?>O<>6J>:\"'< ^>GTH W?^%>6Q;+ZE>-@[AG9P?RJU9>$K M'3K>XM[B\DGCNHA&R3%1Q[>_-.V:AM_" M$%O=QQS,#;1*^V5I,22L_4,, 8'4?6HV\*+:^(9(K*PA&E7RB2X 4 (ZG@8[ MYJ>\TYV\732ZA8O>V#VZ1VH50RPL/O<=B>.: &6_P_L+>:.5+NX=XV!4N%8; M1@;<$8QQ76QX" 8 X'%1L*G//&6HE6.2,9(VRK@]: ,2V_P"2CWG_ %Y1_P S1XS_ -5I/_82B_DU%M_R4>\_ MZ\H_YFCQG_J=)_["47\FH Z1?N#Z4M5KF9X+;S(H6G8#B-,9/YUDZ?XKM+J% M9+N)M.5WV1_:'7]X0<8KS;2?%]]8Z;':Q?Z40I8S7 M!=G+$MC'KC KL+WQ?I%G1)K*&7RUX6+?N8[- MPP/TKH1XITUKSRA/&8##YWVG>-AYQCZT^;Q3HD"H9M4MD$@W(?,'S#U_3]* M,KP]K^J:GK7E7\4,,#6WF)Y08AOF(R&/MCBNL%9-QXDTB'29]0:\B>UAC$CN MAR-IZ'\:;%X@A$/G:A!)I\.T,LER5"OGT(/7OB@#:KDOB)_R!K'_ +"$'_H8 MKJ+::.XMTFAD62-QE74Y##U%U4Q1,\4D8 99C@K@=,?05':>&O#=TGDVS32 N9 WG. M<,K"9-V>G7!- '11^'- T2:"Z.V!H/\ 5-)*>O..IYZFK<>DZ9+_]=HO_ M %_I_(U%X5TK4M*N[I[V'(NG#,QFWE3CD].YJ7Q?_KM%_P"O]/Y&@#2\3?\ M(KZC_P!>[?RK/M=*L]4\)Z8-1!,4,22CYRH! [UH>)O^17U'_KW;^51Z.&/A M"T"+O8VH 7.,\=* ,L>'?"T8CO"T?E3/^[W7&49B>BC./RJQ<>%]"@L\W$;1 MPQMOW>:WR]>_ISTKFSX2UM(;:**. V]O9\T))^;)[^U3'PYXCFM)8K MJ>29)6821F? )QPRD+P/:@#7B\'^';F B".1EV@9$K"J5[X1TBTU:UF%^;7R MSN5'G;<3D'(.>E0+I/BDR0+OVI#,&'^D?PX P1CD=:V6TN]M_$T^H)%'=0W4 M(BP6P8L?S% &C/H]E>7D=Z0XF50-\HZ!L=167?\ AGPY;9FOE6#SI!\S M3%06W9'Z]J9I^GZ]::N]Q.XDA4D;%EPKI_" ,<$5+XAM]1UC18!;V.V:.[20 MQO(!\JGJ#B@":3PAH4C M!R 6P)",>].T_0='S:7>GJS"W7;%(LAY'OZ_C61 MJ6D:U?ZP-1A@\D-$L3PBXPQ4')&<=3Z^U;GAJRNM-TR.TN8@H09#"3=U[=* M*LW_ "4:W_Z\&_\ 0J9XP_X^]#_Z_E_D:DF_Y*-;_P#7@W_H51^,/^/S0_\ MK_7^1H O>*+ZZT[0I9[%;:P( /.?K56\\<7= MQ8W,(A2!GB;9)&Q!'R;@1^/&:]!,,?\ SS7\JSM4U6VTI[59K>20W4HA3RU! MP>>O/3B@#CE\9W5M;1/=QI(8B1'B4KN C# MZYJ:?X@W2/'%#:6AG:7R\FX^ M3L>O8X/?TKJ[K6-*MY)X;B>%);>,221N0"JGIUJI:V>F^);6UU94D"RQ_( V M,J?7'!H H7E]=77B9K&ZNFTZUCM4FAE0X\Z0DY&>^ !Q[T^U\52+KATZ>(&& M,LCW).&!7')'HV>*ZA84"J HPOW>.E.V+NSM&?7% $4%S#1N Y"\_> MQBH?^$RN;/6;G[7%$\!$8"K<*?+)!/'][.!78?V=:?.?LZ?O$$;\=5':H9-# MTV7'FV4+D 97L* .93Q^DJG;9+YRIYI3SQ@IL#8!QRW/2H+?QN]M_: EB-T M8IY9 -^UA&NSY5'\3_-]VMS4WT30S:)59MH!Z ;OI5 MW5-?OXWT6)(A9IJ4A$L[?,(%VD@9( R<#K2Z5X=TRYLQ>V$]TB71\PL'PSJ3 MG:WJ#FNFFMXKF$QSQK(AZ@CB@#EY?%1TN_\ [/F/V^2,QM),I"DI(Y5=JC[V M.]=/#N-2L+E8_M2JLT;IG.. 0 M>U6/#7_(L:;_ ->R?RK4H XJX\!RRW<\R:D%$N_ \D<;CDT2^!'>(+'J"J,L M#^Y'0L&]?45L>*Y+^/20=-$N3,@F:)?F(]\5E7FI7>E"%=#CGNH9@2K3 M(SC(_A'&1G/4\<4 %KX%6"]L[B6YCF^SJRLC0##9;<"/0BK>J>%'U;4ENIKT M((WRBHG)&""K'N#D<>U:D>J07*_9W+)<-"7:/8P(XYQQ7*6.J7EKX.*V$ERV MH"9BPEA=V"[\=QZ8H EMOAX(UQ/?K(?)\O<(AE3S@J>W7FGR>!+E^?[2C1FW M%MMN "64#U]J;HVH7]QXK^TWZR1Q- \?EB!P%8. ,G'<<_C7;J/E'?ZT 9?A M[2#HFDK9&;S@K%@VW'4YZ50N/^2BV?\ UY2?^A"NDKG+C_DHMG_UXR?^A"@" M;QG_ ,BA?_\ 7/\ K6O:?\>4/^X/Y5D>-/\ D4+_ /ZY_P!:TX)HX[6!9'52 MR+M!/7B@"SBD8=:HW&M:;:S&*XO[:*0 $H\H! ^E3QW=O.9/*G1_*^^%;.WC M/- &%8>)9I?[9EO+9%BTV38OE$EG&/?O21^+XKO4K&ULX)"+@$R%UQY?&0,^ MM/M/#FCW0NKBUFEEAO'+3!9R4=JEB\(:3#,LL4E4TNM/\ /^R+<0-/WCW@L?PJ\* %I,8Z M4C'G\*JRZG913&&2[A64?\LS( WY4 8UM_R4B]_Z\H_YFCQG_J=)_P"PE%_) MJ;:$-\1KPJ%IM.UU+B&>V\A4X6=T E8DDY!'!.X@8 MJKK$OB*^L+FSGANGC>9G5OLX)(##:O'3CO723Z5=:HQE41JD@0,MQ&<_*>0! MVSZT -LO"=K-X3GTF]'[J\W,Z))N"9/"JWH.@J:X\,RW=O:)/J4C26;[H9/+ M7IMVX(QSP:UM+MWM;%8I 020H_A!.<5=H QM+TB;2(K:UMKHFR@78(F0$XV MX W=>N3^-9/Q"&-%L/\ L(0?^ABNOKDOB)_R!K'_ +"$'_H8H ZT=!10.E% M!1110 4444 %%%% !2-]TTM(QP* .:\"?\@6[_Z_Y_\ T*NFQ7'67ASQ+I?V MF+2]:LTMI9WF1);7,_^ M@[I__@&?\: .HHQ7+_V=XS_Z#NG_ /@&?\:/[.\9_P#0=T__ , S_C0!U%)O^17U'_KW;^5+X=_Y%O3_^O=?Y5/JEF=0TJYM-^PS1E V,XS7. M6FB^+K*SBMH=,_\ H.Z?_P" 9_QH_L[Q MG_T'=/\ _ ,_XT =1BBN7_L[QG_T'=/_ / ,_P"-']G>,_\ H.Z?_P" 9_QH M ZBBN7_L[QG_ -!W3_\ P#/^-']G>,_^@[I__@&?\: .HHKE_P"SO&?_ $'= M/_\ ,_XT'3O&>/^0[I__@&?\: )9O\ DHUO_P!>#?\ H51^,/\ C\T/_K^7 M^1I=+T/5X_$']IZSJ,%R5@,*)#!LQSG).:L>)M(O=5BLWTR:&*>TG$J^>I96 M]B 0: -ZBNFB_]^Y?_BJ-OC/_ )ZZ+_W[E_\ BJ .C-8VO://JILF MMKE8&M9Q,-R;@Q (Q^M5=OC/_GKHO_?N7_XJC;XS_P">FB_]^I?_ (J@"I=^ M#IK[4&OKB_!G<(&'DC:=N1@CN,-6SH6E2:/ID-DUP)HH4")\@7&/I5';XS_Y MZ:+_ -^Y?_BJ-OC/_GIHO_?N7_XJ@#HZ*YS;XS_YZZ+_ -^Y?_BJ-OC/_GKH MO_?N7_XJ@#HZYCPU_P C)XF_Z_$_]%K4FWQG_P ]=%_[]R__ !5/\.:/J&GW M.I76JS6\D]].)2+=2%7"@8Y/M0!2^(7_ "#](_["T'\FKK1TKG?&.CWNL:7; M)I9A\^VNTN )B0K;0>,CZU#]K\;?] S2?_ A_P#"@#J**Y?[7XV_Z!FD_P#@ M0_\ A1]K\;?] S2?_ A_\* +'B;0[K6'TYK2>*$V=TMP?-4D-CMP:H7OA2\O M-4>_EO(%DD$?FQK&=LFPM\IYY&&_,"I_M7C;_H&:3_X$/_A1]J\:_P#0+TC_ M ,"'_P * -/1-/FTK3(;*:6.1(8U1"BD=!]:U!TYKF/M7C;_ *!FD_\ @0_^ M%'VOQM_T#-)_\"'_ ,* .HHKE_M?C;_H&:3_ .!#_P"%'VOQM_T#-)_\"'_P MH L^&O\ D(:]_P!A#_VDE6_$G_(LZE_U[2?^@FJOAFQU*T6_FUA;>.XN[HS; M+=BRJ-BKU/\ NFKVLV\EWH=];PC=)) ZJ/4D'% $?AK_ )%C3?\ KW3^5:E< M-I?B/7-.TFULW\(WSM!$J%ED&#@8]*M_\)?K7_0GW_\ W\'^% '7$9IHC4# M50!TXKD_^$OUK_H3[_\ [^#_ H_X2_6O^A/O_\ OX/\* .K\F/S-^Q=V,9Q MS0(D&<(HSUXZURG_ E^M?\ 0GW_ /W\'^%'_"7ZU_T)]_\ ]_!_A0!UFQ>N MT9^E.KD?^$OUK_H3[_\ [^#_ H_X2_6O^A/O_\ OX/\* .NKG+C_DHMG_UX MR?\ H0JI_P )?K7_ $)]_P#]_!_A3-+N-4U;QC'?WFC3Z=!#:M'F9@=S%@>. M/:@#4\:?\BA?_P#7/^HJFVFRW>MQ&])>RDM56-58C:PQZ5>\6P3W'A._CMHI M)Y3'E8XQEFP1P*R(/'$L=O&C>$_$.54 _P"A?_7H 9KW@?[7+"=+*1Y4I*9# MN)'4'\#4$^B>(X8(3;,IFD3%SYK&?WDA!<\8 R.M5/^$[D_P"A3\0_^ ?_ M ->C_A.Y,X_X1/Q#R?\ GS_^O0!5\*07-OXI>*]),RV"9)/^T:U/&?\ J=)_ M["47\FJEX>N[K5?&%[J,NDW^GP?9TC4WD/EEB">E:7BW3[[4+*T.F1)-/;72 M3A))-@8 $8S@^M %N_U@65S#;)"\TSQ&3:G]TSCM_P#A&$ACCW$"+5-OWCD@G9TXJ ^&=3;*G0I"I)^7^UL# MGD_P4 =C:>*](O[R*UMKDO+*H9!L(!R,^GI65?>,+FPFOGFTY6M+*X2&61)? MF ;!W;<<@ ]*RK+1-7TZ\BNK;06W1$$*VJ C@8Z;.>*6XT75[N>XDN= ,JW$ MRS20MJGR,P QQLZ<=* .E3QAH[7 @^TGS&;:H\L\]>GY$4P^-M&$;R>=(54C M.(FX!7<#],=ZYQ="U--C1>&U1HF#1D:IR@!)VCY.!STHMM*U^&YF:7PW;-"; M46D0743N\O&#N.SD\]: .G_X2"6[N&71[07D4;^7,YDV>6V1D8(YX.:P?%NI M)JOARTF12ICU:*%U/9EDP?PS4^EKK^CQ3I:>'HY#-)YKM+J88LV .NSV%9T^ MB>(KVP@L?['M[=/[0%Y-,;W=SO#-@;: /1AT%%-7IS3J "BBB@ HHHH **** M "BBB@ HHHH **** "BBB@ HHHH *,444 %%%% !1110 4444 %%%% !1110 M 8HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"C%%% !1110 4444 %%%% !1110 48HHH **** "BBB@ HHHH **** "BBB@ E HQ110 4444 &*,444 %%%% !1BBB@ HHHH **** "BBB@#_V0$! end XML 21 d40930d20f_htm.xml IDEA: XBRL DOCUMENT 0001762417 2019-12-31 0001762417 2020-12-31 0001762417 2020-01-01 2020-12-31 0001762417 2018-01-01 2018-12-31 0001762417 2019-01-01 2019-12-31 0001762417 2018-12-31 0001762417 2018-01-05 0001762417 2019-12-20 2019-12-20 0001762417 2017-01-01 2017-12-31 0001762417 2018-05-31 0001762417 2020-01-01 2020-01-01 0001762417 2019-09-30 0001762417 2020-01-01 2020-06-30 0001762417 2017-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2019-12-31 0001762417 srt:ParentCompanyMember 2019-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2019-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2019-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-12-31 0001762417 doyu:CompanyAMember 2019-12-31 0001762417 doyu:CompanyBMember 2019-12-31 0001762417 doyu:CompanyCMember 2019-12-31 0001762417 doyu:ComputerAndTransmissionEquipmentMember 2019-12-31 0001762417 us-gaap:LeaseholdImprovementsMember 2019-12-31 0001762417 us-gaap:FurnitureAndFixturesMember 2019-12-31 0001762417 us-gaap:VehiclesMember 2019-12-31 0001762417 us-gaap:TradeNamesMember 2019-12-31 0001762417 us-gaap:ContractualRightsMember 2019-12-31 0001762417 us-gaap:LicensingAgreementsMember 2019-12-31 0001762417 doyu:PlatformMember 2019-12-31 0001762417 us-gaap:ComputerSoftwareIntangibleAssetMember 2019-12-31 0001762417 us-gaap:OtherIntangibleAssetsMember 2019-12-31 0001762417 doyu:HangzhouAijidiCultureCreationCoLtdMember 2019-12-31 0001762417 doyu:ChongqingYuwanNetworkMediaCoLtdMember 2019-12-31 0001762417 doyu:HunanYuyouStarfireCultureMediaCoLtdMember 2019-12-31 0001762417 doyu:OthersMember 2019-12-31 0001762417 doyu:TwentyNinteenShareRepurchaseProgramMember 2019-12-31 0001762417 doyu:ContentProducersMember 2019-12-31 0001762417 doyu:TechnologyAndSoftwareMember 2019-12-31 0001762417 doyu:OtherMember 2019-12-31 0001762417 us-gaap:RestrictedStockMember 2019-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2020-12-31 0001762417 srt:ParentCompanyMember 2020-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2020-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2020-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-12-31 0001762417 doyu:CompanyAMember 2020-12-31 0001762417 doyu:CompanyBMember 2020-12-31 0001762417 doyu:CompanyCMember 2020-12-31 0001762417 doyu:ComputerAndTransmissionEquipmentMember 2020-12-31 0001762417 us-gaap:LeaseholdImprovementsMember 2020-12-31 0001762417 us-gaap:FurnitureAndFixturesMember 2020-12-31 0001762417 us-gaap:VehiclesMember 2020-12-31 0001762417 us-gaap:TradeNamesMember 2020-12-31 0001762417 us-gaap:ContractualRightsMember 2020-12-31 0001762417 us-gaap:LicensingAgreementsMember 2020-12-31 0001762417 doyu:PlatformMember 2020-12-31 0001762417 us-gaap:ComputerSoftwareIntangibleAssetMember 2020-12-31 0001762417 us-gaap:OtherIntangibleAssetsMember 2020-12-31 0001762417 us-gaap:StateAdministrationOfTaxationChinaMember 2020-12-31 0001762417 srt:MinimumMember 2020-12-31 0001762417 srt:MaximumMember 2020-12-31 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2020-12-31 0001762417 doyu:OtherInvestmentsOfOwnershipMember 2020-12-31 0001762417 doyu:HangzhouAijidiCultureCreationCoLtdMember 2020-12-31 0001762417 doyu:ChongqingYuwanNetworkMediaCoLtdMember 2020-12-31 0001762417 doyu:WuhanDouyuEntertainmentEquityInvestmentLlpMember 2020-12-31 0001762417 doyu:ContentProducersMember 2020-12-31 0001762417 doyu:TechnologyAndSoftwareMember 2020-12-31 0001762417 doyu:OtherMember 2020-12-31 0001762417 country:CN 2020-12-31 0001762417 doyu:TwentyNinteenShareRepurchaseProgramMember 2020-12-31 0001762417 doyu:GogoGlocalHoldingLimitedMember us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember us-gaap:ParentMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:ParentMember 2018-01-01 2018-12-31 0001762417 country:CN us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-12-31 0001762417 doyu:LiveStreamingRevenueMember 2018-01-01 2018-12-31 0001762417 us-gaap:AdvertisingMember 2018-01-01 2018-12-31 0001762417 us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-12-31 0001762417 us-gaap:RedeemableConvertiblePreferredStockMember 2018-01-01 2018-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-12-31 0001762417 srt:ParentCompanyMember 2018-01-01 2018-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-01-01 2018-12-31 0001762417 doyu:RevenueSharingFeesAndContentCostsMember 2018-01-01 2018-12-31 0001762417 doyu:BandwidthCostsMember 2018-01-01 2018-12-31 0001762417 doyu:OtherCostsMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2018-01-01 2018-12-31 0001762417 doyu:LiveStreamingRevenueMember doyu:EquityMethodInvesteesTalentAgenciesMember 2018-01-01 2018-12-31 0001762417 doyu:LiveStreamingRevenueMember doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 us-gaap:AdvertisingMember doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 doyu:OthersMember doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 doyu:OthersMember 2018-01-01 2018-12-31 0001762417 doyu:BandwidthFeesMember doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2018-01-01 2018-12-31 0001762417 doyu:PaymentHandlingFeesMember doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2018-01-01 2018-12-31 0001762417 doyu:OtherInvestmentsOfOwnershipMember 2018-01-01 2018-12-31 0001762417 doyu:HunanYuyouStarfireCultureMediaCoLtdMember 2018-01-01 2018-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001762417 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember us-gaap:ParentMember 2018-01-01 2018-12-31 0001762417 country:CN 2018-01-01 2018-12-31 0001762417 doyu:ForeignMember 2018-01-01 2018-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2019-01-01 2019-12-31 0001762417 us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001762417 doyu:GogoGlocalHoldingLimitedMember us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001762417 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001762417 us-gaap:ParentMember 2019-01-01 2019-12-31 0001762417 country:CN us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001762417 country:CN us-gaap:AssetsTotalMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001762417 doyu:LiveStreamingRevenueMember 2019-01-01 2019-12-31 0001762417 us-gaap:AdvertisingMember 2019-01-01 2019-12-31 0001762417 us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-12-31 0001762417 srt:ParentCompanyMember 2019-01-01 2019-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-12-31 0001762417 doyu:CompanyAMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001762417 doyu:CompanyBMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001762417 doyu:CompanyCMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember us-gaap:TradeNamesMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember us-gaap:ContractualRightsMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember doyu:PlatformMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember us-gaap:ComputerSoftwareIntangibleAssetMember 2019-01-01 2019-12-31 0001762417 srt:WeightedAverageMember us-gaap:OtherIntangibleAssetsMember 2019-01-01 2019-12-31 0001762417 us-gaap:ContractualRightsMember 2019-01-01 2019-12-31 0001762417 doyu:RevenueSharingFeesAndContentCostsMember 2019-01-01 2019-12-31 0001762417 doyu:BandwidthCostsMember 2019-01-01 2019-12-31 0001762417 doyu:OtherCostsMember 2019-01-01 2019-12-31 0001762417 us-gaap:StateAdministrationOfTaxationChinaMember 2019-01-01 2019-12-31 0001762417 doyu:LiveStreamingRevenueMember doyu:EquityMethodInvesteesTalentAgenciesMember 2019-01-01 2019-12-31 0001762417 us-gaap:AdvertisingMember doyu:TencentHoldingsLimitedMember 2019-01-01 2019-12-31 0001762417 doyu:OthersMember doyu:TencentHoldingsLimitedMember 2019-01-01 2019-12-31 0001762417 doyu:OthersMember 2019-01-01 2019-12-31 0001762417 doyu:BandwidthFeesMember doyu:TencentHoldingsLimitedMember 2019-01-01 2019-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2019-01-01 2019-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2019-01-01 2019-12-31 0001762417 doyu:PaymentHandlingFeesMember doyu:TencentHoldingsLimitedMember 2019-01-01 2019-12-31 0001762417 doyu:AdsMember 2019-01-01 2019-12-31 0001762417 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001762417 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember 2019-01-01 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2019-01-01 2019-12-31 0001762417 us-gaap:TreasuryStockMember 2019-01-01 2019-12-31 0001762417 country:CN 2019-01-01 2019-12-31 0001762417 doyu:ForeignMember 2019-01-01 2019-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-12-31 0001762417 doyu:OtherInvestmentsOfOwnershipMember 2019-01-01 2019-12-31 0001762417 us-gaap:RestrictedStockMember 2020-01-01 2020-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2020-01-01 2020-12-31 0001762417 doyu:GogoGlocalHoldingLimitedMember us-gaap:RestrictedStockMember 2020-01-01 2020-12-31 0001762417 country:CN us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2020-01-01 2020-12-31 0001762417 country:CN us-gaap:AssetsTotalMember us-gaap:CustomerConcentrationRiskMember 2020-01-01 2020-12-31 0001762417 doyu:LiveStreamingRevenueMember 2020-01-01 2020-12-31 0001762417 us-gaap:AdvertisingMember 2020-01-01 2020-12-31 0001762417 us-gaap:ProductAndServiceOtherMember 2020-01-01 2020-12-31 0001762417 srt:ParentCompanyMember 2020-01-01 2020-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2020-01-01 2020-12-31 0001762417 dei:BusinessContactMember 2020-01-01 2020-12-31 0001762417 dei:AdrMember 2020-01-01 2020-12-31 0001762417 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanDouyuEducationConsultingcoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanYuwanCultureMediacoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanYuxingTianxiaCultureMediacoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanYuyinRaoliangCulturecoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanYuLeyouInternetTechnologycoltdMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanDouyuYuleInternetTechnologycoltdMember 2020-01-01 2020-12-31 0001762417 doyu:DouyuNetworkIncMember 2020-01-01 2020-12-31 0001762417 doyu:DouyuHongkongLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:GogoGlocallHoldingLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanOuyueOnlineTvcoMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanDouyuNetworkTechnologycoltdMember 2020-01-01 2020-12-31 0001762417 us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-12-31 0001762417 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-12-31 0001762417 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-01-01 2020-12-31 0001762417 doyu:ComputerAndTransmissionEquipmentMember 2020-01-01 2020-12-31 0001762417 us-gaap:FurnitureAndFixturesMember 2020-01-01 2020-12-31 0001762417 us-gaap:VehiclesMember 2020-01-01 2020-12-31 0001762417 us-gaap:TradeNamesMember 2020-01-01 2020-12-31 0001762417 doyu:PlatformMember 2020-01-01 2020-12-31 0001762417 srt:MinimumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2020-01-01 2020-12-31 0001762417 srt:MinimumMember us-gaap:OtherIntangibleAssetsMember 2020-01-01 2020-12-31 0001762417 srt:MaximumMember us-gaap:OtherIntangibleAssetsMember 2020-01-01 2020-12-31 0001762417 srt:MaximumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2020-01-01 2020-12-31 0001762417 us-gaap:ContractualRightsMember 2020-01-01 2020-12-31 0001762417 us-gaap:TransmissionServiceAgreementMember 2020-01-01 2020-12-31 0001762417 doyu:CompanyAMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2020-01-01 2020-12-31 0001762417 doyu:CompanyBMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2020-01-01 2020-12-31 0001762417 doyu:CompanyCMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember us-gaap:TradeNamesMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember us-gaap:ContractualRightsMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember doyu:PlatformMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember us-gaap:ComputerSoftwareIntangibleAssetMember 2020-01-01 2020-12-31 0001762417 srt:WeightedAverageMember us-gaap:OtherIntangibleAssetsMember 2020-01-01 2020-12-31 0001762417 doyu:RevenueSharingFeesAndContentCostsMember 2020-01-01 2020-12-31 0001762417 doyu:BandwidthCostsMember 2020-01-01 2020-12-31 0001762417 doyu:OtherCostsMember 2020-01-01 2020-12-31 0001762417 us-gaap:InlandRevenueHongKongMember 2020-01-01 2020-12-31 0001762417 us-gaap:StateAdministrationOfTaxationChinaMember 2020-01-01 2020-12-31 0001762417 doyu:LiveStreamingRevenueMember doyu:EquityMethodInvesteesTalentAgenciesMember 2020-01-01 2020-12-31 0001762417 us-gaap:AdvertisingMember doyu:TencentHoldingsLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:OthersMember doyu:TencentHoldingsLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:OthersMember doyu:EquityMethodInvesteesTalentAgenciesMember 2020-01-01 2020-12-31 0001762417 doyu:OthersMember 2020-01-01 2020-12-31 0001762417 doyu:BandwidthFeesMember doyu:TencentHoldingsLimitedMember 2020-01-01 2020-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2020-01-01 2020-12-31 0001762417 doyu:PaymentHandlingFeesMember doyu:TencentHoldingsLimitedMember 2020-01-01 2020-12-31 0001762417 us-gaap:LeaseholdImprovementsMember 2020-01-01 2020-12-31 0001762417 doyu:AdsMember 2020-01-01 2020-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001762417 us-gaap:ParentMember 2020-01-01 2020-12-31 0001762417 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001762417 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-12-31 0001762417 us-gaap:TreasuryStockMember 2020-01-01 2020-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-12-31 0001762417 us-gaap:IPOMember 2020-01-01 2020-12-31 0001762417 country:CN 2020-01-01 2020-12-31 0001762417 doyu:ForeignMember 2020-01-01 2020-12-31 0001762417 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001762417 us-gaap:AccountsReceivableMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanDouyuYuleInternetTechnologycoltdMember us-gaap:StateAdministrationOfTaxationChinaMember doyu:IncomeTaxHolidayPeriodWithFiftyPercentExemptionMember 2020-01-01 2020-12-31 0001762417 doyu:WuhanDouyuYuleInternetTechnologycoltdMember us-gaap:StateAdministrationOfTaxationChinaMember doyu:IncomeTaxHolidayPeriodWithHunderdPercentExemptionMember 2020-01-01 2020-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0001762417 doyu:OtherInvestmentsOfOwnershipMember 2020-01-01 2020-12-31 0001762417 doyu:GogoGlocalHoldingLimitedMember us-gaap:RestrictedStockMember 2018-12-31 0001762417 doyu:TencentHoldingsLimitedMember 2018-12-31 0001762417 doyu:EquityMethodInvesteesTalentAgenciesMember 2018-12-31 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2018-12-31 0001762417 doyu:ShaojieChenMember 2018-12-31 0001762417 doyu:HunanYuyouStarfireCultureMediaCoLtdMember 2018-12-31 0001762417 doyu:AmericanDepositarySharesMember us-gaap:IPOMember 2019-07-17 2019-07-17 0001762417 us-gaap:IPOMember 2019-07-17 2019-07-17 0001762417 us-gaap:CommonStockMember 2018-01-05 2018-01-05 0001762417 doyu:AngelPreferredStockMember 2018-01-05 2018-01-05 0001762417 doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2018-01-05 0001762417 doyu:TwoThousandEighteenRestructuringMember 2018-01-05 0001762417 us-gaap:CommonStockMember 2018-05-01 2018-05-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2018-05-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2018-04-01 0001762417 us-gaap:IPOMember 2019-07-01 0001762417 us-gaap:CommonStockMember 2019-12-20 2019-12-20 0001762417 doyu:TwentyNinteenShareRepurchaseProgramMember 2019-12-20 2019-12-20 0001762417 doyu:GogoGlocalHoldingLimitedMember us-gaap:RestrictedStockMember 2018-10-31 2018-10-31 0001762417 doyu:GogoGlocalHoldingLimitedMember us-gaap:RestrictedStockMember 2018-10-31 0001762417 doyu:FounderOneMember us-gaap:RestrictedStockMember doyu:NonoliveMember 2019-09-01 2019-09-30 0001762417 us-gaap:RestrictedStockMember doyu:NonoliveMember 2019-09-01 2019-09-30 0001762417 doyu:NonoliveMember doyu:FounderOneMember us-gaap:RestrictedStockMember 2019-09-01 2019-09-30 0001762417 doyu:NonoliveMember 2019-09-01 2019-09-30 0001762417 doyu:NonoliveMember 2019-09-30 0001762417 doyu:NonoliveMember doyu:FounderOneMember us-gaap:RestrictedStockMember 2019-09-30 0001762417 us-gaap:RestrictedStockUnitsRSUMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2018-04-01 2018-04-01 0001762417 us-gaap:RestrictedStockMember doyu:TwoThousandAndEighteenRestrictedShareUnitSchemeMember 2018-04-01 2018-04-01 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2019-03-01 2019-03-31 0001762417 doyu:GogoGlocalHoldingLimitedMember 2020-02-01 2020-02-29 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2020-02-01 2020-02-29 0001762417 doyu:HunanYuyouStarfireCultureMediaCoLtdMember 2020-11-30 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2016-12-31 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2016-12-31 2016-12-31 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2020-05-31 0001762417 doyu:ShuangsiCultureBroadcastingCompanyLimitedMember us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleExchangeMember 2020-05-31 0001762417 doyu:WuhanShayuNetworkTechnologyCoLtdMember 2020-05-01 2020-05-31 0001762417 doyu:ShuangsiCultureBroadcastingCompanyLimitedMember 2020-05-01 2020-05-31 0001762417 us-gaap:NewAccountingPronouncementEarlyAdoptionEffectMember 2020-01-01 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember doyu:RedeemableConvertibleSeriesAPreferredStockMember 2015-01-31 2015-01-31 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember doyu:RedeemableConvertibleSeriesAPreferredStockMember 2015-01-31 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember 2015-04-01 2015-04-30 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2016-04-01 2016-04-30 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2016-04-01 2016-04-30 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2016-04-01 2016-04-30 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesBTwoAndThreePreferredStockMember 2016-04-01 2016-04-30 0001762417 doyu:RedeemableConvertibleSeriesBTwoAndThreePreferredStockMember 2016-04-01 2016-04-30 0001762417 doyu:BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2016-04-30 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2016-04-30 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2016-04-30 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2016-08-01 2016-08-31 0001762417 doyu:ShanghaiQinchengInvestmentCenterLlpMember doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2016-08-01 2016-08-31 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2016-08-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2018-01-01 2018-01-31 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2018-01-01 2018-01-31 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesDPreferredStockMember 2017-10-14 2017-11-14 0001762417 doyu:WuhanDouyuInternetTechnologyCoLtdMember doyu:RedeemableConvertibleSeriesDPreferredStockMember 2017-11-14 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2018-05-29 2018-05-29 0001762417 doyu:DouyuLlpMember 2020-09-01 2020-09-30 0001762417 doyu:DouyuLlpMember 2020-09-30 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2018-05-29 0001762417 doyu:ChengduShuangsiMember 2020-03-01 2020-03-31 0001762417 doyu:DouyuJapanMember 2020-11-01 2020-11-30 0001762417 srt:MinimumMember doyu:DouyuJapanMember 2020-11-01 2020-11-30 0001762417 srt:MaximumMember doyu:DouyuJapanMember 2020-11-01 2020-11-30 0001762417 doyu:DouyuJapanMember 2020-06-01 2020-06-30 0001762417 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001762417 us-gaap:RetainedEarningsMember 2017-12-31 0001762417 us-gaap:ParentMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember 2017-12-31 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2018-12-31 0001762417 srt:ParentCompanyMember 2017-12-31 0001762417 srt:ParentCompanyMember 2018-12-31 0001762417 us-gaap:CommonStockMember 2018-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001762417 us-gaap:RetainedEarningsMember 2018-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001762417 us-gaap:ParentMember 2018-12-31 0001762417 doyu:RedeemableConvertibleSeriesAPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBOnePreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBTwoPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBThreePreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesBFourPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesCOnePreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesCTwoPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesDPreferredStockMember 2019-12-31 0001762417 doyu:RedeemableConvertibleSeriesEPreferredStockMember 2019-12-31 0001762417 us-gaap:CommonStockMember 2019-12-31 0001762417 us-gaap:TreasuryStockMember 2019-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001762417 us-gaap:RetainedEarningsMember 2019-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001762417 us-gaap:ParentMember 2019-12-31 0001762417 us-gaap:NoncontrollingInterestMember 2019-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2019-12-31 0001762417 us-gaap:RestrictedStockUnitsRSUMember 2020-12-31 0001762417 us-gaap:RestrictedStockMember 2020-12-31 0001762417 us-gaap:CommonStockMember 2020-12-31 0001762417 us-gaap:TreasuryStockMember 2020-12-31 0001762417 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001762417 us-gaap:RetainedEarningsMember 2020-12-31 0001762417 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001762417 us-gaap:ParentMember 2020-12-31 0001762417 us-gaap:NoncontrollingInterestMember 2020-12-31 iso4217:CNY iso4217:USD shares pure utr:Month utr:Year iso4217:JPY iso4217:USD shares iso4217:CNY shares false FY 0001762417 true true 100318025 P3Y P2Y 81851982 20-F false true 2020-12-31 --12-31 2020 false false 001-38967 DouYu International Holdings Limited E9 20/F, Building A, New Development International Center 20/F, Building A, New Development International Center No. 473 Guanshan Avenue No. 473 Guanshan Avenue Hongshan District Hongshan District Wuhan Wuhan 430073 CN CN Shaojie Chen +86 27 8775 0710 430073 American depositary shares DOYU NASDAQ Ordinary shares NASDAQ 32267847 No No Yes Yes Large Accelerated Filer false U.S. GAAP false 8091990270 5279902398 809180444 42902719 11875079 1819935 2230229000 341797548 15834902 12573550 188099873 199744129 30612127 50304112 66257313 10154377 24043850 9045078 1386219 204309593 236704095 36276490 8601650417 8033757092 1231227140 38909465 37791688 5791830 198056841 141671881 21712166 100000000 15325670 225533885 500658570 76729283 30972888 12932564 1982002 62141054 9523533 8546843 19004481 2912564 9103670339 8907957330 1365204188 890038953 986073111 151122316 17134532 10910989 1672182 195982486 242013205 37090146 392347124 384040820 58856831 298733022 223524929 34256694 36280773 5560272 1794236117 1882843827 288558441 16951948 2598000 46070348 30778568 4717022 1840306465 1930574343 295873463 0.0001 0.0001 500000000 500000000 34568689 32751819 34568689 33445346 22144 22630 3468 291207 1177499 168567125 695097853 106528407 10324277855 10486398881 1607110940 -3348717860 -2863219263 -438807550 434893990 10911853 1672314 7241909004 6939016248 1063450765 21454870 38366739 5879960 7263363874 6977382987 1069330725 9103670339 8907957330 1365204188 75946677 108214768 32910229 3654383126 7283230253 9601873937 1471551561 3503356228 6087073336 8041528585 1232418174 151026898 1196156917 1560345352 239133387 538898272 598695105 580373601 88946146 196824280 446142859 375935570 57614647 329334413 383886857 416272985 63796626 54910077 100898056 74298644 11386765 1010146888 1327826765 1298283512 198970654 -859119990 -131669848 262061840 40162733 -20176164 -22882425 -27393678 -4198265 -75613235 32045080 85840246 159096901 145235383 22258296 23525694 3605470 -869069143 36589708 403429239 61828234 0 0 -7210685 -3241580 1306287 200197 -876279828 33348128 404735526 62028431 -6405104 -80763071 -12377482 6661667 -882941495 39753232 485498597 74405913 -108.80 1.32 15.19 2.33 -108.80 1.26 14.71 2.25 0.13 1.52 0.23 0.13 1.47 0.23 8115160 19254661 31963526 31963526 8115160 31442931 33012682 33012682 192546612 319635264 319635264 314429306 330126823 330126823 -876279828 33348128 404735526 62028431 325593213 109461578 -425737643 -65247148 -550686615 142809706 -21002117 -3218717 -6244303 -82518577 -12646525 -550686615 149054009 61516460 9427808 42500365 -2512191264 -2469690899 -2469690899 6661667 6661667 6661667 8188790 5207 5207 5207 -125000 -59 -22254341 -22254400 -22254400 -876279828 -876279828 -876279828 35404887 35404887 35404887 325593213 325593213 325593213 8063790 5148 48989244 -3388471092 325593213 -3013883487 -3013883487 49479335 4492473 3092 3373014806 3373017898 3373017898 19906105 13701 6644808938 6644822639 6644822639 5980924 5980924 7921555 7921555 -291207 168567125 168567125 168567125 -22209344 -22209344 22209344 -11107350 -11107350 -8412650 -19520000 0 0 290781764 290781764 290781764 289451 203 -203 39753232 39753232 -6405104 33348128 109300777 109300777 160801 109461578 32751819 22144 -291207 -168567125 10324277855 -3348717860 434893990 7241909004 21454870 7263363874 -886292 526530728 526530728 526530728 11171730 11171730 -11171730 -2271492 -2271492 -2228508 -4500000 18767750 18767750 18767750 -7700837 -7700837 112830684 105129847 485498597 485498597 -80763071 404735526 142154361 142154361 142154361 693527 486 -486 -423982137 -423982137 -1755506 -425737643 33445346 22630 -1177499 -695097853 10486398881 -2863219263 10911853 6939016248 38366739 6977382987 -876279828 33348128 404735526 62028431 26996910 32814894 21126504 3237778 3525314 -16667 -550590 -84382 18548448 57306920 89790156 13760943 44300218 6789305 -117573 -44421 -24880 -3813 1121009 13563744 3270564 501236 297690 45623 -7210685 -3241580 1306287 200197 -3504018 23525694 3605470 15166140 19076725 19517062 2991121 35404887 290781764 142154361 21786109 -75613235 32045080 -5192716 69456813 25808778 3955368 50864521 -85451242 26602239 4076971 133691495 -25627488 33345122 5110364 8468841 723216 10457638 1602703 50533854 -40026364 -14909528 -2284985 348302741 86444383 96426827 14778058 4219929 7426481 -6083543 -932344 105273090 24734559 43125766 6609313 72956231 65514731 -75208093 -11526145 66149835 129981038 30738939 4710949 40982350 6280820 -337586406 813176020 667648867 102321664 26477 260408 -213662 -32745 32826275 16045562 18897736 2896205 1484377 1991510 305213 83163444 105905115 63243106 9692430 2770000000 4309500000 4836476896 741222513 220000000 33716475 2770000000 4309500000 2606247896 399424965 120000000 18390805 1000000 50543502 7746131 57971520 11012762 92500000 114600000 276291399 42343509 5000000 10000000 1532567 5000000 33720064 5167826 -264950385 -246303031 -2612619827 -400401504 5207 3422497233 6876834 36249484 -19520000 -4500000 -689655 7921555 105129847 16111854 115273325 579824528 88861997 4026518012 1260439815 1323049149 39995000 39995000 39995000 5280086200 1896331830 -479194681 -73439798 345053928 109483281 -418949871 -64206877 5022603337 2572688100 -2843115512 -435726515 539601552 5562204889 8134892989 1246726894 5562204889 8134892989 5291777477 811000379 323650 6353017 5527829 764669 117191 53293800 5562204889 8091990270 5279902398 42902719 11875079 5562204889 8134892989 5291777477 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Organization and principal activities </div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">DouYu International Holdings Limited (the “Company” or “DouYu International”) was incorporated under the laws of Cayman Islands on January 5, 2018. The Company, its subsidiaries and its variable interest entities (collectively referred to as the “Group”) operate platform on PC and mobile apps, through which users can enjoy immersive and interactive gaming and entertainment live streaming. </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">History of the Group </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s history began with the commencement of operations of Guangzhou Douyu Internet Technology Co., Ltd. (“Guangzhou Douyu”), a limited liability company established in Guangdong Province, the People Republic of China (the “PRC”) on April 3, 2014, which was owned by two founders, Mr. Shaojie Chen and Mr. Wenming Zhang (the “Founders”) and an outside investor (collectively referred to as the “Original Shareholders”). </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2018 Restructuring </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2018, the Original Shareholders and all of the investors undertook an equity restructuring in order to redomicile its business from PRC to the Cayman Islands (the “2018 Restructuring”), which was executed in the following steps: </div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="width: 5%; vertical-align: top;;text-align:left;">1.</td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On January 5, 2018, the Company was incorporated in the Cayman Islands to be the holding company of the Group. The Ordinary Shareholders subscribed to 8,188,790 ordinary shares of the Company at par value of US$0.0001 per share. </div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="width: 5%; vertical-align: top;;text-align:left;">2.</td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon obtaining all necessary approvals from the PRC government, on May 14, 2018, the investors subscribed for convertible redeemable preferred shares at no consideration, all in the same proportions, on an as converted basis, as the percentage of equity interest they held in Wuhan Douyu. Upon the issuance of preferred shares and ordinary shares issued in step 1, the equity structure of the Company is identical to that of Wuhan Douyu. </div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="width: 5%; vertical-align: top;;text-align:left;">3.</td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On May 18, 2018, the Company, through its wholly owned subsidiary in PRC, entered into a series of contractual arrangement (“VIE agreements”) with Wuhan Douyu and its respective shareholders. The arrangements pursuant to which the Company and its subsidiary were established as a primary beneficiary of Wuhan Douyu. </div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On July 17, 2019, the Company completed its initial public offering (“IPO”) and issued 44,924,730 American Depositary shares (“ADSs”), representing 4,492,473 ordinary shares. Every ten ADSs represent one ordinary share. Net proceeds from the IPO after deducting underwriting discount and offering costs were US$497.3 million. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, the Company’s principal subsidiaries, VIEs are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 55%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 16%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 12%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Date of<br/> incorporation/</div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">establishment</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Place of<br/> incorporation/</div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">establishment</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Percentage of<br/> direct/indirect</div></div><br/> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">ownership</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Wholly owned subsidiaries</div></div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Douyu Education Consulting Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">November 9, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Yuwan Culture Media Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">June 28, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Yuxing Tianxia Culture Media Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">June 24, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Yuyin Raoliang Culture Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">June 23, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Yu Leyou Internet Technology Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">November 9, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Douyu Yule Internet Technology Co., Ltd. (“Wuhan Yule”)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">April 2, 2018</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">DouYu Network Inc.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">January 12, 2018</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">The British Virgin Islands</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Douyu Hongkong Limited</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">January 24, 2018</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Hong Kong</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gogo Glocal Holding Limited</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">October 8, 2018</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Cayman</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">VIEs</div></div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Ouyue Online TV Co., Ltd. (“Wuhan Ouyue”)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">February 3, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Douyu Network Technology Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">May 8, 2015</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> </table> 8188790 0.0001 44924730 4492473 497300000 <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, the Company’s principal subsidiaries, VIEs are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 55%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 16%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 12%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Date of<br/> incorporation/</div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">establishment</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Place of<br/> incorporation/</div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">establishment</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Percentage of<br/> direct/indirect</div></div><br/> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">ownership</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Wholly owned subsidiaries</div></div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Douyu Education Consulting Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">November 9, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Yuwan Culture Media Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">June 28, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Yuxing Tianxia Culture Media Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">June 24, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Yuyin Raoliang Culture Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">June 23, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Yu Leyou Internet Technology Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">November 9, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Douyu Yule Internet Technology Co., Ltd. (“Wuhan Yule”)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">April 2, 2018</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">DouYu Network Inc.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">January 12, 2018</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">The British Virgin Islands</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Douyu Hongkong Limited</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">January 24, 2018</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Hong Kong</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gogo Glocal Holding Limited</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">October 8, 2018</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Cayman</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">VIEs</div></div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Ouyue Online TV Co., Ltd. (“Wuhan Ouyue”)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">February 3, 2016</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Douyu Network Technology Co., Ltd.</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">May 8, 2015</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Wuhan</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> </table> 2016-11-09 Wuhan 1 2016-06-28 Wuhan 1 2016-06-24 Wuhan 1 2016-06-23 Wuhan 1 2016-11-09 Wuhan 1 2018-04-02 Wuhan 1 2018-01-12 The British Virgin Islands 1 2018-01-24 Hong Kong 1 2018-10-08 Cayman 1 2016-02-03 Wuhan 1 2015-05-08 Wuhan 1 <div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2.</div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Summary of significant accounting policies </div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Basis of Presentation </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The combined and consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.2</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Basis of Consolidation </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The financial statements presented herein represent (1) prior to 2018 Restructuring, the combined financial statements of Wuhan Douyu, its subsidiaries and variable interest entities; (2) subsequent to 2018 Restructuring, the combined and consolidated financial statements of the Company, its subsidiaries and variable interest entities. All inter-company transactions and balances have been eliminated. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company, through its wholly-owned foreign invested subsidiary, WFOE in the PRC, entered into a series of contractual arrangements (“VIE agreements”) with Wuhan Douyu and Wuhan Ouyue (collectively known as “the VIEs”) and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet valued-added businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in provisions of internet content or online services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="display:inline;">The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances:</div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">ASSETS</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">826,481,128</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">577,710,921</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Restricted cash</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">42,902,719</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,242,719</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short-term bank deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">860,000,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">176,599,681</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">187,884,372</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,982,856</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">63,119,815</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due from related parties</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,431,477</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,464,978</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">82,405,807</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">157,178,414</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">17,794,907</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,236,373</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Long-term bank deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100,000,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets, net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">130,272,386</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">102,837,070</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Right-of-use</div></div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">32,361,695</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">147,033,947</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">310,111,384</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,918,598</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,766,301</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total Assets</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,451,823,506</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,430,914,042</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">LIABILITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts payable</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">794,266,492</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">868,771,872</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advances from customers</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,975,882</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,700,361</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred revenue</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">181,250,993</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">225,282,265</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">177,228,742</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">208,531,141</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due to related parties</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">59,693,186</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">215,467,131</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Lease liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">30,212,470</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total Liabilities</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,229,415,295</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,557,965,240</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 54%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net revenue</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,436,175,885</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,207,666,259</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,697,485,194</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(680,682,612</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">985,034,474</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">432,731,451</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 12pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="12" style="height: 12pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by operating activities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,091,289,940</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">816,655,741</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">899,235,343</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash used in investing activities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(80,279,043</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(133,917,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,179,665,550</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash used in financing activities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,363,044,149</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The VIEs contributed 94%, 99% and 91% of the Group’s consolidated revenue for the years ended <div style="letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the VIEs accounted for an aggregate of 16% and </div>27%<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">of the consolidated total assets and 67% and</div></div> 81% of the consolidated total liabilities. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There are no terms in any arrangements, considering both explicit arrangements and implicit variable <div style="display:inline;">interests </div>that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group may provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group believes that there are no assets held in the VIEs that can be used only to settle obligations of the VIEs. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its registered capital, to the Company in the form of loans and advances or cash dividends. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.3</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s combined and consolidated financial statements include revenue recognition, share-based compensation, realization of deferred tax assets, impairment of investment, and allowance for credit loss. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.4</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Fair value measurements </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 7%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td style="width: 6%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td style="width: 2%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td style="width: 82%;"/></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Level 1</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">—</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.</td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Level 2</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">—</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.</td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Level 3</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">—</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.</td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s short-term financial instruments include cash and cash equivalents, restricted cash, short-term investments, receivables, payables, other current assets, amounts due from related parties, other current liabilities, amounts due to related parties and short-term loan. The carrying amounts of these short-term financial instruments approximate their fair values due to the short-term maturity of these instruments. The carrying amounts of the long-term time deposits and long-term bank borrowings approximate their fair values as the interest rates are comparable to the prevailing interest rates in the market.</div></div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.5</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Foreign currency translation </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The functional currency of the Company and Douyu Hongkong Limited are in US dollars (“US$”). The functional currency of the Group’s subsidiaries and VIEs in the PRC is Renminbi (“RMB”). The functional currency of DouYu Japan is Japanese Yen (“JPY”). </div> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Translation gains and losses are recognized in the combined and consolidated statements of comprehensive income (loss). </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group’s reporting currency is Renminbi (“RMB”). For entities within the Group that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income in the combined and consolidated statements of comprehensive income (loss) and the combined and consolidated statements of change in shareholders’ equit<div style="display:inline;">y</div> (deficit).</div></div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.6</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Convenience Translation into United States Dollars </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Translations of balances in the consolidated balance sheets, combined and consolidated statements of comprehensive income (loss) and combined and consolidated statements of cash flows from RMB into United States dollars are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.5250 on December 31, 2020, as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2020, or at any other rate. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.7</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Cash and cash equivalents </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents primarily consist of cash on hand and highly liquid investments, which are unrestricted as to withdrawal and use.</div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.8</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Restricted cash </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s restricted cash represents cash restricted by court related to lawsuits in which the group is a defendant. The restriction will be removed when the cases are closed.</div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.9</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Short-term and long-term bank deposits</div></div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div></td></tr></table> <div style="text-align: left; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group holds fixe<div style="display:inline;">d</div> term certificates of deposit with commercial banks in the PRC. Certificate of deposits with maturities between three months to one year are classified as short-term bank deposits and fixed term certificates of deposit with maturities beyond one year are classified as long term bank deposits. </div></div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.10</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Accounts receivable and allowance for credit loss </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable are stated at the historical carrying amount net of <div style="display:inline;">allowance </div>for credit loss. On January 1, 2020, the Group adopted ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No. 2016-13</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">“Fin<div style="letter-spacing: 0px; top: 0px;;display:inline;">a</div>ncial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”</div></div>, using the modified retrospective transition method. Based on the Group’s assessment, the adoption of ASC 326 did not have any material impact to the Group’s combined consolidated financial statements and there were no material differences between the Group’s adoption of ASC 326 and its historic accounting method. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-13</div> replaces the existing incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology, which results in more timely recognition of credit losses. The Group has developed a CECL model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements. </div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="margin-bottom: 0px; margin-top: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">1</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Property and equipment, net </div></div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td style="width: 47%;"/></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Computer and transmission equipment</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">3 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Leasehold improvements</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top; white-space: nowrap;">Over the shorter of the lease term or expected useful lives</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Furniture and office equipment</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">5 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Motor vehicles</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">5 years</td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gains and losses from disposals of property and equipment are included in other operating income or expense in the combined and consolidated statements <div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div>f comprehensive income (loss). </div></div></div> <div style="margin-block: 0em;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"/> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">2</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Intangible assets, net </div></div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely. </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 50%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td style="width: 48%;"/></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Brand name</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">10 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Agency contract rights</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top; white-space: nowrap;">Over the shorter of the contract period or expected useful lives</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">License for Online Transmission of Audio/Video Programs</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Infinite life</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Platform</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">5 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Software</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">3 <div style="letter-spacing: 0px; top: 0px;;display:inline;"> - 5 years</div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Others</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1 - 10 years</td></tr></table> <div style="margin-block: 0em; line-height: 12pt;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">3</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Goodwill </div></div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Goodwill </div> is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of business acquired. Several factors give rise to goodwill in the Group’s acquisitions, such as the expected benefit from the existing workforce and client service capability of the acquired business. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. Prior to January 1, 2020, the Group performed a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">two-step</div> test to determine the amount, if any, of goodwill impairment. In Step 1, the Group compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the Group performs Step 2 and compares the implied fair value of goodwill with the carryi<div style="letter-spacing: 0px; top: 0px;;display:inline;">n</div>g amount of that goodwill for that reporting unit. An impairment charge equal to the amount by which the carrying amount of goodwill for the reporting unit exceeds the implied fair value of that goodwill is recorded, limited to the amount of goodwill allocated to that reporting unit. Starting from January 1, 2020, the Group adopted ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2017-04,</div> “Intangibles — Goodwill and Other (Topic 350): simplifying the test for goodwill impairment”, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. For the years ended December 31,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018,</div> 2019 and 2020, no impairment charge was recognized on goodwill. </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.14</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Impairment of long-lived assets and intangible assets </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group evaluates intangible asset that is not subject to amortization for impairment annual and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment test for indefinite-lived intangible asset and compares of the fair value of the asset with its carrying amount. The Group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the long-lived assets and intangible asset as its new accounting basis. </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">5</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Long-term investments </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments held by the Group comprised of equity investments in privately-held entities. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investments </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investments and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group assesses its equity method investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value. The Group recorded impairment loss of RMB15,166,140, RMB20,872,725 <div style="letter-spacing: 0px; top: 0px;;display:inline;">and </div>nil<div style="letter-spacing: 0px; top: 0px;;display:inline;">, respectively in <div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div></div>ther expense, net for the years ended December 31, 2018, 2019 and 2020, respectively. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Equity securities without readily determinable fair value </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s investment in equity securities comprise of investment in privately-held companies. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On January 1, 2019, the Group adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) and elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustment to the carrying amount is recorded in other income (expense), net. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in investment loss. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For years ended 2018, 2019 and 2020, the Group recorded impairment loss of nil, nil and RMB28,088,491 in other expenses, net, respectively.</div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border: 0px; width: 815.455px; border-spacing: 0px;"> <tr style="break-inside: avoid;"> <td style="width: 72.7273px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 31.8182px; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.16</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Revenue recognition</div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 32.6278px; text-indent: 4%; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On Januar<div style="display:inline;">y</div> 1, 2019, the Grou<div style="letter-spacing: 0px; top: 0px;;display:inline;">p</div> adopted ASC 606, “Revenue from Contracts <div style="display:inline;">with </div>Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Group’s historic accounting under Topic 605. Based on the Group’s assessment, the adoption of ASC 606 did not have any material impact to the Group’s combined and <div style="letter-spacing: 0px; top: 0px;;display:inline;">consolidated </div>financial statements.</div></div></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 32.6278px; text-indent: 4%; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table <div style="letter-spacing: 0px; top: 0px;;display:inline;">disaggregates </div>the Group’s revenue by major type of services for the years ended December 31, 2018, 2019 and 2020:</div></div></div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <div> </div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 58%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Live streaming</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,147,196,247</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,617,291,032</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,852,225,839</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advertisement</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">342,169,195</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">513,265,806</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">645,227,128</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">165,017,684</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">152,673,415</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">104,420,970</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,654,383,126</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,283,230,253</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,601,873,937</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Live streaming </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each other during live streaming. The users have the option to purchase virtual currency, which is <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-refundable</div> and can only be used to redeem for virtual items to be used in the live streaming sessions on the Group’s platforms. Unredeemed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below. Virtual items are categorized as consumable and time-based items. Consumable items consist of virtual gifts presented from the users to the streamers to show their support, and are consumed immediately upon redemption and time-based items consist of monthly premium subscription services. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live streaming revenue on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live streaming service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers and consumed by them, while revenue related to time-based items is recognized ratably over a fixed period on a straight line basis. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed.</div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Virtual items <div style="letter-spacing: 0px; top: 0px;;display:inline;">can </div>be sold individually or bundled into one arrangement. When the Group’s users purchase multiple virtual items bundled within the same arrangement, the Group allocates the total consideration to each distinct virtual item based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Advertisement </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group generates advertisement revenues from rendering of various forms of advertisement services and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. The Group determined that it is the principal in the advertisement service. </div>Advertisements on the Group’s platforms are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. The Group provides sales incentives in the forms of discounts and rebates to advertisers or advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the advertisers or agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience. For the years ended December 31, 2018, 2019 and 2020, the rebates recorded by the Group were RMB44,389,826, RMB64,274,647 and RMB75,497,951 , respectively. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Other revenue </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other revenue mainly consists of game distribution revenue. Online games developed by third party game developers are displayed through the Group’s platforms t<div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div> attract users to download and play the games. The Group earns revenues from game developers in accordance with the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-determined</div> arrangements based on the in game purchase amounts for the games downloaded or played through the Group’s platforms. The Group considers itself as agent in these arrangement. Game distribution revenue is recognized at a point in time when the purchase in game is made. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Practical expedients and exemptions </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Contract balances </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Contract balances include accounts receivable, advances from customers and deferred revenue. Accounts receivable represent cash due from third-party application stores as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for credit loss reflects the best estimate of probable losses inherent to the account receivable balance. Advances from customers primarily represent cash received from the Group’s advertisement customers. Deferred revenue primarily includes cash received from paying users related to the Group’s live streaming service. Deferred revenue is recognized as revenue when all of the revenue recognition criteria have been met or over the estimated service period. Revenue recognized in 2020 that was included in the deferred revenue balance as of January 1, 2020 was RMB182,819,528<div style="letter-spacing: 0px; top: 0px;;display:inline;">, which consists primarily of virtual items consumption.</div> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 63%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accounts<br/> receivable</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Advances<br/> from<br/> customers</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Deferred<br/> revenue</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Opening Balance as of January 1, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">129,464,732</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,708,051</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">112,071,796</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase, net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">58,635,141</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,426,481</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">70,747,732</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ending Balance as of December 31, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">188,099,873</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">17,134,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">182,819,528</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase (decrease), net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,644,256</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,223,543</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">46,882,250</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ending Balance as of December 31, 2020</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">199,744,129</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,910,989</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">229,701,778</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">7</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Cost of revenues </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees paid to live streamers and talent agencies determined based on a percentage of revenue from sale of virtual items, (ii) content costs, (iii) bandwidth, (iv) salaries and welfare, (v) server costs, depreciation and amortization expense for servers and other equipment, and intangibles directly related to operating the platform, and (vi) payment handling costs. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">8</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Research and development expenses </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Research and development expenses primarily consist of (i) salaries and benefits expenses incurred for research and development personnel,(ii) rental, general expenses and depreciation expenses associated with the research and development activities and (iii) share based compensation. Expenditures incurred during the research phase are expensed as incurred and no research and development expenses were capitalized as of December 31, 2018, 2019 and 2020. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Sales and marketing expenses </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salaries and welfare for sales and marketing personnel and (iii) share based compensation. The advertising and market promotion expenses amounted to RMB129,013,488, RMB135,859,453 and RMB219,369,426 for the years ended December 31, 2018, 2019 and 2020, respectively. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.<div style="letter-spacing: 0px; top: 0px;;display:inline;">20</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">General and administrative expenses </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses consist primarily of (i) consulting fees, and (ii) share based compensation, salaries and welfare for general and administrative personnel and (iii) allowance for credit loss.</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 4%;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; padding: 0px;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.21</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Income taxes </div></div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current income taxes are provided for in accordance with the laws of the relevant tax authorities. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized.</div></div></div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for uncertainty in income taxes recognized in the combined and consolidated financial statements by applying a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">two-step</div> process to determine the amount of the benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">more-likely-than-not</div> to be sustained (defined as a likelihood of more than fifty percent of being sustained upon an audit, based on the technical merits of the tax position), the tax position is then assessed to determine the amount of benefits to recognize in the combined and consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2018, 2019 and 2020. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.2<div style="letter-spacing: 0px; top: 0px;;display:inline;">2</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Segment information </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resource and assessing performance. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group’s CODM has been identified as the Chief Executive Officer. Before October 2018, the Group operates and manages it business in PRC China as a single operating segment. In October 2018, the Group acquired a business which operates a live stream platform mainly in Southeast Asia (“Nonolive”) and identified it as a new operating segment. In August 2019, the Group set up DouYu Japan Inc. (“DouYu Japan”) which operates a live streaming platform in Japan with a third party. The Group has determined that Nonolive and DouYu Japan do not meet the quantitative thresholds for a reportable segment under ASC 280-10-50 for the year ended December 31, 2020, therefore, does not result in a reportable segment. As such, the Group concluded that it has one reportable segment.</div> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.2<div style="letter-spacing: 0px; top: 0px;;display:inline;">3</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Operating leases as lessee </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">On January 1, 2020, the Group adopted ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No. 2016-02,</div> Leases (Topic 842) by using the modified retrospective method and did not restate the comparable periods. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Under the new lease accounting standard, the Group determines if an arrangement is a lease or contains a lease at lease inception. The Group measure the operating lease liabilities at the commencement date based on the present value of remaining lease payments over the lease term, which was computed using the Group’s incremental borrowing rate, an estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the lease term. The Group measures the operating lease ROU assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing operating lease expense based on lease payments on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Group. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB100,318,025 <div style="letter-spacing: 0px; top: 0px;;display:inline;">of lease assets and </div>RMB81,851,982 <div style="letter-spacing: 0px; top: 0px;;display:inline;">of liabilities were recognized on the balance sheet upon adoption as of January 1, 2020.</div> </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.2<div style="letter-spacing: 0px; top: 0px;;display:inline;">4</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Government subsidies </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Government subsidies are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies are recorded as other operating income<div style="letter-spacing: 0px; top: 0px;;display:inline;">, net</div> in the period the cash is received. Government subsidies recognized for the years ended December 31, 2018, 2019 and 2020 were RMB27,430,993, RMB68,834,899 and RMB92,708,856, respectively. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.25</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Certain risks and concentrations </div></div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents denominated in RMB that are subject to such government controls amounted to RMB561,928,329<div style="letter-spacing: 0px; top: 0px;;display:inline;">, which </div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">accounted for </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">10.6% <div style="letter-spacing: 0px; top: 0px;;display:inline;">of total cash and cash equivalents as of December 31, 2020. </div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">No customer individually represents greater than 10% of the total net revenues. </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.26</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Recently issued accounting pronouncements </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">New Accounting Pronouncements Recently Adopted </div></div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which introduces a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, and provided another transition approach by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Group adopted the new lease standard beginning January 1, 2020 using the modified retrospective transition approach through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedients. Adoption of the standard resulted in recognition of additional ROU assets and lease liabilities by approximately RMB<span style="-sec-ix-hidden:hidden21052307">100</span> million and RMB<span style="-sec-ix-hidden:hidden21052304">81</span> million as of January 1, 2020, respectively. Refer to Note 19 for further details. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Group’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. On January 1, 2020, the Group adopted ASU 2016-13 and the cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements.</div> </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">New Accounting Pronouncements Not Yet Adopted </div></div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In January 2020, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No. 2020-01,</div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2020-01”),</div> which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2020-01</div> could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard. </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Basis of Presentation </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The combined and consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.2</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Basis of Consolidation </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The financial statements presented herein represent (1) prior to 2018 Restructuring, the combined financial statements of Wuhan Douyu, its subsidiaries and variable interest entities; (2) subsequent to 2018 Restructuring, the combined and consolidated financial statements of the Company, its subsidiaries and variable interest entities. All inter-company transactions and balances have been eliminated. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company, through its wholly-owned foreign invested subsidiary, WFOE in the PRC, entered into a series of contractual arrangements (“VIE agreements”) with Wuhan Douyu and Wuhan Ouyue (collectively known as “the VIEs”) and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet valued-added businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in provisions of internet content or online services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="display:inline;">The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances:</div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">ASSETS</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">826,481,128</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">577,710,921</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Restricted cash</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">42,902,719</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,242,719</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short-term bank deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">860,000,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">176,599,681</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">187,884,372</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,982,856</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">63,119,815</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due from related parties</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,431,477</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,464,978</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">82,405,807</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">157,178,414</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">17,794,907</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,236,373</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Long-term bank deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100,000,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets, net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">130,272,386</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">102,837,070</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Right-of-use</div></div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">32,361,695</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">147,033,947</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">310,111,384</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,918,598</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,766,301</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total Assets</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,451,823,506</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,430,914,042</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">LIABILITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts payable</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">794,266,492</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">868,771,872</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advances from customers</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,975,882</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,700,361</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred revenue</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">181,250,993</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">225,282,265</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">177,228,742</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">208,531,141</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due to related parties</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">59,693,186</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">215,467,131</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Lease liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">30,212,470</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total Liabilities</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,229,415,295</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,557,965,240</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 54%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net revenue</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,436,175,885</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,207,666,259</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,697,485,194</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(680,682,612</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">985,034,474</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">432,731,451</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 12pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="12" style="height: 12pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by operating activities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,091,289,940</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">816,655,741</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">899,235,343</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash used in investing activities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(80,279,043</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(133,917,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,179,665,550</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash used in financing activities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,363,044,149</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The VIEs contributed 94%, 99% and 91% of the Group’s consolidated revenue for the years ended <div style="letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the VIEs accounted for an aggregate of 16% and </div>27%<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">of the consolidated total assets and 67% and</div></div> 81% of the consolidated total liabilities. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There are no terms in any arrangements, considering both explicit arrangements and implicit variable <div style="display:inline;">interests </div>that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group may provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group believes that there are no assets held in the VIEs that can be used only to settle obligations of the VIEs. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its registered capital, to the Company in the form of loans and advances or cash dividends. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="display:inline;">The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances:</div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">ASSETS</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">826,481,128</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">577,710,921</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Restricted cash</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">42,902,719</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,242,719</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short-term bank deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">860,000,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">176,599,681</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">187,884,372</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,982,856</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">63,119,815</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due from related parties</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,431,477</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,464,978</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">82,405,807</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">157,178,414</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">17,794,907</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,236,373</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Long-term bank deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">100,000,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets, net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">130,272,386</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">102,837,070</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Right-of-use</div></div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">32,361,695</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">147,033,947</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">310,111,384</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,918,598</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,766,301</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total Assets</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,451,823,506</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,430,914,042</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">LIABILITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts payable</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">794,266,492</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">868,771,872</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advances from customers</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,975,882</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,700,361</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred revenue</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">181,250,993</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">225,282,265</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">177,228,742</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">208,531,141</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due to related parties</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">59,693,186</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">215,467,131</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Lease liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">30,212,470</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total Liabilities</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,229,415,295</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,557,965,240</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 54%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net revenue</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,436,175,885</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,207,666,259</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,697,485,194</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(680,682,612</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">985,034,474</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">432,731,451</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 12pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="12" style="height: 12pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash provided by operating activities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,091,289,940</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">816,655,741</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">899,235,343</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash used in investing activities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(80,279,043</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(133,917,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,179,665,550</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net cash used in financing activities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,363,044,149</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> </table> 826481128 577710921 42902719 11242719 860000000 176599681 187884372 12982856 63119815 13431477 8464978 82405807 157178414 17794907 15236373 100000000 130272386 102837070 32361695 147033947 310111384 1918598 4766301 1451823506 2430914042 794266492 868771872 16975882 9700361 181250993 225282265 177228742 208531141 59693186 215467131 30212470 1229415295 1557965240 3436175885 7207666259 8697485194 -680682612 985034474 432731451 1091289940 816655741 899235343 -80279043 -133917000 -1179665550 -1363044149 0.94 0.99 0.91 0.16 0.27 0.67 0.81 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.3</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s combined and consolidated financial statements include revenue recognition, share-based compensation, realization of deferred tax assets, impairment of investment, and allowance for credit loss. </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.4</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Fair value measurements </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 7%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td style="width: 6%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td style="width: 2%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td style="width: 82%;"/></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Level 1</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">—</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.</td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Level 2</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">—</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.</td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td> <td colspan="2" style="height: 6pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Level 3</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">—</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;">Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.</td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s short-term financial instruments include cash and cash equivalents, restricted cash, short-term investments, receivables, payables, other current assets, amounts due from related parties, other current liabilities, amounts due to related parties and short-term loan. The carrying amounts of these short-term financial instruments approximate their fair values due to the short-term maturity of these instruments. The carrying amounts of the long-term time deposits and long-term bank borrowings approximate their fair values as the interest rates are comparable to the prevailing interest rates in the market.</div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.5</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Foreign currency translation </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The functional currency of the Company and Douyu Hongkong Limited are in US dollars (“US$”). The functional currency of the Group’s subsidiaries and VIEs in the PRC is Renminbi (“RMB”). The functional currency of DouYu Japan is Japanese Yen (“JPY”). </div> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Translation gains and losses are recognized in the combined and consolidated statements of comprehensive income (loss). </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group’s reporting currency is Renminbi (“RMB”). For entities within the Group that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income in the combined and consolidated statements of comprehensive income (loss) and the combined and consolidated statements of change in shareholders’ equit<div style="display:inline;">y</div> (deficit).</div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.6</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Convenience Translation into United States Dollars </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Translations of balances in the consolidated balance sheets, combined and consolidated statements of comprehensive income (loss) and combined and consolidated statements of cash flows from RMB into United States dollars are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.5250 on December 31, 2020, as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2020, or at any other rate. </div></div> 6.5250 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.7</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Cash and cash equivalents </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents primarily consist of cash on hand and highly liquid investments, which are unrestricted as to withdrawal and use.</div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.8</div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Restricted cash </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s restricted cash represents cash restricted by court related to lawsuits in which the group is a defendant. The restriction will be removed when the cases are closed.</div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.9</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Short-term and long-term bank deposits</div></div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div></td></tr></table> <div style="text-align: left; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group holds fixe<div style="display:inline;">d</div> term certificates of deposit with commercial banks in the PRC. Certificate of deposits with maturities between three months to one year are classified as short-term bank deposits and fixed term certificates of deposit with maturities beyond one year are classified as long term bank deposits. </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.10</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Accounts receivable and allowance for credit loss </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable are stated at the historical carrying amount net of <div style="display:inline;">allowance </div>for credit loss. On January 1, 2020, the Group adopted ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No. 2016-13</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">“Fin<div style="letter-spacing: 0px; top: 0px;;display:inline;">a</div>ncial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”</div></div>, using the modified retrospective transition method. Based on the Group’s assessment, the adoption of ASC 326 did not have any material impact to the Group’s combined consolidated financial statements and there were no material differences between the Group’s adoption of ASC 326 and its historic accounting method. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-13</div> replaces the existing incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology, which results in more timely recognition of credit losses. The Group has developed a CECL model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements. </div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">1</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Property and equipment, net </div></div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td style="width: 47%;"/></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Computer and transmission equipment</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">3 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Leasehold improvements</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top; white-space: nowrap;">Over the shorter of the lease term or expected useful lives</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Furniture and office equipment</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">5 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Motor vehicles</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">5 years</td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gains and losses from disposals of property and equipment are included in other operating income or expense in the combined and consolidated statements <div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div>f comprehensive income (loss). </div></div></div> <div style="margin-block: 0em;"> </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td style="width: 47%;"/></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Computer and transmission equipment</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">3 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Leasehold improvements</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top; white-space: nowrap;">Over the shorter of the lease term or expected useful lives</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Furniture and office equipment</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">5 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Motor vehicles</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">5 years</td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gains and losses from disposals of property and equipment are included in other operating income or expense in the combined and consolidated statements <div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div>f comprehensive income (loss). </div></div></div> <div style="margin-block: 0em;"> </div> P3Y Over the shorter of the lease term or expected useful lives P5Y P5Y <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"/> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">2</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Intangible assets, net </div></div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely. </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 50%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td style="width: 48%;"/></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Brand name</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">10 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Agency contract rights</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top; white-space: nowrap;">Over the shorter of the contract period or expected useful lives</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">License for Online Transmission of Audio/Video Programs</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Infinite life</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Platform</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">5 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Software</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">3 <div style="letter-spacing: 0px; top: 0px;;display:inline;"> - 5 years</div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Others</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1 - 10 years</td></tr></table> <div style="margin-block: 0em; line-height: 12pt;"> </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely. </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 50%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td style="width: 48%;"/></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Brand name</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">10 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Agency contract rights</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top; white-space: nowrap;">Over the shorter of the contract period or expected useful lives</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">License for Online Transmission of Audio/Video Programs</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Infinite life</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Platform</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">5 years</td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Software</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">3 <div style="letter-spacing: 0px; top: 0px;;display:inline;"> - 5 years</div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Others</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">1 - 10 years</td></tr></table> <div style="margin-block: 0em; line-height: 12pt;"> </div> P10Y Over the shorter of the contract period or expected useful lives Infinite life P5Y P3Y P5Y P1Y P10Y <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">3</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Goodwill </div></div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Goodwill </div> is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of business acquired. Several factors give rise to goodwill in the Group’s acquisitions, such as the expected benefit from the existing workforce and client service capability of the acquired business. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. Prior to January 1, 2020, the Group performed a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">two-step</div> test to determine the amount, if any, of goodwill impairment. In Step 1, the Group compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the Group performs Step 2 and compares the implied fair value of goodwill with the carryi<div style="letter-spacing: 0px; top: 0px;;display:inline;">n</div>g amount of that goodwill for that reporting unit. An impairment charge equal to the amount by which the carrying amount of goodwill for the reporting unit exceeds the implied fair value of that goodwill is recorded, limited to the amount of goodwill allocated to that reporting unit. Starting from January 1, 2020, the Group adopted ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2017-04,</div> “Intangibles — Goodwill and Other (Topic 350): simplifying the test for goodwill impairment”, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. For the years ended December 31,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">2018,</div> 2019 and 2020, no impairment charge was recognized on goodwill. </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"/></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.14</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Impairment of long-lived assets and intangible assets </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group evaluates intangible asset that is not subject to amortization for impairment annual and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment test for indefinite-lived intangible asset and compares of the fair value of the asset with its carrying amount. The Group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the long-lived assets and intangible asset as its new accounting basis. </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">5</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Long-term investments </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments held by the Group comprised of equity investments in privately-held entities. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investments </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investments and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group assesses its equity method investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value. The Group recorded impairment loss of RMB15,166,140, RMB20,872,725 <div style="letter-spacing: 0px; top: 0px;;display:inline;">and </div>nil<div style="letter-spacing: 0px; top: 0px;;display:inline;">, respectively in <div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div></div>ther expense, net for the years ended December 31, 2018, 2019 and 2020, respectively. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Equity securities without readily determinable fair value </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s investment in equity securities comprise of investment in privately-held companies. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On January 1, 2019, the Group adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) and elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustment to the carrying amount is recorded in other income (expense), net. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in investment loss. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For years ended 2018, 2019 and 2020, the Group recorded impairment loss of nil, nil and RMB28,088,491 in other expenses, net, respectively.</div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> 15166140 20872725 28088491 <table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border: 0px; width: 815.455px; border-spacing: 0px;"> <tr style="break-inside: avoid;"> <td style="width: 72.7273px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 31.8182px; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.16</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Revenue recognition</div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 32.6278px; text-indent: 4%; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On Januar<div style="display:inline;">y</div> 1, 2019, the Grou<div style="letter-spacing: 0px; top: 0px;;display:inline;">p</div> adopted ASC 606, “Revenue from Contracts <div style="display:inline;">with </div>Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Group’s historic accounting under Topic 605. Based on the Group’s assessment, the adoption of ASC 606 did not have any material impact to the Group’s combined and <div style="letter-spacing: 0px; top: 0px;;display:inline;">consolidated </div>financial statements.</div></div></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 32.6278px; text-indent: 4%; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table <div style="letter-spacing: 0px; top: 0px;;display:inline;">disaggregates </div>the Group’s revenue by major type of services for the years ended December 31, 2018, 2019 and 2020:</div></div></div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <div> </div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 58%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Live streaming</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,147,196,247</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,617,291,032</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,852,225,839</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advertisement</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">342,169,195</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">513,265,806</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">645,227,128</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">165,017,684</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">152,673,415</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">104,420,970</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,654,383,126</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,283,230,253</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,601,873,937</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Live streaming </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each other during live streaming. The users have the option to purchase virtual currency, which is <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-refundable</div> and can only be used to redeem for virtual items to be used in the live streaming sessions on the Group’s platforms. Unredeemed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below. Virtual items are categorized as consumable and time-based items. Consumable items consist of virtual gifts presented from the users to the streamers to show their support, and are consumed immediately upon redemption and time-based items consist of monthly premium subscription services. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live streaming revenue on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live streaming service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers and consumed by them, while revenue related to time-based items is recognized ratably over a fixed period on a straight line basis. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed.</div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Virtual items <div style="letter-spacing: 0px; top: 0px;;display:inline;">can </div>be sold individually or bundled into one arrangement. When the Group’s users purchase multiple virtual items bundled within the same arrangement, the Group allocates the total consideration to each distinct virtual item based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Advertisement </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group generates advertisement revenues from rendering of various forms of advertisement services and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. The Group determined that it is the principal in the advertisement service. </div>Advertisements on the Group’s platforms are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. The Group provides sales incentives in the forms of discounts and rebates to advertisers or advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the advertisers or agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience. For the years ended December 31, 2018, 2019 and 2020, the rebates recorded by the Group were RMB44,389,826, RMB64,274,647 and RMB75,497,951 , respectively. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Other revenue </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other revenue mainly consists of game distribution revenue. Online games developed by third party game developers are displayed through the Group’s platforms t<div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div> attract users to download and play the games. The Group earns revenues from game developers in accordance with the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-determined</div> arrangements based on the in game purchase amounts for the games downloaded or played through the Group’s platforms. The Group considers itself as agent in these arrangement. Game distribution revenue is recognized at a point in time when the purchase in game is made. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Practical expedients and exemptions </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Contract balances </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Contract balances include accounts receivable, advances from customers and deferred revenue. Accounts receivable represent cash due from third-party application stores as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for credit loss reflects the best estimate of probable losses inherent to the account receivable balance. Advances from customers primarily represent cash received from the Group’s advertisement customers. Deferred revenue primarily includes cash received from paying users related to the Group’s live streaming service. Deferred revenue is recognized as revenue when all of the revenue recognition criteria have been met or over the estimated service period. Revenue recognized in 2020 that was included in the deferred revenue balance as of January 1, 2020 was RMB182,819,528<div style="letter-spacing: 0px; top: 0px;;display:inline;">, which consists primarily of virtual items consumption.</div> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 63%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accounts<br/> receivable</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Advances<br/> from<br/> customers</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Deferred<br/> revenue</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Opening Balance as of January 1, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">129,464,732</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,708,051</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">112,071,796</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase, net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">58,635,141</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,426,481</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">70,747,732</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ending Balance as of December 31, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">188,099,873</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">17,134,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">182,819,528</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase (decrease), net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,644,256</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,223,543</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">46,882,250</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ending Balance as of December 31, 2020</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">199,744,129</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,910,989</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">229,701,778</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 32.6278px; text-indent: 4%; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table <div style="letter-spacing: 0px; top: 0px;;display:inline;">disaggregates </div>the Group’s revenue by major type of services for the years ended December 31, 2018, 2019 and 2020:</div></div></div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <div> </div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 58%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Live streaming</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,147,196,247</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,617,291,032</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,852,225,839</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advertisement</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">342,169,195</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">513,265,806</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">645,227,128</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">165,017,684</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">152,673,415</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">104,420,970</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,654,383,126</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,283,230,253</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,601,873,937</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 3147196247 6617291032 8852225839 342169195 513265806 645227128 165017684 152673415 104420970 3654383126 7283230253 9601873937 44389826 64274647 75497951 182819528 <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 63%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accounts<br/> receivable</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Advances<br/> from<br/> customers</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Deferred<br/> revenue</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Opening Balance as of January 1, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">129,464,732</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,708,051</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">112,071,796</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase, net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">58,635,141</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,426,481</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">70,747,732</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ending Balance as of December 31, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">188,099,873</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">17,134,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">182,819,528</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase (decrease), net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,644,256</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,223,543</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">46,882,250</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ending Balance as of December 31, 2020</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">199,744,129</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,910,989</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">229,701,778</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 129464732 9708051 112071796 58635141 7426481 70747732 188099873 17134532 182819528 11644256 -6223543 46882250 199744129 10910989 229701778 <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">7</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Cost of revenues </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees paid to live streamers and talent agencies determined based on a percentage of revenue from sale of virtual items, (ii) content costs, (iii) bandwidth, (iv) salaries and welfare, (v) server costs, depreciation and amortization expense for servers and other equipment, and intangibles directly related to operating the platform, and (vi) payment handling costs. </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">8</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Research and development expenses </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Research and development expenses primarily consist of (i) salaries and benefits expenses incurred for research and development personnel,(ii) rental, general expenses and depreciation expenses associated with the research and development activities and (iii) share based compensation. Expenditures incurred during the research phase are expensed as incurred and no research and development expenses were capitalized as of December 31, 2018, 2019 and 2020. </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.1<div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Sales and marketing expenses </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salaries and welfare for sales and marketing personnel and (iii) share based compensation. The advertising and market promotion expenses amounted to RMB129,013,488, RMB135,859,453 and RMB219,369,426 for the years ended December 31, 2018, 2019 and 2020, respectively. </div></div> 129013488 135859453 219369426 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.<div style="letter-spacing: 0px; top: 0px;;display:inline;">20</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">General and administrative expenses </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses consist primarily of (i) consulting fees, and (ii) share based compensation, salaries and welfare for general and administrative personnel and (iii) allowance for credit loss.</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 4%;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%; padding: 0px;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.21</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Income taxes </div></div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current income taxes are provided for in accordance with the laws of the relevant tax authorities. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized.</div></div></div> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for uncertainty in income taxes recognized in the combined and consolidated financial statements by applying a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">two-step</div> process to determine the amount of the benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">more-likely-than-not</div> to be sustained (defined as a likelihood of more than fifty percent of being sustained upon an audit, based on the technical merits of the tax position), the tax position is then assessed to determine the amount of benefits to recognize in the combined and consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2018, 2019 and 2020. </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.2<div style="letter-spacing: 0px; top: 0px;;display:inline;">2</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Segment information </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resource and assessing performance. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group’s CODM has been identified as the Chief Executive Officer. Before October 2018, the Group operates and manages it business in PRC China as a single operating segment. In October 2018, the Group acquired a business which operates a live stream platform mainly in Southeast Asia (“Nonolive”) and identified it as a new operating segment. In August 2019, the Group set up DouYu Japan Inc. (“DouYu Japan”) which operates a live streaming platform in Japan with a third party. The Group has determined that Nonolive and DouYu Japan do not meet the quantitative thresholds for a reportable segment under ASC 280-10-50 for the year ended December 31, 2020, therefore, does not result in a reportable segment. As such, the Group concluded that it has one reportable segment.</div> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.2<div style="letter-spacing: 0px; top: 0px;;display:inline;">3</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Operating leases as lessee </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">On January 1, 2020, the Group adopted ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No. 2016-02,</div> Leases (Topic 842) by using the modified retrospective method and did not restate the comparable periods. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Under the new lease accounting standard, the Group determines if an arrangement is a lease or contains a lease at lease inception. The Group measure the operating lease liabilities at the commencement date based on the present value of remaining lease payments over the lease term, which was computed using the Group’s incremental borrowing rate, an estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the lease term. The Group measures the operating lease ROU assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing operating lease expense based on lease payments on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Group. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB100,318,025 <div style="letter-spacing: 0px; top: 0px;;display:inline;">of lease assets and </div>RMB81,851,982 <div style="letter-spacing: 0px; top: 0px;;display:inline;">of liabilities were recognized on the balance sheet upon adoption as of January 1, 2020.</div> </div></div> 100318025 81851982 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.2<div style="letter-spacing: 0px; top: 0px;;display:inline;">4</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Government subsidies </div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Government subsidies are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies are recorded as other operating income<div style="letter-spacing: 0px; top: 0px;;display:inline;">, net</div> in the period the cash is received. Government subsidies recognized for the years ended December 31, 2018, 2019 and 2020 were RMB27,430,993, RMB68,834,899 and RMB92,708,856, respectively. </div></div> 27430993 68834899 92708856 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.25</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Certain risks and concentrations </div></div></div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents denominated in RMB that are subject to such government controls amounted to RMB561,928,329<div style="letter-spacing: 0px; top: 0px;;display:inline;">, which </div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">accounted for </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">10.6% <div style="letter-spacing: 0px; top: 0px;;display:inline;">of total cash and cash equivalents as of December 31, 2020. </div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">No customer individually represents greater than 10% of the total net revenues. </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> 561928329 0.106 <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">2.26</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Recently issued accounting pronouncements </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">New Accounting Pronouncements Recently Adopted </div></div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which introduces a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, and provided another transition approach by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Group adopted the new lease standard beginning January 1, 2020 using the modified retrospective transition approach through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedients. Adoption of the standard resulted in recognition of additional ROU assets and lease liabilities by approximately RMB<span style="-sec-ix-hidden:hidden21052307">100</span> million and RMB<span style="-sec-ix-hidden:hidden21052304">81</span> million as of January 1, 2020, respectively. Refer to Note 19 for further details. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Group’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. On January 1, 2020, the Group adopted ASU 2016-13 and the cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements.</div> </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">New Accounting Pronouncements Not Yet Adopted </div></div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In January 2020, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No. 2020-01,</div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2020-01”),</div> which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2020-01</div> could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard. </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">3.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, net </div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, net consisted of the followings: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, gross</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">203,934,775</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">212,317,679</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: allowance for credit loss</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(15,834,902</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(12,573,550</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">188,099,873</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">199,744,129</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 67%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance as of January 1</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,172,435</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,907,369</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,834,902</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Addition</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,121,009</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,563,744</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,270,564</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Write offs</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(386,075</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(3,636,211</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,531,916</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance as of December 31</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,907,369</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,834,902</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,573,550</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following customers accounted for 10% or more of accounts receivable, net: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="22" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">%</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">%</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">%</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Company A</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">37,615,505</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">20</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">43,563,107</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,676,338</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Company B</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">47,776,989</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,546,942</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">20</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,060,834</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">20</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Company C</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,466,780</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">35,765,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">18</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,481,308</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">18</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, net consisted of the followings: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, gross</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">203,934,775</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">212,317,679</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: allowance for credit loss</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(15,834,902</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(12,573,550</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable, net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">188,099,873</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">199,744,129</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 203934775 212317679 15834902 12573550 188099873 199744129 <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 67%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance as of January 1</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,172,435</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,907,369</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,834,902</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Addition</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,121,009</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,563,744</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,270,564</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Write offs</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(386,075</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(3,636,211</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,531,916</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance as of December 31</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,907,369</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,834,902</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,573,550</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 5172435 5907369 15834902 1121009 13563744 3270564 386075 3636211 6531916 5907369 15834902 12573550 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following customers accounted for 10% or more of accounts receivable, net: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 68%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="22" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="14" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">%</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">%</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">%</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Company A</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">37,615,505</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">20</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">43,563,107</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,676,338</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Company B</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">47,776,989</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,546,942</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">20</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,060,834</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">20</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Company C</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,466,780</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">35,765,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">18</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,481,308</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">18</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr></table> 37615505 0.20 43563107 0.22 6676338 0.22 47776989 0.25 39546942 0.20 6060834 0.20 23466780 0.12 35765532 0.18 5481308 0.18 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">4.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets </div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets consist of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 72%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Funds receivable from third party payment service provider (1)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">69,263,440</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">91,623,838</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Value-added tax recoverable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">62,336,003</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">89,697,345</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest receivable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">53,484,027</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">29,768,158</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Content rights</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,589,085</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,710,702</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,637,038</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,904,052</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">204,309,593</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">236,704,095</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(1)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group opened accounts with external online payment service providers to collect funding from users. </div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets consist of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 72%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Funds receivable from third party payment service provider (1)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">69,263,440</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">91,623,838</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Value-added tax recoverable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">62,336,003</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">89,697,345</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest receivable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">53,484,027</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">29,768,158</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Content rights</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,589,085</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,710,702</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,637,038</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,904,052</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">204,309,593</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">236,704,095</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(1)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group opened accounts with external online payment service providers to collect funding from users. </div></div></td></tr></table> 69263440 91623838 62336003 89697345 53484027 29768158 10589085 11710702 8637038 13904052 204309593 236704095 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">5.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net </div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net consists of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gross carrying amount</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Computer and transmission equipment</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">91,375,589</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">96,712,005</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Leasehold improvements</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">29,237,111</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">24,726,231</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Furniture and office equipment</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,339,065</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,370,893</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Motor vehicles</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">410,200</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">410,200</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">127,361,965</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">128,219,329</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: accumulated depreciation</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(88,452,500</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(90,427,641</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">38,909,465</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">37,791,688</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Depreciation expense was RMB26,996,910, RMB32,814,894 and RMB21,126,504 for the years ended December 31, 2018, 2019 and 2020, respectively. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net consists of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 71%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gross carrying amount</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Computer and transmission equipment</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">91,375,589</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">96,712,005</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Leasehold improvements</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">29,237,111</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">24,726,231</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Furniture and office equipment</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,339,065</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,370,893</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Motor vehicles</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">410,200</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">410,200</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">127,361,965</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">128,219,329</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: accumulated depreciation</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(88,452,500</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(90,427,641</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">38,909,465</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">37,791,688</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 91375589 96712005 29237111 24726231 6339065 6370893 410200 410200 127361965 128219329 88452500 90427641 38909465 37791688 26996910 32814894 21126504 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">6.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets, net </div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets, net consists of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gross carrying amount</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Brand name</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">41,276,297</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">38,606,076</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Agency contract rights(1)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">193,898,260</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">194,320,755</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">License for Online Transmission of Audio/Video Programs(2)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,988,748</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,988,748</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Platform</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,116,739</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,462,274</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Software</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,613,202</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,359,079</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,081,941</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">30,119,677</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total of gross carrying amount</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">276,975,187</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">289,856,609</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: accumulated amortization</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Brand name</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(4,717,435</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(8,525,509</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Agency contract rights</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(63,433,706</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(110,970,198</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Platform</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,867,765</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(4,338,452</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Software</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,745,522</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(3,335,165</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(5,153,918</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(21,015,404</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total of accumulated amortization</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(78,918,346</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(148,184,728</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets, net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">198,056,841</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">141,671,881</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(1)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">The agency contract rights, which represent the upfront payment of cooperation cost to top streamers, acquired during the years ended December 31, 2019 and 2020 are </div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB111,879,121 and RMB28,301,887<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="display:inline;">, </div></div></div><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">respectively, with weighted average amortization period </div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">of 4.5 years and<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>2 years. </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(2)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2021 which remains valid until March 2024, and intends to renew the license indefinitely. </div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amortization expenses were RMB18,548,448, RMB57,306,920 and RMB89,790,156 for the years ended December 31, 2018, 2019 and 2020 respectively. The Group expects to record amortization expenses in the future 5 years as below: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 85%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Future<br/> amortization<br/> expenses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">60,907,151</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,117,402</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">21,435,725</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2024</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,781,667</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,796,470</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The weighted average amortization periods of intangible assets as of December 31, 2019 and 2020 are as below: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 78%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Brand name</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Agency contract rights</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.9 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.5 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Platform</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Software</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.1 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.2 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.3 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2.2 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets, net consists of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gross carrying amount</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Brand name</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">41,276,297</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">38,606,076</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Agency contract rights(1)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">193,898,260</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">194,320,755</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">License for Online Transmission of Audio/Video Programs(2)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,988,748</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,988,748</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Platform</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,116,739</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,462,274</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Software</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,613,202</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,359,079</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,081,941</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">30,119,677</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total of gross carrying amount</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">276,975,187</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">289,856,609</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: accumulated amortization</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Brand name</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(4,717,435</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(8,525,509</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Agency contract rights</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(63,433,706</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(110,970,198</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Platform</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,867,765</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(4,338,452</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Software</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,745,522</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(3,335,165</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(5,153,918</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(21,015,404</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total of accumulated amortization</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(78,918,346</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(148,184,728</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets, net</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">198,056,841</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">141,671,881</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(1)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">The agency contract rights, which represent the upfront payment of cooperation cost to top streamers, acquired during the years ended December 31, 2019 and 2020 are </div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">RMB111,879,121 and RMB28,301,887<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="display:inline;">, </div></div></div><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">respectively, with weighted average amortization period </div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">of 4.5 years and<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>2 years. </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(2)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2021 which remains valid until March 2024, and intends to renew the license indefinitely. </div></td></tr></table> 41276297 38606076 193898260 194320755 7988748 7988748 10116739 9462274 8613202 9359079 15081941 30119677 276975187 289856609 4717435 8525509 63433706 110970198 2867765 4338452 2745522 3335165 5153918 21015404 78918346 148184728 198056841 141671881 111879121 28301887 P4Y6M P2Y <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amortization expenses were RMB18,548,448, RMB57,306,920 and RMB89,790,156 for the years ended December 31, 2018, 2019 and 2020 respectively. The Group expects to record amortization expenses in the future 5 years as below: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 85%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Future<br/> amortization<br/> expenses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">60,907,151</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,117,402</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">21,435,725</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2024</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,781,667</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,796,470</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> 18548448 57306920 89790156 60907151 25117402 21435725 9781667 4796470 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The weighted average amortization periods of intangible assets as of December 31, 2019 and 2020 are as below: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 78%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Brand name</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Agency contract rights</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.9 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.5 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Platform</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Software</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.1 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.2 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3.3 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2.2 years</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> P10Y P10Y P3Y10M24D P3Y6M P5Y P5Y P3Y1M6D P3Y2M12D P3Y3M18D P2Y2M12D <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments </div></div></div></td></tr></table> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investments: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 73%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Hangzhou Aijidi Culture Creation Co., Ltd. (“Aijidi”)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,090,990</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,960,527</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Chongqing Yuwan Network Media Co., Ltd. (“Chongqing Yuwan”)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,721,472</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,944,122</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Hunan Yuyou Starfire Culture Media Co., Ltd. (“Yuyou Starfire”) (1)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,139,902</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Shayu Network Technology Co., Ltd. (“Shayu”) (2)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">184,555,328</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan DouYu entertainment equity investment LLP. (“DouYu LLP”) (3)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,007,084</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others (4)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,849,736</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">32,802,100</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">212,467,061</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(1)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30% <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">equity interest in the company. In November 2020, the Group lost significant influence over Yuyou Starfire and reclassified this investment with a carrying amount of </div> </div>RMB15,274,909 <div style="letter-spacing: 0px; top: 0px;;display:inline;">to equity securities without readily determinable fair values.</div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(2)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2016, the Group invested RMB10 million for 8.5% equity interest in Shayu, a live streaming platform in the PRC<div style="letter-spacing: 0px; top: 0px;;display:inline;">, and </div>accounted for this investment as an equity security without a readily determinable fair value. In May 2020, the Group completed the following transactions with respect to its investment in Shayu: </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%; vertical-align: top;;text-align:left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group acquired 19.125% equity interest in Shayu from Mr. Chen Shaojie, the Group’s CEO and shareholder for a cash consideration of RMB24,850,000. The purchase price paid by the Group was below fair value of the acquired equity interest, which is determined to be RMB43,617,750 by the Group with the assistance of an independent valuer. The excess amount of RMB18,767,750 between the fair value of the equity interest acquired in Shayu over the price paid is accounted as contribution from shareholder in the <div style="letter-spacing: 0px; top: 0px;;display:inline;">combined and consolidated </div>statement of change in shareholders’ equity. </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%; vertical-align: top;;text-align:left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company injected cash of RMB80,000,000 and its holding of 100% equity interest in Chengdu Shuangsi Culture Broadcasting Co., Ltd (“Shuangsi”) with a fair value determined to be RMB54,391,900 into Shayu, in exchange for 8.309% of newly issued equity interest in Shayu. Shuangsi ceased to be a subsidiary of the Group and a gain on disposal of subsidiary in the amount of RMB23,525,694 was recognized in the combined and consolidated statement of comprehensive income, representing the difference between the fair value of Shuangsi and its carrying value at the date of the transaction. </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon the completion of these transactions, the Group has 35.084% equity interest of Shayu and accounts for its investment in Shayu under the equity method. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(3)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In September 2020, the Group injected cash of RMB10,000,000 in DouYu LLP, an equity fund, for 99.99% limited partnership.</div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(4)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In 2018, the Group made investments in four talent agencies with aggregate cash consideration of RMB3,600,000, none of which was individually material. As of December 31, 2020, the Group no longer has significant influence over these investees, and therefore these equity investments with carrying amount of RMB4,077,376 were reclassified as equity securities without readily determinable fair values.</div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the years ended 2018, 2019 and 2020, the Group recorded impairment of RMB15,166,140,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div>RMB20,872,725 and nil, respectively. </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity securities without readily determinable fair values: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 72%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Content producers</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">123,629,785</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">196,465,009</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Technology and software companies</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">59,102,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">49,102,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,000,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">42,624,500</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">192,731,785</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">288,191,509</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity securities without readily determinable fair value were accounted as cost method investments prior to adopting ASC321, on </div></div><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">January<div style="display:inline;"> </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;">1, 2019. <div style="margin-left: auto; margin-right: auto; width: 8.5in; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">For years ended 2018, 2019 and 2020, nil, </div></div></div></div>nil<div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> and RMB</div>28,088,491<div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> impairment were recorded and an upward adjustments of </div><div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> nil<div style="letter-spacing: 0px; top: 0px;;display:inline;">,<div style="display:inline;"> </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;">RMB</div>1,796,000<div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> and RMB</div>8,571,429<div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> as result of observable price change for the identical or similar investment of the same investees was recognized in other expenses, net.</div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investments: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 73%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Hangzhou Aijidi Culture Creation Co., Ltd. (“Aijidi”)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,090,990</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,960,527</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Chongqing Yuwan Network Media Co., Ltd. (“Chongqing Yuwan”)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,721,472</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,944,122</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Hunan Yuyou Starfire Culture Media Co., Ltd. (“Yuyou Starfire”) (1)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15,139,902</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan Shayu Network Technology Co., Ltd. (“Shayu”) (2)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">184,555,328</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Wuhan DouYu entertainment equity investment LLP. (“DouYu LLP”) (3)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,007,084</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others (4)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,849,736</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">32,802,100</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">212,467,061</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(1)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30% <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">equity interest in the company. In November 2020, the Group lost significant influence over Yuyou Starfire and reclassified this investment with a carrying amount of </div> </div>RMB15,274,909 <div style="letter-spacing: 0px; top: 0px;;display:inline;">to equity securities without readily determinable fair values.</div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(2)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2016, the Group invested RMB10 million for 8.5% equity interest in Shayu, a live streaming platform in the PRC<div style="letter-spacing: 0px; top: 0px;;display:inline;">, and </div>accounted for this investment as an equity security without a readily determinable fair value. In May 2020, the Group completed the following transactions with respect to its investment in Shayu: </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%; vertical-align: top;;text-align:left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group acquired 19.125% equity interest in Shayu from Mr. Chen Shaojie, the Group’s CEO and shareholder for a cash consideration of RMB24,850,000. The purchase price paid by the Group was below fair value of the acquired equity interest, which is determined to be RMB43,617,750 by the Group with the assistance of an independent valuer. The excess amount of RMB18,767,750 between the fair value of the equity interest acquired in Shayu over the price paid is accounted as contribution from shareholder in the <div style="letter-spacing: 0px; top: 0px;;display:inline;">combined and consolidated </div>statement of change in shareholders’ equity. </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%; vertical-align: top;;text-align:left;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company injected cash of RMB80,000,000 and its holding of 100% equity interest in Chengdu Shuangsi Culture Broadcasting Co., Ltd (“Shuangsi”) with a fair value determined to be RMB54,391,900 into Shayu, in exchange for 8.309% of newly issued equity interest in Shayu. Shuangsi ceased to be a subsidiary of the Group and a gain on disposal of subsidiary in the amount of RMB23,525,694 was recognized in the combined and consolidated statement of comprehensive income, representing the difference between the fair value of Shuangsi and its carrying value at the date of the transaction. </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon the completion of these transactions, the Group has 35.084% equity interest of Shayu and accounts for its investment in Shayu under the equity method. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(3)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In September 2020, the Group injected cash of RMB10,000,000 in DouYu LLP, an equity fund, for 99.99% limited partnership.</div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(4)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In 2018, the Group made investments in four talent agencies with aggregate cash consideration of RMB3,600,000, none of which was individually material. As of December 31, 2020, the Group no longer has significant influence over these investees, and therefore these equity investments with carrying amount of RMB4,077,376 were reclassified as equity securities without readily determinable fair values.</div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During the years ended 2018, 2019 and 2020, the Group recorded impairment of RMB15,166,140,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div>RMB20,872,725 and nil, respectively. </div></div> 4090990 5960527 9721472 11944122 15139902 184555328 10007084 3849736 32802100 212467061 15000000 0.30 15274909 10000000 0.085 0.19125 24850000 43617750 18767750 80000000 1 54391900 0.08309 23525694 0.35084 10000000 0.9999 3600000 4077376 15166140 20872725 0 <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity securities without readily determinable fair values: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 72%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td rowspan="2" style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Content producers</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">123,629,785</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">196,465,009</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Technology and software companies</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">59,102,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">49,102,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,000,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">42,624,500</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">192,731,785</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">288,191,509</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity securities without readily determinable fair value were accounted as cost method investments prior to adopting ASC321, on </div></div><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">January<div style="display:inline;"> </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;">1, 2019. <div style="margin-left: auto; margin-right: auto; width: 8.5in; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">For years ended 2018, 2019 and 2020, nil, </div></div></div></div>nil<div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> and RMB</div>28,088,491<div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> impairment were recorded and an upward adjustments of </div><div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> nil<div style="letter-spacing: 0px; top: 0px;;display:inline;">,<div style="display:inline;"> </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;">RMB</div>1,796,000<div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> and RMB</div>8,571,429<div style="font-size: 10pt; letter-spacing: 0px; text-align: center; top: 0px;;display:inline;"> as result of observable price change for the identical or similar investment of the same investees was recognized in other expenses, net.</div></div> 123629785 196465009 59102000 49102000 10000000 42624500 192731785 288191509 0 0 28088491 0 1796000 8571429 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">8.</div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities </div></div></div> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities consist of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 72%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued payroll and welfare</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">163,309,115</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">176,217,767</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued marketing </div>cost</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">112,859,994</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">132,487,573</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">30,566,743</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,994,929</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other tax payable</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,767,363</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">18,974,895</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payable for repurchase of ordinary shares</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">53,293,800</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">18,550,109</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,365,656</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">392,347,124</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">384,040,820</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities consist of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 72%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued payroll and welfare</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">163,309,115</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">176,217,767</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accrued marketing </div>cost</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">112,859,994</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">132,487,573</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">30,566,743</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,994,929</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other tax payable</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,767,363</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">18,974,895</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payable for repurchase of ordinary shares</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">53,293,800</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">18,550,109</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,365,656</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">392,347,124</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">384,040,820</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> 163309115 176217767 112859994 132487573 30566743 19994929 13767363 18974895 53293800 18550109 36365656 392347124 384040820 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">9.</div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cost of revenues </div></div></div> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cost of revenues consist of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 58%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Revenue sharing fees and content costs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,790,038,662</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,176,508,004</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,129,094,348</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Bandwidth costs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">555,863,781</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">617,801,344</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">661,129,019</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">157,453,785</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">292,763,988</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">251,305,218</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,503,356,228</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,087,073,336</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,041,528,585</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cost of revenues consist of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 58%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Revenue sharing fees and content costs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,790,038,662</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,176,508,004</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,129,094,348</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Bandwidth costs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">555,863,781</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">617,801,344</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">661,129,019</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">157,453,785</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">292,763,988</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">251,305,218</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,503,356,228</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,087,073,336</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,041,528,585</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> 2790038662 5176508004 7129094348 555863781 617801344 661129019 157453785 292763988 251305218 3503356228 6087073336 8041528585 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">10.</div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Income taxes </div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Cayman Islands </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Hong Kong </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5%. Operations in Hong Kong have incurred net accumulated operating losses for income tax purpose and no income tax provisions are recorded for the period presented. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Japan </div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Entities incorporated in Japan are subject to an income tax rate calculated according to relevant regulations of Japan Ministry of Finance. Operations in Japan have incurred net accumulated operating losses for income tax purpose and no income tax provisions are recorded for the period presented. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">China </div></div></div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Company’s subsidiar<div style="letter-spacing: 0px; top: 0px;;display:inline;">i</div>es and consolidated VIEs established in the PRC are subject to an income tax rate of 25%, according to the PRC Enterprise Income Tax (“EIT”) Law. The subsidiaries and the VIEs of the Group in the PRC are subject to a uniform income tax rate of 25% for years presented. Wuhan Douyu obtained High and New Technology Enterprise (“HNTE”) status from 2016 to 2018. It enjoyed a favorable statutory tax rate of 15% from 2017 to 2018 and it did not renew the status<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">since</div> 2019. In 2019, Wuhan Douyu, Wuhan Yule and Wuhan Ouyue obtained “Software Enterprise Certificate<div style="letter-spacing: 0px; top: 0px;;display:inline;">”, which enable they to enjoy a tax holiday of a two-year exemption commencing from first profitable calendar year and a 50% reduction in uniform tax rate for the following three calendar years. </div>As of December 31, 2020, Wuhan Yule is profitable after offsetting its accumulated loss and starts to enjoy the tax benefit of software enterprise, while Wuhan Douyu, and Wuhan Ouyue are still in accumulative loss status and have not enjoyed the tax benefit yet. According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2018 to 2020, enterprises engaged in research and development activities are entitled to claim 175% of the research and development expenses so incurred in a year as tax deductible expenses in determining its tax assessable profits for that year (“Super Deduction”). </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;">Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese Income Tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-resident</div> legal entities will be considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting and properties, occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that the legal entities organized outside of the PRC within the Group should be treated as residents for EIT law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC should be deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income taxes, at a statutory income tax rate of <div style="letter-spacing: 0px; top: 0px;;display:inline;">25</div>%. The Group is not subject to any other uncertain tax position. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Income (loss) before income taxes consist of: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 60%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">PRC</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(881,940,287</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">143,570,454</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">710,575,006</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Foreign</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,871,144</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(106,980,746</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(307,145,767</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(869,069,143</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,589,708</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">403,429,239</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group did not incur any current or deferred component of income tax expenses for the years ended December 31, 2018, 2019 and 2020. The reconciliation of total tax expenses computed by applying the respective statutory income tax rate to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-tax</div> income is as follows: </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 77%;"/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">PRC income tax rate</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Expenses not deductible for tax purposes</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2.45</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">157.72</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">26.87</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Super deduction on research and development expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6.14</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(145.44</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(8.37</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effect of change in income tax rate</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(555.07</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effect of tax holiday</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(0.27</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">(36.13</td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">%)</div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effect of tax rate in different tax jurisdiction</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">0.71</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4.82</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">14.16</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Change in valuation allowance</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(29.13</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">512.97</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(21.53</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">0.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">0.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">0.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; margin-left: 32.625px; text-indent: 4%; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The aggregate amount and per share effect of the tax holiday are as follows:</div></div></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 8pt; width: 685px; border: 0px; margin: 0px auto; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 480px;"/> <td style="vertical-align: bottom; width: 13px;"/> <td/> <td/> <td/> <td style="vertical-align: bottom; width: 13px;"/> <td/> <td/> <td/> <td style="vertical-align: bottom; width: 13px;"/> <td/> <td/> <td/></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 8pt;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 8pt;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 8pt;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"> </td> <td colspan="4" style="height: 6pt;"> </td> <td colspan="4" style="height: 6pt;"> </td> <td colspan="4" style="height: 6pt;"> </td></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The aggregate dollar effect</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,346,487</div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">145,777,478</div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 10pt;"> <td style="vertical-align: top; font-size: 10pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Per share effect—basic and diluted</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0.29</div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.56</div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Deferred tax assets are as follows:</div></div> </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 73%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tax loss carried forward</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">609,004,112</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">581,481,841</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deductible temporary differences</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">114,334,735</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">62,849,372</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tax basis <div style="letter-spacing: 0px; top: 0px;;display:inline;">difference upon the restructuring in 2016</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">66,897,143</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">55,895,669</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Allowance for credit loss</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,509,508</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,251,724</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total deferred tax assets</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">795,745,498</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">706,478,606</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: valuation allowance</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(795,745,498</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(706,478,606</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net deferred tax assets</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The movement of deferred tax valuation allowance is as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 60%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td style="width:2%;"/> <td/> <td/> <td style="vertical-align: bottom; width: 2%;"/> <td/> <td/> <td/> <td style="vertical-align: bottom; width: 2%;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance at beginning of the year</div></div></td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;width:2%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">353,511,080</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">606,708,962</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">795,745,498</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Increase</div></td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;width:2%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">253,197,882</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">408,704,189</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">72,777,388</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr> <td style="vertical-align: top; width: 60%; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Decrease</div></div></td> <td style="vertical-align: bottom; width: 2%; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);;width:2%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">— <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 2%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(219,667,653</div></div></div></td> <td style="vertical-align: bottom; white-space: nowrap; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-size: 10pt; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 2%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(162,044,280</div></div></div></td> <td style="vertical-align: bottom; white-space: nowrap; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; width: 60%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; width: 2%; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);;width:2%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; width: 60%; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance at end of the year</div></div></td> <td style="vertical-align: bottom; width: 2%; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);;width:2%;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;">606,708,962</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;">795,745,498</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;">706,478,606</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; width: 60%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; width: 2%; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);;width:2%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group operates through its subsidiaries, VIEs and subsidiaries of the VIEs. As of December 31, 2019 and 2020, the Group had tax operating loss carry forwards of RMB2,493,643,064 and RMB2,414,846,539<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>respectively from its subsidiaries, VIEs and <div style="letter-spacing: 0px; top: 0px;;display:inline;">subsidiaries </div>of the VIEs registered in the PRC, which can be carried forward to offset taxable income. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are <div style="letter-spacing: 0px; top: 0px;;display:inline;">consistent </div>with the plans and estimates the Group is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to <div style="letter-spacing: 0px; top: 0px;;display:inline;">generate </div>sufficient taxable income within the carry forward periods provided for in the tax law. The Group has provided a full valuation allowance for the deferred tax assets as of December 31, 2019 and 2020, as management is not able to conclude that the future realization of those net operating loss carry forwards and other deferred tax assets are more likely than not. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In accordance with the EIT Law, dividends, which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008, are subject to a 10% withholding income tax. In addition, under tax treaty between the PRC and Hong Kong, if the foreign investor is incorporated in Hong Kong and qualifies as the beneficial owner, the applicable withholding tax rate is reduced to 5%, if the investor holds at least 25% in the FIE, or 10%, if the investor holds less than 25% in the FIE. </div></div> 0.165 0.25 0.15 0.15 0.50 1.75 1.75 1.75 100000 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Income (loss) before income taxes consist of: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 60%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">PRC</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(881,940,287</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">143,570,454</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">710,575,006</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Foreign</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,871,144</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(106,980,746</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(307,145,767</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(869,069,143</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,589,708</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">403,429,239</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> -881940287 143570454 710575006 12871144 -106980746 -307145767 -869069143 36589708 403429239 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group did not incur any current or deferred component of income tax expenses for the years ended December 31, 2018, 2019 and 2020. The reconciliation of total tax expenses computed by applying the respective statutory income tax rate to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-tax</div> income is as follows: </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 77%;"/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">PRC income tax rate</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Expenses not deductible for tax purposes</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2.45</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">157.72</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">26.87</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Super deduction on research and development expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6.14</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(145.44</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(8.37</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effect of change in income tax rate</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(555.07</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effect of tax holiday</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(0.27</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">(36.13</td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">%)</div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effect of tax rate in different tax jurisdiction</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">0.71</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4.82</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">14.16</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Change in valuation allowance</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(29.13</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">512.97</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(21.53</td> <td style="vertical-align: bottom; white-space: nowrap;">)% </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">0.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">0.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">0.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> 0.2500 0.2500 0.2500 -0.0245 1.5772 0.2687 0.0614 -1.4544 -0.0837 -5.5507 0.0027 0.3613 0.0071 0.0482 0.1416 -0.2913 5.1297 -0.2153 0.0000 0.0000 0.0000 <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; margin-left: 32.625px; text-indent: 4%; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The aggregate amount and per share effect of the tax holiday are as follows:</div></div></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 8pt; width: 685px; border: 0px; margin: 0px auto; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 480px;"/> <td style="vertical-align: bottom; width: 13px;"/> <td/> <td/> <td/> <td style="vertical-align: bottom; width: 13px;"/> <td/> <td/> <td/> <td style="vertical-align: bottom; width: 13px;"/> <td/> <td/> <td/></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 8pt;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 8pt;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 8pt;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt;"> </td> <td colspan="4" style="height: 6pt;"> </td> <td colspan="4" style="height: 6pt;"> </td> <td colspan="4" style="height: 6pt;"> </td></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The aggregate dollar effect</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,346,487</div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">145,777,478</div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 10pt;"> <td style="vertical-align: top; font-size: 10pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Per share effect—basic and diluted</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0.29</div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="white-space: nowrap; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4.56</div></td> <td style="white-space: nowrap; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table> 2346487 0 145777478 0.29 0 4.56 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Deferred tax assets are as follows:</div></div> </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 73%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tax loss carried forward</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">609,004,112</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">581,481,841</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deductible temporary differences</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">114,334,735</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">62,849,372</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tax basis <div style="letter-spacing: 0px; top: 0px;;display:inline;">difference upon the restructuring in 2016</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">66,897,143</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">55,895,669</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Allowance for credit loss</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,509,508</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,251,724</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total deferred tax assets</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">795,745,498</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">706,478,606</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: valuation allowance</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(795,745,498</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(706,478,606</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net deferred tax assets</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 609004112 581481841 114334735 62849372 66897143 55895669 5509508 6251724 795745498 706478606 795745498 706478606 0 0 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The movement of deferred tax valuation allowance is as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 60%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td style="width:2%;"/> <td/> <td/> <td style="vertical-align: bottom; width: 2%;"/> <td/> <td/> <td/> <td style="vertical-align: bottom; width: 2%;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance at beginning of the year</div></div></td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;width:2%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">353,511,080</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">606,708,962</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">795,745,498</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 60%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Increase</div></td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;;width:2%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">253,197,882</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">408,704,189</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">72,777,388</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr> <td style="vertical-align: top; width: 60%; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Decrease</div></div></td> <td style="vertical-align: bottom; width: 2%; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);;width:2%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">— <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 2%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(219,667,653</div></div></div></td> <td style="vertical-align: bottom; white-space: nowrap; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-size: 10pt; line-height: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 2%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(162,044,280</div></div></div></td> <td style="vertical-align: bottom; white-space: nowrap; font-size: 10pt; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="line-height: 10pt; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; width: 60%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; width: 2%; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);;width:2%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; width: 60%; background-color: rgb(255, 255, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Balance at end of the year</div></div></td> <td style="vertical-align: bottom; width: 2%; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);;width:2%;"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;">606,708,962</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;">795,745,498</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;">706,478,606</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(255, 255, 255);"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; width: 60%; background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; width: 2%; background-color: rgb(255, 255, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);;width:2%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 2%;">  </td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="background-color: rgb(255, 255, 255);"> </td></tr></table> 353511080 606708962 795745498 253197882 408704189 72777388 -219667653 -162044280 606708962 795745498 706478606 2493643064 2414846539 0.10 0.05 0.25 0.10 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">11.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary shares </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In accordance with the Company’s memorandum and articles of association, total authorized shares for ordinary shares are 500,000,000 shares with par value of US$0.0001. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon the incorporation of the Company on January 5, 2018, the Original Shareholders of the Group subscribed to 8,188,790 ordinary shares of the Company at par value of US$0.0001. In May 2018, the Company converted 2,944,395 ordinary shares held by the Original Shareholder to 2,944,395 shares of Angel Preferred Shares with no change to the rights and obligations associated with these shares. As the terms of the Angel Preferred Shares are identical to those for the Ordinary Shares, the Company believe it is appropriate to continue to treat the Angel Preferred Shares as ordinary shares issued and outstanding in the combined and consolidated financial statements as well as for the purpose of EPS calculations. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In May 2018, the Company repurchased 125,000 shares of ordinary shares from one investor and issued 125,000 Series <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">B-4</div> Preferred Share to the same shareholder for zero consideration. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As disclosed in Note 1<div style="letter-spacing: 0px; top: 0px;;display:inline;">4</div>, 2,106,321 ordinary shares of the Company were issued to Douyu Employee Benefit Trust (the “Trust”) to establish a reserve pool for future issuances of equity share incentive to the Group’s employees. All shareholder rights of these 2,106,321 ordinary shares including but not limited to voting rights and dividend rights are unconditionally waived until the corresponding restrict share units are vested. While the ordinary shares were legally issued to the Trust, the Trust does not have any of the rights associated with the ordinary shares, as such the Company accounted for these shares as issued but no outstanding until the waiver is released by the Company, which occur when the restricted share units vest and ordinary shares are awarded to the employees. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon the IPO in July 2019, the Company issued 4,492,473 ordinary shares. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On December 20, 2019, the Company announced the repurchase program whereby the Company may repurchase up to US$100 million of its ordinary shares in the form of American depositary shares during a period of up to 12 months commencing on December 20, 2019. As of December 31, 2020, the Company has repurchased an aggregate of 1,177,499 ordinary shares for total cash consideration of US$99,999,998 (equivalent of RMB695,097,853) including repurchase commissions<div style="letter-spacing: 0px; top: 0px;;display:inline;">, among which 291,207 ordinary shares for total cash consideration of US$16,471,881 (equivalent of RMB115,273,325) was paid in 2019.</div></div></div> 500000000 0.0001 8188790 0.0001 2944395 2944395 125000 125000 2106321 4492473 100000000 P12M 1177499 99999998 695097853 291207 16471881 115273325 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">12.</div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Noncontrolling Interest </div></div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, the Group’s noncontrolling interest mainly included equity interest in DouYu Japan. The following schedule shows the effects of changes in the ownership interest of the Company in its subsidiaries on equity attributed to DouYu for the years ended December 31, 2018, 2019 and 2020. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Below are the changes in the Group’s ownership in its subsidiaries on the Group’s equity. </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to DouYu’s ordinary shareholders</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(876,279,828</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">39,753,232</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">485,498,597</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Transfers to noncontrolling interest</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in DouYu’s additional paid-in capital for acquisition of noncontrolling interest in Shuangsi (1)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,271,492</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in DouYu’s additional paid-in capital due to capital contribution from noncontrolling interest shareholder in DouYu Japan (2)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(7,700,837</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase in DouYu’s additional paid-in capital due to repurchase of noncontrolling interest in Gogo Glocal (Note 14)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,171,730</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in DouYu’s additional paid-in capital due to vest of Gogo Glocal’s noncontrolling interest restricted shares (Note 14)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(22,209,344</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in DouYu’s additional paid-in capital for acquisition of shares of Gogo Glocal’s noncontrolling interest</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(11,107,350</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net transfers to noncontrolling interest</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(33,316,694</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,199,401</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Change from net income attribute to DouYu and transfers to noncontrolling interest</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(876,279,828</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,436,538</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">486,697,998</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In March 2020, the Group purchased 15% equity of Chengdu Shuangsi with cash consideration of RMB4,500,000. The difference between the fair value of the consideration paid and the carrying amount of the noncontrolling interest acquired was recognized in additional paid-in capital. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In April, June and November, 2020, the <div style="letter-spacing: 0px; top: 0px;;display:inline;">Group and </div>noncontrolling interest shareholder purchased the newly issued common shares of DouYu Japan with consideration of </div></div><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">JPY4,189,200,000 (equivalent of RMB272,248,433 ) and </div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">JPY1,610,800,000 (equivalent of RMB105,129,847 ), respectively. As a result of these transactions, the noncontrolling interest shareholder’s ownership interest increased from 14.9% to 28.9% while the Group retains its controlling financial interest in DouYu Japan. The difference between the consideration received and the amount of the noncontrolling interest was adjusted was recognized in additional paid-in capital. </div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, the Group’s noncontrolling interest mainly included equity interest in DouYu Japan. The following schedule shows the effects of changes in the ownership interest of the Company in its subsidiaries on equity attributed to DouYu for the years ended December 31, 2018, 2019 and 2020. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Below are the changes in the Group’s ownership in its subsidiaries on the Group’s equity. </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to DouYu’s ordinary shareholders</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(876,279,828</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">39,753,232</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">485,498,597</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Transfers to noncontrolling interest</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in DouYu’s additional paid-in capital for acquisition of noncontrolling interest in Shuangsi (1)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,271,492</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in DouYu’s additional paid-in capital due to capital contribution from noncontrolling interest shareholder in DouYu Japan (2)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(7,700,837</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Increase in DouYu’s additional paid-in capital due to repurchase of noncontrolling interest in Gogo Glocal (Note 14)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,171,730</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in DouYu’s additional paid-in capital due to vest of Gogo Glocal’s noncontrolling interest restricted shares (Note 14)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(22,209,344</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Decrease in DouYu’s additional paid-in capital for acquisition of shares of Gogo Glocal’s noncontrolling interest</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(11,107,350</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net transfers to noncontrolling interest</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(33,316,694</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,199,401</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Change from net income attribute to DouYu and transfers to noncontrolling interest</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(876,279,828</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,436,538</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">486,697,998</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In March 2020, the Group purchased 15% equity of Chengdu Shuangsi with cash consideration of RMB4,500,000. The difference between the fair value of the consideration paid and the carrying amount of the noncontrolling interest acquired was recognized in additional paid-in capital. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In April, June and November, 2020, the <div style="letter-spacing: 0px; top: 0px;;display:inline;">Group and </div>noncontrolling interest shareholder purchased the newly issued common shares of DouYu Japan with consideration of </div></div><div style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif; letter-spacing: 0px; top: 0px;;display:inline;">JPY4,189,200,000 (equivalent of RMB272,248,433 ) and </div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">JPY1,610,800,000 (equivalent of RMB105,129,847 ), respectively. As a result of these transactions, the noncontrolling interest shareholder’s ownership interest increased from 14.9% to 28.9% while the Group retains its controlling financial interest in DouYu Japan. The difference between the consideration received and the amount of the noncontrolling interest was adjusted was recognized in additional paid-in capital. </div></div></div></td></tr></table> -876279828 39753232 485498597 2271492 -7700837 11171730 22209344 11107350 -33316694 1199401 -876279828 6436538 486697998 0.15 4500000 4189200000 272248433 1610800000 105129847 0.149 0.289 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">13.</div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Convertible redeemable preferred shares </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Series A Preferred Equity</div> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In January 2015, Beijing Sequoia acquired 20.49% of Guangzhou Douyu’s equity interest with preference rights for a total consideration of RMB106,999,090 (Series A Preferred Equity). </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Series B Preferred Equity</div> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In April 2015, Guangzhou Douyu entered into an agreement with Beijing Sequoia for a convertible loan and a detachable warrant for a total proceed of RMB50 million. In April 2016, Beijing Sequoia converted the outstanding loan principal and unpaid interest expense amounted RMB 56,187,500 into 2.71% of the equity interest of Wuhan Douyou with preference rights (Series B-1 Preferred Equity). </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In April 2016, Wuhan Douyu issued 18.80% and 1.96% equity interest with preference rights (Series B-2 and B-3 Preferred Equity) for a cash consideration of RMB381,504,000 and RMB50,000,000, respectively, to a group of third party investors. The subscription prices of two of these investors were below fair value of Series B-2 and Series B-3 Preferred Equity. The difference between the fair value of these preferred equity and the subscription consideration paid by these Series B-2 and Series B-3 investors amounted to RMB72,736,597 was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit). </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In April 2016, concurrent with the issuance of Series B-2 and B-3 Preferred Equity, Wuhan Douyu repurchased 5.95% of its equity interest from the Original Shareholders at a consideration of RMB162,775,040. The fair value of equity interest repurchased was RMB77,396,500 as determined by the Group with the assistance of independent valuation firm was below the consideration paid by Wuhan Douyu. As such, the amount of RMB85,378,540 paid by Wuhan Douyu that was in excess of the fair value of the equity interest at the time of the repurchase was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit). </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Series C Preferred Equity</div> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In August 2016, Wuhan Douyu issued 15.80% of the equity interest with preference rights to a group of investors with a total consideration of RMB1,067,000,000 (Series C-1 Preferred Equity). Concurrent with the issuance of Series C-1 Preferred Equity, Wuhan Douyu repurchase and cancelled 2.94% of its equity interest from the Original Shareholders with a consideration of RMB198,848,000. The fair value of the equity interest repurchased was RMB72,020,079 as determined by the Group with the assistance of independent valuation firm was below the repurchase consideration paid by Wuhan Douyu. As such, the amount of RMB126,827,921 paid by Wuhan Douyu in excess of the fair value of the equity interest at the time of the repurchase was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit). </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In August 2016, Shanghai Qincheng exercised the warrant to purchase 0.49% of the equity interest of Wuhan Douyu with a subscription price of RMB30,000,000 (Series C-2 Preferred Equity). Series C-2 Preferred Equity was repurchased by Wuhan Douyu in January 2018 at fair value for a cash consideration of RMB39,995,000. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Series D Preferred Equity</div> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On November 14, 2017, Wuhan Douyu issued 5.81% equity interest of Wuhan Douyu with preferred rights (Series D Preferred Equity) for a consideration of RMB500,000,000 to three new investors. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon the 2018 Restructuring, as described in Note 1, upon obtaining all necessary approvals from the PRC government, the Preferred Equity shareholders subscribed for convertible redeemable preferred shares (Preferred Shares) at no consideration, all in the same proportions, on an as converted basis, as the percentage of equity interest they held in Wuhan Douyu. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In conjunction with the issuance of Series E Preferred Shares, the Company modified certain terms of Series A, B, C and D Preferred Shares to extend the date of qualified IPO from December 31, 2020 to December 31, 2022, as well as change certain calculation of the redemption value. The Company does not consider these changes as an extinguishment of Series A, B, C and D as the impact of these changes was insignificant. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The key terms of the Preferred Shares are summarized as follows: </div></div></div> <div style="text-indent: 4%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Dividend Rights </div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the event the Company declares dividends, for holder of each series of Convertible Redeemable Preferred Shares, at the rate of eight percent of issue cost. </div></div></div> <div style="text-indent: 4%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Liquidation Rights </div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the event of any liquidation, dissolution or winding up of the Company (each a “Liquidation Event”), whether voluntary or involuntary, all assets and funds of the Company legally available for distribution to the Members (after satisfaction of all creditors’ claims and claims that may be preferred by Law) shall be distributed to the Members of the Company as follows: </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The liquidation right should be settled in the sequence of (i) Series E Convertible Redeemable Preferred Shares, (ii) Series D Convertible Redeemable Preferred Shares, (iii) Series C-1 Convertible Redeemable Preferred Shares, (iv) Series B-1, Series B-2, Series B-3 and Series B-4 Convertible Redeemable Preferred Shares (Series B Convertible Redeemable Preferred Shares), and (v) Series A Convertible Redeemable Preferred Shares. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">If there are any assets or funds remaining after the aggregate Series A Preference Amount, Series B Preference Amount, Series C Preference Amount, Series D Preference Amount and Series E Preference Amount have been distributed or paid in full to the applicable holders of Preferred Shares, the remaining assets and funds of the Company available for distribution to the Members shall be distributed ratably among all Members in proportion to the number of Ordinary Shares (on an as-converted basis) held by them. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 4pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total liquidation value for all preferred shares was nil. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Conversion Rights</div></div> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The holders of the Preferred Shares shall have the rights to convert of the Preferred Shares into Ordinary Shares at an initial conversion ratio of one for one. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The holders of each Convertible Redeemable Preferred Shares, at the option of the holders, has the right to convert the Convertible Redeemable Preferred Shares into ordinary shares at any time. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Each Convertible Redeemable Preferred Share shall automatically be converted, into Ordinary Shares upon the earlier of (i) the closing of a Qualified IPO, or (ii) the written notice signed by the Majority Holders. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Voting Rights</div></div> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Preferred Shareholders are entitled to vote with ordinary shareholders on an as-converted basis. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Redemption</div></div> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon the earlier of (a) the Company has not consummated a Qualified IPO by December 31, 2022, (b) there is a material breach of the Articles of the Memorandum, (c) the creditworthiness of any Founder or any holder of Ordinary Shares (other than any Investor) is materially damaged, or there is any fraud, gross negligence or willful misconduct of any Founder or any holder of Ordinary Shares (other than any Investor), or there is any misconduct of any Founder or any Management Director, any of which results in damages to the Group Companies that cannot be cured, or (d) any event (other than force majeure) that result in the shutdown of the website (including the main website, IOS and Android apps) of the Group for more than 60 days, the holder of each series of Convertible Redeemable Preferred Shares except for the holder of Series C-2 Convertible Redeemable Preferred Shares and Series Angel Convertible Redeemable Preferred Shares has the right to require the Company to redeem all or any number of the then outstanding Convertible Redeemable Preferred Shares at a pre-determined Redemption Price. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The redemption right should be settled in the sequence of (i) Series E Convertible Redeemable Preferred Shares, (ii) Series D Convertible Redeemable Preferred Shares, (iii) Series C-1 Convertible Redeemable Preferred Shares, (iv) Series B-1, Series B-2 and Series B-3 Convertible Redeemable Preferred Shares, and (v) Series A Convertible Redeemable Preferred Shares. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Management of the Group evaluated that redemption was not probable and therefore did not accrete the Preferred Shares to the redemption value. The redemption value as of December 31, 2019 and 2020 would be. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">All of the preferred shares were converted to ordinary shares immediately upon the completion of the Group’s IPO on July 17, 2019. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following is the rollforward of the carrying amounts of Preferred Share for the years ended December 31, 2018 and 2019: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 73%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series A</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series B-1</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series B-2</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series B-3</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series B-4(1)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series C-1</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series C-2(2)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series D</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series E(3)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2017</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">106,999,090</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">56,187,500</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">464,343,750</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">202,671,887</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,265,848,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33,333,333</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">500,000,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">Issuance</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,254,400</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(33,333,333</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,026,518,012</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">106,999,090</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">56,187,500</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">464,343,750</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">202,671,887</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,254,400</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,265,848,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">500,000,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,026,518,012</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">Conversion into ordinary shares upon IPO</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(106,999,090</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(56,187,500</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(464,343,750</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(202,671,887</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(22,254,400</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,265,848,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(500,000,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(4,026,518,012</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31,</div></div></div><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">2019</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">——  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share purchase price of US$80.57 for cash consideration of RMB4,026,518,012. </div></div></div></td></tr></table> 0.2049 106999090 50000000 56187500 0.0271 0.1880 0.0196 381504000 50000000 72736597 0.0595 162775040 77396500 85378540 0.1580 1067000000 0.0294 198848000 72020079 126827921 0.0049 30000000 39995000 0.0581 500000000 39995000 6661667 125000 0 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following is the rollforward of the carrying amounts of Preferred Share for the years ended December 31, 2018 and 2019: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 73%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series A</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series B-1</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series B-2</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series B-3</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series B-4(1)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series C-1</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series C-2(2)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series D</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Series E(3)</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2017</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">106,999,090</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">56,187,500</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">464,343,750</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">202,671,887</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,265,848,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33,333,333</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">500,000,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">Issuance</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,254,400</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(33,333,333</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,026,518,012</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">106,999,090</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">56,187,500</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">464,343,750</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">202,671,887</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,254,400</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,265,848,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">500,000,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,026,518,012</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">Conversion into ordinary shares upon IPO</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(106,999,090</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(56,187,500</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(464,343,750</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(202,671,887</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(22,254,400</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,265,848,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(500,000,000</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(4,026,518,012</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">) </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 9.5pt;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">December 31,</div></div></div><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 1pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">2019</div></div></div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">——  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3)</div></td> <td style="vertical-align: top; font-size: 10pt;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share purchase price of US$80.57 for cash consideration of RMB4,026,518,012. </div></div></div></td></tr></table> 106999090 56187500 464343750 202671887 1265848000 33333333 500000000 22254400 -33333333 4026518012 106999090 56187500 464343750 202671887 22254400 1265848000 500000000 4026518012 106999090 56187500 464343750 202671887 22254400 1265848000 500000000 4026518012 125000 39995000 6661667 7828728 80.57 4026518012 <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">4</div>.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Share-based compensation </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">I. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-vested</div> Douyu restricted equity </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Upon closing of the issuance of Series A Preferred Equity, the Founders entered into an arrangement with the investor, whereby partial of their equity (“Founders’ Equity”) became subject to service and transfer restriction. Such Founders’ Equity is subject to repurchase by the Company upon early termination of their requisite period of employment. The repurchase price is the minimum price permitted under PRC law. The Founders’ Equity shall be vested monthly in equal installment over the period from issuance of Series A Preferred Equity to 2018. This arrangement has been accounted for as a grant of restricted share awards subject to service vesting conditions. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group used the discounted cash flow method to determine the underlying equity value of Wuhan Douyu and adopted equity allocation model to determine the fair value of the equity as of the dates of issuance. The aggregate fair value of the restricted equity was RMB80,100,005. For the years ended December 31, 2018, 2019 and 2020, the Group recorded compensation expenses of RMB17,574,638, nil<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>and nil, respectively. All the restricted equity has been vested as of December 31, 2018. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">II. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-vested</div> Gogo Glocal restricted shares </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In connection of the acquisition of Nonolive, Gogo Glocal issued 4,900,000 ordinary shares, which represents 46% of its equity, to the founders for Nonolive. These ordinary shares are subject to transfer restriction and repurchase by the Group for a consideration of US$1 upon early termination of their requisite employment service period of 15 months. These ordinary shares are vested upon the earlier of the satisfaction of certain performance target as measured by number of Daily Active Users or the requisite service period. This arrangement has been accounted as a grant of restricted share awards subject to service and performance conditions. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">With the assistance of third party valuation firm, the Group used the discounted cash flow method to determine the underlying equity value of Gogo Glocal and adopted equity allocation model to determine the fair value of the restricted ordinary share as of the dates of issuance, which was determined to be RMB18.45 per share. The aggregate fair value of the restricted shares was RMB90,425,865. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">On September 30, 2019, the Group and the founders of Nonolive entered into another agreement to renew the arrangement. Pursuant to the agreement, (i) the Group injected additional capital of RMB100 million in Gogo Glocal; (ii) the Group repurchased 1,039,780 shares of ordinary shares from one of the founders for a consideration of US$1 due to an early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares; (iii) 1,696,895 ordinary shares were vested immediately, of which 444,444 shares were repurchased by the Group at fair value of RMB43.92 per share; and (iv) the remaining 2,163,325 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> restricted shares held by the founders are subject to transfer restriction and repurchase by the Group for a consideration of US$1 upon early termination of their renewed requisite employment service period and will be vested monthly in equal installments over the next 36 months, which was considered as a modification of unvested restricted shares. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As a result of the modification, an incremental compensation cost of RMB28,224,142 was measured as the excess of the fair value of the modified restricted share award over the fair value of the original restricted share. The fair value per share of the modified restricted shares of RMB43.92 is determined according to the share price and other pertinent factors at the modification date. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">A summary of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> restricted share activity during the years ended December 31, 2020 is presented below: </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 77%;"/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Number of<br/> shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> average<br/> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">grant-date</div><br/> fair value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,049,466</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(62,105</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Forfeited(1)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,429,906</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cancellation(2)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(557,455</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2020</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-size: 8pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;">(1)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In February 2020, the Group repurchased 1,429,906 shares of unvested restricted shares from one of the Gogo Glocal’s founders with a consideration of US$1<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>due to the early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares. </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 9%;"> </td> <td style="width: 4%; vertical-align: top;;text-align:left;">(2)</td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In February 2020, the Group canceled 557,455 unvested restricted shares granted. The corresponding unrecognized share-based compensation expense of RMB7,451,210 was immediately recognized in the combined and consolidated statement of comprehensive income for the year ended December 31, 2020. </div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, the total unrecognized share-based compensation expense was nil. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the years ended December 31, 2018, 2019 and 2020, the Group recorded compensation expenses of RMB17,830,249, RMB55,275,106 and RMB8,029,561, respectively. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">III. Restricted share units </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On April 1, 2018, the Company’s board of director approved the 2018 Restricted Share Unit Scheme (“2018 Plan”). In connection with the 2018 Plan, the Company established Douyu Employee Benefit Trust (the “Trust”) as a holding platform and 2,106,321 share of ordinary shares were issued to the Trust as a reserve pool for future issuance of equity share incentive to the Group’s employees. All shareholder rights of these 2,106,321 ordinary shares including but not limited to voting rights and dividend rights are unconditionally waived until the corresponding restrict share units are vested. The Group referred to the interest in Trust as Restricted Share Units and each Restricted Share Unit represents one ordinary share. The Scheme shall be valid and effective for a period of 10 years. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On April 1, 2018, pursuant to a board of director resolution, 2,098,069 restricted share units corresponding to 2,098,069 ordinary shares were granted to certain employees, directors and officers for zero cash subscription. The restricted share units will begin vesting by equal instalment for 36 months upon a qualified IPO. The Group has determined the per share fair value of the restricted share unit to be RMB274.51 with the assistance of an independent valuation firm based on the fair value of the underlying ordinary shares which was determined by using the hybrid method of the probability weighted expected return method (“PWERM”) and the option pricing method (“OPM”) to allocate equity value to preferred and ordinary shares on a fully diluted basis. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A summary of restricted share units activity during the years ended December 31, 2020 is presented below: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%;"/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Number of<br/> restricted<br/> shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> average<br/> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">grant-date</div><br/> fair value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> average<br/> remaining<br/> contractual<br/> life</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,794,586</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">274.55</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2.58</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(693,527</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">274.55</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Forfeited</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(4,392</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">274.55</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2020</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,096,667</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">274.55</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1.58</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The <div style="letter-spacing: 0px; top: 0px;;display:inline;">Group has recorded compensation expenses of nil, </div>RMB235,506,658 and RMB134,124,800 for the years ended <div style="letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018</div>, 2019 and 2020 relating to these restricted share units. As of December 31, 2019 and 2020, there were RMB342,243,484 and RMB207,249,251, respectively, unrecognized share based compensation expenses related to the restricted share. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> 80100005 17574638 0 0 4900000 0.46 1 P15M 18.45 90425865 100000000 1039780 1696895 444444 43.92 2163325 1 28224142 43.92 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">A summary of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> restricted share activity during the years ended December 31, 2020 is presented below: </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 76%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 77%;"/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Number of<br/> shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> average<br/> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">grant-date</div><br/> fair value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,049,466</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(62,105</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Forfeited(1)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,429,906</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cancellation(2)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(557,455</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2020</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 2049466 31.50 62105 31.50 1429906 31.50 -557455 31.50 1429906 1 557455 7451210 17830249 55275106 8029561 2106321 P10Y 2098069 The restricted share units will begin vesting by equal instalment for 36 months upon a qualified IPO. 274.51 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A summary of restricted share units activity during the years ended December 31, 2020 is presented below: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 70%;"/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Number of<br/> restricted<br/> shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> average<br/> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">grant-date</div><br/> fair value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> average<br/> remaining<br/> contractual<br/> life</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.7pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2019</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,794,586</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">274.55</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2.58</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(693,527</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">274.55</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Forfeited</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(4,392</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">274.55</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Outstanding as of December 31, 2020</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,096,667</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">274.55</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1.58</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 1794586 274.55 P2Y6M29D 693527 274.55 4392 274.55 1096667 274.55 P1Y6M29D 0 235506658 134124800 342243484 207249251 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">5</div>.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) per share and net loss attributable to ordinary shareholders </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group’s convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">as-if</div> converted basis. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">For the year ended December 31, 2019, the Group used the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">two-class</div> method of computing basic earnings per share. Under this method, net income applicable to holders of ordinary shares is allocated on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pro-rata</div> basis to the ordinary and preferred shares to the extent that each class may share in income for the period had it been distributed. Diluted net income per share for the year ended December 31, 2019 is computed using <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">as-if-converted</div></div> method and assumes the vest of restricted share units using the treasury stock method as this method is more dilutive than the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">two-</div> class method. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Upon the consummation of the Company’s IPO on July 17, 2019, the convertible redeemable preferred shares were automatically converted into ordinary shares. The two-class method of computing earnings per share ceased to apply on the conversion date.</div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Basic and diluted net income (loss) per share for each of the years presented were calculated as follows</div>: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Basic net income (loss) per share calculation</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Numerator:</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to DouYu Holdings Limited shareholders</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(876,279,828</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,753,232</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deemed dividend</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,661,667</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts allocated to convertible redeemable preferred shares for participating rights to dividends</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(14,283,763</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(882,941,495</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,469,469</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Denominator:</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,115,160</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,254,661</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31,963,526</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Basic net income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(108.80</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1.32</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15.19</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Diluted net income (loss) per share calculation</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Numerator:</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(882,941,495</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,469,469</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Add: undistributed earnings allocated to participating securities</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">14,283,763</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(882,941,495</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,753,232</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Denominator:</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,115,160</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,254,661</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31,963,526</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Add: conversion of convertible redeemable preferred shares into ordinary shares</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,798,380</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Restricted Share Units</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,389,890</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,049,156</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average ordinary shares used in computing diluted income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,115,160</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31,442,931</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">33,012,682</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Diluted net income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(108.80</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1.26</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">14.71</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 75%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Convertible Redeemable Preferred Equity/Shares</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,906,105</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Restricted Share Units</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,098,069</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22,004,174</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Basic and diluted net income (loss) per share for each of the years presented were calculated as follows</div>: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Basic net income (loss) per share calculation</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Numerator:</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to DouYu Holdings Limited shareholders</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(876,279,828</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,753,232</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deemed dividend</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,661,667</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts allocated to convertible redeemable preferred shares for participating rights to dividends</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(14,283,763</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(882,941,495</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,469,469</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Denominator:</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,115,160</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,254,661</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31,963,526</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Basic net income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(108.80</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1.32</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15.19</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Diluted net income (loss) per share calculation</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Numerator:</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(882,941,495</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,469,469</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Add: undistributed earnings allocated to participating securities</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">14,283,763</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(882,941,495</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,753,232</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Denominator:</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,115,160</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,254,661</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31,963,526</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Add: conversion of convertible redeemable preferred shares into ordinary shares</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,798,380</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Restricted Share Units</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,389,890</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,049,156</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average ordinary shares used in computing diluted income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,115,160</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31,442,931</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">33,012,682</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Diluted net income (loss) per ordinary share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(108.80</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1.26</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">14.71</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> -876279828 39753232 485498597 6661667 14283763 -882941495 25469469 485498597 8115160 19254661 31963526 -108.80 1.32 15.19 -882941495 25469469 485498597 -14283763 -882941495 39753232 485498597 8115160 19254661 31963526 10798380 1389890 1049156 8115160 31442931 33012682 -108.80 1.26 14.71 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 75%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Convertible Redeemable Preferred Equity/Shares</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,906,105</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Restricted Share Units</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,098,069</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22,004,174</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 19906105 2098069 22004174 <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">6</div>.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Statutory reserves and restricted net assets </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">As a result of the PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital, additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital, and the statutory reserves of the Company’s PRC subsidiaries and VIEs. As of <div style="letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2020, total restricted net assets were </div>RMB3,476,357,108. </div> 3476357108 <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">7</div>.</div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Segment Information </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses the management approach to determine operation segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resources and assessing performance. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="display:inline;">The Group’s CODM has been identified as the Chief Executive Officer. Before October 2018, the Group operated and managed its business in PRC China as a single operating segment. In October 2018, the Group acquired a business which operates a live stream platform mainly in Southeast Asia (“Nonolive”) and identified it as a new operating segment. In August 2019, the Group set up “DouYu Japan” which operates a live streaming platform in Japan with a third party. The Group has determined that Nonolive and DouYu Japan do not meet the quantitative thresholds for a reportable segment under ASC 280-10-50 in the year ended December 31, 2020, therefore, does not result in a reportable segment.</div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes the revenue by type of service provided by the Group: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 58%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Live streaming</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,147,196,247</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,617,291,032</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,852,225,839</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advertisement</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">342,169,195</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">513,265,806</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">645,227,128</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">165,017,684</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">152,673,415</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">104,420,970</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,654,383,126</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,283,230,253</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,601,873,937</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">99.8%, 99.5% and 98.8% of the Group’s revenue for the years ended December 31, 2018, 2019 and 2020, respectively, were generated from the PRC. As of December 31, 2019 and 2020, 100% and 100% of long-lived assets of the Group were located in the PRC. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There were no customers from whom revenue accounted for 10% or more of total revenue for the years ended December 31, 2018, 2019 and 2020, respectively. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes the revenue by type of service provided by the Group: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 58%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Live streaming</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,147,196,247</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,617,291,032</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,852,225,839</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advertisement</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">342,169,195</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">513,265,806</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">645,227,128</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">165,017,684</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">152,673,415</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">104,420,970</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,654,383,126</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,283,230,253</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,601,873,937</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 3147196247 6617291032 8852225839 342169195 513265806 645227128 165017684 152673415 104420970 3654383126 7283230253 9601873937 0.998 0.995 0.988 1 1 <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">8</div>.</div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Related party transactions </div></div></div> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The table below sets forth major related parties and their relationships with the Group: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 47%; font-family: &quot;Times New Roman&quot;;"/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Company Name</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Relationship with the Group</div></div></div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Tencent Holdings Limited (“Tencent Group”)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Parent company of one of our ordinary shareholders</td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the years ended December 31, 2018, 2019 and 2020, significant related party transactions were as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 61%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Live streaming revenue derived from</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,164,152</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">78,933,963</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,679,248</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,405,827</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">28,569,979</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">78,933,963</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,679,248</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advertisement revenue derived from</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">27,483,962</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,699,737</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">743,697</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other revenue derived from</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,892,736</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">26,581,068</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,282,751</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">204,533</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,892,736</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">26,581,068</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,487,284</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Bandwidth fees paid to</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">258,981,005</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">230,752,735</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">212,785,773</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Revenue sharing fees and content cost paid to</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,986,374</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,202,423</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">229,901,724</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">715,473,955</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">435,496,349</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">229,901,724</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">720,460,329</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">441,698,772</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payment handling fees paid to</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,656,246</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">29,546,113</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,033,966</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Content rights purchased from</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">116,100,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">112,354,423</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">75,528,302</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2018, 2019 and 2020, the amounts due from/to related parties are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 60%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due from related parties</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">56,840,030</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,935,019</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,045,078</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,230,184</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">108,831</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">64,070,214</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">24,043,850</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,045,078</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due to related parties</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">227,897,451</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">251,069,127</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">201,579,602</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Beijing Sequoia Xinyuan Equity Investment Center LLP<div style="font-size: 85%; vertical-align: top;;display:inline;;font-size:9.4px">(1) </div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,355,094,229</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Shaojie Chen</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,995,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,320,840</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">47,663,895</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">21,945,327</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,628,307,520</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">298,733,022</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">223,524,929</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(1)</td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In May 2018, as an integrated step of the 2018 Restructuring (Note 1), in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US$197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount, equivalent to RMB1,260,439,815, has been received by the Company but the redemption amount, equivalent to RMB1,355,094,229, has not yet been paid by Wuhan Douyu, which was considered as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018. The redemption amount is denominated in US$ and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. US$197,443,500 equivalent in the amount of RMB1,323,049,149 was fully settled in March, 2019. </div> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The table below sets forth major related parties and their relationships with the Group: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 51%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 47%; font-family: &quot;Times New Roman&quot;;"/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Company Name</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Relationship with the Group</div></div></div> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="2" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Tencent Holdings Limited (“Tencent Group”)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Parent company of one of our ordinary shareholders</td> </tr> </table> Parent company of one of our ordinary shareholders <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the years ended December 31, 2018, 2019 and 2020, significant related party transactions were as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 61%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Live streaming revenue derived from</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,164,152</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">78,933,963</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,679,248</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,405,827</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">28,569,979</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">78,933,963</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,679,248</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Advertisement revenue derived from</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">27,483,962</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,699,737</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">743,697</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other revenue derived from</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,892,736</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">26,581,068</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,282,751</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">204,533</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,892,736</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">26,581,068</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">8,487,284</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Bandwidth fees paid to</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">258,981,005</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">230,752,735</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">212,785,773</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Revenue sharing fees and content cost paid to</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,986,374</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,202,423</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">229,901,724</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">715,473,955</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">435,496,349</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">229,901,724</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">720,460,329</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">441,698,772</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payment handling fees paid to</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,656,246</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">29,546,113</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,033,966</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Content rights purchased from</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">116,100,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">112,354,423</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">75,528,302</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> 25164152 78933963 23679248 3405827 28569979 78933963 23679248 27483962 2699737 743697 19892736 26581068 8282751 204533 19892736 26581068 8487284 258981005 230752735 212785773 4986374 6202423 229901724 715473955 435496349 229901724 720460329 441698772 12656246 29546113 36033966 116100000 112354423 75528302 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2018, 2019 and 2020, the amounts due from/to related parties are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 84%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 60%;"/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 2%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due from related parties</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">56,840,030</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,935,019</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,045,078</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,230,184</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">108,831</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">64,070,214</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">24,043,850</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,045,078</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due to related parties</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Tencent Group</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">227,897,451</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">251,069,127</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">201,579,602</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Beijing Sequoia Xinyuan Equity Investment Center LLP<div style="font-size: 85%; vertical-align: top;;display:inline;;font-size:9.4px">(1) </div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,355,094,229</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Shaojie Chen</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,995,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity method investees- talent agencies</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,320,840</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">47,663,895</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">21,945,327</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,628,307,520</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">298,733,022</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">223,524,929</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;">(1)</td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In May 2018, as an integrated step of the 2018 Restructuring (Note 1), in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US$197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount, equivalent to RMB1,260,439,815, has been received by the Company but the redemption amount, equivalent to RMB1,355,094,229, has not yet been paid by Wuhan Douyu, which was considered as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018. The redemption amount is denominated in US$ and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. US$197,443,500 equivalent in the amount of RMB1,323,049,149 was fully settled in March, 2019. </div> </td> </tr> </table> 56840030 23935019 9045078 7230184 108831 64070214 24043850 9045078 227897451 251069127 201579602 1355094229 39995000 5320840 47663895 21945327 1628307520 298733022 223524929 197443500 1358253325 1260439815 1355094229 94654414 197443500 1323049149 <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1<div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div>.</div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Leases </div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group’s leases consist of operating leases for administrative office spaces in different cities of Asia. As of December 31, 2020 the Group had no long-term leases that were classified as a financing lease.</div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the year ended December 31, 2020, the lease expense is as: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 80%;"/> <td style="width: 8%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">December 31, 2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease expense</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">44,300,218</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short-term lease expense</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,781,246</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total lease expense</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">52,081,464</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Operating lease expenses were RMB36,914,653 and </div>RMB39,845,627<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">for the year ended December 31, 2018 and 2019 prior to the adoption of the lease ASUs. </div> </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Supplemental consolidated balance sheet information related to leases was as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 75%;"/> <td style="width: 14%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31, 2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease:</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Operating leases <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">62,141,054</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current portion of lease liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,280,773</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div> portion of lease liabilities</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,951,948</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total operating lease liabilities</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted-average remaining lease term (in years) – operating leases</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1.75</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted-average discount rate – operating leases</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4.25</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Supplemental cash flow information related to leases are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 80%;"/> <td style="width: 8%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">For the year ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">December 31,2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash paid for operating leases</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">54,493,222</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Lease liabilities arising from obtaining <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,873,961</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">As of December 31, 2020, future minimum lease payments under <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cancellable</div> operating lease agreements for which the Group has recognized operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> assets and liabilities are as follows: </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 85%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 3%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 1pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Years ending</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,752,994</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,610,408</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,498,810</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2024 and thereafter</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">254,800</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total undiscounted cash flows</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">57,117,012</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: imputed interest</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,884,291</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">53,232,721</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Lease liabilities due within one year</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,280,773</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Lease liabilities due after one year</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,951,948</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019, the future minimum lease payments under non-cancelable operating lease agreements based on ASC 840 are as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 85%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 1pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Years ending</div></div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2020</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">45,023,403</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">26,297,961</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,451,395</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,297,103</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2024 and thereafter</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the year ended December 31, 2020, the lease expense is as: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 80%;"/> <td style="width: 8%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">December 31, 2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease expense</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">44,300,218</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short-term lease expense</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,781,246</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total lease expense</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">52,081,464</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> 44300218 7781246 52081464 36914653 39845627 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Supplemental consolidated balance sheet information related to leases was as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 75%;"/> <td style="width: 14%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31, 2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating lease:</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Operating leases <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">62,141,054</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current portion of lease liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,280,773</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div> portion of lease liabilities</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,951,948</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total operating lease liabilities</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted-average remaining lease term (in years) – operating leases</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1.75</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted-average discount rate – operating leases</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4.25</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Supplemental cash flow information related to leases are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 80%;"/> <td style="width: 8%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">For the year ended</div></div><br/> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">December 31,2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash paid for operating leases</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">54,493,222</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Lease liabilities arising from obtaining <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">25,873,961</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> </table> 62141054 36280773 16951948 P1Y9M 0.0425 54493222 25873961 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">As of December 31, 2020, future minimum lease payments under <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cancellable</div> operating lease agreements for which the Group has recognized operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> assets and liabilities are as follows: </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 85%; font-family: &quot;Times New Roman&quot;;"/> <td style="width: 3%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> <td style="font-family: &quot;Times New Roman&quot;;"/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 1pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Years ending</div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,752,994</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,610,408</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,498,810</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2024 and thereafter</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: right;">254,800</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total undiscounted cash flows</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">57,117,012</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Less: imputed interest</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,884,291</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">53,232,721</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Lease liabilities due within one year</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">36,280,773</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Lease liabilities due after one year</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,951,948</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2019, the future minimum lease payments under non-cancelable operating lease agreements based on ASC 840 are as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 68%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 85%;"/> <td style="width: 3%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 1pt;"> <div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Years ending</div></div></div></div> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2020</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">45,023,403</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">26,297,961</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,451,395</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,297,103</div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-size: 10pt;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2024 and thereafter</div></div></div> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> </tr> </table> 39752994 12610408 4498810 254800 57117012 3884291 53232721 36280773 16951948 45023403 26297961 11451395 1297103 0 <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">20.</div></div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Commitments and contingencies </div></div></div></div> </td> </tr> </table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Contingencies</div> </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group is subject to other periodic legal or administrative proceedings in the ordinary course of business. The Group does not have any pending legal or administrative proceeding to which the Group is a party that will have a material effect on its business or financial condition. </div></div> <table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">21</div>.</div></div></td> <td style="vertical-align: top;;text-align:left;"> <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Subsequent events </div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px; background: none;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Group has evaluated subsequent events through April 30, 2021, which is the date when the combined and consolidated financial statements were issued. </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div id="fin40930_79" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">DOUYU INTERNATIONAL HOLDINGS LIMITED </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CONDENSED BALANCE SHEETS </div></div></div></div> </div> </div> </div> </div> <div style="background: none;;font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">ASSETS</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current assets:</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,140,577,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,449,399,546</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">681,900,314</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short-term deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,370,229,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">209,996,782</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">838,398</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">889,759</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">136,362</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">56,840,976</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">24,267,221</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,719,113</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due from subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,995,433</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">38,099,544</div></td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,839,010</div></td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total current assets</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,238,252,339</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,882,885,070</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">901,591,581</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments in subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">124,167,455</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,118,657,273</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">171,441,728</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total assets</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,362,419,794</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,001,542,343</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,073,033,309</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">LIABILITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current liabilities:</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilitie<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">60,938,325</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,118,882</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,930,097</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due to subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">339,159</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">317,218</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">48,616</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred revenue</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,162,958</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,311,427</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,886,809</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total current liabilities</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">74,440,442</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31,747,527</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,865,522</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div> liabilities</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">46,070,348</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">30,778,568</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,717,022</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">120,510,790</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">62,526,095</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,582,544</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Shareholders’ equity (deficit)</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary shares (US$0.0001<div style="letter-spacing: 0px; top: 0px;;display:inline;"> p</div>ar value, 500,000,000<div style="letter-spacing: 0px; top: 0px;;display:inline;"> s</div>hares authorized, 34,568,689 shares issued, 32,751,819 and 33,445,346 shares outstanding as of December 31, 2019 and 2020, respectively)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22,144</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22,630</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,468</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Treasury shares (291,207 and 1,177,499 shares as of December 31, 2019 and 2020, respectively)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(168,567,125</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(695,097,853</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(106,528,407</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,324,277,855</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,486,398,881</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,607,110,940</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accumulated deficit</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(3,348,717,860</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,863,219,263</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(438,807,550</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accumulated other comprehensive income</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">434,893,990</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,911,853</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,672,314</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total shareholders’ equity</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7,241,909,004</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">6,939,016,248</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1,063,450,765</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7,362,419,794</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7,001,542,343</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1,073,033,309</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div id="fin40930_79" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">DOUYU INTERNATIONAL HOLDINGS LIMITED </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CONDENSED BALANCE SHEETS </div></div></div></div> </div> </div> </div> </div> <div style="background: none;;font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 62%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="10" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">ASSETS</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current assets:</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,140,577,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,449,399,546</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">681,900,314</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Short-term deposits</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,370,229,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">209,996,782</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">838,398</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">889,759</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">136,362</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">56,840,976</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">24,267,221</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,719,113</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due from subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,995,433</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">38,099,544</div></td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,839,010</div></td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total current assets</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,238,252,339</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,882,885,070</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">901,591,581</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments in subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">124,167,455</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,118,657,273</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">171,441,728</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total assets</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,362,419,794</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,001,542,343</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,073,033,309</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">LIABILITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current liabilities:</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilitie<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">60,938,325</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">19,118,882</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,930,097</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due to subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">339,159</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">317,218</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">48,616</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred revenue</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,162,958</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12,311,427</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,886,809</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total current liabilities</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">74,440,442</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">31,747,527</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,865,522</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div> liabilities</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">46,070,348</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">30,778,568</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,717,022</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">120,510,790</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">62,526,095</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">9,582,544</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Shareholders’ equity (deficit)</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary shares (US$0.0001<div style="letter-spacing: 0px; top: 0px;;display:inline;"> p</div>ar value, 500,000,000<div style="letter-spacing: 0px; top: 0px;;display:inline;"> s</div>hares authorized, 34,568,689 shares issued, 32,751,819 and 33,445,346 shares outstanding as of December 31, 2019 and 2020, respectively)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22,144</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">22,630</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,468</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Treasury shares (291,207 and 1,177,499 shares as of December 31, 2019 and 2020, respectively)</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(168,567,125</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(695,097,853</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(106,528,407</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,324,277,855</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,486,398,881</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,607,110,940</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accumulated deficit</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(3,348,717,860</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,863,219,263</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(438,807,550</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accumulated other comprehensive income</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">434,893,990</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">10,911,853</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,672,314</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total shareholders’ equity</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7,241,909,004</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">6,939,016,248</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1,063,450,765</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7,362,419,794</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7,001,542,343</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1,073,033,309</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> </table> <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">DOUYU INTERNATIONAL HOLDINGS LIMITED </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</div></div></div></div> </div> </div> </div> </div> <div style="background: none;;font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 57%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="14" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(11,697,585</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(41,464,310</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(63,824,140</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(9,781,477</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Research and development expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(3,787,468</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(580,455</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other operating income (expense), net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(338</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,508,518</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,014,651</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,994,583</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest income</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">68,216,989</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">148,245,151</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">116,756,835</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">17,893,768</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity in equity (deficit) of subsidiaries and VIE</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(932,798,894</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(73,536,127</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">423,338,719</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">64,879,494</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss)</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(876,279,828</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">) </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">39,753,232</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">485,498,597</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">74,405,913</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other comprehensive income (loss):</div></div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> </tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;">Foreign currency translation adjustm<div style="letter-spacing: 0px; top: 0px;;display:inline;">e</div>nt</div></div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">325,593,213</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">109,300,777</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(423,982,137</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">) </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(64,978,105</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">) </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Comprehensive income (loss)</div></div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(550,686,615</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">) </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">149,054,009</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">61,516,460</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">9,427,808</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">DOUYU INTERNATIONAL HOLDINGS LIMITED </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CONDENSED STATEMENTS OF CASH FLOWS </div></div></div></div> </div> </div> <div style="background: none;;font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 50%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="14" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH FLOWS FROM OPERATING ACTIVITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss)</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(876,279,828</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,753,232</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">74,405,913</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Adjustments to reconcile net loss to net cash provided by operating activities:</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Loss from equity in earnings of subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">932,798,894</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">73,536,127</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(423,338,719</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(64,879,494</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Share-based compensation</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,241,480</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,059,123</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,461,168</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Changes in operating assets and liabilities:</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(49,333</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(789,065</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(51,361</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(7,871</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(60,502,935</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,661,959</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">32,573,755</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,992,146</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,353,017</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due from subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(426</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(39,995,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,895,888</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">290,557</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,842,346</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(4,197,822</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,474,356</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,758,522</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due to subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">333,665</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">59,233,306</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(16,143,311</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,474,071</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH PROVIDED BY OPERATING ACTIVITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,789,366</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">154,444,217</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">107,968,328</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,546,870</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Purchases of short-term investments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,370,229,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(209,996,782</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investment in subsidiaries</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,853,885,036</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(151,881,863</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(425,088,709</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(65,147,695</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH USED IN INVESTING ACTIVITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,853,885,036</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(151,881,863</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,795,317,709</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(275,144,477</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Proceeds on issuance of ordinary shares through IPO</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,207</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,422,497,233</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred offering cost</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,876,834</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payment of deferred offering costs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(36,249,484</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Repurchase of ordinary shares</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(115,273,325</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(579,824,528</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(88,861,997</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Capital contribution from convertible redeemable preferred shareholders</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,026,518,012</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Capital investment from a preferred shareholder in connection with 2018 Restructuring</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,260,439,815</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,280,086,200</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,270,974,424</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(579,824,528</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(88,861,997</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effect of foreign exchange rate changes</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">329,743,960</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">109,306,264</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(424,004,077</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(64,981,468</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,757,734,490</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,382,843,042</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,691,177,986</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(412,441,072</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,757,734,490</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,140,577,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,094,341,386</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH AND CASH EQUIVALENTS AT YEAR END</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,757,734,490</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,140,577,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,449,399,546</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">681,900,314</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;">Supplemental disclosure on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> investing and financing activities:</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred offering costs payable</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,353,017</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payable for repurchase of ordinary shares not yet paid</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">53,293,800</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> </table> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div id="fin40930_7" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">SCHEDULE I—NOTES TO CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">1. Schedule I has been provided pursuant to the requirements of Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">12-04(a)</div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">5-04(c)</div> of Regulation <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">S-X,</div> which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same date and for the same period for which audited combined and consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. </div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2. The condensed financial information has been prepared using the same accounting policies as set out in the combined and consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and VIEs. For the parent company, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments— Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheet as “Investments in subsidiaries and VIEs” and the subsidiaries and VIEs’ profit or loss as “Loss from equity in earnings of subsidiaries and VIEs” on the Condensed Statements of Comprehensive Income (loss). Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and VIE regardless of the carrying value of the investment even though the parent company is not obligated to provide continuing support or fund losses. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3. For the years ended December 31, 2018, 2019 and 2020, there were no material contingencies, significant provisions of long-term obligations, guarantees of the Company. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4. Translations of balances in the additional financial information of Parent Company—Financial Statements Schedule I from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00= RMB6.5250, as set forth in H.10 statistical release of the Federal Reserve Board on December 31, 2020. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2020, or at any other rate. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> 7140577532 4449399546 681900314 1370229000 209996782 838398 889759 136362 56840976 24267221 3719113 39995433 38099544 5839010 7238252339 5882885070 901591581 124167455 1118657273 171441728 7362419794 7001542343 1073033309 60938325 19118882 2930097 339159 317218 48616 13162958 12311427 1886809 74440442 31747527 4865522 46070348 30778568 4717022 120510790 62526095 9582544 0.0001 0.0001 500000000 500000000 34568689 34568689 32751819 33445346 22144 22630 3468 291207 1177499 168567125 695097853 106528407 10324277855 10486398881 1607110940 -3348717860 -2863219263 -438807550 434893990 10911853 1672314 7241909004 6939016248 1063450765 7362419794 7001542343 1073033309 <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">DOUYU INTERNATIONAL HOLDINGS LIMITED </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</div></div></div></div> </div> </div> </div> </div> <div style="background: none;;font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 57%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="14" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(11,697,585</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(41,464,310</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(63,824,140</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(9,781,477</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Research and development expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(3,787,468</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(580,455</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other operating income (expense), net</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(338</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,508,518</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">13,014,651</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,994,583</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest income</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">68,216,989</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">148,245,151</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">116,756,835</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">17,893,768</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Equity in equity (deficit) of subsidiaries and VIE</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(932,798,894</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(73,536,127</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">423,338,719</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">64,879,494</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss)</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(876,279,828</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">) </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">39,753,232</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">485,498,597</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">74,405,913</div></div></td> <td style="vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other comprehensive income (loss):</div></div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> <div style="line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div> </td> </tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;">Foreign currency translation adjustm<div style="letter-spacing: 0px; top: 0px;;display:inline;">e</div>nt</div></div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">325,593,213</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">109,300,777</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(423,982,137</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">) </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(64,978,105</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">) </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Comprehensive income (loss)</div></div></div> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(550,686,615</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">) </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">149,054,009</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">61,516,460</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">9,427,808</div></div></td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="background-color: rgba(255, 255, 255, 0);"> </td> </tr> </table> 11697585 41464310 63824140 9781477 -3787468 -580455 -338 6508518 13014651 1994583 68216989 148245151 116756835 17893768 -932798894 -73536127 423338719 64879494 -876279828 39753232 485498597 74405913 325593213 109300777 -423982137 -64978105 -550686615 149054009 61516460 9427808 <div style="text-align: center;"> <div style="width: 8.5in; text-align: left; margin-right: auto; margin-left: auto;"> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">DOUYU INTERNATIONAL HOLDINGS LIMITED </div></div></div></div> <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CONDENSED STATEMENTS OF CASH FLOWS </div></div></div></div> </div> </div> <div style="background: none;;font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 50%;"/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 1%; vertical-align: bottom;"/> <td/> <td/> <td/> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="14" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Years ended December 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td> <td style="vertical-align: bottom; padding-bottom: 1pt;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RMB</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: bottom;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH FLOWS FROM OPERATING ACTIVITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income (loss)</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(876,279,828</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">39,753,232</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">485,498,597</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">74,405,913</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Adjustments to reconcile net loss to net cash provided by operating activities:</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Loss from equity in earnings of subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">932,798,894</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">73,536,127</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(423,338,719</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(64,879,494</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Share-based compensation</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">23,241,480</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,059,123</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">2,461,168</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Changes in operating assets and liabilities:</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(49,333</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(789,065</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(51,361</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(7,871</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other current assets</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(60,502,935</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,661,959</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">32,573,755</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,992,146</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;">Other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,353,017</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due from subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(426</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(39,995,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,895,888</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">290,557</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,842,346</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(4,197,822</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">11,474,356</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,758,522</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amount due to subsidiaries and VIEs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">333,665</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other liabilities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">59,233,306</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(16,143,311</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,474,071</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH PROVIDED BY OPERATING ACTIVITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,789,366</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">154,444,217</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">107,968,328</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16,546,870</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Purchases of short-term investments</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,370,229,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(209,996,782</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investment in subsidiaries</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,853,885,036</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(151,881,863</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(425,088,709</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(65,147,695</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH USED IN INVESTING ACTIVITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,853,885,036</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(151,881,863</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(1,795,317,709</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(275,144,477</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Proceeds on issuance of ordinary shares through IPO</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,207</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,422,497,233</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred offering cost</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(6,876,834</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payment of deferred offering costs</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(36,249,484</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Repurchase of ordinary shares</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(115,273,325</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(579,824,528</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(88,861,997</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Capital contribution from convertible redeemable preferred shareholders</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,026,518,012</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Capital investment from a preferred shareholder in connection with 2018 Restructuring</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,260,439,815</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">5,280,086,200</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,270,974,424</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(579,824,528</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(88,861,997</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effect of foreign exchange rate changes</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">329,743,960</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">109,306,264</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(424,004,077</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(64,981,468</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,757,734,490</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,382,843,042</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(2,691,177,986</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">(412,441,072</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,757,734,490</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,140,577,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">1,094,341,386</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">CASH AND CASH EQUIVALENTS AT YEAR END</div></div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">3,757,734,490</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">7,140,577,532</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">4,449,399,546</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">681,900,314</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div> </td> <td> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-weight:bold;display:inline;">Supplemental disclosure on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cash</div> investing and financing activities:</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred offering costs payable</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">6,353,017</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Payable for repurchase of ordinary shares not yet paid</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">53,293,800</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> </table> -876279828 39753232 485498597 74405913 -932798894 -73536127 423338719 64879494 23241480 16059123 2461168 49333 789065 51361 7871 60502935 -3661959 -32573755 -4992146 6353017 426 39995000 -1895888 -290557 11842346 -4197822 11474356 1758522 333665 59233306 -16143311 -2474071 1789366 154444217 107968328 16546870 -1370229000 -209996782 1853885036 151881863 425088709 65147695 -1853885036 -151881863 -1795317709 -275144477 5207 3422497233 -6876834 -36249484 115273325 579824528 88861997 4026518012 1260439815 5280086200 3270974424 -579824528 -88861997 329743960 109306264 -424004077 -64981468 3757734490 3382843042 -2691177986 -412441072 3757734490 7140577532 1094341386 3757734490 7140577532 4449399546 681900314 6353017 53293800 6.5250 In May 2018, as an integrated step of the 2018 Restructuring (Note 1), in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US$197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount, equivalent to RMB1,260,439,815, has been received by the Company but the redemption amount, equivalent to RMB1,355,094,229, has not yet been paid by Wuhan Douyu, which was considered as a non-cash financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018. The redemption amount is denominated in US$ and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. US$197,443,500 equivalent in the amount of RMB1,323,049,149 was fully settled in March, 2019. The Group opened accounts with external online payment service providers to collect funding from users. The agency contract rights, which represent the upfront payment of cooperation cost to top streamers, acquired during the years ended December 31, 2019 and 2020 are RMB111,879,121 and RMB28,301,887, respectively, with weighted average amortization period of 4.5 years and 2 years. In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2021 which remains valid until March 2024, and intends to renew the license indefinitely. In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30% equity interest in the company. In November 2020, the Group lost significant influence over Yuyou Starfire and reclassified this investment with a carrying amount of RMB15,274,909 to equity securities without readily determinable fair values. In 2016, the Group invested RMB10 million for 8.5% equity interest in Shayu, a live streaming platform in the PRC, and accounted for this investment as an equity security without a readily determinable fair value. In May 2020, the Group completed the following transactions with respect to its investment in Shayu: • The Group acquired 19.125% equity interest in Shayu from Mr. Chen Shaojie, the Group’s CEO and shareholder for a cash consideration of RMB24,850,000. The purchase price paid by the Group was below fair value of the acquired equity interest, which is determined to be RMB43,617,750 by the Group with the assistance of an independent valuer. The excess amount of RMB18,767,750 between the fair value of the equity interest acquired in Shayu over the price paid is accounted as contribution from shareholder in the combined consolidated statement of change in shareholders’ equity. • The Company injected cash of RMB80,000,000 and its holding of 100% equity interest in Chengdu Shuangsi Culture Broadcasting Co., Ltd (“Shuangsi”) with a fair value determined to be RMB54,391,900 into Shayu, in exchange for 8.309% of newly issued equity interest in Shayu. Shuangsi ceased to be a subsidiary of the Group and a gain on disposal of subsidiary in the amount of RMB23,525,694 was recognized in the combined and consolidated statement of comprehensive income, representing the difference between the fair value of Shuangsi and its carrying value at the date of the transaction. Upon the completion of these transactions, the Group has 35.084% equity interest of Shayu and accounts for its investment in Shayu under the equity method. In September 2020, the Group injected cash of RMB10,000,000 in DouYu LLP, an equity fund, for 99.99% limited partnership. In 2018, the Group made investments in four talent agencies with aggregate cash consideration of RMB3,600,000, none of which was individually material. As of December 31, 2020, the Group no longer has significant influence over these investees, and therefore these equity investments with carrying amount of RMB4,077,376 were reclassified as equity securities without readily determinable fair values. Every ten ADSs represent one ordinary share. In February 2020, the Group repurchased 1,429,906 shares of unvested restricted shares from one of the Gogo Glocal’s founders with a consideration of US$1 due to the early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares. In February 2020, the Group canceled 557,455 unvested restricted shares granted. The corresponding unrecognized share-based compensation expense of RMB7,451,210 was immediately recognized in the combined and consolidated statement of comprehensive income for the year ended December 31, 2020. In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital. In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial. On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share purchase price of US$80.57 for cash consideration of RMB4,026,518,012. In March 2020, the Group purchased 15% equity of Chengdu Shuangsi with cash consideration of RMB4,500,000. The difference between the fair value of the consideration paid and the carrying amount of the noncontrolling interest acquired was recognized in additional paid-in capital. In April, June and November, 2020, the Group and noncontrolling interest shareholder purchased the newly issued common shares of DouYu Japan with consideration of JPY4,189,200,000 (equivalent of RMB272,248,433 ) and JPY1,610,800,000 (equivalent of RMB105,129,847 ), respectively. As a result of these transactions, the noncontrolling interest shareholder’s ownership interest increased from 14.9% to 28.9% while the Group retains its controlling financial interest in DouYu Japan. The difference between the consideration received and the amount of the noncontrolling interest was adjusted was recognized in additional paid-in capital. XML 22 R1.htm IDEA: XBRL DOCUMENT v3.21.1
Cover Page
 12 Months Ended
Dec. 31, 2020
shares
Document Information [Line Items]  
Document Type 20-F
Amendment Flag false
Document Period End Date Dec. 31, 2020
Document Fiscal Year Focus 2020
Document Fiscal Period Focus FY
Entity Registrant Name DouYu International Holdings Limited
Entity Central Index Key 0001762417
Current Fiscal Year End Date --12-31
Entity Well-known Seasoned Issuer No
Entity Current Reporting Status Yes
Entity Filer Category Large Accelerated Filer
Entity Voluntary Filers No
Entity Shell Company false
Entity Emerging Growth Company false
Entity Interactive Data Current Yes
Entity Common Stock, Shares Outstanding 32,267,847
Document Accounting Standard U.S. GAAP
Entity Address, Address Line One 20/F, Building A, New Development International Center
Entity Address, Address Line Two No. 473 Guanshan Avenue
Entity Address, Address Line Three Hongshan District
Entity Address, City or Town Wuhan
Entity Address, Country CN
Document Annual Report true
Document Transition Report false
Entity File Number 001-38967
Document Shell Company Report false
Document Registration Statement false
ICFR Auditor Attestation Flag true
Entity Incorporation, State or Country Code E9
Entity Address, Postal Zip Code 430073
Business Contact [Member]  
Document Information [Line Items]  
Entity Address, Address Line One 20/F, Building A, New Development International Center
Entity Address, Address Line Two No. 473 Guanshan Avenue
Entity Address, Address Line Three Hongshan District
Entity Address, City or Town Wuhan
Entity Address, Country CN
Contact Personnel Name Shaojie Chen
Entity Address, Postal Zip Code 430073
Country Region +86
City Area Code 27
Local Phone Number 8775 0710
American Depositary Shares [Member]  
Document Information [Line Items]  
Trading Symbol DOYU
Title of 12(b) Security American depositary shares
Security Exchange Name NASDAQ
Ordinary Shares [Member]  
Document Information [Line Items]  
No Trading Symbol Flag true
Title of 12(b) Security Ordinary shares
Security Exchange Name NASDAQ
XML 23 R2.htm IDEA: XBRL DOCUMENT v3.21.1
COMBINED AND CONSOLIDATED BALANCE SHEETS
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Current assets:      
Cash and cash equivalents ¥ 5,279,902,398 $ 809,180,444 ¥ 8,091,990,270
Restricted cash 11,875,079 1,819,935 42,902,719
Short-term bank deposits 2,230,229,000 341,797,548  
Accounts receivable, net of allowance of RMB15,834,902 and RMB 12,573,550 as of December 31, 2019 and December 31, 2020, respectively 199,744,129 30,612,127 188,099,873
Prepayments 66,257,313 10,154,377 50,304,112
Amounts due from related parties 9,045,078 1,386,219 24,043,850
Other current assets 236,704,095 36,276,490 204,309,593
Total current assets 8,033,757,092 1,231,227,140 8,601,650,417
Property and equipment, net 37,791,688 5,791,830 38,909,465
Intangible assets, net 141,671,881 21,712,166 198,056,841
Long-term bank deposits 100,000,000 15,325,670  
Investments 500,658,570 76,729,283 225,533,885
Goodwill 12,932,564 1,982,002 30,972,888
Right-of-use assets 62,141,054 9,523,533  
Other non-current assets 19,004,481 2,912,564 8,546,843
TOTAL ASSETS 8,907,957,330 1,365,204,188 9,103,670,339
Current liabilities: (including amounts of the consolidated VIEs without recourse to DouYu International Holdings Limited. See Note 2.2)      
Accounts payable 986,073,111 151,122,316 890,038,953
Advances from customers 10,910,989 1,672,182 17,134,532
Deferred revenue 242,013,205 37,090,146 195,982,486
Accrued expenses and other current liabilities 384,040,820 58,856,831 392,347,124
Amount due to related parties 223,524,929 34,256,694 298,733,022
Lease liabilities due within one year 36,280,773 5,560,272  
Total current liabilities 1,882,843,827 288,558,441 1,794,236,117
Lease liabilities 16,951,948 2,598,000  
Deferred revenue 30,778,568 4,717,022 46,070,348
TOTAL LIABILITIES 1,930,574,343 295,873,463 1,840,306,465
Commitments and contingencies (Note 20)
SHAREHOLDERS' EQUITY      
Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized, 34,568,689 shares issued and 32,751,819 shares outstanding as of December 31, 2019 and 34,568,689 shares issued and 33,445,346 shares outstanding as of December 31, 2020) 22,630 3,468 22,144
Treasury shares (291,207 and 1,177,499 ordinary shares as of December 31, 2019 and 2020, respectively) (695,097,853) (106,528,407) (168,567,125)
Additional paid-in capital 10,486,398,881 1,607,110,940 10,324,277,855
Accumulated deficit (2,863,219,263) (438,807,550) (3,348,717,860)
Accumulated other comprehensive income 10,911,853 1,672,314 434,893,990
Total DouYu Shareholder's Equity 6,939,016,248 1,063,450,765 7,241,909,004
Noncontrolling interests 38,366,739 5,879,960 21,454,870
Total Shareholders' Equity 6,977,382,987 1,069,330,725 7,263,363,874
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ¥ 8,907,957,330 $ 1,365,204,188 ¥ 9,103,670,339
XML 24 R3.htm IDEA: XBRL DOCUMENT v3.21.1
COMBINED AND CONSOLIDATED BALANCE SHEETS (Parenthetical)
Dec. 31, 2020
CNY (¥)
shares
Dec. 31, 2020
$ / shares
Dec. 31, 2019
CNY (¥)
shares
Dec. 31, 2019
$ / shares
Dec. 31, 2018
CNY (¥)
Ordinary shares, par value | $ / shares   $ 0.0001   $ 0.0001  
Ordinary shares, shares authorized 500,000,000   500,000,000    
Ordinary shares, shares issued 34,568,689   34,568,689    
Ordinary shares, shares outstanding 33,445,346   32,751,819    
Treasury Stock, Common, Shares 1,177,499   291,207    
Accounts receivable, net of allowance | ¥ ¥ 12,573,550   ¥ 15,834,902   ¥ 5,907,369
XML 25 R4.htm IDEA: XBRL DOCUMENT v3.21.1
COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
¥ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
CNY (¥)
¥ / shares
shares
Dec. 31, 2018
CNY (¥)
¥ / shares
shares
Net revenues (including related party revenues of RMB75,946,677, RMB108,214,768 and RMB 32,910,229 for the years ended December 31, 2018, 2019 and 2020, respectively) ¥ 9,601,873,937 $ 1,471,551,561 ¥ 7,283,230,253 ¥ 3,654,383,126
Cost of revenues (8,041,528,585) (1,232,418,174) (6,087,073,336) (3,503,356,228)
Gross profit 1,560,345,352 239,133,387 1,196,156,917 151,026,898
Operating income (expense):        
Sales and marketing expenses (580,373,601) (88,946,146) (598,695,105) (538,898,272)
General and administrative expenses (375,935,570) (57,614,647) (446,142,859) (196,824,280)
Research and development expenses (416,272,985) (63,796,626) (383,886,857) (329,334,413)
Other operating income, net 74,298,644 11,386,765 100,898,056 54,910,077
Total operating expenses (1,298,283,512) (198,970,654) (1,327,826,765) (1,010,146,888)
Income (loss) from operations 262,061,840 40,162,733 (131,669,848) (859,119,990)
Other expenses, net (27,393,678) (4,198,265) (22,882,425) (20,176,164)
Foreign exchange gain (loss), net | ¥     32,045,080 (75,613,235)
Interest income 145,235,383 22,258,296 159,096,901 85,840,246
Gain on disposal of subsidiary 23,525,694 3,605,470    
Income (loss) before income taxes and share of income (loss) in equity method investments 403,429,239 61,828,234 36,589,708 (869,069,143)
Income tax expense | ¥     0 0
Share of income (loss) in equity method investments 1,306,287 200,197 (3,241,580) (7,210,685)
Net income (loss) 404,735,526 62,028,431 33,348,128 (876,279,828)
Net loss attributable to noncontrolling interest 80,763,071 12,377,482 6,405,104  
Deemed dividend | ¥       (6,661,667)
Net income (loss) attributable to ordinary shareholders of the Company ¥ 485,498,597 $ 74,405,913 ¥ 39,753,232 ¥ (882,941,495)
Net income (loss) per ordinary share attributable to ordinary shareholders        
Basic | (per share) ¥ 15.19 $ 2.33 ¥ 1.32 ¥ (108.80)
Diluted | (per share) ¥ 14.71 $ 2.25 ¥ 1.26 ¥ (108.80)
Weighted average number of ADS used in calculating net income per ADS        
Basic 31,963,526 31,963,526 19,254,661 8,115,160
Diluted 33,012,682 33,012,682 31,442,931 8,115,160
Net income (loss) ¥ 404,735,526 $ 62,028,431 ¥ 33,348,128 ¥ (876,279,828)
Other comprehensive income (loss), net of tax of nil:        
Foreign currency translation adjustments (425,737,643) (65,247,148) 109,461,578 325,593,213
Comprehensive income (loss) (21,002,117) (3,218,717) 142,809,706 (550,686,615)
Comprehensive income attributable to noncontrolling interests 82,518,577 12,646,525 6,244,303  
Comprehensive income (loss) attributable to the ordinary shareholders ¥ 61,516,460 $ 9,427,808 ¥ 149,054,009 ¥ (550,686,615)
ADS [Member]        
Net income (loss) per ordinary share attributable to ordinary shareholders        
Basic | (per share) ¥ 1.52 $ 0.23 ¥ 0.13 [1]  
Diluted | (per share) ¥ 1.47 $ 0.23 ¥ 0.13 [1]  
Weighted average number of ADS used in calculating net income per ADS        
Basic 319,635,264 319,635,264 192,546,612  
Diluted 330,126,823 330,126,823 314,429,306  
[1] Every ten ADSs represent one ordinary share.
XML 26 R5.htm IDEA: XBRL DOCUMENT v3.21.1
COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Related-party revenues ¥ 32,910,229 ¥ 108,214,768 ¥ 75,946,677
XML 27 R6.htm IDEA: XBRL DOCUMENT v3.21.1
COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)
CNY (¥)
USD ($)
Ordinary Shares [Member]
CNY (¥)
shares
Treasury shares [Member]
CNY (¥)
shares
Additional Paid-in Capital [Member]
CNY (¥)
Accumulated Deficit [Member]
CNY (¥)
Accumulated Other Comprehensive Income [Member]
CNY (¥)
Total shareholders' equity(deficit) attributable to DouYu [Member]
CNY (¥)
Noncontrolling Interest [Member]
CNY (¥)
Series C-2 Preferred Equity [Member]
CNY (¥)
Series C-2 Preferred Equity [Member]
Additional Paid-in Capital [Member]
CNY (¥)
Series C-2 Preferred Equity [Member]
Total shareholders' equity(deficit) attributable to DouYu [Member]
CNY (¥)
Series B-4 Preferred Shares [Member]
CNY (¥)
Series B-4 Preferred Shares [Member]
Ordinary Shares [Member]
CNY (¥)
shares
Series B-4 Preferred Shares [Member]
Additional Paid-in Capital [Member]
CNY (¥)
Series B-4 Preferred Shares [Member]
Total shareholders' equity(deficit) attributable to DouYu [Member]
CNY (¥)
Balance at Dec. 31, 2017 ¥ (2,469,690,899)       ¥ 42,500,365 ¥ (2,512,191,264)   ¥ (2,469,690,899)                
Deemed dividend upon repurchase of Series C-2 Preferred Equity                   ¥ (6,661,667) ¥ (6,661,667) ¥ (6,661,667)        
Issuance of ordinary share in connection with 2018 Restructuring, Shares | shares     8,188,790                          
Issuance of ordinary share in connection with 2018 Restructuring 5,207   ¥ 5,207         5,207                
Share-based compensation 35,404,887       35,404,887     35,404,887                
Net income (loss) (876,279,828)         (876,279,828)   (876,279,828)                
Repurchase of ordinary share upon issuance of Series B-4 Preferred Share, Shares | shares                           (125,000)    
Repurchase of ordinary share upon issuance of Series B-4 Preferred Share                         ¥ (22,254,400) ¥ (59) ¥ (22,254,341) ¥ (22,254,400)
Foreign currency translation adjustments 325,593,213           ¥ 325,593,213 325,593,213                
Balance, Shares at Dec. 31, 2018 | shares     8,063,790                          
Balance at Dec. 31, 2018 (3,013,883,487)   ¥ 5,148   48,989,244 (3,388,471,092) 325,593,213 (3,013,883,487)                
Issuance of ordinary shares at the initial public offering ("IPO"), net of issuance cost, Shares | shares     4,492,473                          
Issuance of ordinary shares at the initial public offering ("IPO"), net of issuance cost 3,373,017,898   ¥ 3,092   3,373,014,806     3,373,017,898                
Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, Shares | shares     19,906,105                          
Conversion of Preferred Shares to ordinary shares upon the completion of the IPO 6,644,822,639   ¥ 13,701   6,644,808,938     6,644,822,639                
Share-based compensation, Shares | shares     0                          
Share-based compensation 290,781,764   ¥ 0   290,781,764     290,781,764                
Net income (loss) 33,348,128         39,753,232   39,753,232 ¥ (6,405,104)              
Noncontrolling interest arising from business acquisition 5,980,924               5,980,924              
Repurchase of ordinary shares (Note 11), Shares | shares       (291,207)                        
Repurchase of ordinary shares (Note 11) (168,567,125)     ¥ (168,567,125)       (168,567,125)                
Noncontrolling interest arising from a newly established subsidiary 7,921,555               7,921,555              
Noncontrolling interest arising from vest of nonrestricted shares in Gogo Glocal (Note 14)         (22,209,344)     (22,209,344) 22,209,344              
Acquisition of noncontrolling interest in Gogo Glocal (Note 12) (19,520,000)       (11,107,350)     (11,107,350) (8,412,650)              
Vesting of restricted share units, shares | shares     289,451                          
Vesting of restricted share units, Value     ¥ 203   (203)                      
Foreign currency translation adjustments 109,461,578           109,300,777 109,300,777 160,801              
Balance, Shares at Dec. 31, 2019 | shares     32,751,819 (291,207)                        
Balance at Dec. 31, 2019 7,263,363,874   ¥ 22,144 ¥ (168,567,125) 10,324,277,855 (3,348,717,860) 434,893,990 7,241,909,004 21,454,870              
Share-based compensation 142,154,361       142,154,361     142,154,361                
Net income (loss) 404,735,526 $ 62,028,431       485,498,597   485,498,597 (80,763,071)              
Repurchase of ordinary shares (Note 11), Shares | shares       (886,292)                        
Repurchase of ordinary shares (Note 11) (526,530,728)     ¥ (526,530,728)       (526,530,728)                
Capital contribution from noncontrolling interest shareholder in DouYu Japan (Note 12) 105,129,847       (7,700,837)     (7,700,837) 112,830,684              
Acquisition of noncontrolling interest in Gogo Glocal (Note 12)         11,171,730     11,171,730 (11,171,730)              
Acquisitions of noncontrolling interests in Shuangsi (Note 12) (4,500,000)       (2,271,492)     (2,271,492) (2,228,508)              
Contribution from shareholder in connection with an acquisition of an equity method investment (Note 7) 18,767,750       18,767,750     18,767,750                
Vesting of restricted share units, shares | shares     693,527                          
Vesting of restricted share units, Value     ¥ 486   (486)                      
Foreign currency translation adjustments (425,737,643) (65,247,148)         (423,982,137) (423,982,137) (1,755,506)              
Balance, Shares at Dec. 31, 2020 | shares     33,445,346 (1,177,499)                        
Balance at Dec. 31, 2020 ¥ 6,977,382,987 $ 1,069,330,725 ¥ 22,630 ¥ (695,097,853) ¥ 10,486,398,881 ¥ (2,863,219,263) ¥ 10,911,853 ¥ 6,939,016,248 ¥ 38,366,739              
XML 28 R7.htm IDEA: XBRL DOCUMENT v3.21.1
COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
IPO [Member]  
Common stock issuance costs ¥ 49,479,335
XML 29 R8.htm IDEA: XBRL DOCUMENT v3.21.1
COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Cash flows from operating activities:        
Net income (loss) ¥ 404,735,526 $ 62,028,431 ¥ 33,348,128 ¥ (876,279,828)
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Depreciation of property and equipment 21,126,504 3,237,778 32,814,894 26,996,910
Loss (gain) from the disposal of intangible assets 550,590 84,382 16,667 (3,525,314)
Amortization of intangible assets 89,790,156 13,760,943 57,306,920 18,548,448
Non-cash operating lease expenses 44,300,218 6,789,305    
Loss from the disposal of property and equipment 24,880 3,813 44,421 117,573
Provision for allowance for credit loss 3,270,564 501,236 13,563,744 1,121,009
Dividends from an equity investee 297,690 45,623    
Share of loss (income) in equity method investments (1,306,287) (200,197) 3,241,580 7,210,685
Loss on disposal of investments       3,504,018
Gain on disposal of a subsidiary (23,525,694) (3,605,470)    
Impairment losses and fair value adjustments on investments 19,517,062 2,991,121 19,076,725 15,166,140
Share-based compensation 142,154,361 21,786,109 290,781,764 35,404,887
Foreign exchange loss (gain)     (32,045,080) 75,613,235
Changes in operating assets and liabilities:        
Accounts receivable (25,808,778) (3,955,368) (69,456,813) 5,192,716
Prepayments (26,602,239) (4,076,971) 85,451,242 (50,864,521)
Other current assets (33,345,122) (5,110,364) 25,627,488 (133,691,495)
Other non-current assets (10,457,638) (1,602,703) (723,216) (8,468,841)
Amount due from related parties 14,909,528 2,284,985 40,026,364 (50,533,854)
Accounts payable 96,426,827 14,778,058 86,444,383 348,302,741
Advances from customers (6,083,543) (932,344) 7,426,481 4,219,929
Accrued expenses and other current liabilities 43,125,766 6,609,313 24,734,559 105,273,090
Amounts due to related parties (75,208,093) (11,526,145) 65,514,731 72,956,231
Deferred revenue 30,738,939 4,710,949 129,981,038 66,149,835
Lease liabilities (40,982,350) (6,280,820)    
Net cash provided by (used in) operating activities 667,648,867 102,321,664 813,176,020 (337,586,406)
Cash flows from investing activities:        
Proceeds on disposal of property and equipment (213,662) (32,745) 260,408 26,477
Purchases of property and equipment (18,897,736) (2,896,205) (16,045,562) (32,826,275)
Proceeds from disposal of intangible assets 1,991,510 305,213   1,484,377
Purchases of intangible assets (63,243,106) (9,692,430) (105,905,115) (83,163,444)
Purchases of short-term investments (4,836,476,896) (741,222,513) (4,309,500,000) (2,770,000,000)
Purchases of long-term investments (220,000,000) (33,716,475)    
Proceeds from disposal of short-term investments 2,606,247,896 399,424,965 4,309,500,000 2,770,000,000
Proceeds from disposal of long-term investments 120,000,000 18,390,805    
Proceeds from disposal of equity method investee     1,000,000  
Proceeds from disposal of subsidiary, net of cash disposed 50,543,502 7,746,131    
Payment for business acquisition, net of cash acquired     (11,012,762) (57,971,520)
Payments for acquisitions of equity investments (276,291,399) (42,343,509) (114,600,000) (92,500,000)
Loan to related parties (10,000,000) (1,532,567) (5,000,000)  
Repayment of loans to related parties 33,720,064 5,167,826 5,000,000  
Cash used in investing activities (2,612,619,827) (400,401,504) (246,303,031) (264,950,385)
Cash flows from financing activities        
Proceeds on issuance of ordinary shares through IPO     3,422,497,233 5,207
Payment of IPO offering costs     (36,249,484) (6,876,834)
Acquisition of noncontrolling interest (4,500,000) (689,655) (19,520,000)  
Proceeds from capital contribution from noncontrolling interest shareholder 105,129,847 16,111,854 7,921,555  
Repurchase of ordinary shares (579,824,528) (88,861,997) (115,273,325)  
Capital contribution from convertible redeemable preferred shareholders       4,026,518,012
Capital investment from a preferred shareholder in connection with 2018 Restructuring (Note 18(1))       1,260,439,815
Settlement of redemption liability to a preferred shareholder in connection with 2018 Restructuring (Note 18(1))     (1,323,049,149)  
Repurchase of Series C-2 Preferred Equity       (39,995,000)
Advance from related party       39,995,000
Repayment of advance from related party     (39,995,000)  
Cash provided by (used in) financing activities (479,194,681) (73,439,798) 1,896,331,830 5,280,086,200
Effect of foreign exchange rate changes on cash and cash equivalents (418,949,871) (64,206,877) 109,483,281 345,053,928
Net increase (decrease) in cash, cash equivalents and restricted cash (2,843,115,512) (435,726,515) 2,572,688,100 5,022,603,337
Cash, cash equivalent and restricted cash at the beginning of the year 8,134,892,989 1,246,726,894 5,562,204,889 539,601,552
Cash, cash equivalent and restricted cash at the end of the year 5,291,777,477 811,000,379 8,134,892,989 5,562,204,889
Supplemental disclosure of cash flow information:        
Interest expenses paid       323,650
Income tax paid      
Supplemental disclosure on non-cash investing and financing activities:        
Deferred offering costs payable       ¥ 6,353,017
Payable for purchases of property and equipment ¥ 764,669 $ 117,191 5,527,829  
Payable for repurchase of ordinary shares not yet paid     ¥ 53,293,800  
XML 30 R9.htm IDEA: XBRL DOCUMENT v3.21.1
COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
CNY (¥)
Dec. 31, 2017
CNY (¥)
Statement of Cash Flows [Abstract]            
Cash and cash equivalents ¥ 5,279,902,398 $ 809,180,444 ¥ 8,091,990,270   ¥ 5,562,204,889  
Restricted cash 11,875,079 1,819,935 42,902,719      
Total cash, cash equivalents and restricted cash shown in the statement of cash flows ¥ 5,291,777,477 $ 811,000,379 ¥ 8,134,892,989 $ 1,246,726,894 ¥ 5,562,204,889 ¥ 539,601,552
XML 31 R10.htm IDEA: XBRL DOCUMENT v3.21.1
Organization and principal activities
 12 Months Ended
Dec. 31, 2020
Organization and principal activities  
Organization and principal activities
1.
Organization and principal activities
DouYu International Holdings Limited (the “Company” or “DouYu International”) was incorporated under the laws of Cayman Islands on January 5, 2018. The Company, its subsidiaries and its variable interest entities (collectively referred to as the “Group”) operate platform on PC and mobile apps, through which users can enjoy immersive and interactive gaming and entertainment live streaming.
History of the Group
The Group’s history began with the commencement of operations of Guangzhou Douyu Internet Technology Co., Ltd. (“Guangzhou Douyu”), a limited liability company established in Guangdong Province, the People Republic of China (the “PRC”) on April 3, 2014, which was owned by two founders, Mr. Shaojie Chen and Mr. Wenming Zhang (the “Founders”) and an outside investor (collectively referred to as the “Original Shareholders”).
2018 Restructuring
In 2018, the Original Shareholders and all of the investors undertook an equity restructuring in order to redomicile its business from PRC to the Cayman Islands (the “2018 Restructuring”), which was executed in the following steps:
 
  1.
On January 5, 2018, the Company was incorporated in the Cayman Islands to be the holding company of the Group. The Ordinary Shareholders subscribed to 8,188,790 ordinary shares of the Company at par value of US$0.0001 per share.
 
  2.
Upon obtaining all necessary approvals from the PRC government, on May 14, 2018, the investors subscribed for convertible redeemable preferred shares at no consideration, all in the same proportions, on an as converted basis, as the percentage of equity interest they held in Wuhan Douyu. Upon the issuance of preferred shares and ordinary shares issued in step 1, the equity structure of the Company is identical to that of Wuhan Douyu.
 
  3.
On May 18, 2018, the Company, through its wholly owned subsidiary in PRC, entered into a series of contractual arrangement (“VIE agreements”) with Wuhan Douyu and its respective shareholders. The arrangements pursuant to which the Company and its subsidiary were established as a primary beneficiary of Wuhan Douyu.
On July 17, 2019, the Company completed its initial public offering (“IPO”) and issued 44,924,730 American Depositary shares (“ADSs”), representing 4,492,473 ordinary shares. Every ten ADSs represent one ordinary share. Net proceeds from the IPO after deducting underwriting discount and offering costs were US$497.3 million.
 
As of December 31, 2020, the Company’s principal subsidiaries, VIEs are as follows:
 
    
Date of
incorporation/
establishment
   
Place of
incorporation/
establishment
   
Percentage of
direct/indirect

ownership
  
       
Wholly owned subsidiaries
                   
Wuhan Douyu Education Consulting Co., Ltd.
    November 9, 2016    Wuhan      100 % 
Wuhan Yuwan Culture Media Co., Ltd.
    June 28, 2016    Wuhan      100 % 
Wuhan Yuxing Tianxia Culture Media Co., Ltd.
    June 24, 2016    Wuhan      100 % 
Wuhan Yuyin Raoliang Culture Co., Ltd.
    June 23, 2016    Wuhan      100 % 
Wuhan Yu Leyou Internet Technology Co., Ltd.
    November 9, 2016    Wuhan      100 % 
Wuhan Douyu Yule Internet Technology Co., Ltd. (“Wuhan Yule”)
    April 2, 2018    Wuhan      100 % 
DouYu Network Inc.
    January 12, 2018    The British Virgin Islands      100 % 
Douyu Hongkong Limited
    January 24, 2018    Hong Kong      100 % 
Gogo Glocal Holding Limited
    October 8, 2018    Cayman      100 % 
VIEs
                   
Wuhan Ouyue Online TV Co., Ltd. (“Wuhan Ouyue”)
    February 3, 2016    Wuhan      100 % 
Wuhan Douyu Network Technology Co., Ltd.
    May 8, 2015    Wuhan      100 % 
XML 32 R11.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of significant accounting policies
 12 Months Ended
Dec. 31, 2020
Summary of significant accounting policies  
Summary of significant accounting policies
 
2.
Summary of significant accounting policies
 
 
2.1
Basis of Presentation
The combined and consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
 
 
2.2
Basis of Consolidation
The financial statements presented herein represent (1) prior to 2018 Restructuring, the combined financial statements of Wuhan Douyu, its subsidiaries and variable interest entities; (2) subsequent to 2018 Restructuring, the combined and consolidated financial statements of the Company, its subsidiaries and variable interest entities. All inter-company transactions and balances have been eliminated.
The Company, through its wholly-owned foreign invested subsidiary, WFOE in the PRC, entered into a series of contractual arrangements (“VIE agreements”) with Wuhan Douyu and Wuhan Ouyue (collectively known as “the VIEs”) and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs.
Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet valued-added businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in provisions of internet content or online services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs.
 
The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
ASSETS
                  
Cash and cash equivalents
      826,481,128        577,710,921  
Restricted cash
      42,902,719        11,242,719  
Short-term bank deposits
      —          860,000,000  
Accounts receivable, net
      176,599,681        187,884,372  
Prepayments
      12,982,856        63,119,815  
Amount due from related parties
      13,431,477        8,464,978  
Other current assets
      82,405,807        157,178,414  
Property and equipment, net
      17,794,907        15,236,373  
Long-term bank deposits
      —          100,000,000  
Intangible assets, net
      130,272,386        102,837,070  
Right-of-use
assets
      —          32,361,695  
Investments
      147,033,947        310,111,384  
Other
non-current
assets
      1,918,598        4,766,301  
    
 
 
     
 
 
  
Total Assets
      1,451,823,506        2,430,914,042  
    
 
 
     
 
 
  
LIABILITIES
                  
Accounts payable
      794,266,492        868,771,872  
Advances from customers
      16,975,882        9,700,361  
Deferred revenue
      181,250,993        225,282,265  
Accrued expenses and other current liabilities
      177,228,742        208,531,141  
Amount due to related parties
      59,693,186        215,467,131  
Lease liabilities
      —          30,212,470  
    
 
 
     
 
 
  
Total Liabilities
      1,229,415,295        1,557,965,240  
    
 
 
     
 
 
  
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Net revenue
      3,436,175,885        7,207,666,259        8,697,485,194  
Net income (loss)
      (680,682,612 )       985,034,474        432,731,451  
   
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Net cash provided by operating activities
      1,091,289,940        816,655,741        899,235,343  
Net cash used in investing activities
      (80,279,043 )       (133,917,000 )       (1,179,665,550 ) 
Net cash used in financing activities
      —          (1,363,044,149 )       —    
The VIEs contributed 94%, 99% and 91% of the Group’s consolidated revenue for the years ended
December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the VIEs accounted for an aggregate of 16% and 
27%
 
of the consolidated total assets and 67% and
 81% of the consolidated total liabilities.
 
There are no terms in any arrangements, considering both explicit arrangements and implicit variable
interests
that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group may provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs.
The Group believes that there are no assets held in the VIEs that can be used only to settle obligations of the VIEs. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its registered capital, to the Company in the form of loans and advances or cash dividends.
 
 
2.3
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s combined and consolidated financial statements include revenue recognition, share-based compensation, realization of deferred tax assets, impairment of investment, and allowance for credit loss.
 
 
2.4
Fair value measurements
Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities.
The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:
 
    Level 1   —   Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.
       
    Level 2   —   Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.
       
    Level 3   —   Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
 
The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.
The Group’s short-term financial instruments include cash and cash equivalents, restricted cash, short-term investments, receivables, payables, other current assets, amounts due from related parties, other current liabilities, amounts due to related parties and short-term loan. The carrying amounts of these short-term financial instruments approximate their fair values due to the short-term maturity of these instruments. The carrying amounts of the long-term time deposits and long-term bank borrowings approximate their fair values as the interest rates are comparable to the prevailing interest rates in the market.
 
 
2.5
Foreign currency translation
The functional currency of the Company and Douyu Hongkong Limited are in US dollars (“US$”). The functional currency of the Group’s subsidiaries and VIEs in the PRC is Renminbi (“RMB”). The functional currency of DouYu Japan is Japanese Yen (“JPY”). 
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Translation gains and losses are recognized in the combined and consolidated statements of comprehensive income (loss).
The Group’s reporting currency is Renminbi (“RMB”). For entities within the Group that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income in the combined and consolidated statements of comprehensive income (loss) and the combined and consolidated statements of change in shareholders’ equit
y
 (deficit).
 
 
2.6
Convenience Translation into United States Dollars
Translations of balances in the consolidated balance sheets, combined and consolidated statements of comprehensive income (loss) and combined and consolidated statements of cash flows from RMB into United States dollars are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.5250 on December 31, 2020, as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2020, or at any other rate.
 
 
2.7
Cash and cash equivalents
Cash and cash equivalents primarily consist of cash on hand and highly liquid investments, which are unrestricted as to withdrawal and use.
 
 
2.8
Restricted cash
The Group’s restricted cash represents cash restricted by court related to lawsuits in which the group is a defendant. The restriction will be removed when the cases are closed.
 
 
2.9
Short-term and long-term bank deposits
The Group holds fixe
d
 term certificates of deposit with commercial banks in the PRC. Certificate of deposits with maturities between three months to one year are classified as short-term bank deposits and fixed term certificates of deposit with maturities beyond one year are classified as long term bank deposits.
 
 
 
2.10
Accounts receivable and allowance for credit loss
Accounts receivable are stated at the historical carrying amount net of
allowance
for credit loss. On January 1, 2020, the Group adopted ASU
No. 2016-13
“Fin
a
ncial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”
, using the modified retrospective transition method. Based on the Group’s assessment, the adoption of ASC 326 did not have any material impact to the Group’s combined consolidated financial statements and there were no material differences between the Group’s adoption of ASC 326 and its historic accounting method. ASU
2016-13
replaces the existing incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology, which results in more timely recognition of credit losses. The Group has developed a CECL model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements.
 
 
2.1
1
Property and equipment, net
Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:
 
Computer and transmission equipment    3 years
Leasehold improvements    Over the shorter of the lease term or expected useful lives
Furniture and office equipment    5 years
Motor vehicles    5 years
Gains and losses from disposals of property and equipment are included in other operating income or expense in the combined and consolidated statements
o
f comprehensive income (loss).
 
2.1
2
Intangible assets, net
Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely.
 
Brand name    10 years
Agency contract rights    Over the shorter of the contract period or expected useful lives
License for Online Transmission of Audio/Video Programs    Infinite life
Platform    5 years
Software    3
 - 5 years
Others    1 - 10 years
 
 
2.1
3
Goodwill
Goodwill
 is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of business acquired. Several factors give rise to goodwill in the Group’s acquisitions, such as the expected benefit from the existing workforce and client service capability of the acquired business. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. Prior to January 1, 2020, the Group performed a
two-step
test to determine the amount, if any, of goodwill impairment. In Step 1, the Group compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the Group performs Step 2 and compares the implied fair value of goodwill with the carryi
n
g amount of that goodwill for that reporting unit. An impairment charge equal to the amount by which the carrying amount of goodwill for the reporting unit exceeds the implied fair value of that goodwill is recorded, limited to the amount of goodwill allocated to that reporting unit. Starting from January 1, 2020, the Group adopted ASU
2017-04,
“Intangibles — Goodwill and Other (Topic 350): simplifying the test for goodwill impairment”, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. For the years ended December 31,
 
2018,
2019 and 2020, no impairment charge was recognized on goodwill.
 
 
 
2.14
Impairment of long-lived assets and intangible assets
The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition.
The Group evaluates intangible asset that is not subject to amortization for impairment annual and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment test for indefinite-lived intangible asset and compares of the fair value of the asset with its carrying amount. The Group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the long-lived assets and intangible asset as its new accounting basis.
 
 
2.1
5
Long-term investments
Investments held by the Group comprised of equity investments in privately-held entities.
Equity method investments
The Group accounts for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investments and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment.
The Group assesses its equity method investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value. The Group recorded impairment loss of RMB15,166,140, RMB20,872,725
and 
nil
, respectively in 
o
ther expense, net for the years ended December 31, 2018, 2019 and 2020, respectively.
Equity securities without readily determinable fair value
The Group’s investment in equity securities comprise of investment in privately-held companies.
On January 1, 2019, the Group adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) and elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustment to the carrying amount is recorded in other income (expense), net. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in investment loss.
For years ended 2018, 2019 and 2020, the Group recorded impairment loss of nil, nil and RMB28,088,491 in other expenses, net, respectively.
 
 
 
2.16
Revenue recognition
On Januar
y
 1, 2019, the Grou
p
 adopted ASC 606, “Revenue from Contracts
with
Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Group’s historic accounting under Topic 605. Based on the Group’s assessment, the adoption of ASC 606 did not have any material impact to the Group’s combined and
consolidated
financial statements.
The following table
disaggregates
the Group’s revenue by major type of services for the years ended December 31, 2018, 2019 and 2020:
 
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming
      3,147,196,247        6,617,291,032        8,852,225,839  
Advertisement
      342,169,195        513,265,806        645,227,128  
Other
      165,017,684        152,673,415        104,420,970  
    
 
 
     
 
 
     
 
 
  
Total
      3,654,383,126        7,283,230,253        9,601,873,937  
    
 
 
     
 
 
     
 
 
  
Live streaming
The Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each other during live streaming. The users have the option to purchase virtual currency, which is
non-refundable
and can only be used to redeem for virtual items to be used in the live streaming sessions on the Group’s platforms. Unredeemed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below. Virtual items are categorized as consumable and time-based items. Consumable items consist of virtual gifts presented from the users to the streamers to show their support, and are consumed immediately upon redemption and time-based items consist of monthly premium subscription services.
The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live streaming revenue on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live streaming service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers and consumed by them, while revenue related to time-based items is recognized ratably over a fixed period on a straight line basis. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed.
Virtual items
can 
be sold individually or bundled into one arrangement. When the Group’s users purchase multiple virtual items bundled within the same arrangement, the Group allocates the total consideration to each distinct virtual item based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated.
 
Advertisement
The Group generates advertisement revenues from rendering of various forms of advertisement services and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. The Group determined that it is the principal in the advertisement service. 
Advertisements on the Group’s platforms are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. The Group provides sales incentives in the forms of discounts and rebates to advertisers or advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the advertisers or agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience. For the years ended December 31, 2018, 2019 and 2020, the rebates recorded by the Group were RMB44,389,826, RMB64,274,647 and RMB75,497,951 , respectively.
Other revenue
Other revenue mainly consists of game distribution revenue. Online games developed by third party game developers are displayed through the Group’s platforms t
o
 attract users to download and play the games. The Group earns revenues from game developers in accordance with the
pre-determined
arrangements based on the in game purchase amounts for the games downloaded or played through the Group’s platforms. The Group considers itself as agent in these arrangement. Game distribution revenue is recognized at a point in time when the purchase in game is made.
Practical expedients and exemptions
The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations.
Contract balances
Contract balances include accounts receivable, advances from customers and deferred revenue. Accounts receivable represent cash due from third-party application stores as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for credit loss reflects the best estimate of probable losses inherent to the account receivable balance. Advances from customers primarily represent cash received from the Group’s advertisement customers. Deferred revenue primarily includes cash received from paying users related to the Group’s live streaming service. Deferred revenue is recognized as revenue when all of the revenue recognition criteria have been met or over the estimated service period. Revenue recognized in 2020 that was included in the deferred revenue balance as of January 1, 2020 was RMB182,819,528
, which consists primarily of virtual items consumption.
 
    
Accounts
receivable
     
Advances
from
customers
     
Deferred
revenue
  
    
RMB
     
RMB
     
RMB
  
       
Opening Balance as of January 1, 2019
      129,464,732        9,708,051        112,071,796  
Increase, net
      58,635,141        7,426,481        70,747,732  
    
 
 
     
 
 
     
 
 
  
Ending Balance as of December 31, 2019
      188,099,873        17,134,532        182,819,528  
Increase (decrease), net
      11,644,256        (6,223,543 )       46,882,250  
    
 
 
     
 
 
     
 
 
  
Ending Balance as of December 31, 2020
      199,744,129        10,910,989        229,701,778  
    
 
 
     
 
 
     
 
 
  
 
 
 
2.1
7
Cost of revenues
Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees paid to live streamers and talent agencies determined based on a percentage of revenue from sale of virtual items, (ii) content costs, (iii) bandwidth, (iv) salaries and welfare, (v) server costs, depreciation and amortization expense for servers and other equipment, and intangibles directly related to operating the platform, and (vi) payment handling costs.
 
 
2.1
8
Research and development expenses
Research and development expenses primarily consist of (i) salaries and benefits expenses incurred for research and development personnel,(ii) rental, general expenses and depreciation expenses associated with the research and development activities and (iii) share based compensation. Expenditures incurred during the research phase are expensed as incurred and no research and development expenses were capitalized as of December 31, 2018, 2019 and 2020.
 
 
2.1
9
Sales and marketing expenses
Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salaries and welfare for sales and marketing personnel and (iii) share based compensation. The advertising and market promotion expenses amounted to RMB129,013,488, RMB135,859,453 and RMB219,369,426 for the years ended December 31, 2018, 2019 and 2020, respectively.
 
 
2.
20
General and administrative expenses
General and administrative expenses consist primarily of (i) consulting fees, and (ii) share based compensation, salaries and welfare for general and administrative personnel and (iii) allowance for credit loss.
 
 
 
2.21
Income taxes
Current income taxes are provided for in accordance with the laws of the relevant tax authorities.
Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized.
The Group accounts for uncertainty in income taxes recognized in the combined and consolidated financial statements by applying a
two-step
process to determine the amount of the benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed
more-likely-than-not
to be sustained (defined as a likelihood of more than fifty percent of being sustained upon an audit, based on the technical merits of the tax position), the tax position is then assessed to determine the amount of benefits to recognize in the combined and consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2018, 2019 and 2020.
 
 
 
2.2
2
Segment information
The Group uses management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resource and assessing performance.
The Group’s CODM has been identified as the Chief Executive Officer. Before October 2018, the Group operates and manages it business in PRC China as a single operating segment. In October 2018, the Group acquired a business which operates a live stream platform mainly in Southeast Asia (“Nonolive”) and identified it as a new operating segment. In August 2019, the Group set up DouYu Japan Inc. (“DouYu Japan”) which operates a live streaming platform in Japan with a third party. The Group has determined that Nonolive and DouYu Japan do not meet the quantitative thresholds for a reportable segment under ASC 280-10-50 for the year ended December 31, 2020, therefore, does not result in a reportable segment. As such, the Group concluded that it has one reportable segment.
 
 
2.2
3
Operating leases as lessee
On January 1, 2020, the Group adopted ASU
No. 2016-02,
Leases (Topic 842) by using the modified retrospective method and did not restate the comparable periods. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less.
Under the new lease accounting standard, the Group determines if an arrangement is a lease or contains a lease at lease inception. The Group measure the operating lease liabilities at the commencement date based on the present value of remaining lease payments over the lease term, which was computed using the Group’s incremental borrowing rate, an estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the lease term. The Group measures the operating lease ROU assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing operating lease expense based on lease payments on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Group.
RMB100,318,025
of lease assets and 
RMB81,851,982
of liabilities were recognized on the balance sheet upon adoption as of January 1, 2020.
 
 
2.2
4
Government subsidies
Government subsidies are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies are recorded as other operating income
, net
in the period the cash is received. Government subsidies recognized for the years ended December 31, 2018, 2019 and 2020 were RMB27,430,993, RMB68,834,899 and RMB92,708,856, respectively.
 
 
2.25
Certain risks and concentrations
The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents denominated in RMB that are subject to such government controls amounted to RMB561,928,329
, which 
accounted for
10.6%
of total cash and cash equivalents as of December 31, 2020. 
No customer individually represents greater than 10% of the total net revenues.
 
 
 
2.26
Recently issued accounting pronouncements
New Accounting Pronouncements Recently Adopted
In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which introduces a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, and provided another transition approach by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Group adopted the new lease standard beginning January 1, 2020 using the modified retrospective transition approach through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedients. Adoption of the standard resulted in recognition of additional ROU assets and lease liabilities by approximately RMB100 million and RMB81 million as of January 1, 2020, respectively. Refer to Note 19 for further details.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Group’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. On January 1, 2020, the Group adopted ASU 2016-13 and the cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements.
New Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard.
In January 2020, the FASB issued ASU
No. 2020-01,
 Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic
 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)
(“ASU
2020-01”),
which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU
2020-01
could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard.
XML 33 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Accounts receivable, net
 12 Months Ended
Dec. 31, 2020
Accounts receivable, net  
Accounts receivable, net
3.
Accounts receivable, net
Accounts receivable, net consisted of the followings:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
     
Accounts receivable, gross
      203,934,775        212,317,679  
Less: allowance for credit loss
      (15,834,902 )       (12,573,550 ) 
    
 
 
     
 
 
  
Accounts receivable, net
      188,099,873        199,744,129  
    
 
 
     
 
 
  
 
    
As of December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Balance as of January 1
      5,172,435        5,907,369        15,834,902  
Addition
      1,121,009        13,563,744        3,270,564  
Write offs
      (386,075 )       (3,636,211 )       (6,531,916 ) 
    
 
 
     
 
 
     
 
 
  
Balance as of December 31
      5,907,369        15,834,902        12,573,550  
    
 
 
     
 
 
     
 
 
  
The following customers accounted for 10% or more of accounts receivable, net:
 
    
As of December 31,
  
    
2019
    
2020
  
  
RMB
     
%
    
RMB
     
%
    
US$
     
%
  
             
Company A
      37,615,505        20 %      43,563,107        22 %      6,676,338        22 % 
Company B
      47,776,989        25 %      39,546,942        20 %      6,060,834        20 % 
Company C
      23,466,780        12 %      35,765,532        18 %      5,481,308        18 % 
XML 34 R13.htm IDEA: XBRL DOCUMENT v3.21.1
Other current assets
 12 Months Ended
Dec. 31, 2020
Other current assets  
Other current assets
4.
Other current assets
Other current assets consist of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Funds receivable from third party payment service provider (1)
      69,263,440        91,623,838  
Value-added tax recoverable
      62,336,003        89,697,345  
Interest receivable
      53,484,027        29,768,158  
Content rights
      10,589,085        11,710,702  
Others
      8,637,038        13,904,052  
    
 
 
     
 
 
  
Total
      204,309,593        236,704,095  
    
 
 
     
 
 
  
 
(1)
The Group opened accounts with external online payment service providers to collect funding from users.
XML 35 R14.htm IDEA: XBRL DOCUMENT v3.21.1
Property and equipment, net
 12 Months Ended
Dec. 31, 2020
Property and equipment, net  
Property and equipment, net
5.
Property and equipment, net
Property and equipment, net consists of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
     
Gross carrying amount
                  
Computer and transmission equipment
      91,375,589        96,712,005  
Leasehold improvements
      29,237,111        24,726,231  
Furniture and office equipment
      6,339,065        6,370,893  
Motor vehicles
      410,200        410,200  
    
 
 
     
 
 
  
Total
      127,361,965        128,219,329  
Less: accumulated depreciation
      (88,452,500 )       (90,427,641 ) 
    
 
 
     
 
 
  
Property and equipment, net
      38,909,465        37,791,688  
    
 
 
     
 
 
  
Depreciation expense was RMB26,996,910, RMB32,814,894 and RMB21,126,504 for the years ended December 31, 2018, 2019 and 2020, respectively.
 
XML 36 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible assets, net
 12 Months Ended
Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible assets, net
6.
Intangible assets, net
Intangible assets, net consists of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
Gross carrying amount
                  
Brand name
      41,276,297        38,606,076  
Agency contract rights(1)
      193,898,260        194,320,755  
License for Online Transmission of Audio/Video Programs(2)
      7,988,748        7,988,748  
Platform
      10,116,739        9,462,274  
Software
      8,613,202        9,359,079  
Others
      15,081,941        30,119,677  
    
 
 
     
 
 
  
Total of gross carrying amount
      276,975,187        289,856,609  
Less: accumulated amortization
                  
Brand name
      (4,717,435 )       (8,525,509 ) 
Agency contract rights
      (63,433,706 )       (110,970,198 ) 
Platform
      (2,867,765 )       (4,338,452 ) 
Software
      (2,745,522 )       (3,335,165 ) 
Others
      (5,153,918 )       (21,015,404 ) 
    
 
 
     
 
 
  
Total of accumulated amortization
      (78,918,346 )       (148,184,728 ) 
    
 
 
     
 
 
  
Intangible assets, net
      198,056,841        141,671,881  
    
 
 
     
 
 
  
 
(1)
The agency contract rights, which represent the upfront payment of cooperation cost to top streamers, acquired during the years ended December 31, 2019 and 2020 are
RMB111,879,121 and RMB28,301,887
,
respectively, with weighted average amortization period
of 4.5 years and
 
2 years.
(2)
In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2021 which remains valid until March 2024, and intends to renew the license indefinitely. 
Amortization expenses were RMB18,548,448, RMB57,306,920 and RMB89,790,156 for the years ended December 31, 2018, 2019 and 2020 respectively. The Group expects to record amortization expenses in the future 5 years as below:
 
    
Future
amortization
expenses
  
    
RMB
  
   
2021
      60,907,151  
2022
      25,117,402  
2023
      21,435,725  
2024
      9,781,667  
2025
      4,796,470  
The weighted average amortization periods of intangible assets as of December 31, 2019 and 2020 are as below:
 
    
As of December 31,
  
    
2019
     
2020
  
  
 
 
     
 
 
  
     
Brand name
      10 years        10 years  
Agency contract rights
      3.9 years        3.5 years  
Platform
      5 years        5 years  
Software
      3.1 years        3.2 years  
Others
      3.3 years        2.2 years  
XML 37 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Investments
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investments
7.
Investments
Equity method investments:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Hangzhou Aijidi Culture Creation Co., Ltd. (“Aijidi”)
      4,090,990        5,960,527  
Chongqing Yuwan Network Media Co., Ltd. (“Chongqing Yuwan”)
      9,721,472        11,944,122  
Hunan Yuyou Starfire Culture Media Co., Ltd. (“Yuyou Starfire”) (1)
      15,139,902        —    
Wuhan Shayu Network Technology Co., Ltd. (“Shayu”) (2)
      —          184,555,328  
Wuhan DouYu entertainment equity investment LLP. (“DouYu LLP”) (3)
      —          10,007,084  
Others (4)
      3,849,736        —    
    
 
 
     
 
 
  
       32,802,100        212,467,061  
    
 
 
     
 
 
  
 
(1)
In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30%
equity interest in the company. In November 2020, the Group lost significant influence over Yuyou Starfire and reclassified this investment with a carrying amount of 
 
RMB15,274,909
to equity securities without readily determinable fair values.
(2)
In 2016, the Group invested RMB10 million for 8.5% equity interest in Shayu, a live streaming platform in the PRC
, and 
accounted for this investment as an equity security without a readily determinable fair value. In May 2020, the Group completed the following transactions with respect to its investment in Shayu:
 
•  
The Group acquired 19.125% equity interest in Shayu from Mr. Chen Shaojie, the Group’s CEO and shareholder for a cash consideration of RMB24,850,000. The purchase price paid by the Group was below fair value of the acquired equity interest, which is determined to be RMB43,617,750 by the Group with the assistance of an independent valuer. The excess amount of RMB18,767,750 between the fair value of the equity interest acquired in Shayu over the price paid is accounted as contribution from shareholder in the
combined and consolidated 
statement of change in shareholders’ equity.
 
•  
The Company injected cash of RMB80,000,000 and its holding of 100% equity interest in Chengdu Shuangsi Culture Broadcasting Co., Ltd (“Shuangsi”) with a fair value determined to be RMB54,391,900 into Shayu, in exchange for 8.309% of newly issued equity interest in Shayu. Shuangsi ceased to be a subsidiary of the Group and a gain on disposal of subsidiary in the amount of RMB23,525,694 was recognized in the combined and consolidated statement of comprehensive income, representing the difference between the fair value of Shuangsi and its carrying value at the date of the transaction.
Upon the completion of these transactions, the Group has 35.084% equity interest of Shayu and accounts for its investment in Shayu under the equity method.
 
 
(3)
In September 2020, the Group injected cash of RMB10,000,000 in DouYu LLP, an equity fund, for 99.99% limited partnership.
(4)
In 2018, the Group made investments in four talent agencies with aggregate cash consideration of RMB3,600,000, none of which was individually material. As of December 31, 2020, the Group no longer has significant influence over these investees, and therefore these equity investments with carrying amount of RMB4,077,376 were reclassified as equity securities without readily determinable fair values.
During the years ended 2018, 2019 and 2020, the Group recorded impairment of RMB15,166,140,
 
RMB20,872,725 and nil, respectively.
Equity securities without readily determinable fair values:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
     
Content producers
      123,629,785        196,465,009  
Technology and software companies
      59,102,000        49,102,000  
Others
      10,000,000        42,624,500  
    
 
 
     
 
 
  
       192,731,785        288,191,509  
    
 
 
     
 
 
  
Equity securities without readily determinable fair value were accounted as cost method investments prior to adopting ASC321, on
January
 
1, 2019.
For years ended 2018, 2019 and 2020, nil, 
nil
and RMB
28,088,491
impairment were recorded and an upward adjustments of
 nil
,
 
RMB
1,796,000
and RMB
8,571,429
as result of observable price change for the identical or similar investment of the same investees was recognized in other expenses, net.
XML 38 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued expenses and other current liabilities
 12 Months Ended
Dec. 31, 2020
Accrued expenses and other current liabilities  
Accrued expenses and other current liabilities
8.
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consist of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Accrued payroll and welfare
      163,309,115        176,217,767  
Accrued marketing 
cost
      112,859,994        132,487,573  
Deposits
      30,566,743        19,994,929  
Other tax payable
      13,767,363        18,974,895  
Payable for repurchase of ordinary shares
      53,293,800        —    
Others
      18,550,109        36,365,656  
    
 
 
     
 
 
  
Total
      392,347,124        384,040,820  
    
 
 
     
 
 
  
XML 39 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Cost of revenues
 12 Months Ended
Dec. 31, 2020
Cost of revenues  
Cost of revenues
9.
Cost of revenues
Cost of revenues consist of the following:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Revenue sharing fees and content costs
      2,790,038,662        5,176,508,004        7,129,094,348  
Bandwidth costs
      555,863,781        617,801,344        661,129,019  
Others
      157,453,785        292,763,988        251,305,218  
    
 
 
     
 
 
     
 
 
  
Total
      3,503,356,228        6,087,073,336        8,041,528,585  
    
 
 
     
 
 
     
 
 
  
XML 40 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Income taxes
 12 Months Ended
Dec. 31, 2020
Income taxes  
Income taxes
10.
Income taxes
Cayman Islands
Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.
Hong Kong
Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5%. Operations in Hong Kong have incurred net accumulated operating losses for income tax purpose and no income tax provisions are recorded for the period presented.
Japan
Entities incorporated in Japan are subject to an income tax rate calculated according to relevant regulations of Japan Ministry of Finance. Operations in Japan have incurred net accumulated operating losses for income tax purpose and no income tax provisions are recorded for the period presented.
China
The Company’s subsidiar
i
es and consolidated VIEs established in the PRC are subject to an income tax rate of 25%, according to the PRC Enterprise Income Tax (“EIT”) Law. The subsidiaries and the VIEs of the Group in the PRC are subject to a uniform income tax rate of 25% for years presented. Wuhan Douyu obtained High and New Technology Enterprise (“HNTE”) status from 2016 to 2018. It enjoyed a favorable statutory tax rate of 15% from 2017 to 2018 and it did not renew the status
 
since
2019. In 2019, Wuhan Douyu, Wuhan Yule and Wuhan Ouyue obtained “Software Enterprise Certificate
”, which enable they to enjoy a tax holiday of a two-year exemption commencing from first profitable calendar year and a 50% reduction in uniform tax rate for the following three calendar years. 
As of December 31, 2020, Wuhan Yule is profitable after offsetting its accumulated loss and starts to enjoy the tax benefit of software enterprise, while Wuhan Douyu, and Wuhan Ouyue are still in accumulative loss status and have not enjoyed the tax benefit yet. According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2018 to 2020, enterprises engaged in research and development activities are entitled to claim 175% of the research and development expenses so incurred in a year as tax deductible expenses in determining its tax assessable profits for that year (“Super Deduction”).
Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese Income Tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that
non-resident
legal entities will be considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting and properties, occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that the legal entities organized outside of the PRC within the Group should be treated as residents for EIT law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC should be deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income taxes, at a statutory income tax rate of
25
%. The Group is not subject to any other uncertain tax position.
According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.
Income (loss) before income taxes consist of:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
PRC
      (881,940,287 )       143,570,454        710,575,006  
Foreign
      12,871,144        (106,980,746 )       (307,145,767 ) 
    
 
 
     
 
 
     
 
 
  
Total
      (869,069,143 )       36,589,708        403,429,239  
    
 
 
     
 
 
     
 
 
  
The Group did not incur any current or deferred component of income tax expenses for the years ended December 31, 2018, 2019 and 2020. The reconciliation of total tax expenses computed by applying the respective statutory income tax rate to
pre-tax
income is as follows:
 
    
Years ended December 31,
  
    
2018
    
2019
    
2020
  
       
PRC income tax rate
      25.00 %      25.00 %      25.00 % 
Expenses not deductible for tax purposes
      (2.45 )%      157.72 %      26.87 % 
Super deduction on research and development expenses
      6.14 %      (145.44 )%      (8.37 )% 
Effect of change in income tax rate
      —         (555.07 )%      —    
Effect of tax holiday
      (0.27 )%      —         (36.13
%)
Effect of tax rate in different tax jurisdiction
      0.71 %      4.82 %      14.16 % 
Change in valuation allowance
      (29.13 )%      512.97 %      (21.53 )% 
    
 
 
    
 
 
    
 
 
  
Total
      0.00 %      0.00 %      0.00 % 
    
 
 
    
 
 
    
 
 
  
The aggregate amount and per share effect of the tax holiday are as follows:
 
 
  
Years ended December 31,
 
 
  
2018
 
  
2019
 
  
2020
 
 
  
RMB
 
  
RMB
 
  
RMB
 
       
The aggregate dollar effect
  
 
2,346,487
 
  
 
—  
 
  
 
145,777,478
 
Per share effect—basic and diluted
  
 
0.29
 
  
 
—  
 
  
 
4.56
 
Deferred tax assets are as follows:
 
    
Years ended December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Deferred tax assets
                  
Tax loss carried forward
      609,004,112        581,481,841  
Deductible temporary differences
      114,334,735        62,849,372  
Tax basis
difference upon the restructuring in 2016
      66,897,143        55,895,669  
Allowance for credit loss
      5,509,508        6,251,724  
Total deferred tax assets
      795,745,498        706,478,606  
Less: valuation allowance
      (795,745,498 )       (706,478,606 ) 
    
 
 
     
 
 
  
Net deferred tax assets
      —          —    
    
 
 
     
 
 
  
The movement of deferred tax valuation allowance is as follows:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Balance at beginning of the year
      353,511,080        606,708,962        795,745,498  
Increase
      253,197,882        408,704,189        72,777,388  
Decrease
 
 
— 
 
 
 
 
(219,667,653
)
 
 
(162,044,280
)
    
 
 
     
 
 
     
 
 
  
Balance at end of the year
      606,708,962        795,745,498        706,478,606  
    
 
 
     
 
 
     
 
 
  
The Group operates through its subsidiaries, VIEs and subsidiaries of the VIEs. As of December 31, 2019 and 2020, the Group had tax operating loss carry forwards of RMB2,493,643,064 and RMB2,414,846,539
 
respectively from its subsidiaries, VIEs and
subsidiaries
of the VIEs registered in the PRC, which can be carried forward to offset taxable income.
The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are
consistent
with the plans and estimates the Group is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to
generate
sufficient taxable income within the carry forward periods provided for in the tax law. The Group has provided a full valuation allowance for the deferred tax assets as of December 31, 2019 and 2020, as management is not able to conclude that the future realization of those net operating loss carry forwards and other deferred tax assets are more likely than not.
In accordance with the EIT Law, dividends, which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008, are subject to a 10% withholding income tax. In addition, under tax treaty between the PRC and Hong Kong, if the foreign investor is incorporated in Hong Kong and qualifies as the beneficial owner, the applicable withholding tax rate is reduced to 5%, if the investor holds at least 25% in the FIE, or 10%, if the investor holds less than 25% in the FIE.
XML 41 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Ordinary shares
 12 Months Ended
Dec. 31, 2020
Ordinary shares  
Ordinary shares
11.
Ordinary shares
In accordance with the Company’s memorandum and articles of association, total authorized shares for ordinary shares are 500,000,000 shares with par value of US$0.0001.
Upon the incorporation of the Company on January 5, 2018, the Original Shareholders of the Group subscribed to 8,188,790 ordinary shares of the Company at par value of US$0.0001. In May 2018, the Company converted 2,944,395 ordinary shares held by the Original Shareholder to 2,944,395 shares of Angel Preferred Shares with no change to the rights and obligations associated with these shares. As the terms of the Angel Preferred Shares are identical to those for the Ordinary Shares, the Company believe it is appropriate to continue to treat the Angel Preferred Shares as ordinary shares issued and outstanding in the combined and consolidated financial statements as well as for the purpose of EPS calculations.
In May 2018, the Company repurchased 125,000 shares of ordinary shares from one investor and issued 125,000 Series
B-4
Preferred Share to the same shareholder for zero consideration.
As disclosed in Note 1
4
, 2,106,321 ordinary shares of the Company were issued to Douyu Employee Benefit Trust (the “Trust”) to establish a reserve pool for future issuances of equity share incentive to the Group’s employees. All shareholder rights of these 2,106,321 ordinary shares including but not limited to voting rights and dividend rights are unconditionally waived until the corresponding restrict share units are vested. While the ordinary shares were legally issued to the Trust, the Trust does not have any of the rights associated with the ordinary shares, as such the Company accounted for these shares as issued but no outstanding until the waiver is released by the Company, which occur when the restricted share units vest and ordinary shares are awarded to the employees.
Upon the IPO in July 2019, the Company issued 4,492,473 ordinary shares.
On December 20, 2019, the Company announced the repurchase program whereby the Company may repurchase up to US$100 million of its ordinary shares in the form of American depositary shares during a period of up to 12 months commencing on December 20, 2019. As of December 31, 2020, the Company has repurchased an aggregate of 1,177,499 ordinary shares for total cash consideration of US$99,999,998 (equivalent of RMB695,097,853) including repurchase commissions
, among which 291,207 ordinary shares for total cash consideration of US$16,471,881 (equivalent of RMB115,273,325) was paid in 2019.
XML 42 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Noncontrolling Interest
 12 Months Ended
Dec. 31, 2020
Noncontrolling Interest [Abstract]  
Noncontrolling Interest
12.
Noncontrolling Interest
As of December 31, 2020, the Group’s noncontrolling interest mainly included equity interest in DouYu Japan. The following schedule shows the effects of changes in the ownership interest of the Company in its subsidiaries on equity attributed to DouYu for the years ended December 31, 2018, 2019 and 2020.
Below are the changes in the Group’s ownership in its subsidiaries on the Group’s equity.
 
 
  
Years ended December 31,
 
 
  
2018
 
  
2019
 
  
2020
 
 
  
RMB
 
  
RMB
 
  
RMB
 
Net income (loss) attributable to DouYu’s ordinary shareholders
  
 
(876,279,828
) 
  
 
39,753,232
 
  
 
485,498,597
 
Transfers to noncontrolling interest
  
      
  
      
  
      
Decrease in DouYu’s additional paid-in capital for acquisition of noncontrolling interest in Shuangsi (1)
  
 
—  
 
  
 
—  
 
  
 
(2,271,492
) 
Decrease in DouYu’s additional paid-in capital due to capital contribution from noncontrolling interest shareholder in DouYu Japan (2)
  
 
—  
 
  
 
—  
 
  
 
(7,700,837
) 
Increase in DouYu’s additional paid-in capital due to repurchase of noncontrolling interest in Gogo Glocal (Note 14)
  
 
—  
 
  
 
—  
 
  
 
11,171,730
 
Decrease in DouYu’s additional paid-in capital due to vest of Gogo Glocal’s noncontrolling interest restricted shares (Note 14)
  
 
—  
 
  
 
(22,209,344
) 
  
 
—  
 
Decrease in DouYu’s additional paid-in capital for acquisition of shares of Gogo Glocal’s noncontrolling interest
  
 
—  
 
  
 
(11,107,350
) 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net transfers to noncontrolling interest
  
 
—  
 
  
 
(33,316,694
) 
  
 
1,199,401
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Change from net income attribute to DouYu and transfers to noncontrolling interest
  
 
(876,279,828
) 
  
 
6,436,538
 
  
 
486,697,998
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
In March 2020, the Group purchased 15% equity of Chengdu Shuangsi with cash consideration of RMB4,500,000. The difference between the fair value of the consideration paid and the carrying amount of the noncontrolling interest acquired was recognized in additional paid-in capital.
(2)
In April, June and November, 2020, the
Group and
noncontrolling interest shareholder purchased the newly issued common shares of DouYu Japan with consideration of
JPY4,189,200,000 (equivalent of RMB272,248,433 ) and
JPY1,610,800,000 (equivalent of RMB105,129,847 ), respectively. As a result of these transactions, the noncontrolling interest shareholder’s ownership interest increased from 14.9% to 28.9% while the Group retains its controlling financial interest in DouYu Japan. The difference between the consideration received and the amount of the noncontrolling interest was adjusted was recognized in additional paid-in capital.
XML 43 R22.htm IDEA: XBRL DOCUMENT v3.21.1
Convertible redeemable preferred shares
 12 Months Ended
Dec. 31, 2020
Convertible redeemable preferred shares  
Convertible redeemable preferred shares
13.
Convertible redeemable preferred shares
Series A Preferred Equity
In January 2015, Beijing Sequoia acquired 20.49% of Guangzhou Douyu’s equity interest with preference rights for a total consideration of RMB106,999,090 (Series A Preferred Equity).
Series B Preferred Equity
In April 2015, Guangzhou Douyu entered into an agreement with Beijing Sequoia for a convertible loan and a detachable warrant for a total proceed of RMB50 million. In April 2016, Beijing Sequoia converted the outstanding loan principal and unpaid interest expense amounted RMB 56,187,500 into 2.71% of the equity interest of Wuhan Douyou with preference rights (Series B-1 Preferred Equity).
In April 2016, Wuhan Douyu issued 18.80% and 1.96% equity interest with preference rights (Series B-2 and B-3 Preferred Equity) for a cash consideration of RMB381,504,000 and RMB50,000,000, respectively, to a group of third party investors. The subscription prices of two of these investors were below fair value of Series B-2 and Series B-3 Preferred Equity. The difference between the fair value of these preferred equity and the subscription consideration paid by these Series B-2 and Series B-3 investors amounted to RMB72,736,597 was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit).
In April 2016, concurrent with the issuance of Series B-2 and B-3 Preferred Equity, Wuhan Douyu repurchased 5.95% of its equity interest from the Original Shareholders at a consideration of RMB162,775,040. The fair value of equity interest repurchased was RMB77,396,500 as determined by the Group with the assistance of independent valuation firm was below the consideration paid by Wuhan Douyu. As such, the amount of RMB85,378,540 paid by Wuhan Douyu that was in excess of the fair value of the equity interest at the time of the repurchase was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit).
Series C Preferred Equity
In August 2016, Wuhan Douyu issued 15.80% of the equity interest with preference rights to a group of investors with a total consideration of RMB1,067,000,000 (Series C-1 Preferred Equity). Concurrent with the issuance of Series C-1 Preferred Equity, Wuhan Douyu repurchase and cancelled 2.94% of its equity interest from the Original Shareholders with a consideration of RMB198,848,000. The fair value of the equity interest repurchased was RMB72,020,079 as determined by the Group with the assistance of independent valuation firm was below the repurchase consideration paid by Wuhan Douyu. As such, the amount of RMB126,827,921 paid by Wuhan Douyu in excess of the fair value of the equity interest at the time of the repurchase was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit).
In August 2016, Shanghai Qincheng exercised the warrant to purchase 0.49% of the equity interest of Wuhan Douyu with a subscription price of RMB30,000,000 (Series C-2 Preferred Equity). Series C-2 Preferred Equity was repurchased by Wuhan Douyu in January 2018 at fair value for a cash consideration of RMB39,995,000.
Series D Preferred Equity
On November 14, 2017, Wuhan Douyu issued 5.81% equity interest of Wuhan Douyu with preferred rights (Series D Preferred Equity) for a consideration of RMB500,000,000 to three new investors.
Upon the 2018 Restructuring, as described in Note 1, upon obtaining all necessary approvals from the PRC government, the Preferred Equity shareholders subscribed for convertible redeemable preferred shares (Preferred Shares) at no consideration, all in the same proportions, on an as converted basis, as the percentage of equity interest they held in Wuhan Douyu.
In conjunction with the issuance of Series E Preferred Shares, the Company modified certain terms of Series A, B, C and D Preferred Shares to extend the date of qualified IPO from December 31, 2020 to December 31, 2022, as well as change certain calculation of the redemption value. The Company does not consider these changes as an extinguishment of Series A, B, C and D as the impact of these changes was insignificant.
In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital.
In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial.
The key terms of the Preferred Shares are summarized as follows:
Dividend Rights
In the event the Company declares dividends, for holder of each series of Convertible Redeemable Preferred Shares, at the rate of eight percent of issue cost.
Liquidation Rights
In the event of any liquidation, dissolution or winding up of the Company (each a “Liquidation Event”), whether voluntary or involuntary, all assets and funds of the Company legally available for distribution to the Members (after satisfaction of all creditors’ claims and claims that may be preferred by Law) shall be distributed to the Members of the Company as follows:
The liquidation right should be settled in the sequence of (i) Series E Convertible Redeemable Preferred Shares, (ii) Series D Convertible Redeemable Preferred Shares, (iii) Series C-1 Convertible Redeemable Preferred Shares, (iv) Series B-1, Series B-2, Series B-3 and Series B-4 Convertible Redeemable Preferred Shares (Series B Convertible Redeemable Preferred Shares), and (v) Series A Convertible Redeemable Preferred Shares.
If there are any assets or funds remaining after the aggregate Series A Preference Amount, Series B Preference Amount, Series C Preference Amount, Series D Preference Amount and Series E Preference Amount have been distributed or paid in full to the applicable holders of Preferred Shares, the remaining assets and funds of the Company available for distribution to the Members shall be distributed ratably among all Members in proportion to the number of Ordinary Shares (on an as-converted basis) held by them.
Total liquidation value for all preferred shares was nil.
Conversion Rights
The holders of the Preferred Shares shall have the rights to convert of the Preferred Shares into Ordinary Shares at an initial conversion ratio of one for one.
The holders of each Convertible Redeemable Preferred Shares, at the option of the holders, has the right to convert the Convertible Redeemable Preferred Shares into ordinary shares at any time.
Each Convertible Redeemable Preferred Share shall automatically be converted, into Ordinary Shares upon the earlier of (i) the closing of a Qualified IPO, or (ii) the written notice signed by the Majority Holders.
Voting Rights
The Preferred Shareholders are entitled to vote with ordinary shareholders on an as-converted basis.
Redemption
Upon the earlier of (a) the Company has not consummated a Qualified IPO by December 31, 2022, (b) there is a material breach of the Articles of the Memorandum, (c) the creditworthiness of any Founder or any holder of Ordinary Shares (other than any Investor) is materially damaged, or there is any fraud, gross negligence or willful misconduct of any Founder or any holder of Ordinary Shares (other than any Investor), or there is any misconduct of any Founder or any Management Director, any of which results in damages to the Group Companies that cannot be cured, or (d) any event (other than force majeure) that result in the shutdown of the website (including the main website, IOS and Android apps) of the Group for more than 60 days, the holder of each series of Convertible Redeemable Preferred Shares except for the holder of Series C-2 Convertible Redeemable Preferred Shares and Series Angel Convertible Redeemable Preferred Shares has the right to require the Company to redeem all or any number of the then outstanding Convertible Redeemable Preferred Shares at a pre-determined Redemption Price.
The redemption right should be settled in the sequence of (i) Series E Convertible Redeemable Preferred Shares, (ii) Series D Convertible Redeemable Preferred Shares, (iii) Series C-1 Convertible Redeemable Preferred Shares, (iv) Series B-1, Series B-2 and Series B-3 Convertible Redeemable Preferred Shares, and (v) Series A Convertible Redeemable Preferred Shares.
Management of the Group evaluated that redemption was not probable and therefore did not accrete the Preferred Shares to the redemption value. The redemption value as of December 31, 2019 and 2020 would be.
All of the preferred shares were converted to ordinary shares immediately upon the completion of the Group’s IPO on July 17, 2019.
The following is the rollforward of the carrying amounts of Preferred Share for the years ended December 31, 2018 and 2019:
 
 
 
Series A
 
 
Series B-1
 
 
Series B-2
 
 
Series B-3
 
 
Series B-4(1)
 
 
Series C-1
 
 
Series C-2(2)
 
 
Series D
 
 
Series E(3)
 
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
December 31, 2017
 
 
106,999,090
 
 
 
56,187,500
 
 
 
464,343,750
 
 
 
202,671,887
 
 
 
—  
 
 
 
1,265,848,000
 
 
 
33,333,333
 
 
 
500,000,000
 
 
 
—  
 
Issuance
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
22,254,400
 
 
 
—  
 
 
 
(33,333,333
) 
 
 
—  
 
 
 
4,026,518,012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
106,999,090
 
 
 
56,187,500
 
 
 
464,343,750
 
 
 
202,671,887
 
 
 
22,254,400
 
 
 
1,265,848,000
 
 
 
—  
 
 
 
500,000,000
 
 
 
4,026,518,012
 
Conversion into ordinary shares upon IPO
 
 
(106,999,090
) 
 
 
(56,187,500
) 
 
 
(464,343,750
) 
 
 
(202,671,887
) 
 
 
(22,254,400
) 
 
 
(1,265,848,000
) 
 
 
—  
 
 
 
(500,000,000
) 
 
 
(4,026,518,012
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
2019
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
——  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial.
(2)
In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital.
(3)
On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share purchase price of US$80.57 for cash consideration of RMB4,026,518,012.
XML 44 R23.htm IDEA: XBRL DOCUMENT v3.21.1
Share-based compensation
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-based compensation
 
1
4
.
Share-based compensation
I.
Non-vested
Douyu restricted equity
Upon closing of the issuance of Series A Preferred Equity, the Founders entered into an arrangement with the investor, whereby partial of their equity (“Founders’ Equity”) became subject to service and transfer restriction. Such Founders’ Equity is subject to repurchase by the Company upon early termination of their requisite period of employment. The repurchase price is the minimum price permitted under PRC law. The Founders’ Equity shall be vested monthly in equal installment over the period from issuance of Series A Preferred Equity to 2018. This arrangement has been accounted for as a grant of restricted share awards subject to service vesting conditions.
The Group used the discounted cash flow method to determine the underlying equity value of Wuhan Douyu and adopted equity allocation model to determine the fair value of the equity as of the dates of issuance. The aggregate fair value of the restricted equity was RMB80,100,005. For the years ended December 31, 2018, 2019 and 2020, the Group recorded compensation expenses of RMB17,574,638, nil
 
and nil, respectively. All the restricted equity has been vested as of December 31, 2018.
II.
Non-vested
Gogo Glocal restricted shares
In connection of the acquisition of Nonolive, Gogo Glocal issued 4,900,000 ordinary shares, which represents 46% of its equity, to the founders for Nonolive. These ordinary shares are subject to transfer restriction and repurchase by the Group for a consideration of US$1 upon early termination of their requisite employment service period of 15 months. These ordinary shares are vested upon the earlier of the satisfaction of certain performance target as measured by number of Daily Active Users or the requisite service period. This arrangement has been accounted as a grant of restricted share awards subject to service and performance conditions.
With the assistance of third party valuation firm, the Group used the discounted cash flow method to determine the underlying equity value of Gogo Glocal and adopted equity allocation model to determine the fair value of the restricted ordinary share as of the dates of issuance, which was determined to be RMB18.45 per share. The aggregate fair value of the restricted shares was RMB90,425,865.
On September 30, 2019, the Group and the founders of Nonolive entered into another agreement to renew the arrangement. Pursuant to the agreement, (i) the Group injected additional capital of RMB100 million in Gogo Glocal; (ii) the Group repurchased 1,039,780 shares of ordinary shares from one of the founders for a consideration of US$1 due to an early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares; (iii) 1,696,895 ordinary shares were vested immediately, of which 444,444 shares were repurchased by the Group at fair value of RMB43.92 per share; and (iv) the remaining 2,163,325
non-vested
restricted shares held by the founders are subject to transfer restriction and repurchase by the Group for a consideration of US$1 upon early termination of their renewed requisite employment service period and will be vested monthly in equal installments over the next 36 months, which was considered as a modification of unvested restricted shares.
As a result of the modification, an incremental compensation cost of RMB28,224,142 was measured as the excess of the fair value of the modified restricted share award over the fair value of the original restricted share. The fair value per share of the modified restricted shares of RMB43.92 is determined according to the share price and other pertinent factors at the modification date.
A summary of
non-vested
restricted share activity during the years ended December 31, 2020 is presented below:
 
    
Number of
shares
     
Weighted
average
grant-date

fair value
  
           
RMB
  
     
Outstanding as of December 31, 2019
      2,049,466        31.50  
Vested
      (62,105 )       31.50  
Forfeited(1)
      (1,429,906 )       31.50  
Cancellation(2)
      (557,455 )       31.50  
    
 
 
     
 
 
  
Outstanding as of December 31, 2020
      —          —    
    
 
 
     
 
 
  
 
  (1)
In February 2020, the Group repurchased 1,429,906 shares of unvested restricted shares from one of the Gogo Glocal’s founders with a consideration of US$1
 
due to the early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares.
 
  (2)
In February 2020, the Group canceled 557,455 unvested restricted shares granted. The corresponding unrecognized share-based compensation expense of RMB7,451,210 was immediately recognized in the combined and consolidated statement of comprehensive income for the year ended December 31, 2020.
As of December 31, 2020, the total unrecognized share-based compensation expense was nil.
For the years ended December 31, 2018, 2019 and 2020, the Group recorded compensation expenses of RMB17,830,249, RMB55,275,106 and RMB8,029,561, respectively.
III. Restricted share units
On April 1, 2018, the Company’s board of director approved the 2018 Restricted Share Unit Scheme (“2018 Plan”). In connection with the 2018 Plan, the Company established Douyu Employee Benefit Trust (the “Trust”) as a holding platform and 2,106,321 share of ordinary shares were issued to the Trust as a reserve pool for future issuance of equity share incentive to the Group’s employees. All shareholder rights of these 2,106,321 ordinary shares including but not limited to voting rights and dividend rights are unconditionally waived until the corresponding restrict share units are vested. The Group referred to the interest in Trust as Restricted Share Units and each Restricted Share Unit represents one ordinary share. The Scheme shall be valid and effective for a period of 10 years.
On April 1, 2018, pursuant to a board of director resolution, 2,098,069 restricted share units corresponding to 2,098,069 ordinary shares were granted to certain employees, directors and officers for zero cash subscription. The restricted share units will begin vesting by equal instalment for 36 months upon a qualified IPO. The Group has determined the per share fair value of the restricted share unit to be RMB274.51 with the assistance of an independent valuation firm based on the fair value of the underlying ordinary shares which was determined by using the hybrid method of the probability weighted expected return method (“PWERM”) and the option pricing method (“OPM”) to allocate equity value to preferred and ordinary shares on a fully diluted basis.
A summary of restricted share units activity during the years ended December 31, 2020 is presented below:
 
    
Number of
restricted
shares
     
Weighted
average
grant-date

fair value
     
Weighted
average
remaining
contractual
life
  
           
RMB
     
Years
  
       
Outstanding as of December 31, 2019
      1,794,586        274.55        2.58  
Vested
      (693,527 )       274.55           
Forfeited
      (4,392 )       274.55           
    
 
 
     
 
 
     
 
 
  
Outstanding as of December 31, 2020
      1,096,667        274.55        1.58  
    
 
 
     
 
 
     
 
 
  
The
Group has recorded compensation expenses of nil, 
RMB235,506,658 and RMB134,124,800 for the years ended
December 31, 2018
, 2019 and 2020 relating to these restricted share units. As of December 31, 2019 and 2020, there were RMB342,243,484 and RMB207,249,251, respectively, unrecognized share based compensation expenses related to the restricted share.
 
XML 45 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Net income (loss) per share and net loss attributable to ordinary shareholders
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Net income (loss) per share and net loss attributable to ordinary shareholders
1
5
.
Net income (loss) per share and net loss attributable to ordinary shareholders
The Group’s convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an
as-if
converted basis.
For the year ended December 31, 2019, the Group used the
two-class
method of computing basic earnings per share. Under this method, net income applicable to holders of ordinary shares is allocated on a
pro-rata
basis to the ordinary and preferred shares to the extent that each class may share in income for the period had it been distributed. Diluted net income per share for the year ended December 31, 2019 is computed using
as-if-converted
method and assumes the vest of restricted share units using the treasury stock method as this method is more dilutive than the
two-
class method.
Upon the consummation of the Company’s IPO on July 17, 2019, the convertible redeemable preferred shares were automatically converted into ordinary shares. The two-class method of computing earnings per share ceased to apply on the conversion date.
Basic and diluted net income (loss) per share for each of the years presented were calculated as follows
:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Basic net income (loss) per share calculation
                           
Numerator:
                           
Net income (loss) attributable to DouYu Holdings Limited shareholders
      (876,279,828 )       39,753,232        485,498,597  
Deemed dividend
      (6,661,667 )       —          —    
Amounts allocated to convertible redeemable preferred shares for participating rights to dividends
      —          (14,283,763 )       —    
    
 
 
     
 
 
     
 
 
  
Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share
      (882,941,495 )       25,469,469        485,498,597  
    
 
 
     
 
 
     
 
 
  
Denominator:
                           
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share
      8,115,160        19,254,661        31,963,526  
    
 
 
     
 
 
     
 
 
  
Basic net income (loss) per ordinary share
      (108.80 )       1.32        15.19  
    
 
 
     
 
 
     
 
 
  
Diluted net income (loss) per share calculation
                           
Numerator:
                           
Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited
      (882,941,495 )       25,469,469        485,498,597  
Add: undistributed earnings allocated to participating securities
      —          14,283,763        —    
    
 
 
     
 
 
     
 
 
  
Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share
      (882,941,495 )       39,753,232        485,498,597  
    
 
 
     
 
 
     
 
 
  
Denominator:
                           
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share
      8,115,160        19,254,661        31,963,526  
Add: conversion of convertible redeemable preferred shares into ordinary shares
      —          10,798,380        —    
Restricted Share Units
      —          1,389,890        1,049,156  
    
 
 
     
 
 
     
 
 
  
Weighted average ordinary shares used in computing diluted income (loss) per ordinary share
      8,115,160        31,442,931        33,012,682  
    
 
 
     
 
 
     
 
 
  
Diluted net income (loss) per ordinary share
      (108.80 )       1.26        14.71  
    
 
 
     
 
 
     
 
 
  
Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Convertible Redeemable Preferred Equity/Shares
      19,906,105        —          —    
Restricted Share Units
      2,098,069        —          —    
    
 
 
     
 
 
     
 
 
  
Total
      22,004,174        —          —    
    
 
 
     
 
 
     
 
 
  
XML 46 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Statutory reserves and restricted net assets
 12 Months Ended
Dec. 31, 2020
Statutory reserves and restricted net assets [Abstract]  
Statutory reserves and restricted net assets
 
1
6
.
Statutory reserves and restricted net assets
As a result of the PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include
paid-in
capital, additional
paid-in
capital, and the statutory reserves of the Company’s PRC subsidiaries and VIEs. As of
December 31, 2020, total restricted net assets were 
RMB3,476,357,108.
XML 47 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Information
 
1
7
.
Segment Information
The Group uses the management approach to determine operation segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resources and assessing performance.
The Group’s CODM has been identified as the Chief Executive Officer. Before October 2018, the Group operated and managed its business in PRC China as a single operating segment. In October 2018, the Group acquired a business which operates a live stream platform mainly in Southeast Asia (“Nonolive”) and identified it as a new operating segment. In August 2019, the Group set up “DouYu Japan” which operates a live streaming platform in Japan with a third party. The Group has determined that Nonolive and DouYu Japan do not meet the quantitative thresholds for a reportable segment under ASC 280-10-50 in the year ended December 31, 2020, therefore, does not result in a reportable segment.
The following table summarizes the revenue by type of service provided by the Group:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming
      3,147,196,247        6,617,291,032        8,852,225,839  
Advertisement
      342,169,195        513,265,806        645,227,128  
Other
      165,017,684        152,673,415        104,420,970  
    
 
 
     
 
 
     
 
 
  
Total
      3,654,383,126        7,283,230,253        9,601,873,937  
    
 
 
     
 
 
     
 
 
  
99.8%, 99.5% and 98.8% of the Group’s revenue for the years ended December 31, 2018, 2019 and 2020, respectively, were generated from the PRC. As of December 31, 2019 and 2020, 100% and 100% of long-lived assets of the Group were located in the PRC.
There were no customers from whom revenue accounted for 10% or more of total revenue for the years ended December 31, 2018, 2019 and 2020, respectively.
XML 48 R27.htm IDEA: XBRL DOCUMENT v3.21.1
Related party transactions
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related party transactions
 
1
8
.
Related party transactions
The table below sets forth major related parties and their relationships with the Group:
 
Company Name
   
Relationship with the Group
   
Tencent Holdings Limited (“Tencent Group”)    Parent company of one of our ordinary shareholders
For the years ended December 31, 2018, 2019 and 2020, significant related party transactions were as follows:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming revenue derived from
                           
Equity method investees- talent agencies
      25,164,152        78,933,963        23,679,248  
Tencent Group
      3,405,827        —          —    
    
 
 
     
 
 
     
 
 
  
Total
      28,569,979        78,933,963        23,679,248  
    
 
 
     
 
 
     
 
 
  
Advertisement revenue derived from
                           
Tencent Group
      27,483,962        2,699,737        743,697  
    
 
 
     
 
 
     
 
 
  
Other revenue derived from
                           
Tencent Group
      19,892,736        26,581,068        8,282,751  
Equity method investees- talent agencies
      —          —          204,533  
    
 
 
     
 
 
     
 
 
  
Total
      19,892,736        26,581,068        8,487,284  
    
 
 
     
 
 
     
 
 
  
Bandwidth fees paid to
                           
Tencent Group
      258,981,005        230,752,735        212,785,773  
    
 
 
     
 
 
     
 
 
  
Revenue sharing fees and content cost paid to
                           
Tencent Group
      —          4,986,374        6,202,423  
Equity method investees- talent agencies
      229,901,724        715,473,955        435,496,349  
    
 
 
     
 
 
     
 
 
  
Total
      229,901,724        720,460,329        441,698,772  
    
 
 
     
 
 
     
 
 
  
Payment handling fees paid to
                           
Tencent Group
      12,656,246        29,546,113        36,033,966  
    
 
 
     
 
 
     
 
 
  
Content rights purchased from
                           
Tencent Group
      116,100,000        112,354,423        75,528,302  
    
 
 
     
 
 
     
 
 
  
 
As of December 31, 2018, 2019 and 2020, the amounts due from/to related parties are as follows:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Amount due from related parties
                           
Tencent Group
      56,840,030        23,935,019        9,045,078  
Equity method investees- talent agencies
      7,230,184        108,831        —    
    
 
 
     
 
 
     
 
 
  
Total
      64,070,214        24,043,850        9,045,078  
    
 
 
     
 
 
     
 
 
  
Amount due to related parties
                           
Tencent Group
      227,897,451        251,069,127        201,579,602  
Beijing Sequoia Xinyuan Equity Investment Center LLP
(1)
     1,355,094,229        —          —    
Shaojie Chen
      39,995,000        —          —    
Equity method investees- talent agencies
      5,320,840        47,663,895        21,945,327  
    
 
 
     
 
 
     
 
 
  
Total
      1,628,307,520        298,733,022        223,524,929  
    
 
 
     
 
 
     
 
 
  
 
(1)
In May 2018, as an integrated step of the 2018 Restructuring (Note 1), in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US$197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount, equivalent to RMB1,260,439,815, has been received by the Company but the redemption amount, equivalent to RMB1,355,094,229, has not yet been paid by Wuhan Douyu, which was considered as a
non-cash
financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018. The redemption amount is denominated in US$ and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. US$197,443,500 equivalent in the amount of RMB1,323,049,149 was fully settled in March, 2019.
XML 49 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Leases
 12 Months Ended
Dec. 31, 2020
Lessee Disclosure [Abstract]  
Leases
1
9
.
Leases
The Group’s leases consist of operating leases for administrative office spaces in different cities of Asia. As of December 31, 2020 the Group had no long-term leases that were classified as a financing lease.
For the year ended December 31, 2020, the lease expense is as:
 
    
Year ended

December 31, 2020
  
    
RMB
  
   
Operating lease expense
      44,300,218  
Short-term lease expense
      7,781,246  
    
 
 
  
Total lease expense
   
 
52,081,464
 
    
 
 
  
Operating lease expenses were RMB36,914,653 and 
RMB39,845,627
 
for the year ended December 31, 2018 and 2019 prior to the adoption of the lease ASUs. 
 
Supplemental consolidated balance sheet information related to leases was as follows:
 
    
As of December 31, 2020
  
    
RMB
  
Operating lease:
         
Operating leases
right-of-use
assets
      62,141,054  
Current portion of lease liabilities
      36,280,773  
Non-current
portion of lease liabilities
      16,951,948  
Total operating lease liabilities
         
Weighted-average remaining lease term (in years) – operating leases
      1.75  
Weighted-average discount rate – operating leases
      4.25 % 
Supplemental cash flow information related to leases are as follows:
 
    
For the year ended

December 31,2020
  
    
RMB
  
   
Cash paid for operating leases
      54,493,222  
Lease liabilities arising from obtaining
right-of-use
assets
      25,873,961  
As of December 31, 2020, future minimum lease payments under
non-cancellable
operating lease agreements for which the Group has recognized operating lease
right-of-use
assets and liabilities are as follows:
 
Years ending
   
RMB
  
   
2021
      39,752,994  
2022
      12,610,408  
2023
      4,498,810  
2024 and thereafter
      254,800  
    
 
 
  
Total undiscounted cash flows
      57,117,012  
Less: imputed interest
      3,884,291  
    
 
 
  
Total
   
 
53,232,721
 
    
 
 
  
   
Lease liabilities due within one year
      36,280,773  
Lease liabilities due after one year
      16,951,948  
As of December 31, 2019, the future minimum lease payments under non-cancelable operating lease agreements based on ASC 840 are as follows:
 
Years ending
  
RMB
 
2020
  
 
45,023,403
 
2021
  
 
26,297,961
 
2022
  
 
11,451,395
 
2023
  
 
1,297,103
 
2024 and thereafter
  
 
—  
 
XML 50 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Commitments and contingencies
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies
 
20.
Commitments and contingencies
Contingencies
The Group is subject to other periodic legal or administrative proceedings in the ordinary course of business. The Group does not have any pending legal or administrative proceeding to which the Group is a party that will have a material effect on its business or financial condition.
XML 51 R30.htm IDEA: XBRL DOCUMENT v3.21.1
Subsequent events
 12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent events
21
.
Subsequent events
The Group has evaluated subsequent events through April 30, 2021, which is the date when the combined and consolidated financial statements were issued.
 
XML 52 R31.htm IDEA: XBRL DOCUMENT v3.21.1
SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY
SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONDENSED BALANCE SHEETS
 
    
As of December 31,
  
    
2019
    
2020
  
    
RMB
    
RMB
    
US$
  
       
ASSETS
                         
Current assets:
                         
Cash and cash equivalents
      7,140,577,532       4,449,399,546       681,900,314  
Short-term deposits
      —         1,370,229,000       209,996,782  
Prepayments
      838,398       889,759       136,362  
Other current assets
      56,840,976       24,267,221       3,719,113  
Amount due from subsidiaries and VIEs
      39,995,433      
38,099,544
      
5,839,010
  
    
 
 
    
 
 
    
 
 
  
Total current assets
      7,238,252,339       5,882,885,070       901,591,581  
Other
non-current
assets
      —         —         —    
Investments in subsidiaries and VIEs
      124,167,455       1,118,657,273       171,441,728  
    
 
 
    
 
 
    
 
 
  
Total assets
      7,362,419,794       7,001,542,343       1,073,033,309  
    
 
 
    
 
 
    
 
 
  
LIABILITIES
                         
Current liabilities:
                         
Accrued expenses and other current liabilitie
s
      60,938,325       19,118,882       2,930,097  
Amount due to subsidiaries and VIEs
      339,159       317,218       48,616  
Deferred revenue
      13,162,958       12,311,427       1,886,809  
    
 
 
    
 
 
    
 
 
  
Total current liabilities
      74,440,442       31,747,527       4,865,522  
Non-current
liabilities
      46,070,348       30,778,568       4,717,022  
    
 
 
    
 
 
    
 
 
  
Total liabilities
      120,510,790       62,526,095       9,582,544  
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity (deficit)
                         
Ordinary shares (US$0.0001
 p
ar value, 500,000,000
 s
hares authorized, 34,568,689 shares issued, 32,751,819 and 33,445,346 shares outstanding as of December 31, 2019 and 2020, respectively)
      22,144       22,630       3,468  
Treasury shares (291,207 and 1,177,499 shares as of December 31, 2019 and 2020, respectively)
      (168,567,125 )      (695,097,853 )      (106,528,407 ) 
Additional
paid-in
capital
      10,324,277,855       10,486,398,881       1,607,110,940  
Accumulated deficit
      (3,348,717,860 )      (2,863,219,263 )      (438,807,550 ) 
Accumulated other comprehensive income
      434,893,990       10,911,853       1,672,314  
    
 
 
    
 
 
    
 
 
  
Total shareholders’ equity
   
 
7,241,909,004
 
  
 
6,939,016,248
 
  
 
1,063,450,765
 
    
 
 
    
 
 
    
 
 
  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
   
 
7,362,419,794
 
  
 
7,001,542,343
 
  
 
1,073,033,309
 
    
 
 
    
 
 
    
 
 
  
SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
    
Years ended December 31,
  
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
US$
  
General and administrative expenses
      (11,697,585 )      (41,464,310 )      (63,824,140 )      (9,781,477 ) 
Research and development expenses
      —         —         (3,787,468 )      (580,455 ) 
Other operating income (expense), net
      (338 )      6,508,518       13,014,651       1,994,583  
Interest income
      68,216,989       148,245,151       116,756,835       17,893,768  
Equity in equity (deficit) of subsidiaries and VIE
      (932,798,894 )      (73,536,127 )      423,338,719       64,879,494  
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
   
 
(876,279,828
) 
  
 
39,753,232
 
  
 
485,498,597
 
  
 
74,405,913
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustm
e
nt
   
 
325,593,213
 
  
 
109,300,777
 
  
 
(423,982,137
) 
  
 
(64,978,105
) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income (loss)
   
 
(550,686,615
) 
  
 
149,054,009
 
  
 
61,516,460
 
  
 
9,427,808
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF CASH FLOWS
 
    
Years ended December 31,
  
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
US$
  
         
CASH FLOWS FROM OPERATING ACTIVITIES
                                 
Net income (loss)
      (876,279,828 )      39,753,232       485,498,597       74,405,913  
Adjustments to reconcile net loss to net cash provided by operating activities:
                                 
Loss from equity in earnings of subsidiaries and VIEs
      932,798,894       73,536,127       (423,338,719 )      (64,879,494 ) 
Share-based compensation
      —         23,241,480       16,059,123       2,461,168  
Changes in operating assets and liabilities:
                                 
Prepayments
      (49,333 )      (789,065 )      (51,361 )      (7,871 ) 
Other current assets
      (60,502,935 )      3,661,959       32,573,755       4,992,146  
Other
non-current
assets
      (6,353,017 )      —         —         —    
Amount due from subsidiaries and VIEs
      (426 )      (39,995,000 )      1,895,888       290,557  
Accrued expenses and other current liabilities
      11,842,346       (4,197,822 )      11,474,356       1,758,522  
Amount due to subsidiaries and VIEs
      333,665       —         —         —    
Other liabilities
      —         59,233,306       (16,143,311 )      (2,474,071 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH PROVIDED BY OPERATING ACTIVITIES
      1,789,366       154,444,217       107,968,328       16,546,870  
Purchases of short-term investments
      —         —         (1,370,229,000 )      (209,996,782 ) 
Investment in subsidiaries
      (1,853,885,036 )      (151,881,863 )      (425,088,709 )      (65,147,695 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH USED IN INVESTING ACTIVITIES
      (1,853,885,036 )      (151,881,863 )      (1,795,317,709 )      (275,144,477 ) 
Proceeds on issuance of ordinary shares through IPO
      5,207       3,422,497,233       —         —    
Deferred offering cost
      (6,876,834 )      —         —         —    
Payment of deferred offering costs
      —         (36,249,484 )      —         —    
Repurchase of ordinary shares
      —         (115,273,325 )      (579,824,528 )      (88,861,997 ) 
Capital contribution from convertible redeemable preferred shareholders
      4,026,518,012       —         —         —    
Capital investment from a preferred shareholder in connection with 2018 Restructuring
      1,260,439,815       —         —         —    
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
      5,280,086,200       3,270,974,424       (579,824,528 )      (88,861,997 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Effect of foreign exchange rate changes
      329,743,960       109,306,264       (424,004,077 )      (64,981,468 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
      3,757,734,490       3,382,843,042       (2,691,177,986 )      (412,441,072 ) 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
      —         3,757,734,490       7,140,577,532       1,094,341,386  
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH AND CASH EQUIVALENTS AT YEAR END
      3,757,734,490       7,140,577,532       4,449,399,546       681,900,314  
    
 
 
    
 
 
    
 
 
    
 
 
  
Supplemental disclosure on
non-cash
investing and financing activities:
                                 
Deferred offering costs payable
      6,353,017       —         —         —    
Payable for repurchase of ordinary shares not yet paid
      —         53,293,800       —         —    
 
SCHEDULE I—NOTES TO CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY
1. Schedule I has been provided pursuant to the requirements of Rule
12-04(a)
and
5-04(c)
of Regulation
S-X,
which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same date and for the same period for which audited combined and consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.
2. The condensed financial information has been prepared using the same accounting policies as set out in the combined and consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and VIEs. For the parent company, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments— Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheet as “Investments in subsidiaries and VIEs” and the subsidiaries and VIEs’ profit or loss as “Loss from equity in earnings of subsidiaries and VIEs” on the Condensed Statements of Comprehensive Income (loss). Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and VIE regardless of the carrying value of the investment even though the parent company is not obligated to provide continuing support or fund losses.
3. For the years ended December 31, 2018, 2019 and 2020, there were no material contingencies, significant provisions of long-term obligations, guarantees of the Company.
4. Translations of balances in the additional financial information of Parent Company—Financial Statements Schedule I from RMB into US$ as of and for the year ended December 31, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00= RMB6.5250, as set forth in H.10 statistical release of the Federal Reserve Board on December 31, 2020. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2020, or at any other rate.
 
XML 53 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2020
Basis of Presentation
 
2.1
Basis of Presentation
The combined and consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Basis of Consolidation
 
2.2
Basis of Consolidation
The financial statements presented herein represent (1) prior to 2018 Restructuring, the combined financial statements of Wuhan Douyu, its subsidiaries and variable interest entities; (2) subsequent to 2018 Restructuring, the combined and consolidated financial statements of the Company, its subsidiaries and variable interest entities. All inter-company transactions and balances have been eliminated.
The Company, through its wholly-owned foreign invested subsidiary, WFOE in the PRC, entered into a series of contractual arrangements (“VIE agreements”) with Wuhan Douyu and Wuhan Ouyue (collectively known as “the VIEs”) and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs.
Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet valued-added businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in provisions of internet content or online services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs.
 
The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
ASSETS
                  
Cash and cash equivalents
      826,481,128        577,710,921  
Restricted cash
      42,902,719        11,242,719  
Short-term bank deposits
      —          860,000,000  
Accounts receivable, net
      176,599,681        187,884,372  
Prepayments
      12,982,856        63,119,815  
Amount due from related parties
      13,431,477        8,464,978  
Other current assets
      82,405,807        157,178,414  
Property and equipment, net
      17,794,907        15,236,373  
Long-term bank deposits
      —          100,000,000  
Intangible assets, net
      130,272,386        102,837,070  
Right-of-use
assets
      —          32,361,695  
Investments
      147,033,947        310,111,384  
Other
non-current
assets
      1,918,598        4,766,301  
    
 
 
     
 
 
  
Total Assets
      1,451,823,506        2,430,914,042  
    
 
 
     
 
 
  
LIABILITIES
                  
Accounts payable
      794,266,492        868,771,872  
Advances from customers
      16,975,882        9,700,361  
Deferred revenue
      181,250,993        225,282,265  
Accrued expenses and other current liabilities
      177,228,742        208,531,141  
Amount due to related parties
      59,693,186        215,467,131  
Lease liabilities
      —          30,212,470  
    
 
 
     
 
 
  
Total Liabilities
      1,229,415,295        1,557,965,240  
    
 
 
     
 
 
  
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Net revenue
      3,436,175,885        7,207,666,259        8,697,485,194  
Net income (loss)
      (680,682,612 )       985,034,474        432,731,451  
   
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Net cash provided by operating activities
      1,091,289,940        816,655,741        899,235,343  
Net cash used in investing activities
      (80,279,043 )       (133,917,000 )       (1,179,665,550 ) 
Net cash used in financing activities
      —          (1,363,044,149 )       —    
The VIEs contributed 94%, 99% and 91% of the Group’s consolidated revenue for the years ended
December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019 and 2020, the VIEs accounted for an aggregate of 16% and 
27%
 
of the consolidated total assets and 67% and
 81% of the consolidated total liabilities.
There are no terms in any arrangements, considering both explicit arrangements and implicit variable
interests
that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group may provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs.
The Group believes that there are no assets held in the VIEs that can be used only to settle obligations of the VIEs. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its registered capital, to the Company in the form of loans and advances or cash dividends.
Use of Estimates
 
2.3
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s combined and consolidated financial statements include revenue recognition, share-based compensation, realization of deferred tax assets, impairment of investment, and allowance for credit loss.
Fair value measurements
 
2.4
Fair value measurements
Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities.
The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:
 
    Level 1   —   Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.
       
    Level 2   —   Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.
       
    Level 3   —   Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
 
The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.
The Group’s short-term financial instruments include cash and cash equivalents, restricted cash, short-term investments, receivables, payables, other current assets, amounts due from related parties, other current liabilities, amounts due to related parties and short-term loan. The carrying amounts of these short-term financial instruments approximate their fair values due to the short-term maturity of these instruments. The carrying amounts of the long-term time deposits and long-term bank borrowings approximate their fair values as the interest rates are comparable to the prevailing interest rates in the market.
Foreign currency translation
 
2.5
Foreign currency translation
The functional currency of the Company and Douyu Hongkong Limited are in US dollars (“US$”). The functional currency of the Group’s subsidiaries and VIEs in the PRC is Renminbi (“RMB”). The functional currency of DouYu Japan is Japanese Yen (“JPY”). 
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Translation gains and losses are recognized in the combined and consolidated statements of comprehensive income (loss).
The Group’s reporting currency is Renminbi (“RMB”). For entities within the Group that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income in the combined and consolidated statements of comprehensive income (loss) and the combined and consolidated statements of change in shareholders’ equit
y
 (deficit).
Convenience Translation into United States Dollars
 
2.6
Convenience Translation into United States Dollars
Translations of balances in the consolidated balance sheets, combined and consolidated statements of comprehensive income (loss) and combined and consolidated statements of cash flows from RMB into United States dollars are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.5250 on December 31, 2020, as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 31, 2020, or at any other rate.
Cash and cash equivalents
 
2.7
Cash and cash equivalents
Cash and cash equivalents primarily consist of cash on hand and highly liquid investments, which are unrestricted as to withdrawal and use.
Restricted cash
 
2.8
Restricted cash
The Group’s restricted cash represents cash restricted by court related to lawsuits in which the group is a defendant. The restriction will be removed when the cases are closed.
Short-term and long-term bank deposits
 
2.9
Short-term and long-term bank deposits
The Group holds fixe
d
 term certificates of deposit with commercial banks in the PRC. Certificate of deposits with maturities between three months to one year are classified as short-term bank deposits and fixed term certificates of deposit with maturities beyond one year are classified as long term bank deposits.
Accounts receivable and allowance for credit loss
 
2.10
Accounts receivable and allowance for credit loss
Accounts receivable are stated at the historical carrying amount net of
allowance
for credit loss. On January 1, 2020, the Group adopted ASU
No. 2016-13
“Fin
a
ncial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”
, using the modified retrospective transition method. Based on the Group’s assessment, the adoption of ASC 326 did not have any material impact to the Group’s combined consolidated financial statements and there were no material differences between the Group’s adoption of ASC 326 and its historic accounting method. ASU
2016-13
replaces the existing incurred loss impairment model with a forward-looking current expected credit loss (“CECL”) methodology, which results in more timely recognition of credit losses. The Group has developed a CECL model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements.
Property and equipment, net
 
2.1
1
Property and equipment, net
Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:
 
Computer and transmission equipment    3 years
Leasehold improvements    Over the shorter of the lease term or expected useful lives
Furniture and office equipment    5 years
Motor vehicles    5 years
Gains and losses from disposals of property and equipment are included in other operating income or expense in the combined and consolidated statements
o
f comprehensive income (loss).
 
Intangible assets, net
2.1
2
Intangible assets, net
Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely.
 
Brand name    10 years
Agency contract rights    Over the shorter of the contract period or expected useful lives
License for Online Transmission of Audio/Video Programs    Infinite life
Platform    5 years
Software    3
 - 5 years
Others    1 - 10 years
 
Goodwill
 
2.1
3
Goodwill
Goodwill
 is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of business acquired. Several factors give rise to goodwill in the Group’s acquisitions, such as the expected benefit from the existing workforce and client service capability of the acquired business. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. Prior to January 1, 2020, the Group performed a
two-step
test to determine the amount, if any, of goodwill impairment. In Step 1, the Group compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the Group performs Step 2 and compares the implied fair value of goodwill with the carryi
n
g amount of that goodwill for that reporting unit. An impairment charge equal to the amount by which the carrying amount of goodwill for the reporting unit exceeds the implied fair value of that goodwill is recorded, limited to the amount of goodwill allocated to that reporting unit. Starting from January 1, 2020, the Group adopted ASU
2017-04,
“Intangibles — Goodwill and Other (Topic 350): simplifying the test for goodwill impairment”, which simplifies the accounting for goodwill impairment by eliminating Step two from the goodwill impairment test. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value in Step two to measure the impairment loss. For the years ended December 31,
 
2018,
2019 and 2020, no impairment charge was recognized on goodwill.
Impairment of long-lived assets and intangible assets
 
 
2.14
Impairment of long-lived assets and intangible assets
The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition.
The Group evaluates intangible asset that is not subject to amortization for impairment annual and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment test for indefinite-lived intangible asset and compares of the fair value of the asset with its carrying amount. The Group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the long-lived assets and intangible asset as its new accounting basis.
Long-term investments
 
2.1
5
Long-term investments
Investments held by the Group comprised of equity investments in privately-held entities.
Equity method investments
The Group accounts for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investments and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment.
The Group assesses its equity method investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value. The Group recorded impairment loss of RMB15,166,140, RMB20,872,725
and 
nil
, respectively in 
o
ther expense, net for the years ended December 31, 2018, 2019 and 2020, respectively.
Equity securities without readily determinable fair value
The Group’s investment in equity securities comprise of investment in privately-held companies.
On January 1, 2019, the Group adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) and elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustment to the carrying amount is recorded in other income (expense), net. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in investment loss.
For years ended 2018, 2019 and 2020, the Group recorded impairment loss of nil, nil and RMB28,088,491 in other expenses, net, respectively.
Revenue recognition
 
2.16
Revenue recognition
On Januar
y
 1, 2019, the Grou
p
 adopted ASC 606, “Revenue from Contracts
with
Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Group’s historic accounting under Topic 605. Based on the Group’s assessment, the adoption of ASC 606 did not have any material impact to the Group’s combined and
consolidated
financial statements.
The following table
disaggregates
the Group’s revenue by major type of services for the years ended December 31, 2018, 2019 and 2020:
 
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming
      3,147,196,247        6,617,291,032        8,852,225,839  
Advertisement
      342,169,195        513,265,806        645,227,128  
Other
      165,017,684        152,673,415        104,420,970  
    
 
 
     
 
 
     
 
 
  
Total
      3,654,383,126        7,283,230,253        9,601,873,937  
    
 
 
     
 
 
     
 
 
  
Live streaming
The Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each other during live streaming. The users have the option to purchase virtual currency, which is
non-refundable
and can only be used to redeem for virtual items to be used in the live streaming sessions on the Group’s platforms. Unredeemed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below. Virtual items are categorized as consumable and time-based items. Consumable items consist of virtual gifts presented from the users to the streamers to show their support, and are consumed immediately upon redemption and time-based items consist of monthly premium subscription services.
The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live streaming revenue on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live streaming service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers and consumed by them, while revenue related to time-based items is recognized ratably over a fixed period on a straight line basis. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed.
Virtual items
can 
be sold individually or bundled into one arrangement. When the Group’s users purchase multiple virtual items bundled within the same arrangement, the Group allocates the total consideration to each distinct virtual item based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated.
 
Advertisement
The Group generates advertisement revenues from rendering of various forms of advertisement services and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. The Group determined that it is the principal in the advertisement service. 
Advertisements on the Group’s platforms are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. The Group provides sales incentives in the forms of discounts and rebates to advertisers or advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the advertisers or agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience. For the years ended December 31, 2018, 2019 and 2020, the rebates recorded by the Group were RMB44,389,826, RMB64,274,647 and RMB75,497,951 , respectively.
Other revenue
Other revenue mainly consists of game distribution revenue. Online games developed by third party game developers are displayed through the Group’s platforms t
o
 attract users to download and play the games. The Group earns revenues from game developers in accordance with the
pre-determined
arrangements based on the in game purchase amounts for the games downloaded or played through the Group’s platforms. The Group considers itself as agent in these arrangement. Game distribution revenue is recognized at a point in time when the purchase in game is made.
Practical expedients and exemptions
The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations.
Contract balances
Contract balances include accounts receivable, advances from customers and deferred revenue. Accounts receivable represent cash due from third-party application stores as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for credit loss reflects the best estimate of probable losses inherent to the account receivable balance. Advances from customers primarily represent cash received from the Group’s advertisement customers. Deferred revenue primarily includes cash received from paying users related to the Group’s live streaming service. Deferred revenue is recognized as revenue when all of the revenue recognition criteria have been met or over the estimated service period. Revenue recognized in 2020 that was included in the deferred revenue balance as of January 1, 2020 was RMB182,819,528
, which consists primarily of virtual items consumption.
 
    
Accounts
receivable
     
Advances
from
customers
     
Deferred
revenue
  
    
RMB
     
RMB
     
RMB
  
       
Opening Balance as of January 1, 2019
      129,464,732        9,708,051        112,071,796  
Increase, net
      58,635,141        7,426,481        70,747,732  
    
 
 
     
 
 
     
 
 
  
Ending Balance as of December 31, 2019
      188,099,873        17,134,532        182,819,528  
Increase (decrease), net
      11,644,256        (6,223,543 )       46,882,250  
    
 
 
     
 
 
     
 
 
  
Ending Balance as of December 31, 2020
      199,744,129        10,910,989        229,701,778  
    
 
 
     
 
 
     
 
 
  
Cost of revenues
 
 
2.1
7
Cost of revenues
Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees paid to live streamers and talent agencies determined based on a percentage of revenue from sale of virtual items, (ii) content costs, (iii) bandwidth, (iv) salaries and welfare, (v) server costs, depreciation and amortization expense for servers and other equipment, and intangibles directly related to operating the platform, and (vi) payment handling costs.
Research and development expenses
 
2.1
8
Research and development expenses
Research and development expenses primarily consist of (i) salaries and benefits expenses incurred for research and development personnel,(ii) rental, general expenses and depreciation expenses associated with the research and development activities and (iii) share based compensation. Expenditures incurred during the research phase are expensed as incurred and no research and development expenses were capitalized as of December 31, 2018, 2019 and 2020.
Income taxes
The Group accounts for uncertainty in income taxes recognized in the combined and consolidated financial statements by applying a
two-step
process to determine the amount of the benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed
more-likely-than-not
to be sustained (defined as a likelihood of more than fifty percent of being sustained upon an audit, based on the technical merits of the tax position), the tax position is then assessed to determine the amount of benefits to recognize in the combined and consolidated financial statements. The amount of the benefits that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2018, 2019 and 2020.
Segment information
 
 
2.2
2
Segment information
The Group uses management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resource and assessing performance.
The Group’s CODM has been identified as the Chief Executive Officer. Before October 2018, the Group operates and manages it business in PRC China as a single operating segment. In October 2018, the Group acquired a business which operates a live stream platform mainly in Southeast Asia (“Nonolive”) and identified it as a new operating segment. In August 2019, the Group set up DouYu Japan Inc. (“DouYu Japan”) which operates a live streaming platform in Japan with a third party. The Group has determined that Nonolive and DouYu Japan do not meet the quantitative thresholds for a reportable segment under ASC 280-10-50 for the year ended December 31, 2020, therefore, does not result in a reportable segment. As such, the Group concluded that it has one reportable segment.
Operating leases as lessee
 
2.2
3
Operating leases as lessee
On January 1, 2020, the Group adopted ASU
No. 2016-02,
Leases (Topic 842) by using the modified retrospective method and did not restate the comparable periods. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less.
Under the new lease accounting standard, the Group determines if an arrangement is a lease or contains a lease at lease inception. The Group measure the operating lease liabilities at the commencement date based on the present value of remaining lease payments over the lease term, which was computed using the Group’s incremental borrowing rate, an estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the lease term. The Group measures the operating lease ROU assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing operating lease expense based on lease payments on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Group.
RMB100,318,025
of lease assets and 
RMB81,851,982
of liabilities were recognized on the balance sheet upon adoption as of January 1, 2020.
Government subsidies
 
2.2
4
Government subsidies
Government subsidies are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies are recorded as other operating income
, net
in the period the cash is received. Government subsidies recognized for the years ended December 31, 2018, 2019 and 2020 were RMB27,430,993, RMB68,834,899 and RMB92,708,856, respectively.
Certain risks and concentrations
 
2.25
Certain risks and concentrations
The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group’s cash and cash equivalents denominated in RMB that are subject to such government controls amounted to RMB561,928,329
, which 
accounted for
10.6%
of total cash and cash equivalents as of December 31, 2020. 
No customer individually represents greater than 10% of the total net revenues.
Recent accounting pronouncements
 
 
2.26
Recently issued accounting pronouncements
New Accounting Pronouncements Recently Adopted
In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which introduces a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, and provided another transition approach by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Group adopted the new lease standard beginning January 1, 2020 using the modified retrospective transition approach through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedients. Adoption of the standard resulted in recognition of additional ROU assets and lease liabilities by approximately RMB100 million and RMB81 million as of January 1, 2020, respectively. Refer to Note 19 for further details.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Group’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. On January 1, 2020, the Group adopted ASU 2016-13 and the cumulative effect from the adoption as of January 1, 2020 was immaterial to the combined and consolidated financial statements.
New Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” to remove specific exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard.
In January 2020, the FASB issued ASU
No. 2020-01,
 Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic
 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)
(“ASU
2020-01”),
which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU
2020-01
could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Group does not expect any material impact on its combined and consolidated financial statements and related disclosures as a result of adopting the new standard.
Sales and marketing expenses [Member]  
Selling, General and Administrative Expenses, Policy
 
2.1
9
Sales and marketing expenses
Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salaries and welfare for sales and marketing personnel and (iii) share based compensation. The advertising and market promotion expenses amounted to RMB129,013,488, RMB135,859,453 and RMB219,369,426 for the years ended December 31, 2018, 2019 and 2020, respectively.
General and administrative expenses [Member]  
Selling, General and Administrative Expenses, Policy
 
2.
20
General and administrative expenses
General and administrative expenses consist primarily of (i) consulting fees, and (ii) share based compensation, salaries and welfare for general and administrative personnel and (iii) allowance for credit loss.
 
 
 
2.21
Income taxes
Current income taxes are provided for in accordance with the laws of the relevant tax authorities.
Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized.
XML 54 R33.htm IDEA: XBRL DOCUMENT v3.21.1
Organization and principal activities (Tables)
 12 Months Ended
Dec. 31, 2020
Organization and principal activities  
Schedule of principal subsidiaries and VIEs
As of December 31, 2020, the Company’s principal subsidiaries, VIEs are as follows:
 
    
Date of
incorporation/
establishment
   
Place of
incorporation/
establishment
   
Percentage of
direct/indirect

ownership
  
       
Wholly owned subsidiaries
                   
Wuhan Douyu Education Consulting Co., Ltd.
    November 9, 2016    Wuhan      100 % 
Wuhan Yuwan Culture Media Co., Ltd.
    June 28, 2016    Wuhan      100 % 
Wuhan Yuxing Tianxia Culture Media Co., Ltd.
    June 24, 2016    Wuhan      100 % 
Wuhan Yuyin Raoliang Culture Co., Ltd.
    June 23, 2016    Wuhan      100 % 
Wuhan Yu Leyou Internet Technology Co., Ltd.
    November 9, 2016    Wuhan      100 % 
Wuhan Douyu Yule Internet Technology Co., Ltd. (“Wuhan Yule”)
    April 2, 2018    Wuhan      100 % 
DouYu Network Inc.
    January 12, 2018    The British Virgin Islands      100 % 
Douyu Hongkong Limited
    January 24, 2018    Hong Kong      100 % 
Gogo Glocal Holding Limited
    October 8, 2018    Cayman      100 % 
VIEs
                   
Wuhan Ouyue Online TV Co., Ltd. (“Wuhan Ouyue”)
    February 3, 2016    Wuhan      100 % 
Wuhan Douyu Network Technology Co., Ltd.
    May 8, 2015    Wuhan      100 % 
XML 55 R34.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2020
Schedule of financial statement amounts and balances of the VIEs
The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
ASSETS
                  
Cash and cash equivalents
      826,481,128        577,710,921  
Restricted cash
      42,902,719        11,242,719  
Short-term bank deposits
      —          860,000,000  
Accounts receivable, net
      176,599,681        187,884,372  
Prepayments
      12,982,856        63,119,815  
Amount due from related parties
      13,431,477        8,464,978  
Other current assets
      82,405,807        157,178,414  
Property and equipment, net
      17,794,907        15,236,373  
Long-term bank deposits
      —          100,000,000  
Intangible assets, net
      130,272,386        102,837,070  
Right-of-use
assets
      —          32,361,695  
Investments
      147,033,947        310,111,384  
Other
non-current
assets
      1,918,598        4,766,301  
    
 
 
     
 
 
  
Total Assets
      1,451,823,506        2,430,914,042  
    
 
 
     
 
 
  
LIABILITIES
                  
Accounts payable
      794,266,492        868,771,872  
Advances from customers
      16,975,882        9,700,361  
Deferred revenue
      181,250,993        225,282,265  
Accrued expenses and other current liabilities
      177,228,742        208,531,141  
Amount due to related parties
      59,693,186        215,467,131  
Lease liabilities
      —          30,212,470  
    
 
 
     
 
 
  
Total Liabilities
      1,229,415,295        1,557,965,240  
    
 
 
     
 
 
  
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Net revenue
      3,436,175,885        7,207,666,259        8,697,485,194  
Net income (loss)
      (680,682,612 )       985,034,474        432,731,451  
   
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Net cash provided by operating activities
      1,091,289,940        816,655,741        899,235,343  
Net cash used in investing activities
      (80,279,043 )       (133,917,000 )       (1,179,665,550 ) 
Net cash used in financing activities
      —          (1,363,044,149 )       —    
Schedule of property and equipment, net estimated useful lives
Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:
 
Computer and transmission equipment    3 years
Leasehold improvements    Over the shorter of the lease term or expected useful lives
Furniture and office equipment    5 years
Motor vehicles    5 years
Gains and losses from disposals of property and equipment are included in other operating income or expense in the combined and consolidated statements
o
f comprehensive income (loss).
 
Schedule of intangible assets, net estimated useful lives
Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely.
 
Brand name    10 years
Agency contract rights    Over the shorter of the contract period or expected useful lives
License for Online Transmission of Audio/Video Programs    Infinite life
Platform    5 years
Software    3
 - 5 years
Others    1 - 10 years
 
Schedule of disaggregation of revenue
The following table
disaggregates
the Group’s revenue by major type of services for the years ended December 31, 2018, 2019 and 2020:
 
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming
      3,147,196,247        6,617,291,032        8,852,225,839  
Advertisement
      342,169,195        513,265,806        645,227,128  
Other
      165,017,684        152,673,415        104,420,970  
    
 
 
     
 
 
     
 
 
  
Total
      3,654,383,126        7,283,230,253        9,601,873,937  
    
 
 
     
 
 
     
 
 
  
Schedule Of Movement In Accounts Receivable,Advances From Customers And Deferred Revenue
    
Accounts
receivable
     
Advances
from
customers
     
Deferred
revenue
  
    
RMB
     
RMB
     
RMB
  
       
Opening Balance as of January 1, 2019
      129,464,732        9,708,051        112,071,796  
Increase, net
      58,635,141        7,426,481        70,747,732  
    
 
 
     
 
 
     
 
 
  
Ending Balance as of December 31, 2019
      188,099,873        17,134,532        182,819,528  
Increase (decrease), net
      11,644,256        (6,223,543 )       46,882,250  
    
 
 
     
 
 
     
 
 
  
Ending Balance as of December 31, 2020
      199,744,129        10,910,989        229,701,778  
    
 
 
     
 
 
     
 
 
  
XML 56 R35.htm IDEA: XBRL DOCUMENT v3.21.1
Accounts receivable, net (Table)
 12 Months Ended
Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]  
Schedule of accounts receivable, net
Accounts receivable, net consisted of the followings:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
     
Accounts receivable, gross
      203,934,775        212,317,679  
Less: allowance for credit loss
      (15,834,902 )       (12,573,550 ) 
    
 
 
     
 
 
  
Accounts receivable, net
      188,099,873        199,744,129  
    
 
 
     
 
 
  
Schedule of allowance for doubtful receivables
    
As of December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Balance as of January 1
      5,172,435        5,907,369        15,834,902  
Addition
      1,121,009        13,563,744        3,270,564  
Write offs
      (386,075 )       (3,636,211 )       (6,531,916 ) 
    
 
 
     
 
 
     
 
 
  
Balance as of December 31
      5,907,369        15,834,902        12,573,550  
    
 
 
     
 
 
     
 
 
  
Accounts Receivable [Member]  
Financing Receivable, Allowance for Credit Loss [Line Items]  
Schedule of concentration of risk, accounts receivable, net
The following customers accounted for 10% or more of accounts receivable, net:
 
    
As of December 31,
  
    
2019
    
2020
  
  
RMB
     
%
    
RMB
     
%
    
US$
     
%
  
             
Company A
      37,615,505        20 %      43,563,107        22 %      6,676,338        22 % 
Company B
      47,776,989        25 %      39,546,942        20 %      6,060,834        20 % 
Company C
      23,466,780        12 %      35,765,532        18 %      5,481,308        18 % 
XML 57 R36.htm IDEA: XBRL DOCUMENT v3.21.1
Other current assets (Tables)
 12 Months Ended
Dec. 31, 2020
Other current assets  
Schedule of other current assets
Other current assets consist of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Funds receivable from third party payment service provider (1)
      69,263,440        91,623,838  
Value-added tax recoverable
      62,336,003        89,697,345  
Interest receivable
      53,484,027        29,768,158  
Content rights
      10,589,085        11,710,702  
Others
      8,637,038        13,904,052  
    
 
 
     
 
 
  
Total
      204,309,593        236,704,095  
    
 
 
     
 
 
  
 
(1)
The Group opened accounts with external online payment service providers to collect funding from users.
XML 58 R37.htm IDEA: XBRL DOCUMENT v3.21.1
Property and equipment, net (Tables)
 12 Months Ended
Dec. 31, 2020
Property and equipment, net  
Schedule of property and equipment, net
Property and equipment, net consists of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
     
Gross carrying amount
                  
Computer and transmission equipment
      91,375,589        96,712,005  
Leasehold improvements
      29,237,111        24,726,231  
Furniture and office equipment
      6,339,065        6,370,893  
Motor vehicles
      410,200        410,200  
    
 
 
     
 
 
  
Total
      127,361,965        128,219,329  
Less: accumulated depreciation
      (88,452,500 )       (90,427,641 ) 
    
 
 
     
 
 
  
Property and equipment, net
      38,909,465        37,791,688  
    
 
 
     
 
 
  
XML 59 R38.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible assets, net (Tables)
 12 Months Ended
Dec. 31, 2020
Intangible assets, net  
Schedule of intangible assets, net
Intangible assets, net consists of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
Gross carrying amount
                  
Brand name
      41,276,297        38,606,076  
Agency contract rights(1)
      193,898,260        194,320,755  
License for Online Transmission of Audio/Video Programs(2)
      7,988,748        7,988,748  
Platform
      10,116,739        9,462,274  
Software
      8,613,202        9,359,079  
Others
      15,081,941        30,119,677  
    
 
 
     
 
 
  
Total of gross carrying amount
      276,975,187        289,856,609  
Less: accumulated amortization
                  
Brand name
      (4,717,435 )       (8,525,509 ) 
Agency contract rights
      (63,433,706 )       (110,970,198 ) 
Platform
      (2,867,765 )       (4,338,452 ) 
Software
      (2,745,522 )       (3,335,165 ) 
Others
      (5,153,918 )       (21,015,404 ) 
    
 
 
     
 
 
  
Total of accumulated amortization
      (78,918,346 )       (148,184,728 ) 
    
 
 
     
 
 
  
Intangible assets, net
      198,056,841        141,671,881  
    
 
 
     
 
 
  
 
(1)
The agency contract rights, which represent the upfront payment of cooperation cost to top streamers, acquired during the years ended December 31, 2019 and 2020 are
RMB111,879,121 and RMB28,301,887
,
respectively, with weighted average amortization period
of 4.5 years and
 
2 years.
(2)
In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2021 which remains valid until March 2024, and intends to renew the license indefinitely. 
Schedule of future amortization expense
Amortization expenses were RMB18,548,448, RMB57,306,920 and RMB89,790,156 for the years ended December 31, 2018, 2019 and 2020 respectively. The Group expects to record amortization expenses in the future 5 years as below:
 
    
Future
amortization
expenses
  
    
RMB
  
   
2021
      60,907,151  
2022
      25,117,402  
2023
      21,435,725  
2024
      9,781,667  
2025
      4,796,470  
Schedule of weighted average amortization periods of intangible assets
The weighted average amortization periods of intangible assets as of December 31, 2019 and 2020 are as below:
 
    
As of December 31,
  
    
2019
     
2020
  
  
 
 
     
 
 
  
     
Brand name
      10 years        10 years  
Agency contract rights
      3.9 years        3.5 years  
Platform
      5 years        5 years  
Software
      3.1 years        3.2 years  
Others
      3.3 years        2.2 years  
XML 60 R39.htm IDEA: XBRL DOCUMENT v3.21.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments accounted for under equity method
Equity method investments:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Hangzhou Aijidi Culture Creation Co., Ltd. (“Aijidi”)
      4,090,990        5,960,527  
Chongqing Yuwan Network Media Co., Ltd. (“Chongqing Yuwan”)
      9,721,472        11,944,122  
Hunan Yuyou Starfire Culture Media Co., Ltd. (“Yuyou Starfire”) (1)
      15,139,902        —    
Wuhan Shayu Network Technology Co., Ltd. (“Shayu”) (2)
      —          184,555,328  
Wuhan DouYu entertainment equity investment LLP. (“DouYu LLP”) (3)
      —          10,007,084  
Others (4)
      3,849,736        —    
    
 
 
     
 
 
  
       32,802,100        212,467,061  
    
 
 
     
 
 
  
 
(1)
In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30%
equity interest in the company. In November 2020, the Group lost significant influence over Yuyou Starfire and reclassified this investment with a carrying amount of 
 
RMB15,274,909
to equity securities without readily determinable fair values.
(2)
In 2016, the Group invested RMB10 million for 8.5% equity interest in Shayu, a live streaming platform in the PRC
, and 
accounted for this investment as an equity security without a readily determinable fair value. In May 2020, the Group completed the following transactions with respect to its investment in Shayu:
 
•  
The Group acquired 19.125% equity interest in Shayu from Mr. Chen Shaojie, the Group’s CEO and shareholder for a cash consideration of RMB24,850,000. The purchase price paid by the Group was below fair value of the acquired equity interest, which is determined to be RMB43,617,750 by the Group with the assistance of an independent valuer. The excess amount of RMB18,767,750 between the fair value of the equity interest acquired in Shayu over the price paid is accounted as contribution from shareholder in the
combined and consolidated 
statement of change in shareholders’ equity.
 
•  
The Company injected cash of RMB80,000,000 and its holding of 100% equity interest in Chengdu Shuangsi Culture Broadcasting Co., Ltd (“Shuangsi”) with a fair value determined to be RMB54,391,900 into Shayu, in exchange for 8.309% of newly issued equity interest in Shayu. Shuangsi ceased to be a subsidiary of the Group and a gain on disposal of subsidiary in the amount of RMB23,525,694 was recognized in the combined and consolidated statement of comprehensive income, representing the difference between the fair value of Shuangsi and its carrying value at the date of the transaction.
Upon the completion of these transactions, the Group has 35.084% equity interest of Shayu and accounts for its investment in Shayu under the equity method.
 
(3)
In September 2020, the Group injected cash of RMB10,000,000 in DouYu LLP, an equity fund, for 99.99% limited partnership.
(4)
In 2018, the Group made investments in four talent agencies with aggregate cash consideration of RMB3,600,000, none of which was individually material. As of December 31, 2020, the Group no longer has significant influence over these investees, and therefore these equity investments with carrying amount of RMB4,077,376 were reclassified as equity securities without readily determinable fair values.
During the years ended 2018, 2019 and 2020, the Group recorded impairment of RMB15,166,140,
 
RMB20,872,725 and nil, respectively.
Schedule of investments accounted for under equity securities without readily determinable fair values
Equity securities without readily determinable fair values:
 
    
As of December 31,
  
    
2019
     
2020
  
  
RMB
     
RMB
  
     
Content producers
      123,629,785        196,465,009  
Technology and software companies
      59,102,000        49,102,000  
Others
      10,000,000        42,624,500  
    
 
 
     
 
 
  
       192,731,785        288,191,509  
    
 
 
     
 
 
  
Equity securities without readily determinable fair value were accounted as cost method investments prior to adopting ASC321, on
January
 
1, 2019.
For years ended 2018, 2019 and 2020, nil, 
nil
and RMB
28,088,491
impairment were recorded and an upward adjustments of
 nil
,
 
RMB
1,796,000
and RMB
8,571,429
as result of observable price change for the identical or similar investment of the same investees was recognized in other expenses, net.
XML 61 R40.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued expenses and other current liabilities (Tables)
 12 Months Ended
Dec. 31, 2020
Accrued expenses and other current liabilities  
Schedule of accrued expenses and other current liabilities
Accrued expenses and other current liabilities consist of the following:
 
    
As of December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Accrued payroll and welfare
      163,309,115        176,217,767  
Accrued marketing 
cost
      112,859,994        132,487,573  
Deposits
      30,566,743        19,994,929  
Other tax payable
      13,767,363        18,974,895  
Payable for repurchase of ordinary shares
      53,293,800        —    
Others
      18,550,109        36,365,656  
    
 
 
     
 
 
  
Total
      392,347,124        384,040,820  
    
 
 
     
 
 
  
XML 62 R41.htm IDEA: XBRL DOCUMENT v3.21.1
Cost of revenues (Tables)
 12 Months Ended
Dec. 31, 2020
Cost of revenues  
Schedule of cost of revenue
Cost of revenues consist of the following:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Revenue sharing fees and content costs
      2,790,038,662        5,176,508,004        7,129,094,348  
Bandwidth costs
      555,863,781        617,801,344        661,129,019  
Others
      157,453,785        292,763,988        251,305,218  
    
 
 
     
 
 
     
 
 
  
Total
      3,503,356,228        6,087,073,336        8,041,528,585  
    
 
 
     
 
 
     
 
 
  
XML 63 R42.htm IDEA: XBRL DOCUMENT v3.21.1
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income taxes  
Schedule of Income (loss) before income taxes
Income (loss) before income taxes consist of:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
PRC
      (881,940,287 )       143,570,454        710,575,006  
Foreign
      12,871,144        (106,980,746 )       (307,145,767 ) 
    
 
 
     
 
 
     
 
 
  
Total
      (869,069,143 )       36,589,708        403,429,239  
    
 
 
     
 
 
     
 
 
  
Schedule of reconciliation of total tax expenses
The Group did not incur any current or deferred component of income tax expenses for the years ended December 31, 2018, 2019 and 2020. The reconciliation of total tax expenses computed by applying the respective statutory income tax rate to
pre-tax
income is as follows:
 
    
Years ended December 31,
  
    
2018
    
2019
    
2020
  
       
PRC income tax rate
      25.00 %      25.00 %      25.00 % 
Expenses not deductible for tax purposes
      (2.45 )%      157.72 %      26.87 % 
Super deduction on research and development expenses
      6.14 %      (145.44 )%      (8.37 )% 
Effect of change in income tax rate
      —         (555.07 )%      —    
Effect of tax holiday
      (0.27 )%      —         (36.13
%)
Effect of tax rate in different tax jurisdiction
      0.71 %      4.82 %      14.16 % 
Change in valuation allowance
      (29.13 )%      512.97 %      (21.53 )% 
    
 
 
    
 
 
    
 
 
  
Total
      0.00 %      0.00 %      0.00 % 
    
 
 
    
 
 
    
 
 
  
Schedule of aggregate amount and per share effect of the tax holiday
The aggregate amount and per share effect of the tax holiday are as follows:
 
 
  
Years ended December 31,
 
 
  
2018
 
  
2019
 
  
2020
 
 
  
RMB
 
  
RMB
 
  
RMB
 
       
The aggregate dollar effect
  
 
2,346,487
 
  
 
—  
 
  
 
145,777,478
 
Per share effect—basic and diluted
  
 
0.29
 
  
 
—  
 
  
 
4.56
 
Schedule of deferred tax assets
Deferred tax assets are as follows:
 
    
Years ended December 31,
  
    
2019
     
2020
  
    
RMB
     
RMB
  
     
Deferred tax assets
                  
Tax loss carried forward
      609,004,112        581,481,841  
Deductible temporary differences
      114,334,735        62,849,372  
Tax basis
difference upon the restructuring in 2016
      66,897,143        55,895,669  
Allowance for credit loss
      5,509,508        6,251,724  
Total deferred tax assets
      795,745,498        706,478,606  
Less: valuation allowance
      (795,745,498 )       (706,478,606 ) 
    
 
 
     
 
 
  
Net deferred tax assets
      —          —    
    
 
 
     
 
 
  
Schedule of movement of deferred tax valuation allowance
The movement of deferred tax valuation allowance is as follows:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Balance at beginning of the year
      353,511,080        606,708,962        795,745,498  
Increase
      253,197,882        408,704,189        72,777,388  
Decrease
 
 
— 
 
 
 
 
(219,667,653
)
 
 
(162,044,280
)
    
 
 
     
 
 
     
 
 
  
Balance at end of the year
      606,708,962        795,745,498        706,478,606  
    
 
 
     
 
 
     
 
 
  
XML 64 R43.htm IDEA: XBRL DOCUMENT v3.21.1
Noncontrolling Interest (Tables)
 12 Months Ended
Dec. 31, 2020
Noncontrolling Interest [Abstract]  
Schedule of earning per share basic and diluted
As of December 31, 2020, the Group’s noncontrolling interest mainly included equity interest in DouYu Japan. The following schedule shows the effects of changes in the ownership interest of the Company in its subsidiaries on equity attributed to DouYu for the years ended December 31, 2018, 2019 and 2020.
Below are the changes in the Group’s ownership in its subsidiaries on the Group’s equity.
 
 
  
Years ended December 31,
 
 
  
2018
 
  
2019
 
  
2020
 
 
  
RMB
 
  
RMB
 
  
RMB
 
Net income (loss) attributable to DouYu’s ordinary shareholders
  
 
(876,279,828
) 
  
 
39,753,232
 
  
 
485,498,597
 
Transfers to noncontrolling interest
  
      
  
      
  
      
Decrease in DouYu’s additional paid-in capital for acquisition of noncontrolling interest in Shuangsi (1)
  
 
—  
 
  
 
—  
 
  
 
(2,271,492
) 
Decrease in DouYu’s additional paid-in capital due to capital contribution from noncontrolling interest shareholder in DouYu Japan (2)
  
 
—  
 
  
 
—  
 
  
 
(7,700,837
) 
Increase in DouYu’s additional paid-in capital due to repurchase of noncontrolling interest in Gogo Glocal (Note 14)
  
 
—  
 
  
 
—  
 
  
 
11,171,730
 
Decrease in DouYu’s additional paid-in capital due to vest of Gogo Glocal’s noncontrolling interest restricted shares (Note 14)
  
 
—  
 
  
 
(22,209,344
) 
  
 
—  
 
Decrease in DouYu’s additional paid-in capital for acquisition of shares of Gogo Glocal’s noncontrolling interest
  
 
—  
 
  
 
(11,107,350
) 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net transfers to noncontrolling interest
  
 
—  
 
  
 
(33,316,694
) 
  
 
1,199,401
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Change from net income attribute to DouYu and transfers to noncontrolling interest
  
 
(876,279,828
) 
  
 
6,436,538
 
  
 
486,697,998
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
In March 2020, the Group purchased 15% equity of Chengdu Shuangsi with cash consideration of RMB4,500,000. The difference between the fair value of the consideration paid and the carrying amount of the noncontrolling interest acquired was recognized in additional paid-in capital.
(2)
In April, June and November, 2020, the
Group and
noncontrolling interest shareholder purchased the newly issued common shares of DouYu Japan with consideration of
JPY4,189,200,000 (equivalent of RMB272,248,433 ) and
JPY1,610,800,000 (equivalent of RMB105,129,847 ), respectively. As a result of these transactions, the noncontrolling interest shareholder’s ownership interest increased from 14.9% to 28.9% while the Group retains its controlling financial interest in DouYu Japan. The difference between the consideration received and the amount of the noncontrolling interest was adjusted was recognized in additional paid-in capital.
XML 65 R44.htm IDEA: XBRL DOCUMENT v3.21.1
Convertible redeemable preferred shares (Tables)
 12 Months Ended
Dec. 31, 2020
Convertible redeemable preferred shares  
Schedule of carrying amount of preferred equity
The following is the rollforward of the carrying amounts of Preferred Share for the years ended December 31, 2018 and 2019:
 
 
 
Series A
 
 
Series B-1
 
 
Series B-2
 
 
Series B-3
 
 
Series B-4(1)
 
 
Series C-1
 
 
Series C-2(2)
 
 
Series D
 
 
Series E(3)
 
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
 
RMB
 
December 31, 2017
 
 
106,999,090
 
 
 
56,187,500
 
 
 
464,343,750
 
 
 
202,671,887
 
 
 
—  
 
 
 
1,265,848,000
 
 
 
33,333,333
 
 
 
500,000,000
 
 
 
—  
 
Issuance
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
22,254,400
 
 
 
—  
 
 
 
(33,333,333
) 
 
 
—  
 
 
 
4,026,518,012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
106,999,090
 
 
 
56,187,500
 
 
 
464,343,750
 
 
 
202,671,887
 
 
 
22,254,400
 
 
 
1,265,848,000
 
 
 
—  
 
 
 
500,000,000
 
 
 
4,026,518,012
 
Conversion into ordinary shares upon IPO
 
 
(106,999,090
) 
 
 
(56,187,500
) 
 
 
(464,343,750
) 
 
 
(202,671,887
) 
 
 
(22,254,400
) 
 
 
(1,265,848,000
) 
 
 
—  
 
 
 
(500,000,000
) 
 
 
(4,026,518,012
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
2019
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
——  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial.
(2)
In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital.
(3)
On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share purchase price of US$80.57 for cash consideration of RMB4,026,518,012.
XML 66 R45.htm IDEA: XBRL DOCUMENT v3.21.1
Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Non-vested Restricted Stock Shares Activity
A summary of restricted share units activity during the years ended December 31, 2020 is presented below:
 
    
Number of
restricted
shares
     
Weighted
average
grant-date

fair value
     
Weighted
average
remaining
contractual
life
  
           
RMB
     
Years
  
       
Outstanding as of December 31, 2019
      1,794,586        274.55        2.58  
Vested
      (693,527 )       274.55           
Forfeited
      (4,392 )       274.55           
    
 
 
     
 
 
     
 
 
  
Outstanding as of December 31, 2020
      1,096,667        274.55        1.58  
    
 
 
     
 
 
     
 
 
  
Restricted Stock [Member]  
Non-vested Restricted Stock Shares Activity
A summary of
non-vested
restricted share activity during the years ended December 31, 2020 is presented below:
 
    
Number of
shares
     
Weighted
average
grant-date

fair value
  
           
RMB
  
     
Outstanding as of December 31, 2019
      2,049,466        31.50  
Vested
      (62,105 )       31.50  
Forfeited(1)
      (1,429,906 )       31.50  
Cancellation(2)
      (557,455 )       31.50  
    
 
 
     
 
 
  
Outstanding as of December 31, 2020
      —          —    
    
 
 
     
 
 
  
XML 67 R46.htm IDEA: XBRL DOCUMENT v3.21.1
Net income (loss) per share and net loss attributable to ordinary shareholders (Tables)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Schedule of basic and diluted net income (loss) per share
Basic and diluted net income (loss) per share for each of the years presented were calculated as follows
:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Basic net income (loss) per share calculation
                           
Numerator:
                           
Net income (loss) attributable to DouYu Holdings Limited shareholders
      (876,279,828 )       39,753,232        485,498,597  
Deemed dividend
      (6,661,667 )       —          —    
Amounts allocated to convertible redeemable preferred shares for participating rights to dividends
      —          (14,283,763 )       —    
    
 
 
     
 
 
     
 
 
  
Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share
      (882,941,495 )       25,469,469        485,498,597  
    
 
 
     
 
 
     
 
 
  
Denominator:
                           
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share
      8,115,160        19,254,661        31,963,526  
    
 
 
     
 
 
     
 
 
  
Basic net income (loss) per ordinary share
      (108.80 )       1.32        15.19  
    
 
 
     
 
 
     
 
 
  
Diluted net income (loss) per share calculation
                           
Numerator:
                           
Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited
      (882,941,495 )       25,469,469        485,498,597  
Add: undistributed earnings allocated to participating securities
      —          14,283,763        —    
    
 
 
     
 
 
     
 
 
  
Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share
      (882,941,495 )       39,753,232        485,498,597  
    
 
 
     
 
 
     
 
 
  
Denominator:
                           
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share
      8,115,160        19,254,661        31,963,526  
Add: conversion of convertible redeemable preferred shares into ordinary shares
      —          10,798,380        —    
Restricted Share Units
      —          1,389,890        1,049,156  
    
 
 
     
 
 
     
 
 
  
Weighted average ordinary shares used in computing diluted income (loss) per ordinary share
      8,115,160        31,442,931        33,012,682  
    
 
 
     
 
 
     
 
 
  
Diluted net income (loss) per ordinary share
      (108.80 )       1.26        14.71  
    
 
 
     
 
 
     
 
 
  
Schedule of antidilutive securities excluded from computation of earnings per share
Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Convertible Redeemable Preferred Equity/Shares
      19,906,105        —          —    
Restricted Share Units
      2,098,069        —          —    
    
 
 
     
 
 
     
 
 
  
Total
      22,004,174        —          —    
    
 
 
     
 
 
     
 
 
  
XML 68 R47.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Schedule of revenue by type of service provided by the Group
The following table summarizes the revenue by type of service provided by the Group:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming
      3,147,196,247        6,617,291,032        8,852,225,839  
Advertisement
      342,169,195        513,265,806        645,227,128  
Other
      165,017,684        152,673,415        104,420,970  
    
 
 
     
 
 
     
 
 
  
Total
      3,654,383,126        7,283,230,253        9,601,873,937  
    
 
 
     
 
 
     
 
 
  
XML 69 R48.htm IDEA: XBRL DOCUMENT v3.21.1
Related party transactions (Tables)
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Schedule of major related parties and their relationships
The table below sets forth major related parties and their relationships with the Group:
 
Company Name
   
Relationship with the Group
   
Tencent Holdings Limited (“Tencent Group”)    Parent company of one of our ordinary shareholders
Schedule of significant related party transactions
For the years ended December 31, 2018, 2019 and 2020, significant related party transactions were as follows:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Live streaming revenue derived from
                           
Equity method investees- talent agencies
      25,164,152        78,933,963        23,679,248  
Tencent Group
      3,405,827        —          —    
    
 
 
     
 
 
     
 
 
  
Total
      28,569,979        78,933,963        23,679,248  
    
 
 
     
 
 
     
 
 
  
Advertisement revenue derived from
                           
Tencent Group
      27,483,962        2,699,737        743,697  
    
 
 
     
 
 
     
 
 
  
Other revenue derived from
                           
Tencent Group
      19,892,736        26,581,068        8,282,751  
Equity method investees- talent agencies
      —          —          204,533  
    
 
 
     
 
 
     
 
 
  
Total
      19,892,736        26,581,068        8,487,284  
    
 
 
     
 
 
     
 
 
  
Bandwidth fees paid to
                           
Tencent Group
      258,981,005        230,752,735        212,785,773  
    
 
 
     
 
 
     
 
 
  
Revenue sharing fees and content cost paid to
                           
Tencent Group
      —          4,986,374        6,202,423  
Equity method investees- talent agencies
      229,901,724        715,473,955        435,496,349  
    
 
 
     
 
 
     
 
 
  
Total
      229,901,724        720,460,329        441,698,772  
    
 
 
     
 
 
     
 
 
  
Payment handling fees paid to
                           
Tencent Group
      12,656,246        29,546,113        36,033,966  
    
 
 
     
 
 
     
 
 
  
Content rights purchased from
                           
Tencent Group
      116,100,000        112,354,423        75,528,302  
    
 
 
     
 
 
     
 
 
  
Schedule of amounts due from/to related parties
As of December 31, 2018, 2019 and 2020, the amounts due from/to related parties are as follows:
 
    
Years ended December 31,
  
    
2018
     
2019
     
2020
  
    
RMB
     
RMB
     
RMB
  
       
Amount due from related parties
                           
Tencent Group
      56,840,030        23,935,019        9,045,078  
Equity method investees- talent agencies
      7,230,184        108,831        —    
    
 
 
     
 
 
     
 
 
  
Total
      64,070,214        24,043,850        9,045,078  
    
 
 
     
 
 
     
 
 
  
Amount due to related parties
                           
Tencent Group
      227,897,451        251,069,127        201,579,602  
Beijing Sequoia Xinyuan Equity Investment Center LLP
(1)
     1,355,094,229        —          —    
Shaojie Chen
      39,995,000        —          —    
Equity method investees- talent agencies
      5,320,840        47,663,895        21,945,327  
    
 
 
     
 
 
     
 
 
  
Total
      1,628,307,520        298,733,022        223,524,929  
    
 
 
     
 
 
     
 
 
  
 
(1)
In May 2018, as an integrated step of the 2018 Restructuring (Note 1), in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US$197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount, equivalent to RMB1,260,439,815, has been received by the Company but the redemption amount, equivalent to RMB1,355,094,229, has not yet been paid by Wuhan Douyu, which was considered as a
non-cash
financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018. The redemption amount is denominated in US$ and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. US$197,443,500 equivalent in the amount of RMB1,323,049,149 was fully settled in March, 2019.
XML 70 R49.htm IDEA: XBRL DOCUMENT v3.21.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Lessee Disclosure [Abstract]  
Summary of Lease Cost
For the year ended December 31, 2020, the lease expense is as:
 
    
Year ended

December 31, 2020
  
    
RMB
  
   
Operating lease expense
      44,300,218  
Short-term lease expense
      7,781,246  
    
 
 
  
Total lease expense
   
 
52,081,464
 
    
 
 
  
Summary of information related to operating lease payments
Supplemental consolidated balance sheet information related to leases was as follows:
 
    
As of December 31, 2020
  
    
RMB
  
Operating lease:
         
Operating leases
right-of-use
assets
      62,141,054  
Current portion of lease liabilities
      36,280,773  
Non-current
portion of lease liabilities
      16,951,948  
Total operating lease liabilities
         
Weighted-average remaining lease term (in years) – operating leases
      1.75  
Weighted-average discount rate – operating leases
      4.25 % 
Supplemental cash flow information related to leases are as follows:
 
    
For the year ended

December 31,2020
  
    
RMB
  
   
Cash paid for operating leases
      54,493,222  
Lease liabilities arising from obtaining
right-of-use
assets
      25,873,961  
Summary of right-of-use assets and liabilities in the future as lessee
As of December 31, 2020, future minimum lease payments under
non-cancellable
operating lease agreements for which the Group has recognized operating lease
right-of-use
assets and liabilities are as follows:
 
Years ending
   
RMB
  
   
2021
      39,752,994  
2022
      12,610,408  
2023
      4,498,810  
2024 and thereafter
      254,800  
    
 
 
  
Total undiscounted cash flows
      57,117,012  
Less: imputed interest
      3,884,291  
    
 
 
  
Total
   
 
53,232,721
 
    
 
 
  
   
Lease liabilities due within one year
      36,280,773  
Lease liabilities due after one year
      16,951,948  
As of December 31, 2019, the future minimum lease payments under non-cancelable operating lease agreements based on ASC 840 are as follows:
 
Years ending
  
RMB
 
2020
  
 
45,023,403
 
2021
  
 
26,297,961
 
2022
  
 
11,451,395
 
2023
  
 
1,297,103
 
2024 and thereafter
  
 
—  
 
XML 71 R50.htm IDEA: XBRL DOCUMENT v3.21.1
SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY (Tables)
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed balance sheets
SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONDENSED BALANCE SHEETS
 
    
As of December 31,
  
    
2019
    
2020
  
    
RMB
    
RMB
    
US$
  
       
ASSETS
                         
Current assets:
                         
Cash and cash equivalents
      7,140,577,532       4,449,399,546       681,900,314  
Short-term deposits
      —         1,370,229,000       209,996,782  
Prepayments
      838,398       889,759       136,362  
Other current assets
      56,840,976       24,267,221       3,719,113  
Amount due from subsidiaries and VIEs
      39,995,433      
38,099,544
      
5,839,010
  
    
 
 
    
 
 
    
 
 
  
Total current assets
      7,238,252,339       5,882,885,070       901,591,581  
Other
non-current
assets
      —         —         —    
Investments in subsidiaries and VIEs
      124,167,455       1,118,657,273       171,441,728  
    
 
 
    
 
 
    
 
 
  
Total assets
      7,362,419,794       7,001,542,343       1,073,033,309  
    
 
 
    
 
 
    
 
 
  
LIABILITIES
                         
Current liabilities:
                         
Accrued expenses and other current liabilitie
s
      60,938,325       19,118,882       2,930,097  
Amount due to subsidiaries and VIEs
      339,159       317,218       48,616  
Deferred revenue
      13,162,958       12,311,427       1,886,809  
    
 
 
    
 
 
    
 
 
  
Total current liabilities
      74,440,442       31,747,527       4,865,522  
Non-current
liabilities
      46,070,348       30,778,568       4,717,022  
    
 
 
    
 
 
    
 
 
  
Total liabilities
      120,510,790       62,526,095       9,582,544  
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity (deficit)
                         
Ordinary shares (US$0.0001
 p
ar value, 500,000,000
 s
hares authorized, 34,568,689 shares issued, 32,751,819 and 33,445,346 shares outstanding as of December 31, 2019 and 2020, respectively)
      22,144       22,630       3,468  
Treasury shares (291,207 and 1,177,499 shares as of December 31, 2019 and 2020, respectively)
      (168,567,125 )      (695,097,853 )      (106,528,407 ) 
Additional
paid-in
capital
      10,324,277,855       10,486,398,881       1,607,110,940  
Accumulated deficit
      (3,348,717,860 )      (2,863,219,263 )      (438,807,550 ) 
Accumulated other comprehensive income
      434,893,990       10,911,853       1,672,314  
    
 
 
    
 
 
    
 
 
  
Total shareholders’ equity
   
 
7,241,909,004
 
  
 
6,939,016,248
 
  
 
1,063,450,765
 
    
 
 
    
 
 
    
 
 
  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
   
 
7,362,419,794
 
  
 
7,001,542,343
 
  
 
1,073,033,309
 
    
 
 
    
 
 
    
 
 
  
Schedule of condensed statements of comprehensive loss
SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
    
Years ended December 31,
  
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
US$
  
General and administrative expenses
      (11,697,585 )      (41,464,310 )      (63,824,140 )      (9,781,477 ) 
Research and development expenses
      —         —         (3,787,468 )      (580,455 ) 
Other operating income (expense), net
      (338 )      6,508,518       13,014,651       1,994,583  
Interest income
      68,216,989       148,245,151       116,756,835       17,893,768  
Equity in equity (deficit) of subsidiaries and VIE
      (932,798,894 )      (73,536,127 )      423,338,719       64,879,494  
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
   
 
(876,279,828
) 
  
 
39,753,232
 
  
 
485,498,597
 
  
 
74,405,913
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustm
e
nt
   
 
325,593,213
 
  
 
109,300,777
 
  
 
(423,982,137
) 
  
 
(64,978,105
) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income (loss)
   
 
(550,686,615
) 
  
 
149,054,009
 
  
 
61,516,460
 
  
 
9,427,808
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Schedule of condensed statements of cash flows
SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY
DOUYU INTERNATIONAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF CASH FLOWS
 
    
Years ended December 31,
  
    
2018
    
2019
    
2020
  
    
RMB
    
RMB
    
RMB
    
US$
  
         
CASH FLOWS FROM OPERATING ACTIVITIES
                                 
Net income (loss)
      (876,279,828 )      39,753,232       485,498,597       74,405,913  
Adjustments to reconcile net loss to net cash provided by operating activities:
                                 
Loss from equity in earnings of subsidiaries and VIEs
      932,798,894       73,536,127       (423,338,719 )      (64,879,494 ) 
Share-based compensation
      —         23,241,480       16,059,123       2,461,168  
Changes in operating assets and liabilities:
                                 
Prepayments
      (49,333 )      (789,065 )      (51,361 )      (7,871 ) 
Other current assets
      (60,502,935 )      3,661,959       32,573,755       4,992,146  
Other
non-current
assets
      (6,353,017 )      —         —         —    
Amount due from subsidiaries and VIEs
      (426 )      (39,995,000 )      1,895,888       290,557  
Accrued expenses and other current liabilities
      11,842,346       (4,197,822 )      11,474,356       1,758,522  
Amount due to subsidiaries and VIEs
      333,665       —         —         —    
Other liabilities
      —         59,233,306       (16,143,311 )      (2,474,071 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH PROVIDED BY OPERATING ACTIVITIES
      1,789,366       154,444,217       107,968,328       16,546,870  
Purchases of short-term investments
      —         —         (1,370,229,000 )      (209,996,782 ) 
Investment in subsidiaries
      (1,853,885,036 )      (151,881,863 )      (425,088,709 )      (65,147,695 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH USED IN INVESTING ACTIVITIES
      (1,853,885,036 )      (151,881,863 )      (1,795,317,709 )      (275,144,477 ) 
Proceeds on issuance of ordinary shares through IPO
      5,207       3,422,497,233       —         —    
Deferred offering cost
      (6,876,834 )      —         —         —    
Payment of deferred offering costs
      —         (36,249,484 )      —         —    
Repurchase of ordinary shares
      —         (115,273,325 )      (579,824,528 )      (88,861,997 ) 
Capital contribution from convertible redeemable preferred shareholders
      4,026,518,012       —         —         —    
Capital investment from a preferred shareholder in connection with 2018 Restructuring
      1,260,439,815       —         —         —    
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
      5,280,086,200       3,270,974,424       (579,824,528 )      (88,861,997 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Effect of foreign exchange rate changes
      329,743,960       109,306,264       (424,004,077 )      (64,981,468 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
      3,757,734,490       3,382,843,042       (2,691,177,986 )      (412,441,072 ) 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
      —         3,757,734,490       7,140,577,532       1,094,341,386  
    
 
 
    
 
 
    
 
 
    
 
 
  
CASH AND CASH EQUIVALENTS AT YEAR END
      3,757,734,490       7,140,577,532       4,449,399,546       681,900,314  
    
 
 
    
 
 
    
 
 
    
 
 
  
Supplemental disclosure on
non-cash
investing and financing activities:
                                 
Deferred offering costs payable
      6,353,017       —         —         —    
Payable for repurchase of ordinary shares not yet paid
      —         53,293,800       —         —    
XML 72 R51.htm IDEA: XBRL DOCUMENT v3.21.1
Organization and principal activities - Additional information (Detail) - USD ($)
$ / shares in Units, $ in Millions
Jul. 17, 2019
Dec. 31, 2020
Dec. 31, 2019
Jan. 05, 2018
Ordinary shares subscribed, par value   $ 0.0001 $ 0.0001  
IPO [Member]        
Shares Issued 4,492,473      
Net Issue Proceeds $ 497.3      
IPO [Member] | American Depositary Shares [Member]        
Shares Issued 44,924,730      
2018 Restructuring [Member]        
Ordinary shares subscribed       8,188,790
Ordinary shares subscribed, par value       $ 0.0001
XML 73 R52.htm IDEA: XBRL DOCUMENT v3.21.1
Organization and principal activities - Schedule of principal subsidiaries and VIEs (Detail)
 12 Months Ended
Dec. 31, 2020
Wuhan Douyu Education Consulting Co., Ltd.[Member]  
Date of incorporation/ establishment Nov. 09, 2016
Place of incorporation/ establishment Wuhan
Percentage of direct/indirect ownership 100.00%
Wuhan Yuwan Culture Media Co., Ltd.[Member]  
Date of incorporation/ establishment Jun. 28, 2016
Place of incorporation/ establishment Wuhan
Percentage of direct/indirect ownership 100.00%
Wuhan Yuxing Tianxia Culture Media Co., Ltd.[Member]  
Date of incorporation/ establishment Jun. 24, 2016
Place of incorporation/ establishment Wuhan
Percentage of direct/indirect ownership 100.00%
Wuhan Yuyin Raoliang Culture Co., Ltd.[Member]  
Date of incorporation/ establishment Jun. 23, 2016
Place of incorporation/ establishment Wuhan
Percentage of direct/indirect ownership 100.00%
Wuhan Yu Leyou Internet Technology Co., Ltd.[Member]  
Date of incorporation/ establishment Nov. 09, 2016
Place of incorporation/ establishment Wuhan
Percentage of direct/indirect ownership 100.00%
Wuhan Douyu Yule Internet Technology Co., Ltd. ("Wuhan Yule") [Member]  
Date of incorporation/ establishment Apr. 02, 2018
Place of incorporation/ establishment Wuhan
Percentage of direct/indirect ownership 100.00%
DouYu Network Inc [Member]  
Date of incorporation/ establishment Jan. 12, 2018
Place of incorporation/ establishment The British Virgin Islands
Percentage of direct/indirect ownership 100.00%
Douyu Hongkong Limited [Member]  
Date of incorporation/ establishment Jan. 24, 2018
Place of incorporation/ establishment Hong Kong
Percentage of direct/indirect ownership 100.00%
Gogo Glocal Holding Limited[Member]  
Date of incorporation/ establishment Oct. 08, 2018
Place of incorporation/ establishment Cayman
Percentage of direct/indirect ownership 100.00%
Wuhan Ouyue Online TV Co., Ltd.[Member]  
Date of incorporation/ establishment Feb. 03, 2016
Place of incorporation/ establishment Wuhan
Percentage f direct/indirect ownership (VIEs) 100.00%
Wuhan Douyu Network Technology Co., Ltd.[Member]  
Date of incorporation/ establishment May 08, 2015
Place of incorporation/ establishment Wuhan
Percentage f direct/indirect ownership (VIEs) 100.00%
XML 74 R53.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of significant accounting policies - Schedule of financial statement amounts and balances of the VIEs (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Dec. 31, 2020
USD ($)
ASSETS          
Cash and cash equivalents ¥ 5,279,902,398   ¥ 8,091,990,270 ¥ 5,562,204,889 $ 809,180,444
Restricted cash 11,875,079   42,902,719   1,819,935
Short-term bank deposits 2,230,229,000       341,797,548
Accounts receivable, net 199,744,129   188,099,873 129,464,732 30,612,127
Prepayments 66,257,313   50,304,112   10,154,377
Amount due from related parties 9,045,078   24,043,850 64,070,214 1,386,219
Other current assets 236,704,095   204,309,593   36,276,490
Property and equipment, net 37,791,688   38,909,465   5,791,830
Long-term bank deposits 100,000,000       15,325,670
Intangible assets, net 141,671,881   198,056,841   21,712,166
Right-of-use assets 62,141,054       9,523,533
Investments 500,658,570   225,533,885   76,729,283
Other non-current assets 19,004,481   8,546,843   2,912,564
TOTAL ASSETS 8,907,957,330   9,103,670,339   1,365,204,188
LIABILITIES          
Accounts payable 986,073,111   890,038,953   151,122,316
Advances from customers 10,910,989   17,134,532 9,708,051 1,672,182
Deferred revenue 242,013,205   195,982,486   37,090,146
Accrued expenses and other current liabilities 384,040,820   392,347,124   58,856,831
Amount due to related parties 223,524,929   298,733,022 1,628,307,520 34,256,694
Lease liabilities 16,951,948       2,598,000
TOTAL LIABILITIES 1,930,574,343   1,840,306,465   $ 295,873,463
Income Statement          
Net revenue 9,601,873,937 $ 1,471,551,561 7,283,230,253 3,654,383,126  
Net income (loss) 404,735,526 62,028,431 33,348,128 (876,279,828)  
Statement of Cash Flows          
Net cash provided by operating activities 667,648,867 102,321,664 813,176,020 (337,586,406)  
Net cash used in investing activities (2,612,619,827) (400,401,504) (246,303,031) (264,950,385)  
Net cash used in financing activities (479,194,681) $ (73,439,798) 1,896,331,830 5,280,086,200  
Consolidated VIEs [Member]          
ASSETS          
Cash and cash equivalents 577,710,921   826,481,128    
Restricted cash 11,242,719   42,902,719    
Short-term bank deposits 860,000,000        
Accounts receivable, net 187,884,372   176,599,681    
Prepayments 63,119,815   12,982,856    
Amount due from related parties 8,464,978   13,431,477    
Other current assets 157,178,414   82,405,807    
Property and equipment, net 15,236,373   17,794,907    
Long-term bank deposits 100,000,000        
Intangible assets, net 102,837,070   130,272,386    
Right-of-use assets 32,361,695        
Investments 310,111,384   147,033,947    
Other non-current assets 4,766,301   1,918,598    
TOTAL ASSETS 2,430,914,042   1,451,823,506    
LIABILITIES          
Accounts payable 868,771,872   794,266,492    
Advances from customers 9,700,361   16,975,882    
Deferred revenue 225,282,265   181,250,993    
Accrued expenses and other current liabilities 208,531,141   177,228,742    
Amount due to related parties 215,467,131   59,693,186    
Lease liabilities 30,212,470        
TOTAL LIABILITIES 1,557,965,240   1,229,415,295    
Income Statement          
Net revenue 8,697,485,194   7,207,666,259 3,436,175,885  
Net income (loss) 432,731,451   985,034,474 (680,682,612)  
Statement of Cash Flows          
Net cash provided by operating activities 899,235,343   816,655,741 1,091,289,940  
Net cash used in investing activities ¥ (1,179,665,550)   (133,917,000) ¥ (80,279,043)  
Net cash used in financing activities     ¥ (1,363,044,149)    
XML 75 R54.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of significant accounting policies - Additional information (Detail)
 12 Months Ended
Jan. 01, 2020
CNY (¥)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Dec. 31, 2020
USD ($)
Percentage Of VIE contribution to consolidated revenue   91.00% 99.00% 94.00% 91.00%
Percentage Of VIE accounted of consolidated total assets   27.00% 16.00%   27.00%
Percentage Of VIE accounted of consolidated total liabilities   81.00% 67.00%   81.00%
Convenience translation rate per US$1.00   6.5250     6.5250
Impairment loss of investments   ¥ 20,872,725 ¥ 15,166,140  
Group recorded impairment loss other expense   28,088,491  
Rebates to advertiser   75,497,951 64,274,647 44,389,826  
Capitalized research and development expenses    
Advertising and market promotion expenses   219,369,426 135,859,453 129,013,488  
Recognizes income tax due to uncertain tax position    
Interest and penalties related to potential underpaid income tax expenses    
Deferred revenue ¥ 182,819,528        
Government subsidies   92,708,856 68,834,899 27,430,993  
Goodwill impairment loss    
Right-of-use assets   62,141,054     $ 9,523,533
Lease liabilities   16,951,948     2,598,000
Cash and cash equivalents   5,279,902,398 ¥ 8,091,990,270 ¥ 5,562,204,889 $ 809,180,444
New Accounting Pronouncement, Early Adoption, Effect [Member]          
Right-of-use assets 100,318,025        
Lease liabilities ¥ 81,851,982        
CHINA [Member]          
Cash and cash equivalents   ¥ 561,928,329      
Cash and cash equivalents percentage   10.60%     10.60%
XML 76 R55.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of significant accounting policies - Schedule of property and equipment, net estimated useful lives (Detail)
 12 Months Ended
Dec. 31, 2020
Computer and transmission equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, net, estimated useful lives 3 years
Leasehold improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, net, estimated useful lives Over the shorter of the lease term or expected useful lives
Furniture and office equipment [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, net, estimated useful lives 5 years
Motor vehicles [Member]  
Property, Plant and Equipment [Line Items]  
Property and equipment, net, estimated useful lives 5 years
XML 77 R56.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of significant accounting policies - Schedule of intangible assets, net estimated useful lives (Detail)
 12 Months Ended
Dec. 31, 2020
Brand name [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, net estimated useful lives 10 years
Agency contract rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, net estimated useful lives Over the shorter of the contract period or expected useful lives
License for online transmission of audio/video programs [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, net estimated useful lives Infinite life
Platform [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, net estimated useful lives 5 years
Software [Member] | Maximum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, net estimated useful lives 5 years
Software [Member] | Minimum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, net estimated useful lives 3 years
Others [Member] | Maximum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, net estimated useful lives 10 years
Others [Member] | Minimum [Member]  
Finite-Lived Intangible Assets [Line Items]  
Intangible assets, net estimated useful lives 1 year
XML 78 R57.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of significant accounting policies - Schedule of disaggregation of revenue (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Disaggregation of Revenue [Line Items]        
Revenues ¥ 9,601,873,937 $ 1,471,551,561 ¥ 7,283,230,253 ¥ 3,654,383,126
Live Streaming [Member]        
Disaggregation of Revenue [Line Items]        
Revenues 8,852,225,839   6,617,291,032 3,147,196,247
Advertisement [Member]        
Disaggregation of Revenue [Line Items]        
Revenues 645,227,128   513,265,806 342,169,195
Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenues ¥ 104,420,970   ¥ 152,673,415 ¥ 165,017,684
XML 79 R58.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of significant accounting policies - Schedule of contract balance (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Summary of significant accounting policies      
Opening Balance ¥ 188,099,873   ¥ 129,464,732
Increase (decrease), net 11,644,256   58,635,141
Ending Balance 199,744,129 $ 30,612,127 188,099,873
Opening Balance 17,134,532   9,708,051
Increase (decrease), net (6,223,543)   7,426,481
Ending Balance 10,910,989 $ 1,672,182 17,134,532
Opening Balance 182,819,528   112,071,796
Increase (decrease), net 46,882,250   70,747,732
Ending Balance ¥ 229,701,778   ¥ 182,819,528
XML 80 R59.htm IDEA: XBRL DOCUMENT v3.21.1
Accounts receivable, net - Schedule of accounts receivable, net (Detail)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Accounts receivable, net        
Accounts receivable, gross ¥ 212,317,679   ¥ 203,934,775  
Less: allowance for credit loss (12,573,550)   (15,834,902) ¥ (5,907,369)
Accounts receivable, net ¥ 199,744,129 $ 30,612,127 ¥ 188,099,873 ¥ 129,464,732
XML 81 R60.htm IDEA: XBRL DOCUMENT v3.21.1
Accounts receivable, net - Schedule of allowance for doubtful receivables (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accounts receivable, net      
Balance as of January 1 ¥ 15,834,902 ¥ 5,907,369 ¥ 5,172,435
Addition 3,270,564 13,563,744 1,121,009
Write offs (6,531,916) (3,636,211) (386,075)
Balance as of December 31 ¥ 12,573,550 ¥ 15,834,902 ¥ 5,907,369
XML 82 R61.htm IDEA: XBRL DOCUMENT v3.21.1
Accounts receivable, net - Schedule of concentration of risk, accounts receivable, net (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2018
CNY (¥)
Concentration Risk [Line Items]        
Accounts receivable, net ¥ 199,744,129 ¥ 188,099,873 $ 30,612,127 ¥ 129,464,732
Company A        
Concentration Risk [Line Items]        
Accounts receivable, net ¥ 43,563,107 ¥ 37,615,505 6,676,338  
Company A | Customer Concentration Risk [Member] | Accounts Receivable [Member]        
Concentration Risk [Line Items]        
Concentration risk, percentage 22.00% 20.00%    
Company B        
Concentration Risk [Line Items]        
Accounts receivable, net ¥ 39,546,942 ¥ 47,776,989 6,060,834  
Company B | Customer Concentration Risk [Member] | Accounts Receivable [Member]        
Concentration Risk [Line Items]        
Concentration risk, percentage 20.00% 25.00%    
Company C        
Concentration Risk [Line Items]        
Accounts receivable, net ¥ 35,765,532 ¥ 23,466,780 $ 5,481,308  
Company C | Customer Concentration Risk [Member] | Accounts Receivable [Member]        
Concentration Risk [Line Items]        
Concentration risk, percentage 18.00% 12.00%    
XML 83 R62.htm IDEA: XBRL DOCUMENT v3.21.1
Other current assets - Schedule of other current assets (Detail)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Other current assets      
Funds receivable from third party payment service provider [1] ¥ 91,623,838   ¥ 69,263,440
Value-added tax recoverable 89,697,345   62,336,003
Interest receivable 29,768,158   53,484,027
Content rights 11,710,702   10,589,085
Others 13,904,052   8,637,038
Total ¥ 236,704,095 $ 36,276,490 ¥ 204,309,593
[1] The Group opened accounts with external online payment service providers to collect funding from users.
XML 84 R63.htm IDEA: XBRL DOCUMENT v3.21.1
Property and equipment, net - Schedule of property and equipment, net (Detail)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Property, Plant and Equipment, Gross [Abstract]      
Gross carrying amount ¥ 128,219,329   ¥ 127,361,965
Less: accumulated depreciation (90,427,641)   (88,452,500)
Property and equipment, net 37,791,688 $ 5,791,830 38,909,465
Computer and transmission equipment [Member]      
Property, Plant and Equipment, Gross [Abstract]      
Gross carrying amount 96,712,005   91,375,589
Leasehold improvements [Member]      
Property, Plant and Equipment, Gross [Abstract]      
Gross carrying amount 24,726,231   29,237,111
Furniture and office equipment [Member]      
Property, Plant and Equipment, Gross [Abstract]      
Gross carrying amount 6,370,893   6,339,065
Motor vehicles [Member]      
Property, Plant and Equipment, Gross [Abstract]      
Gross carrying amount ¥ 410,200   ¥ 410,200
XML 85 R64.htm IDEA: XBRL DOCUMENT v3.21.1
Property and equipment, net - Additional information (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Property and equipment, net        
Depreciation expense ¥ 21,126,504 $ 3,237,778 ¥ 32,814,894 ¥ 26,996,910
XML 86 R65.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible assets, net - Schedule of intangible assets, net (Detail)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Gross carrying amount      
Gross carrying amount ¥ 289,856,609   ¥ 276,975,187
Less: accumulated amortization      
Accumulated amortization (148,184,728)   (78,918,346)
Intangible assets, net 141,671,881 $ 21,712,166 198,056,841
License for Online Transmission of Audio/Video Programs [Member]      
Gross carrying amount      
Gross carrying amount [1] 7,988,748   7,988,748
Trade Names [Member]      
Gross carrying amount      
Gross carrying amount 38,606,076   41,276,297
Less: accumulated amortization      
Accumulated amortization (8,525,509)   (4,717,435)
Agency contract rights [Member]      
Gross carrying amount      
Gross carrying amount [2] 194,320,755   193,898,260
Less: accumulated amortization      
Accumulated amortization (110,970,198)   (63,433,706)
Platform [Member]      
Gross carrying amount      
Gross carrying amount 9,462,274   10,116,739
Less: accumulated amortization      
Accumulated amortization (4,338,452)   (2,867,765)
Software [Member]      
Gross carrying amount      
Gross carrying amount 9,359,079   8,613,202
Less: accumulated amortization      
Accumulated amortization (3,335,165)   (2,745,522)
Others [Member]      
Gross carrying amount      
Gross carrying amount 30,119,677   15,081,941
Less: accumulated amortization      
Accumulated amortization ¥ (21,015,404)   ¥ (5,153,918)
[1] In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2021 which remains valid until March 2024, and intends to renew the license indefinitely.
[2] The agency contract rights, which represent the upfront payment of cooperation cost to top streamers, acquired during the years ended December 31, 2019 and 2020 are RMB111,879,121 and RMB28,301,887, respectively, with weighted average amortization period of 4.5 years and 2 years.
XML 87 R66.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible assets, net - Schedule of intangible assets, net (Parenthetical) (Detail) - Agency contract rights [Member] - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Agency contract right acquired ¥ 28,301,887 ¥ 111,879,121
Agency contract right acquired, weighted average amortization period 2 years 4 years 6 months
XML 88 R67.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible assets, net - Additional information (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Intangible Assets Net Excluding Goodwill [Abstract]        
Amortization expenses ¥ 89,790,156 $ 13,760,943 ¥ 57,306,920 ¥ 18,548,448
XML 89 R68.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible assets, net - Schedule of future amortization expense (Detail)
Dec. 31, 2020
CNY (¥)
Intangible Assets Excluding Goodwill [Abstract]  
2021 ¥ 60,907,151
2022 25,117,402
2023 21,435,725
2024 9,781,667
2025 ¥ 4,796,470
XML 90 R69.htm IDEA: XBRL DOCUMENT v3.21.1
Intangible assets, net - Schedule of weighted average amortization periods of intangible assets (Detail) - Weighted Average [Member]
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Brand Name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Weighted average amortization period 10 years 10 years
Agency contract rights [Member]    
Finite-Lived Intangible Assets [Line Items]    
Weighted average amortization period 3 years 6 months 3 years 10 months 24 days
Platform [Member]    
Finite-Lived Intangible Assets [Line Items]    
Weighted average amortization period 5 years 5 years
Software [Member]    
Finite-Lived Intangible Assets [Line Items]    
Weighted average amortization period 3 years 2 months 12 days 3 years 1 month 6 days
Others [Member]    
Finite-Lived Intangible Assets [Line Items]    
Weighted average amortization period 2 years 2 months 12 days 3 years 3 months 18 days
XML 91 R70.htm IDEA: XBRL DOCUMENT v3.21.1
Investments - Additional Information (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]      
Cost method investment, impairment loss ¥ 28,088,491 ¥ 0 ¥ 0
Equity securities without readily determinable fair value, upward price adjustment ¥ 8,571,429 ¥ 1,796,000 ¥ 0
XML 92 R71.htm IDEA: XBRL DOCUMENT v3.21.1
Investments - Schedule of investments accounted for under equity method (Detail) - CNY (¥)
Dec. 31, 2020
Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]    
Equity method investments ¥ 212,467,061 ¥ 32,802,100
Hangzhou Aijidi Culture Creation Co., Ltd [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity method investments 5,960,527 4,090,990
Chongqing Yuwan Network Media Co., Ltd [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity method investments 11,944,122 9,721,472
Hunan Yuyou Starfire Culture Media Co., Ltd [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity method investments [1]   15,139,902
Others [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity method investments [2]   ¥ 3,849,736
Wuhan Shayu Network Technology Co Ltd [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity method investments [3] 184,555,328  
Wuhan DouYu Entertainment Equity Investment LLP [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity method investments [4] ¥ 10,007,084  
[1] In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30% equity interest in the company. In November 2020, the Group lost significant influence over Yuyou Starfire and reclassified this investment with a carrying amount of RMB15,274,909 to equity securities without readily determinable fair values.
[2] In 2018, the Group made investments in four talent agencies with aggregate cash consideration of RMB3,600,000, none of which was individually material. As of December 31, 2020, the Group no longer has significant influence over these investees, and therefore these equity investments with carrying amount of RMB4,077,376 were reclassified as equity securities without readily determinable fair values.
[3] In 2016, the Group invested RMB10 million for 8.5% equity interest in Shayu, a live streaming platform in the PRC, and accounted for this investment as an equity security without a readily determinable fair value. In May 2020, the Group completed the following transactions with respect to its investment in Shayu: • The Group acquired 19.125% equity interest in Shayu from Mr. Chen Shaojie, the Group’s CEO and shareholder for a cash consideration of RMB24,850,000. The purchase price paid by the Group was below fair value of the acquired equity interest, which is determined to be RMB43,617,750 by the Group with the assistance of an independent valuer. The excess amount of RMB18,767,750 between the fair value of the equity interest acquired in Shayu over the price paid is accounted as contribution from shareholder in the combined consolidated statement of change in shareholders’ equity. • The Company injected cash of RMB80,000,000 and its holding of 100% equity interest in Chengdu Shuangsi Culture Broadcasting Co., Ltd (“Shuangsi”) with a fair value determined to be RMB54,391,900 into Shayu, in exchange for 8.309% of newly issued equity interest in Shayu. Shuangsi ceased to be a subsidiary of the Group and a gain on disposal of subsidiary in the amount of RMB23,525,694 was recognized in the combined and consolidated statement of comprehensive income, representing the difference between the fair value of Shuangsi and its carrying value at the date of the transaction. Upon the completion of these transactions, the Group has 35.084% equity interest of Shayu and accounts for its investment in Shayu under the equity method.
[4] In September 2020, the Group injected cash of RMB10,000,000 in DouYu LLP, an equity fund, for 99.99% limited partnership.
XML 93 R72.htm IDEA: XBRL DOCUMENT v3.21.1
Investments - Schedule of investments accounted for under equity method (Parenthetical) (Detail)
 1 Months Ended 12 Months Ended
Dec. 31, 2016
CNY (¥)
Sep. 30, 2020
CNY (¥)
May 31, 2020
CNY (¥)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Nov. 30, 2020
CNY (¥)
Marketable Securities [Line Items]                
Payment for equity method investment       ¥ 276,291,399 $ 42,343,509 ¥ 114,600,000 ¥ 92,500,000  
Equity method investments reclassified to equity securities       212,467,061   32,802,100    
Gain (loss) on disposal of investment or subsidiaries       23,525,694 $ 3,605,470      
Equity securities without readily determinable fair value       288,191,509   192,731,785    
Equity method investment, impairment loss         20,872,725 ¥ 15,166,140  
Hunan Yuyou Starfire Culture Media Co., Ltd [Member]                
Marketable Securities [Line Items]                
Percentage of equity method investment acquired             30.00%  
Payment for equity method investment             ¥ 15,000,000  
Equity method investments reclassified to equity securities [1]           15,139,902    
Equity securities without readily determinable fair value               ¥ 15,274,909
DouYu LLP [Member]                
Marketable Securities [Line Items]                
Percentage of equity method investment acquired   99.99%            
Payment for equity method investment   ¥ 10,000,000            
Others [Member]                
Marketable Securities [Line Items]                
Payment for equity method investment             3,600,000  
Equity method investments reclassified to equity securities       4,077,376        
Equity method investment, impairment loss       ¥ 0   ¥ 20,872,725 ¥ 15,166,140  
Wuhan Shayu Network Technology Co Ltd [Member]                
Marketable Securities [Line Items]                
Percentage of equity method investment acquired 8.50%   19.125% 35.084%        
Payment for equity method investment ¥ 10,000,000   ¥ 24,850,000          
Equity method investments reclassified to equity securities [2]       ¥ 184,555,328        
Equity method investment, Amount agreed to invest     80,000,000          
Fair value of equity interest     43,617,750          
Contribution from share holder     ¥ 18,767,750          
Percentage of equity interest exchanged     8.309%          
Shuangsi Culture Broadcasting Company Limited [Member]                
Marketable Securities [Line Items]                
Gain (loss) on disposal of investment or subsidiaries     ¥ 23,525,694          
Shuangsi Culture Broadcasting Company Limited [Member] | Discontinued Operations Disposed Of By Means Other Than Sale Exchange                
Marketable Securities [Line Items]                
Percentage of equity method investment acquired     100.00%          
Fair value of equity interest     ¥ 54,391,900          
[1] In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30% equity interest in the company. In November 2020, the Group lost significant influence over Yuyou Starfire and reclassified this investment with a carrying amount of RMB15,274,909 to equity securities without readily determinable fair values.
[2] In 2016, the Group invested RMB10 million for 8.5% equity interest in Shayu, a live streaming platform in the PRC, and accounted for this investment as an equity security without a readily determinable fair value. In May 2020, the Group completed the following transactions with respect to its investment in Shayu: • The Group acquired 19.125% equity interest in Shayu from Mr. Chen Shaojie, the Group’s CEO and shareholder for a cash consideration of RMB24,850,000. The purchase price paid by the Group was below fair value of the acquired equity interest, which is determined to be RMB43,617,750 by the Group with the assistance of an independent valuer. The excess amount of RMB18,767,750 between the fair value of the equity interest acquired in Shayu over the price paid is accounted as contribution from shareholder in the combined consolidated statement of change in shareholders’ equity. • The Company injected cash of RMB80,000,000 and its holding of 100% equity interest in Chengdu Shuangsi Culture Broadcasting Co., Ltd (“Shuangsi”) with a fair value determined to be RMB54,391,900 into Shayu, in exchange for 8.309% of newly issued equity interest in Shayu. Shuangsi ceased to be a subsidiary of the Group and a gain on disposal of subsidiary in the amount of RMB23,525,694 was recognized in the combined and consolidated statement of comprehensive income, representing the difference between the fair value of Shuangsi and its carrying value at the date of the transaction. Upon the completion of these transactions, the Group has 35.084% equity interest of Shayu and accounts for its investment in Shayu under the equity method.
XML 94 R73.htm IDEA: XBRL DOCUMENT v3.21.1
Investments - Schedule of investments accounted for under equity securities without readily determinable fair values (Detail) - CNY (¥)
Dec. 31, 2020
Dec. 31, 2019
Marketable Securities [Line Items]    
Equity securities without readily determinable fair value ¥ 288,191,509 ¥ 192,731,785
Technology and software [member]    
Marketable Securities [Line Items]    
Equity securities without readily determinable fair value 49,102,000 59,102,000
Other [Member]    
Marketable Securities [Line Items]    
Equity securities without readily determinable fair value 42,624,500 10,000,000
Content producers [Member]    
Marketable Securities [Line Items]    
Equity securities without readily determinable fair value ¥ 196,465,009 ¥ 123,629,785
XML 95 R74.htm IDEA: XBRL DOCUMENT v3.21.1
Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities (Detail)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Accrued expenses and other current liabilities      
Accrued payroll and welfare ¥ 176,217,767   ¥ 163,309,115
Accrued marketing cost 132,487,573   112,859,994
Deposits 19,994,929   30,566,743
Other tax payable 18,974,895   13,767,363
Payable for repurchase of ordinary shares     53,293,800
Others 36,365,656   18,550,109
Total ¥ 384,040,820 $ 58,856,831 ¥ 392,347,124
XML 96 R75.htm IDEA: XBRL DOCUMENT v3.21.1
Cost of revenues - Schedule of cost of revenue (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Cost of revenues ¥ 8,041,528,585 $ 1,232,418,174 ¥ 6,087,073,336 ¥ 3,503,356,228
Bandwidth costs        
Cost of revenues 661,129,019   617,801,344 555,863,781
Revenue sharing fees and content costs        
Cost of revenues 7,129,094,348   5,176,508,004 2,790,038,662
Others        
Cost of revenues ¥ 251,305,218   ¥ 292,763,988 ¥ 157,453,785
XML 97 R76.htm IDEA: XBRL DOCUMENT v3.21.1
Income taxes - Additional Information (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Tax rate 25.00% 25.00% 25.00%  
Favourable statutory tax rate     15.00% 15.00%
Percentage of research and development expenses entitled to claim tax deductible expenses 175.00% 175.00% 175.00%  
Operating loss carry forwards ¥ 2,414,846,539 ¥ 2,493,643,064    
Withholding income tax for dividends, which arise from profits of foreign invested enterprises 10.00%      
Threshold ownership percentage for reduction in withholding tax rate 25.00%      
Minimum [Member]        
Withholding tax rate is reduced to (for foreign investor qualifies as the beneficial owner) 5.00%      
Maximum [Member]        
Withholding tax rate is reduced to (for foreign investor qualifies as the beneficial owner) 10.00%      
Inland Revenue, Hong Kong [Member]        
Tax rate 16.50%      
State Administration of Taxation, China [Member]        
Tax rate 25.00% 50.00%    
Tax liability limitation threshold ¥ 100,000      
State Administration of Taxation, China [Member] | Wuhan Douyu Yule Internet Technology Co., Ltd. ("Wuhan Yule") [Member] | Income Tax Holiday Period With Hunderd Percent Exemption [Member]        
Income tax holiday period 2 years      
State Administration of Taxation, China [Member] | Wuhan Douyu Yule Internet Technology Co., Ltd. ("Wuhan Yule") [Member] | Income Tax Holiday Period With Fifty Percent Exemption [Member]        
Income tax holiday period 3 years      
XML 98 R77.htm IDEA: XBRL DOCUMENT v3.21.1
Income taxes - Schedule of Income (loss) before income taxes (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Income (loss) before income taxes ¥ 403,429,239 $ 61,828,234 ¥ 36,589,708 ¥ (869,069,143)
CHINA        
Income (loss) before income taxes 710,575,006   143,570,454 (881,940,287)
Foreign [Member]        
Income (loss) before income taxes ¥ (307,145,767)   ¥ (106,980,746) ¥ 12,871,144
XML 99 R78.htm IDEA: XBRL DOCUMENT v3.21.1
Income taxes - Schedule of reconciliation of total tax expenses (Detail)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income taxes      
PRC income tax rate 25.00% 25.00% 25.00%
Expenses not deductible for tax purposes 26.87% 157.72% (2.45%)
Super deduction on research and development expenses (8.37%) (145.44%) 6.14%
Effect of change in income tax rate   (555.07%)  
Effect of tax holiday (36.13%)   (0.27%)
Effect of tax rate in different tax jurisdiction 14.16% 4.82% 0.71%
Change in valuation allowance (21.53%) 512.97% (29.13%)
Total 0.00% 0.00% 0.00%
XML 100 R79.htm IDEA: XBRL DOCUMENT v3.21.1
Income taxes - Schedule of aggregate amount and per share effect of the tax holiday (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income taxes      
The aggregate dollar effect ¥ 145,777,478 ¥ 0 ¥ 2,346,487
Per share effect—basic and diluted ¥ 4.56 ¥ 0 ¥ 0.29
XML 101 R80.htm IDEA: XBRL DOCUMENT v3.21.1
Income taxes - Schedule of deferred tax assets (Detail) - CNY (¥)
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Deferred tax assets        
Tax loss carried forward ¥ 581,481,841 ¥ 609,004,112    
Deductible temporary differences 62,849,372 114,334,735    
Tax basis difference upon 2016 Restructuring 55,895,669 66,897,143    
Allowance for credit loss 6,251,724 5,509,508    
Total deferred tax assets 706,478,606 795,745,498    
Less: valuation allowance (706,478,606) (795,745,498) ¥ (606,708,962) ¥ (353,511,080)
Net deferred tax assets ¥ 0 ¥ 0    
XML 102 R81.htm IDEA: XBRL DOCUMENT v3.21.1
Income taxes - Schedule of movement of deferred tax valuation allowance (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income taxes      
Balance at beginning of the year ¥ 795,745,498 ¥ 606,708,962 ¥ 353,511,080
Increase 72,777,388 408,704,189 253,197,882
Decrease (162,044,280) (219,667,653)  
Balance at end of the year ¥ 706,478,606 ¥ 795,745,498 ¥ 606,708,962
XML 103 R82.htm IDEA: XBRL DOCUMENT v3.21.1
Ordinary shares - Additional information (Detail)
 1 Months Ended 12 Months Ended
Dec. 20, 2019
CNY (¥)
shares
Dec. 20, 2019
USD ($)
shares
Apr. 01, 2018
shares
Jan. 05, 2018
$ / shares
shares
May 31, 2018
shares
Dec. 31, 2020
CNY (¥)
shares
Dec. 31, 2019
CNY (¥)
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Jul. 01, 2019
shares
Ordinary shares authorized shares           500,000,000   500,000,000 500,000,000  
Ordinary shares, par value | $ / shares               $ 0.0001 $ 0.0001  
Ordinary shares subscribed       8,188,790            
Repurchased shares 1,177,499 1,177,499                
Stock repurchase value | ¥           ¥ 526,530,728 ¥ 168,567,125      
Twenty Ninteen Share Repurchase Program [Member]                    
Repurchase of shares | $                 $ 100,000,000  
Stock repurchase program, period in force 12 months 12 months                
Stock repurchase value ¥ 695,097,853 $ 99,999,998                
Repurchase of ordinary shares paid           ¥ 115,273,325   $ 16,471,881    
2018 Restricted Share Unit Scheme [Member]                    
Ordinary shares, par value | $ / shares       $ 0.0001            
Restricted Stock Units (RSUs) [Member] | 2018 Restricted Share Unit Scheme [Member]                    
Shares issued for employee benefit plan     2,106,321              
Angel Preferred Stock [Member]                    
Number of shares converted       2,944,395            
Series B-4 Preferred Shares [Member]                    
Shares issued         125,000          
IPO [member]                    
Shares Issued                   4,492,473
Ordinary Shares [Member]                    
Number of shares converted       2,944,395            
Repurchased shares 291,207 291,207     125,000          
Shares issued for employee benefit plan           693,527 289,451      
XML 104 R83.htm IDEA: XBRL DOCUMENT v3.21.1
Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Noncontrolling Interest [Abstract]      
Net income (loss) attributable to DouYu's ordinary shareholders ¥ 485,498,597 ¥ 39,753,232 ¥ (876,279,828)
Transfers to noncontrolling interest      
Decrease in DouYu's additional paid-in capital for acquisition of noncontrolling interest in Shuangsi [1] (2,271,492)    
Decrease in DouYu's additional paid-in capital due to capital contribution from noncontrolling interest shareholder in DouYu Japan [2] (7,700,837)    
Increase in DouYu's additional paid-in capital due to repurchase of noncontrolling interest in Gogo Glocal (Note 14) 11,171,730    
Decrease in DouYu's additional paid-in capital due to vest of Gogo Glocal's noncontrolling interest restricted shares (Note 14)   (22,209,344)  
Decrease in DouYu's additional paid-in capital for acquisition of shares of Gogo Glocal's noncontrolling interest   (11,107,350)  
Net transfers to noncontrolling interest 1,199,401 (33,316,694)  
Change from net income attribute to DouYu and transfers to noncontrolling interest ¥ 486,697,998 ¥ 6,436,538 ¥ (876,279,828)
[1] In March 2020, the Group purchased 15% equity of Chengdu Shuangsi with cash consideration of RMB4,500,000. The difference between the fair value of the consideration paid and the carrying amount of the noncontrolling interest acquired was recognized in additional paid-in capital.
[2] In April, June and November, 2020, the Group and noncontrolling interest shareholder purchased the newly issued common shares of DouYu Japan with consideration of JPY4,189,200,000 (equivalent of RMB272,248,433 ) and JPY1,610,800,000 (equivalent of RMB105,129,847 ), respectively. As a result of these transactions, the noncontrolling interest shareholder’s ownership interest increased from 14.9% to 28.9% while the Group retains its controlling financial interest in DouYu Japan. The difference between the consideration received and the amount of the noncontrolling interest was adjusted was recognized in additional paid-in capital.
XML 105 R84.htm IDEA: XBRL DOCUMENT v3.21.1
Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Parenthetical) (Detail)
 1 Months Ended
Nov. 30, 2020
CNY (¥)
Nov. 30, 2020
JPY (¥)
Jun. 30, 2020
CNY (¥)
Jun. 30, 2020
JPY (¥)
Mar. 31, 2020
CNY (¥)
Chengdu Shuangsi [Member]          
Business acquisition, consideration         ¥ 4,500,000
Increase in noncontrolling interest, ownership percentage         15.00%
DouYu Japan [Member]          
Business acquisition, consideration ¥ 105,129,847 ¥ 1,610,800,000 ¥ 272,248,433 ¥ 4,189,200,000  
DouYu Japan [Member] | Maximum [Member]          
Increase in noncontrolling interest, ownership percentage 28.90% 28.90%      
DouYu Japan [Member] | Minimum [Member]          
Increase in noncontrolling interest, ownership percentage 14.90% 14.90%      
XML 106 R85.htm IDEA: XBRL DOCUMENT v3.21.1
Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Class of Stock [Line Items]    
Beginning balance ¥ 1,260,439,815  
Ending balance   ¥ 1,260,439,815
Series A Preferred Equity [Member]    
Class of Stock [Line Items]    
Beginning balance 106,999,090 106,999,090
Conversion into ordinary shares upon IPO (106,999,090)  
Ending balance 106,999,090
Series B-1 Preferred Equity [Member]    
Class of Stock [Line Items]    
Beginning balance 56,187,500 56,187,500
Conversion into ordinary shares upon IPO (56,187,500)  
Ending balance 56,187,500
Series B-2 Preferred Equity [Member]    
Class of Stock [Line Items]    
Beginning balance 464,343,750 464,343,750
Conversion into ordinary shares upon IPO (464,343,750)  
Ending balance 464,343,750
Series B-3 Preferred Equity [Member]    
Class of Stock [Line Items]    
Beginning balance 202,671,887 202,671,887
Conversion into ordinary shares upon IPO (202,671,887)  
Ending balance 202,671,887
Series B-4 Preferred Shares [Member]    
Class of Stock [Line Items]    
Beginning balance [1] 22,254,400  
Issuance [1]   22,254,400
Conversion into ordinary shares upon IPO [1] (22,254,400)  
Ending balance [1] 22,254,400
Series C-1 Preferred Equity [Member]    
Class of Stock [Line Items]    
Beginning balance 1,265,848,000 1,265,848,000
Conversion into ordinary shares upon IPO (1,265,848,000)  
Ending balance 1,265,848,000
Series C-2 Preferred Equity [Member]    
Class of Stock [Line Items]    
Beginning balance [2]   33,333,333
Issuance [2]   (33,333,333)
Ending balance [2]  
Series D Preferred Equity [Member]    
Class of Stock [Line Items]    
Beginning balance 500,000,000 500,000,000
Conversion into ordinary shares upon IPO (500,000,000)  
Ending balance 500,000,000
Series E Preferred Shares [Member]    
Class of Stock [Line Items]    
Beginning balance [3] 4,026,518,012  
Issuance [3]   4,026,518,012
Conversion into ordinary shares upon IPO [3] (4,026,518,012)  
Ending balance [3] ¥ 4,026,518,012
[1] In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial.
[2] In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital.
[3] On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share purchase price of US$80.57 for cash consideration of RMB4,026,518,012.
XML 107 R86.htm IDEA: XBRL DOCUMENT v3.21.1
Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Parenthetical) (Detail)
 1 Months Ended 12 Months Ended
Dec. 20, 2019
shares
May 29, 2018
CNY (¥)
May 31, 2018
shares
Jan. 31, 2018
CNY (¥)
Dec. 31, 2018
CNY (¥)
May 29, 2018
$ / shares
shares
Class of Stock [Line Items]            
Repurchased shares | shares 1,177,499          
Repurchase of Preferred Equity         ¥ 39,995,000  
Deemed dividend upon repurchase of Preferred Equity         ¥ 6,661,667  
Ordinary Shares [Member]            
Class of Stock [Line Items]            
Repurchased shares | shares 291,207   125,000      
Series C-2 Preferred Equity [Member]            
Class of Stock [Line Items]            
Repurchase of Preferred Equity       ¥ 39,995,000    
Deemed dividend upon repurchase of Preferred Equity       ¥ 6,661,667    
Series E Preferred Shares [Member]            
Class of Stock [Line Items]            
Preferred shares issued | shares           7,828,728
Preferred shares per-share purchase price | $ / shares           $ 80.57
Preferred shares cash consideration   ¥ 4,026,518,012        
XML 108 R87.htm IDEA: XBRL DOCUMENT v3.21.1
Convertible redeemable preferred shares - Additional information (Detail) - CNY (¥)
 1 Months Ended
Dec. 20, 2019
Jan. 31, 2015
May 31, 2018
Jan. 31, 2018
Nov. 14, 2017
Aug. 31, 2016
Apr. 30, 2016
Apr. 30, 2015
Dec. 31, 2020
Class of Stock [Line Items]                  
Repurchased shares 1,177,499                
Liquidation value for all preferred shares                 ¥ 0
Ordinary Shares [Member]                  
Class of Stock [Line Items]                  
Repurchased shares 291,207   125,000            
Beijing Sequoia Xinyuan Equity Investment Center LLP [Member]                  
Class of Stock [Line Items]                  
Convertible loan and a detachable warrant, total proceeds               ¥ 50,000,000  
Series A Preferred Equity [Member] | Beijing Sequoia Xinyuan Equity Investment Center LLP [Member]                  
Class of Stock [Line Items]                  
Percentage of equity interest with preference rights   20.49%              
Cash consideration received   ¥ 106,999,090              
Series B-1 Preferred Equity [Member] | Beijing Sequoia Xinyuan Equity Investment Center LLP [Member]                  
Class of Stock [Line Items]                  
Percentage of equity interest with preference rights             2.71%    
Conversion of outstanding loan principal and unpaid interest, Value             ¥ 56,187,500    
Series B-2 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member]                  
Class of Stock [Line Items]                  
Percentage of equity interest with preference rights             18.80%    
Cash consideration received             ¥ 381,504,000    
Series B-3 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member]                  
Class of Stock [Line Items]                  
Percentage of equity interest with preference rights             1.96%    
Cash consideration received             ¥ 50,000,000    
Series B-2 and B-3 Preferred Equity [Member]                  
Class of Stock [Line Items]                  
Deemed dividend recognized             72,736,597    
Series B-2 and B-3 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member]                  
Class of Stock [Line Items]                  
Deemed dividend recognized             ¥ 85,378,540    
Percentage of equity interest repurchased             5.95%    
Repurchase of equity interest             ¥ 162,775,040    
Equity repurchased fair value             ¥ 77,396,500    
Series C-1 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member]                  
Class of Stock [Line Items]                  
Percentage of equity interest with preference rights           15.80%      
Cash consideration received           ¥ 1,067,000,000      
Deemed dividend recognized           126,827,921      
Repurchase of equity interest           198,848,000      
Equity repurchased fair value           ¥ 72,020,079      
Percentage of equity interest repurchased and cancelled           2.94%      
Series C-2 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member]                  
Class of Stock [Line Items]                  
Deemed dividend recognized       ¥ 6,661,667          
Repurchase of equity interest       ¥ 39,995,000          
Series C-2 Preferred Equity [Member] | Shanghai Qincheng Investment Center LLP [Member]                  
Class of Stock [Line Items]                  
Cash consideration received           ¥ 30,000,000      
Percentage of equity called by warrants           0.49%      
Series D Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member]                  
Class of Stock [Line Items]                  
Percentage of equity interest with preference rights         5.81%        
Cash consideration received         ¥ 500,000,000        
XML 109 R88.htm IDEA: XBRL DOCUMENT v3.21.1
Share-based compensation - Schedule of non-vested restricted equity activity (Detail) - Restricted Stock [Member]
 12 Months Ended
Dec. 31, 2020
¥ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-vested restricted equity beginning balance | shares 2,049,466
Vested | shares (62,105)
Forfeited | shares (1,429,906) [1]
Cancellation | shares (557,455) [2]
Non-vested restricted equity ending balance | shares
Weighted average grant-date fair vale Outstanding | ¥ / shares ¥ 31.50
Weighted average grant-date fair value, Vested | ¥ / shares 31.50
Weighted average grant-date fair value, Forfeited | ¥ / shares 31.50 [1]
Weighted average grant-date fair value, Cancellation | ¥ / shares 31.50 [2]
Weighted average grant-date fair vale Outstanding | ¥ / shares
[1] In February 2020, the Group repurchased 1,429,906 shares of unvested restricted shares from one of the Gogo Glocal’s founders with a consideration of US$1 due to the early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares.
[2] In February 2020, the Group canceled 557,455 unvested restricted shares granted. The corresponding unrecognized share-based compensation expense of RMB7,451,210 was immediately recognized in the combined and consolidated statement of comprehensive income for the year ended December 31, 2020.
XML 110 R89.htm IDEA: XBRL DOCUMENT v3.21.1
Share-based compensation - Schedule of restricted share units activity (Detail) - Restricted Stock Units (RSUs) [Member] - ¥ / shares
 1 Months Ended 12 Months Ended
Feb. 29, 2020
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Non-vested restricted equity beginning balance   1,794,586  
Restricted share units, Vested in period   (693,527)  
Restricted share units, Forfeited in period (557,455) (4,392)  
Non-vested restricted equity ending balance   1,096,667 1,794,586
Weighted average grant-date fair vale Outstanding   ¥ 274.55  
Weighted average grant-date fair value, Vested   274.55  
Weighted average grant-date fair value, Forfeited   274.55  
Weighted average grant-date fair vale Outstanding   ¥ 274.55 ¥ 274.55
Weighted average remaining contractual life   1 year 6 months 29 days 2 years 6 months 29 days
XML 111 R90.htm IDEA: XBRL DOCUMENT v3.21.1
Share-based compensation - Additional information (Detail)
 1 Months Ended 6 Months Ended 12 Months Ended
Dec. 20, 2019
shares
Oct. 31, 2018
shares
Apr. 01, 2018
¥ / shares
shares
Feb. 29, 2020
USD ($)
shares
Sep. 30, 2019
CNY (¥)
¥ / shares
shares
Jun. 30, 2020
CNY (¥)
Dec. 31, 2020
CNY (¥)
¥ / shares
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
CNY (¥)
¥ / shares
Dec. 31, 2018
CNY (¥)
Sep. 30, 2019
$ / shares
Dec. 31, 2018
$ / shares
Dec. 31, 2018
¥ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Share-based compensation expenses             ¥ 142,154,361 $ 21,786,109 ¥ 290,781,764 ¥ 35,404,887      
Incremental compensation cost | ¥                 28,224,142        
Stock repurchased during period, shares 1,177,499                        
Stock repurchase value | ¥             ¥ 526,530,728   ¥ 168,567,125        
Fair value per share | ¥ / shares         ¥ 43.92                
Recognized compensation expense | ¥           ¥ 7,451,210              
Nonolive [member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Transfer restriction and repurchase consideration per share | $ / shares                     $ 1    
Number of shares issued subject to transfer restriction         2,163,325                
Restricted Stock Units (RSUs) [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Fair value per share of the restricted equity | ¥ / shares             ¥ 274.55   ¥ 274.55        
Forfeited of unvested restricted shares       557,455     4,392 4,392          
Restricted Stock Units (RSUs) [Member] | 2018 Restricted Share Unit Scheme [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Share-based compensation expenses | ¥             ¥ 134,124,800   ¥ 235,506,658 0      
Fair value per share of the restricted equity | ¥ / shares     ¥ 274.51                    
Total unrecognized share-based compensation expense | ¥             207,249,251   342,243,484        
Ordinary shares issued to trust as a reserve pool for future issuance of equity share     2,106,321                    
Restricted share units, effective period     10 years                    
Restricted share units, grants in period     2,098,069                    
Restricted Stock [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Aggregate fair value of the restricted equity | ¥             80,100,005            
Share-based compensation expenses | ¥             ¥ 0   ¥ 0 17,574,638      
Fair value per share of the restricted equity | ¥ / shares               ¥ 31.50        
Fair value per share | ¥ / shares                 ¥ 43.92        
Forfeited of unvested restricted shares [1]             1,429,906 1,429,906          
Restricted Stock [Member] | Nonolive [member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Stock repurchased during period, shares         1,696,895                
Restricted Stock [Member] | Nonolive [member] | Founder One [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Stock repurchased during period, shares         1,039,780                
Restricted Stock [Member] | 2018 Restricted Share Unit Scheme [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Restricted share units, vesting condition     The restricted share units will begin vesting by equal instalment for 36 months upon a qualified IPO.                    
Gogo Glocal Holding Limited [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Stock repurchased during period, shares       1,429,906                  
Stock repurchase value | $       $ 1                  
Gogo Glocal Holding Limited [Member] | Restricted Stock [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Aggregate fair value of the restricted equity | ¥                   90,425,865      
Share-based compensation expenses | ¥             ¥ 8,029,561   ¥ 55,275,106 ¥ 17,830,249      
Ordinary shares issued in connection of the acquisition   4,900,000                      
Percentage of equity issued in connection of the acquisition   46.00%                      
Transfer restriction and repurchase consideration per share | $ / shares                       $ 1  
Requisite employment service period                   15 months      
Fair value per share of the restricted equity | ¥ / shares                         ¥ 18.45
Nonolive [member] | Restricted Stock [Member] | Founder One [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Stock repurchased during period, shares         444,444                
Repurchase of shares | ¥         ¥ 100,000,000                
[1] In February 2020, the Group repurchased 1,429,906 shares of unvested restricted shares from one of the Gogo Glocal’s founders with a consideration of US$1 due to the early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares.
XML 112 R91.htm IDEA: XBRL DOCUMENT v3.21.1
Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of basic and diluted net income (loss) per share (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
¥ / shares
shares
Dec. 31, 2020
$ / shares
Dec. 31, 2019
CNY (¥)
¥ / shares
shares
Dec. 31, 2018
CNY (¥)
¥ / shares
shares
Numerator:        
Net income (loss) attributable to DouYu Holdings Limited shareholders ¥ 485,498,597   ¥ 39,753,232 ¥ (876,279,828)
Deemed dividend       (6,661,667)
Amounts allocated to convertible redeemable preferred shares for participating rights to dividends     (14,283,763)  
Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share ¥ 485,498,597   ¥ 25,469,469 ¥ (882,941,495)
Denominator:        
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share | shares 31,963,526   19,254,661 8,115,160
Basic net income (loss) per ordinary share | (per share) ¥ 15.19 $ 2.33 ¥ 1.32 ¥ (108.80)
Numerator:        
Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited ¥ 485,498,597   ¥ 25,469,469 ¥ (882,941,495)
Add: undistributed earnings allocated to participating securities     14,283,763  
Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share ¥ 485,498,597   ¥ 39,753,232 ¥ (882,941,495)
Denominator:        
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share | shares 31,963,526   19,254,661 8,115,160
Add: conversion of convertible redeemable preferred shares into ordinary shares | shares     10,798,380  
Restricted Share Units | shares 1,049,156   1,389,890  
Weighted average ordinary shares used in computing diluted income (loss) per ordinary share | shares 33,012,682   31,442,931 8,115,160
Diluted net income (loss) per ordinary share | (per share) ¥ 14.71 $ 2.25 ¥ 1.26 ¥ (108.80)
XML 113 R92.htm IDEA: XBRL DOCUMENT v3.21.1
Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of antidilutive securities excluded from computation of earnings per share (Detail) - shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities 22,004,174
Convertible Redeemable Preferred Equity/Shares [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities     19,906,105
Restricted Stock Units (RSUs) [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities     2,098,069
XML 114 R93.htm IDEA: XBRL DOCUMENT v3.21.1
Statutory reserves and restricted net assets - Additional information (Detail)
Dec. 31, 2020
CNY (¥)
Statutory reserves and restricted net assets [Abstract]  
Total restricted net assets ¥ 3,476,357,108
XML 115 R94.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information - Schedule of revenue by type of service provided by the Group (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Segment Reporting Information [Line Items]        
Revenues ¥ 9,601,873,937 $ 1,471,551,561 ¥ 7,283,230,253 ¥ 3,654,383,126
Live Streaming [Member]        
Segment Reporting Information [Line Items]        
Revenues 8,852,225,839   6,617,291,032 3,147,196,247
Advertisement [Member]        
Segment Reporting Information [Line Items]        
Revenues 645,227,128   513,265,806 342,169,195
Other [Member]        
Segment Reporting Information [Line Items]        
Revenues ¥ 104,420,970   ¥ 152,673,415 ¥ 165,017,684
XML 116 R95.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information - Additional Information (Detail) - CHINA - Customer Concentration Risk [Member]
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenue [Member]      
Segment Reporting Information [Line Items]      
Concentration risk percentage 98.80% 99.50% 99.80%
Long Lived Assets [Member]      
Segment Reporting Information [Line Items]      
Concentration risk percentage 100.00% 100.00%  
XML 117 R96.htm IDEA: XBRL DOCUMENT v3.21.1
Related party transactions - Schedule of major related parties and their relationships (Detail)
 12 Months Ended
Dec. 31, 2020
Tencent Holdings Limited ("Tencent Group") [Member]  
Related Party Transaction [Line Items]  
Nature of company relationship with the group Parent company of one of our ordinary shareholders
XML 118 R97.htm IDEA: XBRL DOCUMENT v3.21.1
Related party transactions - Schedule of significant related party transactions (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]      
Revenue derived from related parties ¥ 32,910,229 ¥ 108,214,768 ¥ 75,946,677
Fee paid to related parties 441,698,772 720,460,329 229,901,724
Equity method investees talent agencies [Member]      
Related Party Transaction [Line Items]      
Fee paid to related parties 435,496,349 715,473,955 229,901,724
Tencent Group [Member]      
Related Party Transaction [Line Items]      
Fee paid to related parties 6,202,423 4,986,374  
Purchased from related parties 75,528,302 112,354,423 116,100,000
Live Streaming Revenue [Member]      
Related Party Transaction [Line Items]      
Revenue derived from related parties 23,679,248 78,933,963 28,569,979
Live Streaming Revenue [Member] | Equity method investees talent agencies [Member]      
Related Party Transaction [Line Items]      
Revenue derived from related parties 23,679,248 78,933,963 25,164,152
Live Streaming Revenue [Member] | Tencent Group [Member]      
Related Party Transaction [Line Items]      
Revenue derived from related parties     3,405,827
Advertisement Revenue [Member] | Tencent Group [Member]      
Related Party Transaction [Line Items]      
Revenue derived from related parties 743,697 2,699,737 27,483,962
Bandwidth Fees [Member] | Tencent Group [Member]      
Related Party Transaction [Line Items]      
Fee paid to related parties 212,785,773 230,752,735 258,981,005
Others [Member]      
Related Party Transaction [Line Items]      
Other revenue derived from related parties 8,487,284 26,581,068 19,892,736
Others [Member] | Equity method investees talent agencies [Member]      
Related Party Transaction [Line Items]      
Other revenue derived from related parties 204,533    
Others [Member] | Tencent Group [Member]      
Related Party Transaction [Line Items]      
Other revenue derived from related parties 8,282,751 26,581,068 19,892,736
Payment handling fees [Member] | Tencent Group [Member]      
Related Party Transaction [Line Items]      
Fee paid to related parties ¥ 36,033,966 ¥ 29,546,113 ¥ 12,656,246
XML 119 R98.htm IDEA: XBRL DOCUMENT v3.21.1
Related party transactions - Schedule of amounts due from/to related parties (Detail)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Related Party Transaction [Line Items]        
Amount due from related parties ¥ 9,045,078 $ 1,386,219 ¥ 24,043,850 ¥ 64,070,214
Amounts due to related parties 223,524,929 $ 34,256,694 298,733,022 1,628,307,520
Tencent Group [Member]        
Related Party Transaction [Line Items]        
Amount due from related parties 9,045,078   23,935,019 56,840,030
Amounts due to related parties 201,579,602   251,069,127 227,897,451
Beijing Sequoia Xinyuan Equity Investment Center LLP [Member]        
Related Party Transaction [Line Items]        
Amounts due to related parties [1]       1,355,094,229
Shaojie Chen [Member]        
Related Party Transaction [Line Items]        
Amounts due to related parties       39,995,000
Equity method investees talent agencies [Member]        
Related Party Transaction [Line Items]        
Amount due from related parties     108,831 7,230,184
Amounts due to related parties ¥ 21,945,327   ¥ 47,663,895 ¥ 5,320,840
[1] In May 2018, as an integrated step of the 2018 Restructuring (Note 1), in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US$197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount, equivalent to RMB1,260,439,815, has been received by the Company but the redemption amount, equivalent to RMB1,355,094,229, has not yet been paid by Wuhan Douyu, which was considered as a non-cash financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018. The redemption amount is denominated in US$ and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. US$197,443,500 equivalent in the amount of RMB1,323,049,149 was fully settled in March, 2019.
XML 120 R99.htm IDEA: XBRL DOCUMENT v3.21.1
Related party transactions - Schedule of amounts due from/to related parties (Parenthetical) (Detail)
 1 Months Ended 12 Months Ended
Mar. 31, 2019
CNY (¥)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
CNY (¥)
May 31, 2018
CNY (¥)
May 31, 2018
USD ($)
Related Party Transaction [Line Items]          
Preferred share redemption value     ¥ 1,260,439,815 ¥ 1,358,253,325 $ 197,443,500
Foreign exchange loss recognized from redemption of preferred equity investment with related party     94,654,414    
Related party transaction, advance payment received     ¥ 1,355,094,229    
Beijing Sequoia Xinyuan Equity Investment Center LLP [Member]          
Related Party Transaction [Line Items]          
Proceeds from redemption of preferred equity investment settled ¥ 1,323,049,149 $ 197,443,500      
XML 121 R100.htm IDEA: XBRL DOCUMENT v3.21.1
Leases - Summary of Lease Cost (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Lessee Disclosure [Abstract]      
Operating lease expense ¥ 44,300,218    
Short-term lease expense 7,781,246    
Total lease expense ¥ 52,081,464 ¥ 39,845,627 ¥ 36,914,653
XML 122 R101.htm IDEA: XBRL DOCUMENT v3.21.1
Leases - Summary of Lease Cost (Parenthetical) (Detail) - CNY (¥)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Lessee Disclosure [Abstract]      
Total lease expense ¥ 52,081,464 ¥ 39,845,627 ¥ 36,914,653
XML 123 R102.htm IDEA: XBRL DOCUMENT v3.21.1
Leases - Summary of information related to operating lease payments (Detail) - 12 months ended Dec. 31, 2020
CNY (¥)
USD ($)
Leases [Abstract]    
Operating leases right-of-use assets ¥ 62,141,054 $ 9,523,533
Current portion of lease liabilities 36,280,773 5,560,272
Non-current portion of lease liabilities ¥ 16,951,948 $ 2,598,000
Weighted-average remaining lease term (in years) – operating leases 1 year 9 months 1 year 9 months
Weighted-average discount rate – operating leases 4.25% 4.25%
Cash paid for operating leases ¥ 54,493,222  
Lease liabilities arising from obtaining right-of-use assets ¥ 25,873,961  
XML 124 R103.htm IDEA: XBRL DOCUMENT v3.21.1
Leases - Summary of future minimum lease payments under non-cancellable operating lease agreements (Detail)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]      
2021 ¥ 39,752,994    
2022 12,610,408    
2023 4,498,810    
2024 and thereafter 254,800    
Total undiscounted cash flows 57,117,012    
Less: imputed interest 3,884,291    
Total 53,232,721    
Lease liabilities due within one year 36,280,773 $ 5,560,272  
Lease liabilities due after one year ¥ 16,951,948 $ 2,598,000  
2020     ¥ 45,023,403
2021     26,297,961
2022     11,451,395
2023     1,297,103
2024 and thereafter     ¥ 0
XML 125 R104.htm IDEA: XBRL DOCUMENT v3.21.1
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Detail)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Current assets:        
Cash and cash equivalents ¥ 5,279,902,398 $ 809,180,444 ¥ 8,091,990,270 ¥ 5,562,204,889
Short-term deposits 2,230,229,000 341,797,548    
Prepayments 66,257,313 10,154,377 50,304,112  
Other current assets 236,704,095 36,276,490 204,309,593  
Amount due from subsidiaries and VIEs 9,045,078 1,386,219 24,043,850 64,070,214
Total current assets 8,033,757,092 1,231,227,140 8,601,650,417  
Other non-current assets 19,004,481 2,912,564 8,546,843  
TOTAL ASSETS 8,907,957,330 1,365,204,188 9,103,670,339  
Current liabilities:        
Accrued expenses and other current liabilities 384,040,820 58,856,831 392,347,124  
Amount due to subsidiaries and VIEs 223,524,929 34,256,694 298,733,022 ¥ 1,628,307,520
Deferred revenue 242,013,205 37,090,146 195,982,486  
Total current liabilities 1,882,843,827 288,558,441 1,794,236,117  
TOTAL LIABILITIES 1,930,574,343 295,873,463 1,840,306,465  
Shareholders' equity (deficit)        
Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized, 34,568,689 shares issued, 32,751,819 and 33,445,346 shares outstanding as of December 31, 2019 and 2020, respectively) 22,630 3,468 22,144  
Treasury shares (291,207 and 1,177,499 shares as of December 31, 2019 and 2020, respectively) (695,097,853) (106,528,407) (168,567,125)  
Accumulated deficit (2,863,219,263) (438,807,550) (3,348,717,860)  
Accumulated other comprehensive income 10,911,853 1,672,314 434,893,990  
Total DouYu Shareholder's Equity 6,939,016,248 1,063,450,765 7,241,909,004  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,907,957,330 1,365,204,188 9,103,670,339  
Parent Company        
Current assets:        
Cash and cash equivalents 4,449,399,546 681,900,314 7,140,577,532  
Short-term deposits 1,370,229,000 209,996,782    
Prepayments 889,759 136,362 838,398  
Other current assets 24,267,221 3,719,113 56,840,976  
Amount due from subsidiaries and VIEs 38,099,544 5,839,010 39,995,433  
Total current assets 5,882,885,070 901,591,581 7,238,252,339  
Other non-current assets  
Investments in subsidiaries and VIEs 1,118,657,273 171,441,728 124,167,455  
TOTAL ASSETS 7,001,542,343 1,073,033,309 7,362,419,794  
Current liabilities:        
Accrued expenses and other current liabilities 19,118,882 2,930,097 60,938,325  
Amount due to subsidiaries and VIEs 317,218 48,616 339,159  
Deferred revenue 12,311,427 1,886,809 13,162,958  
Total current liabilities 31,747,527 4,865,522 74,440,442  
Non-current liabilities 30,778,568 4,717,022 46,070,348  
TOTAL LIABILITIES 62,526,095 9,582,544 120,510,790  
Shareholders' equity (deficit)        
Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized, 34,568,689 shares issued, 32,751,819 and 33,445,346 shares outstanding as of December 31, 2019 and 2020, respectively) 22,630 3,468 22,144  
Treasury shares (291,207 and 1,177,499 shares as of December 31, 2019 and 2020, respectively) (695,097,853) (106,528,407) (168,567,125)  
Additional paid-in capital 10,486,398,881 1,607,110,940 10,324,277,855  
Accumulated deficit (2,863,219,263) (438,807,550) (3,348,717,860)  
Accumulated other comprehensive income 10,911,853 1,672,314 434,893,990  
Total DouYu Shareholder's Equity 6,939,016,248 1,063,450,765 7,241,909,004  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ¥ 7,001,542,343 $ 1,073,033,309 ¥ 7,362,419,794  
XML 126 R105.htm IDEA: XBRL DOCUMENT v3.21.1
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Parenthetical) (Detail) - $ / shares
Dec. 31, 2020
Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]    
Ordinary stock, par value $ 0.0001 $ 0.0001
Ordinary stock, shares authorized 500,000,000 500,000,000
Ordinary stock, shares issued 34,568,689 34,568,689
Ordinary stock, shares outstanding 33,445,346 32,751,819
Treasury Stock, Common, Shares 1,177,499 291,207
Parent Company    
Condensed Financial Statements, Captions [Line Items]    
Ordinary stock, par value $ 0.0001 $ 0.0001
Ordinary stock, shares authorized 500,000,000 500,000,000
Ordinary stock, shares issued 34,568,689 34,568,689
Ordinary stock, shares outstanding 33,445,346 32,751,819
Treasury Stock, Common, Shares 1,177,499 291,207
XML 127 R106.htm IDEA: XBRL DOCUMENT v3.21.1
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Condensed Income Statements, Captions [Line Items]        
General and administrative expenses ¥ (375,935,570) $ (57,614,647) ¥ (446,142,859) ¥ (196,824,280)
Research and development expenses 416,272,985 63,796,626 383,886,857 329,334,413
Other operating income (expense), net 74,298,644 11,386,765 100,898,056 54,910,077
Interest income 145,235,383 22,258,296 159,096,901 85,840,246
Equity in equity (deficit) of subsidiaries and VIE 1,306,287 200,197 (3,241,580) (7,210,685)
Net income (loss) 404,735,526 62,028,431 33,348,128 (876,279,828)
Other comprehensive income (loss):        
Comprehensive income (loss) attributable to the ordinary shareholders 61,516,460 9,427,808 149,054,009 (550,686,615)
Parent Company        
Condensed Income Statements, Captions [Line Items]        
General and administrative expenses (63,824,140) (9,781,477) (41,464,310) (11,697,585)
Research and development expenses (3,787,468) (580,455)    
Other operating income (expense), net 13,014,651 1,994,583 6,508,518 (338)
Interest income 116,756,835 17,893,768 148,245,151 68,216,989
Equity in equity (deficit) of subsidiaries and VIE 423,338,719 64,879,494 (73,536,127) (932,798,894)
Net income (loss) 485,498,597 74,405,913 39,753,232 (876,279,828)
Other comprehensive income (loss):        
Foreign currency translation adjustment (423,982,137) (64,978,105) 109,300,777 325,593,213
Comprehensive income (loss) attributable to the ordinary shareholders ¥ 61,516,460 $ 9,427,808 ¥ 149,054,009 ¥ (550,686,615)
XML 128 R107.htm IDEA: XBRL DOCUMENT v3.21.1
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Detail)
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income (loss) ¥ 404,735,526 $ 62,028,431 ¥ 33,348,128 ¥ (876,279,828)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Loss from equity in earnings of subsidiaries and VIEs (1,306,287) (200,197) 3,241,580 7,210,685
Share-based compensation 142,154,361 21,786,109 290,781,764 35,404,887
Changes in operating assets and liabilities:        
Prepayments (26,602,239) (4,076,971) 85,451,242 (50,864,521)
Other current assets (33,345,122) (5,110,364) 25,627,488 (133,691,495)
Other non-current assets (10,457,638) (1,602,703) (723,216) (8,468,841)
Amount due from subsidiaries and VIEs 14,909,528 2,284,985 40,026,364 (50,533,854)
Accrued expenses and other current liabilities 43,125,766 6,609,313 24,734,559 105,273,090
Amount due to subsidiaries and VIEs (75,208,093) (11,526,145) 65,514,731 72,956,231
Net cash provided by (used in) operating activities 667,648,867 102,321,664 813,176,020 (337,586,406)
Purchases of short-term investments 4,836,476,896 741,222,513 4,309,500,000 2,770,000,000
Cash used in investing activities (2,612,619,827) (400,401,504) (246,303,031) (264,950,385)
Proceeds on issuance of ordinary shares through IPO     3,422,497,233 5,207
Payment of deferred offering costs     36,249,484 6,876,834
Repurchase of ordinary shares (579,824,528) (88,861,997) (115,273,325)  
Capital investment from a preferred shareholder in connection with 2018 Restructuring       1,260,439,815
Cash provided by (used in) financing activities (479,194,681) (73,439,798) 1,896,331,830 5,280,086,200
Effect of foreign exchange rate changes (418,949,871) (64,206,877) 109,483,281 345,053,928
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,843,115,512) (435,726,515) 2,572,688,100 5,022,603,337
Cash, cash equivalent and restricted cash at the beginning of the year 8,134,892,989 1,246,726,894 5,562,204,889 539,601,552
Cash, cash equivalent and restricted cash at the end of the year 5,291,777,477 811,000,379 8,134,892,989 5,562,204,889
Supplemental disclosure on non-cash investing and financing activities:        
Deferred offering costs payable       6,353,017
Parent Company        
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income (loss) 485,498,597 74,405,913 39,753,232 (876,279,828)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Loss from equity in earnings of subsidiaries and VIEs (423,338,719) (64,879,494) 73,536,127 932,798,894
Share-based compensation 16,059,123 2,461,168 23,241,480  
Changes in operating assets and liabilities:        
Prepayments (51,361) (7,871) (789,065) (49,333)
Other current assets 32,573,755 4,992,146 3,661,959 (60,502,935)
Other non-current assets       (6,353,017)
Amount due from subsidiaries and VIEs 1,895,888 290,557 (39,995,000) (426)
Accrued expenses and other current liabilities 11,474,356 1,758,522 (4,197,822) 11,842,346
Amount due to subsidiaries and VIEs       333,665
Other liabilities (16,143,311) (2,474,071) 59,233,306  
Net cash provided by (used in) operating activities 107,968,328 16,546,870 154,444,217 1,789,366
Purchases of short-term investments (1,370,229,000) (209,996,782)    
Investment in subsidiaries (425,088,709) (65,147,695) (151,881,863) (1,853,885,036)
Cash used in investing activities (1,795,317,709) (275,144,477) (151,881,863) (1,853,885,036)
Proceeds on issuance of ordinary shares through IPO     3,422,497,233 5,207
Deferred offering cost       (6,876,834)
Payment of deferred offering costs     (36,249,484)  
Repurchase of ordinary shares (579,824,528) (88,861,997) (115,273,325)  
Capital contribution from convertible redeemable preferred shareholders       4,026,518,012
Capital investment from a preferred shareholder in connection with 2018 Restructuring       1,260,439,815
Cash provided by (used in) financing activities (579,824,528) (88,861,997) 3,270,974,424 5,280,086,200
Effect of foreign exchange rate changes (424,004,077) (64,981,468) 109,306,264 329,743,960
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,691,177,986) (412,441,072) 3,382,843,042 3,757,734,490
Cash, cash equivalent and restricted cash at the beginning of the year 7,140,577,532 1,094,341,386 3,757,734,490
Cash, cash equivalent and restricted cash at the end of the year ¥ 4,449,399,546 $ 681,900,314 7,140,577,532 3,757,734,490
Supplemental disclosure on non-cash investing and financing activities:        
Deferred offering costs payable       ¥ 6,353,017
Payable for repurchase of ordinary shares not yet paid     ¥ 53,293,800  
XML 129 R108.htm IDEA: XBRL DOCUMENT v3.21.1
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - Additional information (Detail)
Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]  
Convenience exchange rate per US$1.00 6.5250
EXCEL 130 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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

" 5" &0 @($\_ $ >&PO=V]R:W-H965T M&UL4$L! A0# M% @ 2D:>4HM2U82A!0 5!( !D ("!AP0" 'AL+W=O M_+YEL# "- M"P &0 @(%?"@( >&PO=V]R:W-H965T&UL4$L! A0#% @ 2D:>4J:I ME?BN P FPT !D ("!3!4" 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% @ 2D:>4K]['*.B P X@L !D M ("!!"4" 'AL+W=O@)1RD) ^+P &0 @('=* ( >&PO M=V]R:W-H965T&UL4$L! A0#% @ 2D:>4DPE6HLL P OPD !D ("! M?3<" 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#% M @ 2D:>4A4XH#R7 @ "@@ !D ("!KD " 'AL+W=O&PO=V]R:W-H965T @!X;"]W;W)K7!E&UL4$L%!@ !T '0 [!\ ,>6 @ $! end XML 131 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 132 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 133 FilingSummary.xml IDEA: XBRL DOCUMENT 3.21.1 html 356 526 1 true 109 0 false 9 false false R1.htm 1001 - Document - Cover Page Sheet http://ir.douyu.com/role/CoverPage Cover Page Cover 1 false false R2.htm 1002 - Statement - COMBINED AND CONSOLIDATED BALANCE SHEETS Sheet http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets COMBINED AND CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 1003 - Statement - COMBINED AND CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical COMBINED AND CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 1004 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Sheet http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Statements 4 false false R5.htm 1005 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) Sheet http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLossParenthetical COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) Statements 5 false false R6.htm 1006 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) Sheet http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) Statements 6 false false R7.htm 1007 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) Sheet http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) Statements 7 false false R8.htm 1008 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 8 false false R9.htm 1009 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) Sheet http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlowsParenthetical COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) Statements 9 false false R10.htm 1010 - Disclosure - Organization and principal activities Sheet http://ir.douyu.com/role/OrganizationAndPrincipalActivities Organization and principal activities Notes 10 false false R11.htm 1011 - Disclosure - Summary of significant accounting policies Sheet http://ir.douyu.com/role/SummaryOfSignificantAccountingPolicies Summary of significant accounting policies Notes 11 false false R12.htm 1012 - Disclosure - Accounts receivable, net Sheet http://ir.douyu.com/role/AccountsReceivableNet Accounts receivable, net Notes 12 false false R13.htm 1013 - Disclosure - Other current assets Sheet http://ir.douyu.com/role/OtherCurrentAssets Other current assets Notes 13 false false R14.htm 1014 - Disclosure - Property and equipment, net Sheet http://ir.douyu.com/role/PropertyAndEquipmentNet Property and equipment, net Notes 14 false false R15.htm 1015 - Disclosure - Intangible assets, net Sheet http://ir.douyu.com/role/IntangibleAssetsNet Intangible assets, net Notes 15 false false R16.htm 1016 - Disclosure - Investments Sheet http://ir.douyu.com/role/Investments Investments Notes 16 false false R17.htm 1017 - Disclosure - Accrued expenses and other current liabilities Sheet http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilities Accrued expenses and other current liabilities Notes 17 false false R18.htm 1018 - Disclosure - Cost of revenues Sheet http://ir.douyu.com/role/CostOfRevenues Cost of revenues Notes 18 false false R19.htm 1019 - Disclosure - Income taxes Sheet http://ir.douyu.com/role/IncomeTaxes Income taxes Notes 19 false false R20.htm 1020 - Disclosure - Ordinary shares Sheet http://ir.douyu.com/role/OrdinaryShares Ordinary shares Notes 20 false false R21.htm 1021 - Disclosure - Noncontrolling Interest Sheet http://ir.douyu.com/role/NoncontrollingInterest Noncontrolling Interest Notes 21 false false R22.htm 1022 - Disclosure - Convertible redeemable preferred shares Sheet http://ir.douyu.com/role/ConvertibleRedeemablePreferredShares Convertible redeemable preferred shares Notes 22 false false R23.htm 1023 - Disclosure - Share-based compensation Sheet http://ir.douyu.com/role/ShareBasedCompensation Share-based compensation Notes 23 false false R24.htm 1024 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders Sheet http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholders Net income (loss) per share and net loss attributable to ordinary shareholders Notes 24 false false R25.htm 1025 - Disclosure - Statutory reserves and restricted net assets Sheet http://ir.douyu.com/role/StatutoryReservesAndRestrictedNetAssets Statutory reserves and restricted net assets Notes 25 false false R26.htm 1026 - Disclosure - Segment Information Sheet http://ir.douyu.com/role/SegmentInformation Segment Information Notes 26 false false R27.htm 1027 - Disclosure - Related party transactions Sheet http://ir.douyu.com/role/RelatedPartyTransactions Related party transactions Notes 27 false false R28.htm 1028 - Disclosure - Leases Sheet http://ir.douyu.com/role/Leases Leases Notes 28 false false R29.htm 1029 - Disclosure - Commitments and contingencies Sheet http://ir.douyu.com/role/CommitmentsAndContingencies Commitments and contingencies Notes 29 false false R30.htm 1030 - Disclosure - Subsequent events Sheet http://ir.douyu.com/role/SubsequentEvents Subsequent events Notes 30 false false R31.htm 1031 - Disclosure - SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY Sheet http://ir.douyu.com/role/ScheduleIFinancialInformationForParentCompany SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY Notes 31 false false R32.htm 1032 - Disclosure - Summary of significant accounting policies (Policies) Sheet http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of significant accounting policies (Policies) Policies 32 false false R33.htm 1033 - Disclosure - Organization and principal activities (Tables) Sheet http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesTables Organization and principal activities (Tables) Tables http://ir.douyu.com/role/OrganizationAndPrincipalActivities 33 false false R34.htm 1034 - Disclosure - Summary of significant accounting policies (Tables) Sheet http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of significant accounting policies (Tables) Tables http://ir.douyu.com/role/SummaryOfSignificantAccountingPolicies 34 false false R35.htm 1035 - Disclosure - Accounts receivable, net (Table) Sheet http://ir.douyu.com/role/AccountsReceivableNetTable Accounts receivable, net (Table) Tables http://ir.douyu.com/role/AccountsReceivableNet 35 false false R36.htm 1036 - Disclosure - Other current assets (Tables) Sheet http://ir.douyu.com/role/OtherCurrentAssetsTables Other current assets (Tables) Tables http://ir.douyu.com/role/OtherCurrentAssets 36 false false R37.htm 1037 - Disclosure - Property and equipment, net (Tables) Sheet http://ir.douyu.com/role/PropertyAndEquipmentNetTables Property and equipment, net (Tables) Tables http://ir.douyu.com/role/PropertyAndEquipmentNet 37 false false R38.htm 1038 - Disclosure - Intangible assets, net (Tables) Sheet http://ir.douyu.com/role/IntangibleAssetsNetTables Intangible assets, net (Tables) Tables http://ir.douyu.com/role/IntangibleAssetsNet 38 false false R39.htm 1039 - Disclosure - Investments (Tables) Sheet http://ir.douyu.com/role/InvestmentsTables Investments (Tables) Tables http://ir.douyu.com/role/Investments 39 false false R40.htm 1040 - Disclosure - Accrued expenses and other current liabilities (Tables) Sheet http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesTables Accrued expenses and other current liabilities (Tables) Tables http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilities 40 false false R41.htm 1041 - Disclosure - Cost of revenues (Tables) Sheet http://ir.douyu.com/role/CostOfRevenuesTables Cost of revenues (Tables) Tables http://ir.douyu.com/role/CostOfRevenues 41 false false R42.htm 1042 - Disclosure - Income taxes (Tables) Sheet http://ir.douyu.com/role/IncomeTaxesTables Income taxes (Tables) Tables http://ir.douyu.com/role/IncomeTaxes 42 false false R43.htm 1043 - Disclosure - Noncontrolling Interest (Tables) Sheet http://ir.douyu.com/role/NoncontrollingInterestTables Noncontrolling Interest (Tables) Tables http://ir.douyu.com/role/NoncontrollingInterest 43 false false R44.htm 1044 - Disclosure - Convertible redeemable preferred shares (Tables) Sheet http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesTables Convertible redeemable preferred shares (Tables) Tables http://ir.douyu.com/role/ConvertibleRedeemablePreferredShares 44 false false R45.htm 1045 - Disclosure - Share-based compensation (Tables) Sheet http://ir.douyu.com/role/ShareBasedCompensationTables Share-based compensation (Tables) Tables http://ir.douyu.com/role/ShareBasedCompensation 45 false false R46.htm 1046 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders (Tables) Sheet http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersTables Net income (loss) per share and net loss attributable to ordinary shareholders (Tables) Tables http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholders 46 false false R47.htm 1047 - Disclosure - Segment Information (Tables) Sheet http://ir.douyu.com/role/SegmentInformationTables Segment Information (Tables) Tables http://ir.douyu.com/role/SegmentInformation 47 false false R48.htm 1048 - Disclosure - Related party transactions (Tables) Sheet http://ir.douyu.com/role/RelatedPartyTransactionsTables Related party transactions (Tables) Tables http://ir.douyu.com/role/RelatedPartyTransactions 48 false false R49.htm 1049 - Disclosure - Leases (Tables) Sheet http://ir.douyu.com/role/LeasesTables Leases (Tables) Tables http://ir.douyu.com/role/Leases 49 false false R50.htm 1050 - Disclosure - SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY (Tables) Sheet http://ir.douyu.com/role/ScheduleIFinancialInformationForParentCompanyTables SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY (Tables) Tables http://ir.douyu.com/role/ScheduleIFinancialInformationForParentCompany 50 false false R51.htm 1051 - Disclosure - Organization and principal activities - Additional information (Detail) Sheet http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail Organization and principal activities - Additional information (Detail) Details 51 false false R52.htm 1052 - Disclosure - Organization and principal activities - Schedule of principal subsidiaries and VIEs (Detail) Sheet http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail Organization and principal activities - Schedule of principal subsidiaries and VIEs (Detail) Details 52 false false R53.htm 1053 - Disclosure - Summary of significant accounting policies - Schedule of financial statement amounts and balances of the VIEs (Detail) Sheet http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail Summary of significant accounting policies - Schedule of financial statement amounts and balances of the VIEs (Detail) Details 53 false false R54.htm 1054 - Disclosure - Summary of significant accounting policies - Additional information (Detail) Sheet http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail Summary of significant accounting policies - Additional information (Detail) Details 54 false false R55.htm 1055 - Disclosure - Summary of significant accounting policies - Schedule of property and equipment, net estimated useful lives (Detail) Sheet http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail Summary of significant accounting policies - Schedule of property and equipment, net estimated useful lives (Detail) Details 55 false false R56.htm 1056 - Disclosure - Summary of significant accounting policies - Schedule of intangible assets, net estimated useful lives (Detail) Sheet http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail Summary of significant accounting policies - Schedule of intangible assets, net estimated useful lives (Detail) Details 56 false false R57.htm 1057 - Disclosure - Summary of significant accounting policies - Schedule of disaggregation of revenue (Detail) Sheet http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail Summary of significant accounting policies - Schedule of disaggregation of revenue (Detail) Details 57 false false R58.htm 1058 - Disclosure - Summary of significant accounting policies - Schedule of contract balance (Detail) Sheet http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfContractBalanceDetail Summary of significant accounting policies - Schedule of contract balance (Detail) Details 58 false false R59.htm 1059 - Disclosure - Accounts receivable, net - Schedule of accounts receivable, net (Detail) Sheet http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAccountsReceivableNetDetail Accounts receivable, net - Schedule of accounts receivable, net (Detail) Details 59 false false R60.htm 1060 - Disclosure - Accounts receivable, net - Schedule of allowance for doubtful receivables (Detail) Sheet http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAllowanceForDoubtfulReceivablesDetail Accounts receivable, net - Schedule of allowance for doubtful receivables (Detail) Details 60 false false R61.htm 1061 - Disclosure - Accounts receivable, net - Schedule of concentration of risk, accounts receivable, net (Detail) Sheet http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail Accounts receivable, net - Schedule of concentration of risk, accounts receivable, net (Detail) Details 61 false false R62.htm 1062 - Disclosure - Other current assets - Schedule of other current assets (Detail) Sheet http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail Other current assets - Schedule of other current assets (Detail) Details 62 false false R63.htm 1063 - Disclosure - Property and equipment, net - Schedule of property and equipment, net (Detail) Sheet http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail Property and equipment, net - Schedule of property and equipment, net (Detail) Details 63 false false R64.htm 1064 - Disclosure - Property and equipment, net - Additional information (Detail) Sheet http://ir.douyu.com/role/PropertyAndEquipmentNetAdditionalInformationDetail Property and equipment, net - Additional information (Detail) Details 64 false false R65.htm 1065 - Disclosure - Intangible assets, net - Schedule of intangible assets, net (Detail) Sheet http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail Intangible assets, net - Schedule of intangible assets, net (Detail) Details 65 false false R66.htm 1066 - Disclosure - Intangible assets, net - Schedule of intangible assets, net (Parenthetical) (Detail) Sheet http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail Intangible assets, net - Schedule of intangible assets, net (Parenthetical) (Detail) Details 66 false false R67.htm 1067 - Disclosure - Intangible assets, net - Additional information (Detail) Sheet http://ir.douyu.com/role/IntangibleAssetsNetAdditionalInformationDetail Intangible assets, net - Additional information (Detail) Details 67 false false R68.htm 1068 - Disclosure - Intangible assets, net - Schedule of future amortization expense (Detail) Sheet http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail Intangible assets, net - Schedule of future amortization expense (Detail) Details 68 false false R69.htm 1069 - Disclosure - Intangible assets, net - Schedule of weighted average amortization periods of intangible assets (Detail) Sheet http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail Intangible assets, net - Schedule of weighted average amortization periods of intangible assets (Detail) Details 69 false false R70.htm 1070 - Disclosure - Investments - Additional Information (Detail) Sheet http://ir.douyu.com/role/InvestmentsAdditionalInformationDetail Investments - Additional Information (Detail) Details 70 false false R71.htm 1071 - Disclosure - Investments - Schedule of investments accounted for under equity method (Detail) Sheet http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail Investments - Schedule of investments accounted for under equity method (Detail) Details 71 false false R72.htm 1072 - Disclosure - Investments - Schedule of investments accounted for under equity method (Parenthetical) (Detail) Sheet http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail Investments - Schedule of investments accounted for under equity method (Parenthetical) (Detail) Details 72 false false R73.htm 1073 - Disclosure - Investments - Schedule of investments accounted for under equity securities without readily determinable fair values (Detail) Sheet http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail Investments - Schedule of investments accounted for under equity securities without readily determinable fair values (Detail) Details 73 false false R74.htm 1074 - Disclosure - Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities (Detail) Sheet http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities (Detail) Details 74 false false R75.htm 1075 - Disclosure - Cost of revenues - Schedule of cost of revenue (Detail) Sheet http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail Cost of revenues - Schedule of cost of revenue (Detail) Details 75 false false R76.htm 1076 - Disclosure - Income taxes - Additional Information (Detail) Sheet http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail Income taxes - Additional Information (Detail) Details 76 false false R77.htm 1077 - Disclosure - Income taxes - Schedule of Income (loss) before income taxes (Detail) Sheet http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail Income taxes - Schedule of Income (loss) before income taxes (Detail) Details 77 false false R78.htm 1078 - Disclosure - Income taxes - Schedule of reconciliation of total tax expenses (Detail) Sheet http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail Income taxes - Schedule of reconciliation of total tax expenses (Detail) Details 78 false false R79.htm 1079 - Disclosure - Income taxes - Schedule of aggregate amount and per share effect of the tax holiday (Detail) Sheet http://ir.douyu.com/role/IncomeTaxesScheduleOfAggregateAmountAndPerShareEffectOfTheTaxHolidayDetail Income taxes - Schedule of aggregate amount and per share effect of the tax holiday (Detail) Details 79 false false R80.htm 1080 - Disclosure - Income taxes - Schedule of deferred tax assets (Detail) Sheet http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail Income taxes - Schedule of deferred tax assets (Detail) Details 80 false false R81.htm 1081 - Disclosure - Income taxes - Schedule of movement of deferred tax valuation allowance (Detail) Sheet http://ir.douyu.com/role/IncomeTaxesScheduleOfMovementOfDeferredTaxValuationAllowanceDetail Income taxes - Schedule of movement of deferred tax valuation allowance (Detail) Details 81 false false R82.htm 1082 - Disclosure - Ordinary shares - Additional information (Detail) Sheet http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail Ordinary shares - Additional information (Detail) Details 82 false false R83.htm 1083 - Disclosure - Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Detail) Sheet http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Detail) Details 83 false false R84.htm 1084 - Disclosure - Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Parenthetical) (Detail) Sheet http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Parenthetical) (Detail) Details 84 false false R85.htm 1085 - Disclosure - Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Detail) Sheet http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Detail) Details 85 false false R86.htm 1086 - Disclosure - Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Parenthetical) (Detail) Sheet http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Parenthetical) (Detail) Details 86 false false R87.htm 1087 - Disclosure - Convertible redeemable preferred shares - Additional information (Detail) Sheet http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail Convertible redeemable preferred shares - Additional information (Detail) Details 87 false false R88.htm 1088 - Disclosure - Share-based compensation - Schedule of non-vested restricted equity activity (Detail) Sheet http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail Share-based compensation - Schedule of non-vested restricted equity activity (Detail) Details 88 false false R89.htm 1089 - Disclosure - Share-based compensation - Schedule of restricted share units activity (Detail) Sheet http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail Share-based compensation - Schedule of restricted share units activity (Detail) Details 89 false false R90.htm 1090 - Disclosure - Share-based compensation - Additional information (Detail) Sheet http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail Share-based compensation - Additional information (Detail) Details 90 false false R91.htm 1091 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of basic and diluted net income (loss) per share (Detail) Sheet http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of basic and diluted net income (loss) per share (Detail) Details http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersTables 91 false false R92.htm 1092 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of antidilutive securities excluded from computation of earnings per share (Detail) Sheet http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetail Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of antidilutive securities excluded from computation of earnings per share (Detail) Details http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersTables 92 false false R93.htm 1093 - Disclosure - Statutory reserves and restricted net assets - Additional information (Detail) Sheet http://ir.douyu.com/role/StatutoryReservesAndRestrictedNetAssetsAdditionalInformationDetail Statutory reserves and restricted net assets - Additional information (Detail) Details 93 false false R94.htm 1094 - Disclosure - Segment Information - Schedule of revenue by type of service provided by the Group (Detail) Sheet http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail Segment Information - Schedule of revenue by type of service provided by the Group (Detail) Details 94 false false R95.htm 1095 - Disclosure - Segment Information - Additional Information (Detail) Sheet http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail Segment Information - Additional Information (Detail) Details 95 false false R96.htm 1096 - Disclosure - Related party transactions - Schedule of major related parties and their relationships (Detail) Sheet http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfMajorRelatedPartiesAndTheirRelationshipsDetail Related party transactions - Schedule of major related parties and their relationships (Detail) Details 96 false false R97.htm 1097 - Disclosure - Related party transactions - Schedule of significant related party transactions (Detail) Sheet http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail Related party transactions - Schedule of significant related party transactions (Detail) Details 97 false false R98.htm 1098 - Disclosure - Related party transactions - Schedule of amounts due from/to related parties (Detail) Sheet http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail Related party transactions - Schedule of amounts due from/to related parties (Detail) Details 98 false false R99.htm 1099 - Disclosure - Related party transactions - Schedule of amounts due from/to related parties (Parenthetical) (Detail) Sheet http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail Related party transactions - Schedule of amounts due from/to related parties (Parenthetical) (Detail) Details 99 false false R100.htm 1100 - Disclosure - Leases - Summary of Lease Cost (Detail) Sheet http://ir.douyu.com/role/LeasesSummaryOfLeaseCostDetail Leases - Summary of Lease Cost (Detail) Details 100 false false R101.htm 1101 - Disclosure - Leases - Summary of Lease Cost (Parenthetical) (Detail) Sheet http://ir.douyu.com/role/LeasesSummaryOfLeaseCostParentheticalDetail Leases - Summary of Lease Cost (Parenthetical) (Detail) Details 101 false false R102.htm 1102 - Disclosure - Leases - Summary of information related to operating lease payments (Detail) Sheet http://ir.douyu.com/role/LeasesSummaryOfInformationRelatedToOperatingLeasePaymentsDetail Leases - Summary of information related to operating lease payments (Detail) Details 102 false false R103.htm 1103 - Disclosure - Leases - Summary of future minimum lease payments under non-cancellable operating lease agreements (Detail) Sheet http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail Leases - Summary of future minimum lease payments under non-cancellable operating lease agreements (Detail) Details 103 false false R104.htm 1104 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Detail) Sheet http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Detail) Details 104 false false R105.htm 1105 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Parenthetical) (Detail) Sheet http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Parenthetical) (Detail) Details 105 false false R106.htm 1106 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Detail) Sheet http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Detail) Details 106 false false R107.htm 1107 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Detail) Sheet http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Detail) Details 107 false false R108.htm 1108 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - Additional information (Detail) Sheet http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyAdditionalInformationDetail SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - Additional information (Detail) Details 108 false false All Reports Book All Reports d40930d20f.htm d40930dex121.htm d40930dex122.htm d40930dex131.htm d40930dex132.htm d40930dex151.htm d40930dex152.htm d40930dex153.htm d40930dex419.htm d40930dex432.htm d40930dex443.htm doyu-20201231.xsd doyu-20201231_cal.xml doyu-20201231_def.xml doyu-20201231_lab.xml doyu-20201231_pre.xml g40930dsp80.jpg g40930g40j71.jpg http://xbrl.sec.gov/dei/2020-01-31 http://fasb.org/srt/2020-01-31 http://fasb.org/us-gaap/2020-01-31 http://xbrl.sec.gov/country/2020-01-31 true true JSON 136 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "d40930d20f.htm": { "axisCustom": 1, "axisStandard": 29, "contextCount": 356, "dts": { "calculationLink": { "local": [ "doyu-20201231_cal.xml" ] }, "definitionLink": { "local": [ "doyu-20201231_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-eedm-def-2020-01-31.xml", "http://xbrl.fasb.org/srt/2020/elts/srt-eedm1-def-2020-01-31.xml" ] }, "inline": { "local": [ "d40930d20f.htm" ] }, "labelLink": { "local": [ "doyu-20201231_lab.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-doc-2020-01-31.xml", "http://xbrl.fasb.org/srt/2020/elts/srt-doc-2020-01-31.xml", "https://xbrl.sec.gov/dei/2020/dei-doc-2020-01-31.xml" ] }, "presentationLink": { "local": [ "doyu-20201231_pre.xml" ] }, "referenceLink": { "remote": [ "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-ref-2020-01-31.xml", "https://xbrl.sec.gov/dei/2020/dei-ref-2020-01-31.xml", "http://xbrl.fasb.org/srt/2020/elts/srt-ref-2020-01-31.xml" ] }, "schema": { "local": [ "doyu-20201231.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-roles-2020-01-31.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-roles-2020-01-31.xsd", "https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd", "https://xbrl.sec.gov/exch/2020/exch-2020-01-31.xsd", "https://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "https://xbrl.sec.gov/sic/2020/sic-2020-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/reference-2009-12-16.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-parts-codification-2020-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 738, "entityCount": 1, "hidden": { "http://fasb.org/us-gaap/2020-01-31": 2, "http://ir.douyu.com/20201231": 2, "http://xbrl.sec.gov/dei/2020-01-31": 5, "total": 9 }, "keyCustom": 92, "keyStandard": 434, "memberCustom": 64, "memberStandard": 40, "nsprefix": "doyu", "nsuri": "http://ir.douyu.com/20201231", "report": { "R1": { "firstAnchor": { "ancestors": [ "div", "div", "div", "div", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "1001 - Document - Cover Page", "role": "http://ir.douyu.com/role/CoverPage", "shortName": "Cover Page", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "div", "div", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R10": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:NatureOfOperations", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1010 - Disclosure - Organization and principal activities", "role": "http://ir.douyu.com/role/OrganizationAndPrincipalActivities", "shortName": "Organization and principal activities", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:NatureOfOperations", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R100": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:LeaseCostTableTextBlock", "us-gaap:LeasesOfLesseeDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:OperatingLeaseCost", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1100 - Disclosure - Leases - Summary of Lease Cost (Detail)", "role": "http://ir.douyu.com/role/LeasesSummaryOfLeaseCostDetail", "shortName": "Leases - Summary of Lease Cost (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:LeaseCostTableTextBlock", "us-gaap:LeasesOfLesseeDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:OperatingLeaseCost", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R101": { "firstAnchor": { "ancestors": [ "div", "div", "td", "tr", "table", "us-gaap:LeaseCostTableTextBlock", "us-gaap:LeasesOfLesseeDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:LeaseCost", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1101 - Disclosure - Leases - Summary of Lease Cost (Parenthetical) (Detail)", "role": "http://ir.douyu.com/role/LeasesSummaryOfLeaseCostParentheticalDetail", "shortName": "Leases - Summary of Lease Cost (Parenthetical) (Detail)", "subGroupType": "parenthetical", "uniqueAnchor": null }, "R102": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:OperatingLeasesOfLesseeDisclosureTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:OperatingLeaseRightOfUseAsset", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1102 - Disclosure - Leases - Summary of information related to operating lease payments (Detail)", "role": "http://ir.douyu.com/role/LeasesSummaryOfInformationRelatedToOperatingLeasePaymentsDetail", "shortName": "Leases - Summary of information related to operating lease payments (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "lang": null, "name": "us-gaap:OperatingLeasePayments", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R103": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:LessorOperatingLeaseRightOfUseAssetsAndLiabilitiesInTheFutureAsLesseeTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1103 - Disclosure - Leases - Summary of future minimum lease payments under non-cancellable operating lease agreements (Detail)", "role": "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail", "shortName": "Leases - Summary of future minimum lease payments under non-cancellable operating lease agreements (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:LessorOperatingLeaseRightOfUseAssetsAndLiabilitiesInTheFutureAsLesseeTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R104": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1104 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Detail)", "role": "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "shortName": "SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock", "srt:ScheduleOfCondensedBalanceSheetTableTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020_ParentCompanyMembersrtConsolidatedEntitiesAxis", "decimals": "0", "lang": null, "name": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R105": { "firstAnchor": { "ancestors": [ "us-gaap:CommonStockParOrStatedValuePerShare", "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "INF", "first": true, "lang": null, "name": "us-gaap:CommonStockParOrStatedValuePerShare", "reportCount": 1, "unitRef": "Unit_USD_per_Share", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1105 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Parenthetical) (Detail)", "role": "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail", "shortName": "SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Parenthetical) (Detail)", "subGroupType": "parenthetical", "uniqueAnchor": { "ancestors": [ "div", "div", "td", "tr", "table", "us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock", "srt:ScheduleOfCondensedBalanceSheetTableTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020_ParentCompanyMembersrtConsolidatedEntitiesAxis", "decimals": "INF", "lang": null, "name": "us-gaap:CommonStockParOrStatedValuePerShare", "reportCount": 1, "unique": true, "unitRef": "Unit_USD_per_Share", "xsiNil": "false" } }, "R106": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:GeneralAndAdministrativeExpense", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1106 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Detail)", "role": "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail", "shortName": "SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "srt:ScheduleOfCondensedIncomeStatementTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_ParentCompanyMembersrtConsolidatedEntitiesAxis", "decimals": "0", "lang": null, "name": "us-gaap:GeneralAndAdministrativeExpense", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R107": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:ProfitLoss", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1107 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Detail)", "role": "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "shortName": "SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "srt:ScheduleOfCondensedCashFlowStatementTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_ParentCompanyMembersrtConsolidatedEntitiesAxis", "decimals": "0", "lang": null, "name": "us-gaap:ShareBasedCompensation", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R108": { "firstAnchor": { "ancestors": [ "div", "div", "doyu:ConveniencetranslationintounitedstateddollarsPolicyTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "4", "first": true, "lang": null, "name": "us-gaap:ForeignCurrencyExchangeRateTranslation1", "reportCount": 1, "unitRef": "Unit_pure", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1108 - Disclosure - SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - Additional information (Detail)", "role": "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyAdditionalInformationDetail", "shortName": "SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - Additional information (Detail)", "subGroupType": "details", "uniqueAnchor": null }, "R11": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:SignificantAccountingPoliciesTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1011 - Disclosure - Summary of significant accounting policies", "role": "http://ir.douyu.com/role/SummaryOfSignificantAccountingPolicies", "shortName": "Summary of significant accounting policies", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:SignificantAccountingPoliciesTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R12": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1012 - Disclosure - Accounts receivable, net", "role": "http://ir.douyu.com/role/AccountsReceivableNet", "shortName": "Accounts receivable, net", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R13": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:OtherCurrentAssetsTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1013 - Disclosure - Other current assets", "role": "http://ir.douyu.com/role/OtherCurrentAssets", "shortName": "Other current assets", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:OtherCurrentAssetsTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R14": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1014 - Disclosure - Property and equipment, net", "role": "http://ir.douyu.com/role/PropertyAndEquipmentNet", "shortName": "Property and equipment, net", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R15": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:IntangibleAssetsDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1015 - Disclosure - Intangible assets, net", "role": "http://ir.douyu.com/role/IntangibleAssetsNet", "shortName": "Intangible assets, net", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:IntangibleAssetsDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R16": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:CostAndEquityMethodInvestmentsDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1016 - Disclosure - Investments", "role": "http://ir.douyu.com/role/Investments", "shortName": "Investments", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:CostAndEquityMethodInvestmentsDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R17": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1017 - Disclosure - Accrued expenses and other current liabilities", "role": "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilities", "shortName": "Accrued expenses and other current liabilities", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R18": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:CostOfRevenuesDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1018 - Disclosure - Cost of revenues", "role": "http://ir.douyu.com/role/CostOfRevenues", "shortName": "Cost of revenues", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:CostOfRevenuesDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R19": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:IncomeTaxDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1019 - Disclosure - Income taxes", "role": "http://ir.douyu.com/role/IncomeTaxes", "shortName": "Income taxes", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:IncomeTaxDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R2": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "statement", "isDefault": "false", "longName": "1002 - Statement - COMBINED AND CONSOLIDATED BALANCE SHEETS", "role": "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "shortName": "COMBINED AND CONSOLIDATED BALANCE SHEETS", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "lang": null, "name": "us-gaap:Goodwill", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R20": { "firstAnchor": { "ancestors": [ "div", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:StockholdersEquityNoteDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1020 - Disclosure - Ordinary shares", "role": "http://ir.douyu.com/role/OrdinaryShares", "shortName": "Ordinary shares", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:StockholdersEquityNoteDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R21": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:MinorityInterestDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1021 - Disclosure - Noncontrolling Interest", "role": "http://ir.douyu.com/role/NoncontrollingInterest", "shortName": "Noncontrolling Interest", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:MinorityInterestDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R22": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:PreferredStockTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1022 - Disclosure - Convertible redeemable preferred shares", "role": "http://ir.douyu.com/role/ConvertibleRedeemablePreferredShares", "shortName": "Convertible redeemable preferred shares", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:PreferredStockTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R23": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1023 - Disclosure - Share-based compensation", "role": "http://ir.douyu.com/role/ShareBasedCompensation", "shortName": "Share-based compensation", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R24": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:EarningsPerShareTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1024 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders", "role": "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholders", "shortName": "Net income (loss) per share and net loss attributable to ordinary shareholders", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:EarningsPerShareTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R25": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:RestrictedAssetsDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1025 - Disclosure - Statutory reserves and restricted net assets", "role": "http://ir.douyu.com/role/StatutoryReservesAndRestrictedNetAssets", "shortName": "Statutory reserves and restricted net assets", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:RestrictedAssetsDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R26": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:SegmentReportingDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1026 - Disclosure - Segment Information", "role": "http://ir.douyu.com/role/SegmentInformation", "shortName": "Segment Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:SegmentReportingDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R27": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:RelatedPartyTransactionsDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1027 - Disclosure - Related party transactions", "role": "http://ir.douyu.com/role/RelatedPartyTransactions", "shortName": "Related party transactions", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:RelatedPartyTransactionsDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R28": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:LeasesOfLesseeDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1028 - Disclosure - Leases", "role": "http://ir.douyu.com/role/Leases", "shortName": "Leases", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:LeasesOfLesseeDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R29": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:CommitmentsAndContingenciesDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1029 - Disclosure - Commitments and contingencies", "role": "http://ir.douyu.com/role/CommitmentsAndContingencies", "shortName": "Commitments and contingencies", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:CommitmentsAndContingenciesDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R3": { "firstAnchor": { "ancestors": [ "us-gaap:CommonStockParOrStatedValuePerShare", "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "INF", "first": true, "lang": null, "name": "us-gaap:CommonStockParOrStatedValuePerShare", "reportCount": 1, "unitRef": "Unit_USD_per_Share", "xsiNil": "false" }, "groupType": "statement", "isDefault": "false", "longName": "1003 - Statement - COMBINED AND CONSOLIDATED BALANCE SHEETS (Parenthetical)", "role": "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "shortName": "COMBINED AND CONSOLIDATED BALANCE SHEETS (Parenthetical)", "subGroupType": "parenthetical", "uniqueAnchor": null }, "R30": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:SubsequentEventsTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1030 - Disclosure - Subsequent events", "role": "http://ir.douyu.com/role/SubsequentEvents", "shortName": "Subsequent events", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:SubsequentEventsTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R31": { "firstAnchor": { "ancestors": [ "srt:ScheduleOfCondensedBalanceSheetTableTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1031 - Disclosure - SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY", "role": "http://ir.douyu.com/role/ScheduleIFinancialInformationForParentCompany", "shortName": "SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "srt:ScheduleOfCondensedBalanceSheetTableTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R32": { "firstAnchor": { "ancestors": [ "us-gaap:SignificantAccountingPoliciesTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:BasisOfAccountingPolicyPolicyTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1032 - Disclosure - Summary of significant accounting policies (Policies)", "role": "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies", "shortName": "Summary of significant accounting policies (Policies)", "subGroupType": "policies", "uniqueAnchor": { "ancestors": [ "us-gaap:SignificantAccountingPoliciesTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:BasisOfAccountingPolicyPolicyTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R33": { "firstAnchor": { "ancestors": [ "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfSubsidiariesAndVariableInterestEntitiesTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1033 - Disclosure - Organization and principal activities (Tables)", "role": "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesTables", "shortName": "Organization and principal activities (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfSubsidiariesAndVariableInterestEntitiesTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R34": { "firstAnchor": { "ancestors": [ "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfVariableInterestEntitiesTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1034 - Disclosure - Summary of significant accounting policies (Tables)", "role": "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesTables", "shortName": "Summary of significant accounting policies (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfVariableInterestEntitiesTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R35": { "firstAnchor": { "ancestors": [ "us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfAccountsReceivableNetTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1035 - Disclosure - Accounts receivable, net (Table)", "role": "http://ir.douyu.com/role/AccountsReceivableNetTable", "shortName": "Accounts receivable, net (Table)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfAccountsReceivableNetTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R36": { "firstAnchor": { "ancestors": [ "us-gaap:OtherCurrentAssetsTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1036 - Disclosure - Other current assets (Tables)", "role": "http://ir.douyu.com/role/OtherCurrentAssetsTables", "shortName": "Other current assets (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:OtherCurrentAssetsTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R37": { "firstAnchor": { "ancestors": [ "us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:PropertyPlantAndEquipmentTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1037 - Disclosure - Property and equipment, net (Tables)", "role": "http://ir.douyu.com/role/PropertyAndEquipmentNetTables", "shortName": "Property and equipment, net (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:PropertyPlantAndEquipmentTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R38": { "firstAnchor": { "ancestors": [ "us-gaap:IntangibleAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1038 - Disclosure - Intangible assets, net (Tables)", "role": "http://ir.douyu.com/role/IntangibleAssetsNetTables", "shortName": "Intangible assets, net (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:IntangibleAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R39": { "firstAnchor": { "ancestors": [ "us-gaap:CostAndEquityMethodInvestmentsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:EquityMethodInvestmentsTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1039 - Disclosure - Investments (Tables)", "role": "http://ir.douyu.com/role/InvestmentsTables", "shortName": "Investments (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:CostAndEquityMethodInvestmentsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:EquityMethodInvestmentsTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R4": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "ix:continuation", "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "statement", "isDefault": "false", "longName": "1004 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)", "role": "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "shortName": "COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "lang": null, "name": "us-gaap:GrossProfit", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R40": { "firstAnchor": { "ancestors": [ "us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesCurrentTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1040 - Disclosure - Accrued expenses and other current liabilities (Tables)", "role": "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesTables", "shortName": "Accrued expenses and other current liabilities (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesCurrentTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R41": { "firstAnchor": { "ancestors": [ "doyu:CostOfRevenuesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfCostOfRevenueTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1041 - Disclosure - Cost of revenues (Tables)", "role": "http://ir.douyu.com/role/CostOfRevenuesTables", "shortName": "Cost of revenues (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "doyu:CostOfRevenuesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfCostOfRevenueTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R42": { "firstAnchor": { "ancestors": [ "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfIncomeLossBeforeIncomeTaxesByGeographicAreasTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1042 - Disclosure - Income taxes (Tables)", "role": "http://ir.douyu.com/role/IncomeTaxesTables", "shortName": "Income taxes (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfIncomeLossBeforeIncomeTaxesByGeographicAreasTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R43": { "firstAnchor": { "ancestors": [ "us-gaap:MinorityInterestDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfNoncontrollingInterestTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1043 - Disclosure - Noncontrolling Interest (Tables)", "role": "http://ir.douyu.com/role/NoncontrollingInterestTables", "shortName": "Noncontrolling Interest (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:MinorityInterestDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfNoncontrollingInterestTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R44": { "firstAnchor": { "ancestors": [ "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:TemporaryEquityTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1044 - Disclosure - Convertible redeemable preferred shares (Tables)", "role": "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesTables", "shortName": "Convertible redeemable preferred shares (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:TemporaryEquityTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R45": { "firstAnchor": { "ancestors": [ "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1045 - Disclosure - Share-based compensation (Tables)", "role": "http://ir.douyu.com/role/ShareBasedCompensationTables", "shortName": "Share-based compensation (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R46": { "firstAnchor": { "ancestors": [ "us-gaap:EarningsPerShareTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1046 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders (Tables)", "role": "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersTables", "shortName": "Net income (loss) per share and net loss attributable to ordinary shareholders (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:EarningsPerShareTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R47": { "firstAnchor": { "ancestors": [ "us-gaap:SegmentReportingDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1047 - Disclosure - Segment Information (Tables)", "role": "http://ir.douyu.com/role/SegmentInformationTables", "shortName": "Segment Information (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:SegmentReportingDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R48": { "firstAnchor": { "ancestors": [ "us-gaap:RelatedPartyTransactionsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfMajorRelatedPartiesAndTheirRelationshipsWithTheGroupTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1048 - Disclosure - Related party transactions (Tables)", "role": "http://ir.douyu.com/role/RelatedPartyTransactionsTables", "shortName": "Related party transactions (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:RelatedPartyTransactionsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "doyu:ScheduleOfMajorRelatedPartiesAndTheirRelationshipsWithTheGroupTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R49": { "firstAnchor": { "ancestors": [ "us-gaap:LeasesOfLesseeDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:LeaseCostTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1049 - Disclosure - Leases (Tables)", "role": "http://ir.douyu.com/role/LeasesTables", "shortName": "Leases (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "us-gaap:LeasesOfLesseeDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:LeaseCostTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R5": { "firstAnchor": { "ancestors": [ "div", "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:RevenueFromRelatedParties", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "statement", "isDefault": "false", "longName": "1005 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical)", "role": "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLossParenthetical", "shortName": "COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical)", "subGroupType": "parenthetical", "uniqueAnchor": null }, "R50": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "srt:ScheduleOfCondensedBalanceSheetTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1050 - Disclosure - SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY (Tables)", "role": "http://ir.douyu.com/role/ScheduleIFinancialInformationForParentCompanyTables", "shortName": "SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY (Tables)", "subGroupType": "tables", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": "en-US", "name": "srt:ScheduleOfCondensedBalanceSheetTableTextBlock", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R51": { "firstAnchor": { "ancestors": [ "us-gaap:CommonStockParOrStatedValuePerShare", "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "INF", "first": true, "lang": null, "name": "us-gaap:CommonStockParOrStatedValuePerShare", "reportCount": 1, "unitRef": "Unit_USD_per_Share", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1051 - Disclosure - Organization and principal activities - Additional information (Detail)", "role": "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail", "shortName": "Organization and principal activities - Additional information (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "div", "us-gaap:NatureOfOperations", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P07_17_2019To07_17_2019_IPOMemberusgaapSubsidiarySaleOfStockAxis", "decimals": "0", "lang": null, "name": "doyu:StockIssuedDuringPeriodIssuanceOfOrdinarySharesAtTheInitialPublicOfferingipoNetOfIssuanceCost", "reportCount": 1, "unique": true, "unitRef": "Unit_shares", "xsiNil": "false" } }, "R52": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfSubsidiariesAndVariableInterestEntitiesTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_WuhanDouyuEducationConsultingcoltdMembersrtConsolidatedEntitiesAxis", "decimals": null, "first": true, "lang": "en-US", "name": "dei:EntityIncorporationDateOfIncorporation", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1052 - Disclosure - Organization and principal activities - Schedule of principal subsidiaries and VIEs (Detail)", "role": "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail", "shortName": "Organization and principal activities - Schedule of principal subsidiaries and VIEs (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfSubsidiariesAndVariableInterestEntitiesTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_WuhanDouyuEducationConsultingcoltdMembersrtConsolidatedEntitiesAxis", "decimals": null, "first": true, "lang": "en-US", "name": "dei:EntityIncorporationDateOfIncorporation", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R53": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1053 - Disclosure - Summary of significant accounting policies - Schedule of financial statement amounts and balances of the VIEs (Detail)", "role": "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail", "shortName": "Summary of significant accounting policies - Schedule of financial statement amounts and balances of the VIEs (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfVariableInterestEntitiesTextBlock", "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020_VariableInterestEntityPrimaryBeneficiaryMembersrtConsolidatedEntitiesAxis", "decimals": "0", "lang": null, "name": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R54": { "firstAnchor": { "ancestors": [ "div", "div", "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "2", "first": true, "lang": null, "name": "doyu:PercentageOfVieContributionOfTheTotalRevenue", "reportCount": 1, "unitRef": "Unit_pure", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1054 - Disclosure - Summary of significant accounting policies - Additional information (Detail)", "role": "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail", "shortName": "Summary of significant accounting policies - Additional information (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "div", "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2019", "decimals": "2", "lang": null, "name": "doyu:PercentageOfVieContributionOfTheTotalRevenue", "reportCount": 1, "unique": true, "unitRef": "Unit_pure", "xsiNil": "false" } }, "R55": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock", "us-gaap:PropertyPlantAndEquipmentPolicyTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_ComputerAndTransmissionEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:PropertyPlantAndEquipmentUsefulLife", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1055 - Disclosure - Summary of significant accounting policies - Schedule of property and equipment, net estimated useful lives (Detail)", "role": "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail", "shortName": "Summary of significant accounting policies - Schedule of property and equipment, net estimated useful lives (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock", "us-gaap:PropertyPlantAndEquipmentPolicyTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_ComputerAndTransmissionEquipmentMemberusgaapPropertyPlantAndEquipmentByTypeAxis", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:PropertyPlantAndEquipmentUsefulLife", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R56": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfIntangibleAssetsUsefulLifeTableTextBlock", "us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsPolicy", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_TradeNamesMemberusgaapFiniteLivedIntangibleAssetsByMajorClassAxis", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:FiniteLivedIntangibleAssetUsefulLife", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1056 - Disclosure - Summary of significant accounting policies - Schedule of intangible assets, net estimated useful lives (Detail)", "role": "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail", "shortName": "Summary of significant accounting policies - Schedule of intangible assets, net estimated useful lives (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfIntangibleAssetsUsefulLifeTableTextBlock", "us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsPolicy", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_TradeNamesMemberusgaapFiniteLivedIntangibleAssetsByMajorClassAxis", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:FiniteLivedIntangibleAssetUsefulLife", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R57": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "ix:continuation", "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1057 - Disclosure - Summary of significant accounting policies - Schedule of disaggregation of revenue (Detail)", "role": "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail", "shortName": "Summary of significant accounting policies - Schedule of disaggregation of revenue (Detail)", "subGroupType": "details", "uniqueAnchor": null }, "R58": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2019", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:AccountsReceivableNetCurrent", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1058 - Disclosure - Summary of significant accounting policies - Schedule of contract balance (Detail)", "role": "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfContractBalanceDetail", "shortName": "Summary of significant accounting policies - Schedule of contract balance (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfMovementInAccountsReceivableAdvancesFromCustomersAndDeferredRevenueTableTextBlock", "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "lang": null, "name": "doyu:IncreaseDecreaseInAccountsReceivableNetOfOperating", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R59": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfAccountsReceivableNetTableTextBlock", "us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:AccountsReceivableGrossCurrent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1059 - Disclosure - Accounts receivable, net - Schedule of accounts receivable, net (Detail)", "role": "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAccountsReceivableNetDetail", "shortName": "Accounts receivable, net - Schedule of accounts receivable, net (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfAccountsReceivableNetTableTextBlock", "us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:AccountsReceivableGrossCurrent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R6": { "firstAnchor": { "ancestors": [ "div", "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2017", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "statement", "isDefault": "false", "longName": "1006 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)", "role": "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "shortName": "COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2017", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R60": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock", "us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "doyu:AllowanceForDoubtfulAccountsReceivableCurrentInBalanceAsOfJanuary1", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1060 - Disclosure - Accounts receivable, net - Schedule of allowance for doubtful receivables (Detail)", "role": "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAllowanceForDoubtfulReceivablesDetail", "shortName": "Accounts receivable, net - Schedule of allowance for doubtful receivables (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock", "us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "doyu:AllowanceForDoubtfulAccountsReceivableCurrentInBalanceAsOfJanuary1", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R61": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfMovementInAccountsReceivableAdvancesFromCustomersAndDeferredRevenueTableTextBlock", "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:AccountsReceivableNetCurrent", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1061 - Disclosure - Accounts receivable, net - Schedule of concentration of risk, accounts receivable, net (Detail)", "role": "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "shortName": "Accounts receivable, net - Schedule of concentration of risk, accounts receivable, net (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock", "us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020_CompanyAMembersrtMajorCustomersAxis", "decimals": "0", "lang": null, "name": "us-gaap:AccountsReceivableNetCurrent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R62": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock", "us-gaap:OtherCurrentAssetsTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "doyu:ThirdPartyFundsReceivableCurrent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1062 - Disclosure - Other current assets - Schedule of other current assets (Detail)", "role": "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail", "shortName": "Other current assets - Schedule of other current assets (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock", "us-gaap:OtherCurrentAssetsTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "doyu:ThirdPartyFundsReceivableCurrent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R63": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:PropertyPlantAndEquipmentTextBlock", "us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:PropertyPlantAndEquipmentGross", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1063 - Disclosure - Property and equipment, net - Schedule of property and equipment, net (Detail)", "role": "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "shortName": "Property and equipment, net - Schedule of property and equipment, net (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:PropertyPlantAndEquipmentTextBlock", "us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:PropertyPlantAndEquipmentGross", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R64": { "firstAnchor": { "ancestors": [ "div", "div", "us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:Depreciation", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1064 - Disclosure - Property and equipment, net - Additional information (Detail)", "role": "http://ir.douyu.com/role/PropertyAndEquipmentNetAdditionalInformationDetail", "shortName": "Property and equipment, net - Additional information (Detail)", "subGroupType": "details", "uniqueAnchor": null }, "R65": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock", "us-gaap:IntangibleAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:IntangibleAssetsGrossExcludingGoodwill", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1065 - Disclosure - Intangible assets, net - Schedule of intangible assets, net (Detail)", "role": "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "shortName": "Intangible assets, net - Schedule of intangible assets, net (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock", "us-gaap:IntangibleAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:IntangibleAssetsGrossExcludingGoodwill", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R66": { "firstAnchor": { "ancestors": [ "div", "div", "td", "tr", "table", "us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock", "us-gaap:IntangibleAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_ContractualRightsMemberusgaapFiniteLivedIntangibleAssetsByMajorClassAxis", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:FinitelivedIntangibleAssetsAcquired1", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1066 - Disclosure - Intangible assets, net - Schedule of intangible assets, net (Parenthetical) (Detail)", "role": "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail", "shortName": "Intangible assets, net - Schedule of intangible assets, net (Parenthetical) (Detail)", "subGroupType": "parenthetical", "uniqueAnchor": { "ancestors": [ "div", "div", "td", "tr", "table", "us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock", "us-gaap:IntangibleAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_ContractualRightsMemberusgaapFiniteLivedIntangibleAssetsByMajorClassAxis", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:FinitelivedIntangibleAssetsAcquired1", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R67": { "firstAnchor": { "ancestors": [ "div", "div", "us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock", "us-gaap:IntangibleAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:AmortizationOfIntangibleAssets", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1067 - Disclosure - Intangible assets, net - Additional information (Detail)", "role": "http://ir.douyu.com/role/IntangibleAssetsNetAdditionalInformationDetail", "shortName": "Intangible assets, net - Additional information (Detail)", "subGroupType": "details", "uniqueAnchor": null }, "R68": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock", "us-gaap:IntangibleAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1068 - Disclosure - Intangible assets, net - Schedule of future amortization expense (Detail)", "role": "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail", "shortName": "Intangible assets, net - Schedule of future amortization expense (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock", "us-gaap:IntangibleAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R69": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "ix:continuation", "doyu:WeightedAverageAmortizationPeriodsOfIntangibleAssetsTableTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_TradeNamesMemberusgaapFiniteLivedIntangibleAssetsByMajorClassAxis_WeightedAverageMembersrtRangeAxis", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1069 - Disclosure - Intangible assets, net - Schedule of weighted average amortization periods of intangible assets (Detail)", "role": "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "shortName": "Intangible assets, net - Schedule of weighted average amortization periods of intangible assets (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "ix:continuation", "doyu:WeightedAverageAmortizationPeriodsOfIntangibleAssetsTableTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_TradeNamesMemberusgaapFiniteLivedIntangibleAssetsByMajorClassAxis_WeightedAverageMembersrtRangeAxis", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R7": { "firstAnchor": { "ancestors": [ "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_IPOMemberusgaapSubsidiarySaleOfStockAxis", "decimals": "0", "first": true, "lang": null, "name": "doyu:CommonStockIssuanceCosts", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "statement", "isDefault": "false", "longName": "1007 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical)", "role": "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical", "shortName": "COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical)", "subGroupType": "parenthetical", "uniqueAnchor": { "ancestors": [ "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_IPOMemberusgaapSubsidiarySaleOfStockAxis", "decimals": "0", "first": true, "lang": null, "name": "doyu:CommonStockIssuanceCosts", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R70": { "firstAnchor": { "ancestors": [ "div", "us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:CostmethodInvestmentsOtherThanTemporaryImpairment", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1070 - Disclosure - Investments - Additional Information (Detail)", "role": "http://ir.douyu.com/role/InvestmentsAdditionalInformationDetail", "shortName": "Investments - Additional Information (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:CostmethodInvestmentsOtherThanTemporaryImpairment", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R71": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:EquityMethodInvestmentsTextBlock", "us-gaap:CostAndEquityMethodInvestmentsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:EquityMethodInvestments", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1071 - Disclosure - Investments - Schedule of investments accounted for under equity method (Detail)", "role": "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail", "shortName": "Investments - Schedule of investments accounted for under equity method (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:EquityMethodInvestmentsTextBlock", "us-gaap:CostAndEquityMethodInvestmentsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020_HangzhouAijidiCultureCreationCoLtdMembersrtScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis", "decimals": "0", "lang": null, "name": "us-gaap:EquityMethodInvestments", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R72": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:PaymentsToAcquireEquityMethodInvestments", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1072 - Disclosure - Investments - Schedule of investments accounted for under equity method (Parenthetical) (Detail)", "role": "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "shortName": "Investments - Schedule of investments accounted for under equity method (Parenthetical) (Detail)", "subGroupType": "parenthetical", "uniqueAnchor": { "ancestors": [ "div", "div", "td", "tr", "table", "us-gaap:EquityMethodInvestmentsTextBlock", "us-gaap:CostAndEquityMethodInvestmentsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2018_HunanYuyouStarfireCultureMediaCoLtdMembersrtScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis", "decimals": "2", "lang": null, "name": "us-gaap:EquityMethodInvestmentOwnershipPercentage", "reportCount": 1, "unique": true, "unitRef": "Unit_pure", "xsiNil": "false" } }, "R73": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1073 - Disclosure - Investments - Schedule of investments accounted for under equity securities without readily determinable fair values (Detail)", "role": "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail", "shortName": "Investments - Schedule of investments accounted for under equity securities without readily determinable fair values (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020_TechnologyAndSoftwareMembersrtScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis", "decimals": "0", "lang": null, "name": "us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R74": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesCurrentTableTextBlock", "us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:EmployeeRelatedLiabilitiesCurrent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1074 - Disclosure - Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities (Detail)", "role": "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail", "shortName": "Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesCurrentTableTextBlock", "us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:EmployeeRelatedLiabilitiesCurrent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R75": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfCostOfRevenueTableTextBlock", "doyu:CostOfRevenuesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:CostOfRevenue", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1075 - Disclosure - Cost of revenues - Schedule of cost of revenue (Detail)", "role": "http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail", "shortName": "Cost of revenues - Schedule of cost of revenue (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfCostOfRevenueTableTextBlock", "doyu:CostOfRevenuesDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_BandwidthCostsMembersrtProductOrServiceAxis", "decimals": "0", "lang": null, "name": "us-gaap:CostOfRevenue", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R76": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "4", "first": true, "lang": null, "name": "us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate", "reportCount": 1, "unitRef": "Unit_pure", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1076 - Disclosure - Income taxes - Additional Information (Detail)", "role": "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "shortName": "Income taxes - Additional Information (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "us-gaap:IncomeTaxDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2018To12_31_2018", "decimals": "INF", "lang": null, "name": "doyu:FavourableStatutoryTaxRate", "reportCount": 1, "unique": true, "unitRef": "Unit_pure", "xsiNil": "false" } }, "R77": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfIncomeLossBeforeIncomeTaxesByGeographicAreasTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1077 - Disclosure - Income taxes - Schedule of Income (loss) before income taxes (Detail)", "role": "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail", "shortName": "Income taxes - Schedule of Income (loss) before income taxes (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfIncomeLossBeforeIncomeTaxesByGeographicAreasTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_CNsrtStatementGeographicalAxis", "decimals": "0", "lang": null, "name": "us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R78": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "4", "first": true, "lang": null, "name": "us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate", "reportCount": 1, "unitRef": "Unit_pure", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1078 - Disclosure - Income taxes - Schedule of reconciliation of total tax expenses (Detail)", "role": "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail", "shortName": "Income taxes - Schedule of reconciliation of total tax expenses (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "4", "lang": null, "name": "us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense", "reportCount": 1, "unique": true, "unitRef": "Unit_pure", "xsiNil": "false" } }, "R79": { "firstAnchor": { "ancestors": [ "div", "td", "tr", "table", "us-gaap:SummaryOfIncomeTaxHolidayTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:IncomeTaxHolidayAggregateDollarAmount", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1079 - Disclosure - Income taxes - Schedule of aggregate amount and per share effect of the tax holiday (Detail)", "role": "http://ir.douyu.com/role/IncomeTaxesScheduleOfAggregateAmountAndPerShareEffectOfTheTaxHolidayDetail", "shortName": "Income taxes - Schedule of aggregate amount and per share effect of the tax holiday (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "td", "tr", "table", "us-gaap:SummaryOfIncomeTaxHolidayTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:IncomeTaxHolidayAggregateDollarAmount", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R8": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:ProfitLoss", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "statement", "isDefault": "false", "longName": "1008 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS", "role": "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "shortName": "COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "lang": null, "name": "us-gaap:GainLossOnDispositionOfIntangibleAssets", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R80": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:DeferredTaxAssetsOperatingLossCarryforwards", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1080 - Disclosure - Income taxes - Schedule of deferred tax assets (Detail)", "role": "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail", "shortName": "Income taxes - Schedule of deferred tax assets (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:DeferredTaxAssetsOperatingLossCarryforwards", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R81": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2019", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:DeferredTaxAssetsValuationAllowance", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1081 - Disclosure - Income taxes - Schedule of movement of deferred tax valuation allowance (Detail)", "role": "http://ir.douyu.com/role/IncomeTaxesScheduleOfMovementOfDeferredTaxValuationAllowanceDetail", "shortName": "Income taxes - Schedule of movement of deferred tax valuation allowance (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:SummaryOfValuationAllowanceTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "lang": null, "name": "us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R82": { "firstAnchor": { "ancestors": [ "us-gaap:CommonStockSharesAuthorized", "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "INF", "first": true, "lang": null, "name": "us-gaap:CommonStockSharesAuthorized", "reportCount": 1, "unitRef": "Unit_shares", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1082 - Disclosure - Ordinary shares - Additional information (Detail)", "role": "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "shortName": "Ordinary shares - Additional information (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "div", "us-gaap:StockholdersEquityNoteDisclosureTextBlock", "div", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn01_05_2018", "decimals": "INF", "lang": null, "name": "us-gaap:CommonStockSharesSubscribedButUnissued", "reportCount": 1, "unique": true, "unitRef": "Unit_shares", "xsiNil": "false" } }, "R83": { "firstAnchor": { "ancestors": [ "div", "td", "tr", "table", "doyu:ScheduleOfNoncontrollingInterestTableTextBlock", "us-gaap:MinorityInterestDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:NetIncomeLoss", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1083 - Disclosure - Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Detail)", "role": "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail", "shortName": "Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "td", "tr", "table", "doyu:ScheduleOfNoncontrollingInterestTableTextBlock", "us-gaap:MinorityInterestDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "lang": null, "name": "us-gaap:ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R84": { "firstAnchor": { "ancestors": [ "div", "div", "div", "td", "tr", "table", "doyu:ScheduleOfNoncontrollingInterestTableTextBlock", "us-gaap:MinorityInterestDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P03_01_2020To03_31_2020_ChengduShuangsiMemberusgaapStatementClassOfStockAxis", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:BusinessCombinationConsiderationTransferred1", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1084 - Disclosure - Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Parenthetical) (Detail)", "role": "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "shortName": "Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Parenthetical) (Detail)", "subGroupType": "parenthetical", "uniqueAnchor": { "ancestors": [ "div", "div", "div", "td", "tr", "table", "doyu:ScheduleOfNoncontrollingInterestTableTextBlock", "us-gaap:MinorityInterestDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P03_01_2020To03_31_2020_ChengduShuangsiMemberusgaapStatementClassOfStockAxis", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:BusinessCombinationConsiderationTransferred1", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R85": { "firstAnchor": { "ancestors": [ "div", "td", "tr", "table", "doyu:ScheduleOfRelatedPartyTransactionDueFromtoRelatedPartyTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2018", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:TemporaryEquityCarryingAmountAttributableToParent", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1085 - Disclosure - Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Detail)", "role": "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail", "shortName": "Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "td", "tr", "table", "us-gaap:TemporaryEquityTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2017_RedeemableConvertibleSeriesAPreferredStockMemberusgaapStatementClassOfStockAxis", "decimals": "0", "lang": null, "name": "us-gaap:TemporaryEquityCarryingAmountAttributableToParent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R86": { "firstAnchor": { "ancestors": [ "div", "div", "us-gaap:StockholdersEquityNoteDisclosureTextBlock", "div", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P12_20_2019To12_20_2019", "decimals": "INF", "first": true, "lang": null, "name": "us-gaap:StockRepurchasedDuringPeriodShares", "reportCount": 1, "unitRef": "Unit_shares", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1086 - Disclosure - Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Parenthetical) (Detail)", "role": "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail", "shortName": "Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Parenthetical) (Detail)", "subGroupType": "parenthetical", "uniqueAnchor": { "ancestors": [ "div", "div", "div", "td", "tr", "table", "us-gaap:TemporaryEquityTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2018To01_31_2018_RedeemableConvertibleSeriesCTwoPreferredStockMemberusgaapStatementClassOfStockAxis", "decimals": "0", "lang": null, "name": "us-gaap:PaymentsForRepurchaseOfPreferredStockAndPreferenceStock", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R87": { "firstAnchor": { "ancestors": [ "div", "div", "us-gaap:StockholdersEquityNoteDisclosureTextBlock", "div", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P12_20_2019To12_20_2019", "decimals": "INF", "first": true, "lang": null, "name": "us-gaap:StockRepurchasedDuringPeriodShares", "reportCount": 1, "unitRef": "Unit_shares", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1087 - Disclosure - Convertible redeemable preferred shares - Additional information (Detail)", "role": "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "shortName": "Convertible redeemable preferred shares - Additional information (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "div", "div", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "INF", "lang": null, "name": "us-gaap:TemporaryEquityLiquidationPreference", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R88": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock", "us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2019_RestrictedStockMemberusgaapAwardTypeAxis", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber", "reportCount": 1, "unique": true, "unitRef": "Unit_shares", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1088 - Disclosure - Share-based compensation - Schedule of non-vested restricted equity activity (Detail)", "role": "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "shortName": "Share-based compensation - Schedule of non-vested restricted equity activity (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock", "us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2019_RestrictedStockMemberusgaapAwardTypeAxis", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber", "reportCount": 1, "unique": true, "unitRef": "Unit_shares", "xsiNil": "false" } }, "R89": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2019_RestrictedStockUnitsRSUMemberusgaapAwardTypeAxis", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber", "reportCount": 1, "unitRef": "Unit_shares", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1089 - Disclosure - Share-based compensation - Schedule of restricted share units activity (Detail)", "role": "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail", "shortName": "Share-based compensation - Schedule of restricted share units activity (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_RestrictedStockUnitsRSUMemberusgaapAwardTypeAxis", "decimals": "0", "lang": null, "name": "us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod", "reportCount": 1, "unique": true, "unitRef": "Unit_shares", "xsiNil": "false" } }, "R9": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "statement", "isDefault": "false", "longName": "1009 - Statement - COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)", "role": "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlowsParenthetical", "shortName": "COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)", "subGroupType": "parenthetical", "uniqueAnchor": null }, "R90": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:ShareBasedCompensation", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1090 - Disclosure - Share-based compensation - Additional information (Detail)", "role": "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "shortName": "Share-based compensation - Additional information (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "div", "us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2019To12_31_2019", "decimals": "0", "lang": null, "name": "us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionModificationOfTermsIncrementalCompensationCost", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R91": { "firstAnchor": { "ancestors": [ "div", "td", "tr", "table", "doyu:ScheduleOfNoncontrollingInterestTableTextBlock", "us-gaap:MinorityInterestDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:NetIncomeLoss", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1091 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of basic and diluted net income (loss) per share (Detail)", "role": "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail", "shortName": "Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of basic and diluted net income (loss) per share (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock", "us-gaap:EarningsPerShareTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2019To12_31_2019", "decimals": "0", "lang": null, "name": "doyu:ConvertibleRedeemablePreferredSharesAllocatedToDividends", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R92": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": null, "name": "us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount", "reportCount": 1, "unique": true, "unitRef": "Unit_shares", "xsiNil": "true" }, "groupType": "disclosure", "isDefault": "false", "longName": "1092 - Disclosure - Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of antidilutive securities excluded from computation of earnings per share (Detail)", "role": "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetail", "shortName": "Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of antidilutive securities excluded from computation of earnings per share (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": null, "first": true, "lang": null, "name": "us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount", "reportCount": 1, "unique": true, "unitRef": "Unit_shares", "xsiNil": "true" } }, "R93": { "firstAnchor": { "ancestors": [ "div", "us-gaap:RestrictedAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "doyu:RestrictedAssetsNet", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1093 - Disclosure - Statutory reserves and restricted net assets - Additional information (Detail)", "role": "http://ir.douyu.com/role/StatutoryReservesAndRestrictedNetAssetsAdditionalInformationDetail", "shortName": "Statutory reserves and restricted net assets - Additional information (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "us-gaap:RestrictedAssetsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "doyu:RestrictedAssetsNet", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R94": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "ix:continuation", "ix:continuation", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1094 - Disclosure - Segment Information - Schedule of revenue by type of service provided by the Group (Detail)", "role": "http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail", "shortName": "Segment Information - Schedule of revenue by type of service provided by the Group (Detail)", "subGroupType": "details", "uniqueAnchor": null }, "R95": { "firstAnchor": { "ancestors": [ "div", "div", "us-gaap:SegmentReportingDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_CNsrtStatementGeographicalAxis_CustomerConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis", "decimals": "INF", "first": true, "lang": null, "name": "us-gaap:ConcentrationRiskPercentage1", "reportCount": 1, "unique": true, "unitRef": "Unit_pure", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1095 - Disclosure - Segment Information - Additional Information (Detail)", "role": "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail", "shortName": "Segment Information - Additional Information (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "div", "div", "us-gaap:SegmentReportingDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_CNsrtStatementGeographicalAxis_CustomerConcentrationRiskMemberusgaapConcentrationRiskByTypeAxis_SalesRevenueNetMemberusgaapConcentrationRiskByBenchmarkAxis", "decimals": "INF", "first": true, "lang": null, "name": "us-gaap:ConcentrationRiskPercentage1", "reportCount": 1, "unique": true, "unitRef": "Unit_pure", "xsiNil": "false" } }, "R96": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfMajorRelatedPartiesAndTheirRelationshipsWithTheGroupTableTextBlock", "us-gaap:RelatedPartyTransactionsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_TencentHoldingsLimitedMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1096 - Disclosure - Related party transactions - Schedule of major related parties and their relationships (Detail)", "role": "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfMajorRelatedPartiesAndTheirRelationshipsDetail", "shortName": "Related party transactions - Schedule of major related parties and their relationships (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfMajorRelatedPartiesAndTheirRelationshipsWithTheGroupTableTextBlock", "us-gaap:RelatedPartyTransactionsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020_TencentHoldingsLimitedMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis", "decimals": null, "first": true, "lang": "en-US", "name": "us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } }, "R97": { "firstAnchor": { "ancestors": [ "div", "div", "div", "td", "tr", "table", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:RevenueFromRelatedParties", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1097 - Disclosure - Related party transactions - Schedule of significant related party transactions (Detail)", "role": "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail", "shortName": "Related party transactions - Schedule of significant related party transactions (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock", "us-gaap:RelatedPartyTransactionsDisclosureTextBlock", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "P01_01_2020To12_31_2020", "decimals": "0", "lang": null, "name": "us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R98": { "firstAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfRelatedPartyTransactionDueFromtoRelatedPartyTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:DueFromRelatedPartiesCurrent", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1098 - Disclosure - Related party transactions - Schedule of amounts due from/to related parties (Detail)", "role": "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "shortName": "Related party transactions - Schedule of amounts due from/to related parties (Detail)", "subGroupType": "details", "uniqueAnchor": { "ancestors": [ "td", "tr", "table", "doyu:ScheduleOfRelatedPartyTransactionDueFromtoRelatedPartyTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2020_TencentHoldingsLimitedMemberusgaapRelatedPartyTransactionsByRelatedPartyAxis", "decimals": "0", "lang": null, "name": "us-gaap:DueFromRelatedPartiesCurrent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } }, "R99": { "firstAnchor": { "ancestors": [ "div", "td", "tr", "table", "doyu:ScheduleOfRelatedPartyTransactionDueFromtoRelatedPartyTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn12_31_2018", "decimals": "0", "first": true, "lang": null, "name": "us-gaap:TemporaryEquityCarryingAmountAttributableToParent", "reportCount": 1, "unitRef": "Unit_CNY", "xsiNil": "false" }, "groupType": "disclosure", "isDefault": "false", "longName": "1099 - Disclosure - Related party transactions - Schedule of amounts due from/to related parties (Parenthetical) (Detail)", "role": "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail", "shortName": "Related party transactions - Schedule of amounts due from/to related parties (Parenthetical) (Detail)", "subGroupType": "parenthetical", "uniqueAnchor": { "ancestors": [ "div", "td", "tr", "table", "doyu:ScheduleOfRelatedPartyTransactionDueFromtoRelatedPartyTableTextBlock", "ix:continuation", "div", "div", "body", "html" ], "baseRef": "d40930d20f.htm", "contextRef": "PAsOn05_31_2018", "decimals": "0", "lang": null, "name": "us-gaap:TemporaryEquityCarryingAmountAttributableToParent", "reportCount": 1, "unique": true, "unitRef": "Unit_CNY", "xsiNil": "false" } } }, "segmentCount": 109, "tag": { "country_CN": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "CHINA", "terseLabel": "CHINA", "verboseLabel": "CHINA [Member]" } } }, "localname": "CN", "nsuri": "http://xbrl.sec.gov/country/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail", "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "dei_AddressTypeDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "An entity may have several addresses for different purposes and this domain represents all such types.", "label": "Address Type [Domain]" } } }, "localname": "AddressTypeDomain", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "domainItemType" }, "dei_AdrMember": { "auth_ref": [ "r585" ], "lang": { "en-us": { "role": { "documentation": "American Depository Receipt (or American Depository Share, ADS).", "label": "ADR [Member]", "terseLabel": "American Depositary Shares [Member]" } } }, "localname": "AdrMember", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "domainItemType" }, "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_BusinessContactMember": { "auth_ref": [ "r587", "r588" ], "lang": { "en-us": { "role": { "documentation": "Business contact for the entity", "label": "Business Contact [Member]", "terseLabel": "Business Contact [Member]" } } }, "localname": "BusinessContactMember", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "domainItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_ContactPersonnelName": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of contact personnel", "label": "Contact Personnel Name" } } }, "localname": "ContactPersonnelName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_CountryRegion": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Region code of country", "label": "Country Region" } } }, "localname": "CountryRegion", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "xbrltype": "stringItemType" }, "dei_CurrentFiscalYearEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "End date of current fiscal year in the format --MM-DD.", "label": "Current Fiscal Year End Date" } } }, "localname": "CurrentFiscalYearEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "gMonthDayItemType" }, "dei_DocumentAccountingStandard": { "auth_ref": [ "r587" ], "lang": { "en-us": { "role": { "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.", "label": "Document Accounting Standard" } } }, "localname": "DocumentAccountingStandard", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "accountingStandardItemType" }, "dei_DocumentAnnualReport": { "auth_ref": [ "r586", "r587", "r588" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as an annual report.", "label": "Document Annual Report" } } }, "localname": "DocumentAnnualReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_DocumentFiscalPeriodFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.", "label": "Document Fiscal Period Focus" } } }, "localname": "DocumentFiscalPeriodFocus", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "fiscalPeriodItemType" }, "dei_DocumentFiscalYearFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.", "label": "Document Fiscal Year Focus" } } }, "localname": "DocumentFiscalYearFocus", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "gYearItemType" }, "dei_DocumentInformationLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Document Information [Line Items]" } } }, "localname": "DocumentInformationLineItems", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "stringItemType" }, "dei_DocumentInformationTable": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Container to support the formal attachment of each official or unofficial, public or private document as part of a submission package.", "label": "Document Information [Table]" } } }, "localname": "DocumentInformationTable", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "dateItemType" }, "dei_DocumentRegistrationStatement": { "auth_ref": [ "r600" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as a registration statement.", "label": "Document Registration Statement" } } }, "localname": "DocumentRegistrationStatement", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_DocumentShellCompanyReport": { "auth_ref": [ "r587" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.", "label": "Document Shell Company Report" } } }, "localname": "DocumentShellCompanyReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_DocumentTransitionReport": { "auth_ref": [ "r589" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as a transition report.", "label": "Document Transition Report" } } }, "localname": "DocumentTransitionReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine3": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 3 such as an Office Park", "label": "Entity Address, Address Line Three" } } }, "localname": "EntityAddressAddressLine3", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCountry": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "ISO 3166-1 alpha-2 country code.", "label": "Entity Address, Country" } } }, "localname": "EntityAddressCountry", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "countryCodeItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressesAddressTypeAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.", "label": "Entity Addresses, Address Type [Axis]" } } }, "localname": "EntityAddressesAddressTypeAxis", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "stringItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r590" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityCommonStockSharesOutstanding": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.", "label": "Entity Common Stock, Shares Outstanding" } } }, "localname": "EntityCommonStockSharesOutstanding", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "sharesItemType" }, "dei_EntityCurrentReportingStatus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Current Reporting Status" } } }, "localname": "EntityCurrentReportingStatus", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "yesNoItemType" }, "dei_EntityDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "All the names of the entities being reported upon in a document. Any legal structure used to conduct activities or to hold assets. Some examples of such structures are corporations, partnerships, limited liability companies, grantor trusts, and other trusts. This item does not include business and geographical segments which are included in the geographical or business segments domains.", "label": "Entity [Domain]" } } }, "localname": "EntityDomain", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r590" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "fileNumberItemType" }, "dei_EntityFilerCategory": { "auth_ref": [ "r590" ], "lang": { "en-us": { "role": { "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Filer Category" } } }, "localname": "EntityFilerCategory", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "filerCategoryItemType" }, "dei_EntityIncorporationDateOfIncorporation": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Date when an entity was incorporated", "label": "Entity Incorporation, Date of Incorporation", "verboseLabel": "Date of incorporation/ establishment" } } }, "localname": "EntityIncorporationDateOfIncorporation", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "dateItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityInteractiveDataCurrent": { "auth_ref": [ "r591" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).", "label": "Entity Interactive Data Current" } } }, "localname": "EntityInteractiveDataCurrent", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "yesNoItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r590" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityShellCompany": { "auth_ref": [ "r590" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.", "label": "Entity Shell Company" } } }, "localname": "EntityShellCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_EntityVoluntaryFilers": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.", "label": "Entity Voluntary Filers" } } }, "localname": "EntityVoluntaryFilers", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "yesNoItemType" }, "dei_EntityWellKnownSeasonedIssuer": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.", "label": "Entity Well-known Seasoned Issuer" } } }, "localname": "EntityWellKnownSeasonedIssuer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "yesNoItemType" }, "dei_IcfrAuditorAttestationFlag": { "auth_ref": [ "r586", "r587", "r588" ], "lang": { "en-us": { "role": { "label": "ICFR Auditor Attestation Flag" } } }, "localname": "IcfrAuditorAttestationFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_LegalEntityAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The set of legal entities associated with a report.", "label": "Legal Entity [Axis]" } } }, "localname": "LegalEntityAxis", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "stringItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_NoTradingSymbolFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a security having no trading symbol.", "label": "No Trading Symbol Flag" } } }, "localname": "NoTradingSymbolFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r583" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r584" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CoverPage" ], "xbrltype": "tradingSymbolItemType" }, "doyu_AccruedCustomerDepositsCurrent": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail": { "order": 3.0, "parentTag": "us-gaap_AccruedLiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Accrued customer deposits current.", "label": "Accrued Customer Deposits Current", "terseLabel": "Deposits" } } }, "localname": "AccruedCustomerDepositsCurrent", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail" ], "xbrltype": "monetaryItemType" }, "doyu_AdjustmentsToAdditionalPaidInCapitalAcquisitionOfNonControllingInterestInShuangsi": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Adjustments to additional paid in capital acquisition of non controlling interest in shuangsi.", "label": "Adjustments To Additional Paid In Capital Acquisition of Non Controlling Interest in Shuangsi", "verboseLabel": "Acquisitions of noncontrolling interests in Shuangsi (Note\u00a012)" } } }, "localname": "AdjustmentsToAdditionalPaidInCapitalAcquisitionOfNonControllingInterestInShuangsi", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "doyu_AdjustmentsToAdditionalPaidInCapitalContributionFromShareholderInConnectionWithAnAcquisitionOfAnEquityMethodInvestment": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Adjustments To Additional Paid In Capital Contribution From Shareholder in Connection with an Acquisition of an Equity Method Investment.", "label": "Adjustments To Additional Paid In Capital Contribution From Shareholder in Connection with an Acquisition of an Equity Method Investment", "terseLabel": "Contribution from shareholder in connection with an acquisition of an equity method investment (Note 7)" } } }, "localname": "AdjustmentsToAdditionalPaidInCapitalContributionFromShareholderInConnectionWithAnAcquisitionOfAnEquityMethodInvestment", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "doyu_AdsMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "ADS.", "label": "ADS [Member]", "terseLabel": "ADS [Member]" } } }, "localname": "AdsMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "domainItemType" }, "doyu_AdvanceFromCustomer": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 17.0, "parentTag": "us-gaap_LiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The current portion of prepayments received from customers for goods or services to be provided in the future like advertising business, etc.", "label": "Advance From Customer", "periodEndLabel": "Ending Balance", "periodStartLabel": "Opening Balance", "terseLabel": "Advances from customers", "verboseLabel": "Advances from customers" } } }, "localname": "AdvanceFromCustomer", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfContractBalanceDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "doyu_AllowanceForDoubtfulAccountsReceivableCurrentInBalanceAsOfJanuary1": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "allowance for doubtful accounts receivable current in balance as of january 1.", "label": "Allowance For Doubtful Accounts Receivable Current In Balance as of January 1", "terseLabel": "Balance as of January 1" } } }, "localname": "AllowanceForDoubtfulAccountsReceivableCurrentInBalanceAsOfJanuary1", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAllowanceForDoubtfulReceivablesDetail" ], "xbrltype": "monetaryItemType" }, "doyu_AmericanDepositarySharesMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "American depositary shares.", "label": "American Depositary Shares [Member]", "verboseLabel": "American Depositary Shares [Member]" } } }, "localname": "AmericanDepositarySharesMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_AngelPreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Angel Preferred Stock.", "label": "Angel Preferred Stock [Member]" } } }, "localname": "AngelPreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_BandwidthCostsMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Bandwidth costs.", "label": "Bandwidth costs [Member]", "terseLabel": "Bandwidth costs" } } }, "localname": "BandwidthCostsMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail" ], "xbrltype": "domainItemType" }, "doyu_BandwidthFeesMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Bandwidth Fees [Member]", "label": "Bandwidth Fees [Member]", "terseLabel": "Bandwidth Fees [Member]" } } }, "localname": "BandwidthFeesMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "domainItemType" }, "doyu_BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Beijing Sequoia Xinyuan Equity Investment Center LLP [Member].", "label": "Beijing Sequoia Xinyuan Equity Investment Center LLP [Member]", "terseLabel": "Beijing Sequoia Xinyuan Equity Investment Center LLP [Member]" } } }, "localname": "BeijingSequoiaXinyuanEquityInvestmentCenterLlpMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_CapitalizedResearchAndDevelopmentExpense": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Capitalized research and development expense.", "label": "Capitalized Research And Development Expense", "terseLabel": "Capitalized research and development expenses" } } }, "localname": "CapitalizedResearchAndDevelopmentExpense", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "doyu_CashAndCashEquivalentsPercentage": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cash and cash equivalents percentage.", "label": "Cash And Cash Equivalents Percentage", "terseLabel": "Cash and cash equivalents percentage" } } }, "localname": "CashAndCashEquivalentsPercentage", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_ChengduShuangsiMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Chengdu Shuangsi [Member]" } } }, "localname": "ChengduShuangsiMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_ChongqingYuwanNetworkMediaCoLtdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Chongqing yuwan network media\u00a0co\u00a0ltd [Member].", "label": "Chongqing Yuwan Network Media Co Ltd [Member]", "verboseLabel": "Chongqing Yuwan Network Media Co., Ltd [Member]" } } }, "localname": "ChongqingYuwanNetworkMediaCoLtdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail" ], "xbrltype": "domainItemType" }, "doyu_CommonStockIssuanceCosts": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Common stock issuance costs.", "label": "Common Stock Issuance Costs", "verboseLabel": "Common stock issuance costs" } } }, "localname": "CommonStockIssuanceCosts", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical" ], "xbrltype": "monetaryItemType" }, "doyu_CompanyAMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Company A", "label": "Company A [Member]", "terseLabel": "Company A" } } }, "localname": "CompanyAMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail" ], "xbrltype": "domainItemType" }, "doyu_CompanyBMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Company B", "label": "Company B [Member]", "terseLabel": "Company B" } } }, "localname": "CompanyBMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail" ], "xbrltype": "domainItemType" }, "doyu_CompanyCMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Company C", "label": "Company C [Member]", "terseLabel": "Company C" } } }, "localname": "CompanyCMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail" ], "xbrltype": "domainItemType" }, "doyu_ComputerAndTransmissionEquipmentMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Computer and transmission equipment", "label": "Computer and transmission equipment [Member]", "verboseLabel": "Computer and transmission equipment [Member]" } } }, "localname": "ComputerAndTransmissionEquipmentMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "doyu_ContentProducersMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Content producers member.", "label": "Content Producers [Member]", "verboseLabel": "Content producers [Member]" } } }, "localname": "ContentProducersMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "domainItemType" }, "doyu_ContentRightsAssetsCurrent": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail": { "order": 3.0, "parentTag": "us-gaap_OtherAssetsCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Content rights consumed within one year or operating cycle, if longer.", "label": "Content Rights Assets Current", "terseLabel": "Content rights" } } }, "localname": "ContentRightsAssetsCurrent", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail" ], "xbrltype": "monetaryItemType" }, "doyu_ConveniencetranslationintounitedstateddollarsPolicyTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Convenience translation into United Stated Dollars.", "label": "ConvenienceTranslationIntoUnitedStatedDollars [Policy Text Block]", "terseLabel": "Convenience Translation into United States Dollars" } } }, "localname": "ConveniencetranslationintounitedstateddollarsPolicyTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "doyu_ConversionOfPreferredSharesToOrdinarySharesShares": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Conversion of preferred shares to ordinary shares shares.", "label": "Conversion Of Preferred Shares To Ordinary Shares Shares", "verboseLabel": "Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, Shares" } } }, "localname": "ConversionOfPreferredSharesToOrdinarySharesShares", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "sharesItemType" }, "doyu_ConversionOfPreferredSharesToOrdinarySharesValues": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Conversion of preferred shares to ordinary shares values.", "label": "Conversion Of Preferred Shares To Ordinary Shares Values", "terseLabel": "Conversion of Preferred Shares to ordinary shares upon the completion of the IPO" } } }, "localname": "ConversionOfPreferredSharesToOrdinarySharesValues", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "doyu_ConvertibleRedeemablePreferredSharesAllocatedToDividends": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail": { "order": 5.0, "parentTag": "doyu_NetIncomeLossAvailableToCommonStockHolders", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Convertible redeemable preferred shares allocated to dividends.", "label": "Convertible Redeemable Preferred Shares Allocated To Dividends", "negatedLabel": "Amounts allocated to convertible redeemable preferred shares for participating rights to dividends" } } }, "localname": "ConvertibleRedeemablePreferredSharesAllocatedToDividends", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "monetaryItemType" }, "doyu_CostOfRevenuesDisclosureTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The aggregate cost of goods produced and sold and services rendered during the reporting period.", "label": "Cost Of Revenues Disclosure [Text Block]", "terseLabel": "Cost of revenues" } } }, "localname": "CostOfRevenuesDisclosureTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CostOfRevenues" ], "xbrltype": "textBlockItemType" }, "doyu_DeemedDividendRecognizedDifferenceOfSubscribedAndFairValue": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Deemed dividend recognized difference of subscribed and fair value.", "label": "Deemed Dividend Recognized Difference Of Subscribed And Fair Value", "terseLabel": "Deemed dividend recognized" } } }, "localname": "DeemedDividendRecognizedDifferenceOfSubscribedAndFairValue", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "doyu_DeferredOfferingCost": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Deferred offering cost.", "label": "Deferred Offering Cost", "terseLabel": "Deferred offering cost" } } }, "localname": "DeferredOfferingCost", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "doyu_DeferredRevenueCurrentExcludesAds": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Deferred revenue current excludes ADS.", "label": "Deferred Revenue Current Excludes Ads", "periodEndLabel": "Ending Balance", "periodStartLabel": "Opening Balance" } } }, "localname": "DeferredRevenueCurrentExcludesAds", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfContractBalanceDetail" ], "xbrltype": "monetaryItemType" }, "doyu_DeferredTaxAssetsDeductibleTemporaryDifferences": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail": { "order": 3.0, "parentTag": "us-gaap_DeferredTaxAssetsGross", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Deferred tax assets deductible temporary differences.", "label": "Deferred Tax Assets Deductible Temporary Differences", "terseLabel": "Deductible temporary differences" } } }, "localname": "DeferredTaxAssetsDeductibleTemporaryDifferences", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail" ], "xbrltype": "monetaryItemType" }, "doyu_DividendsFromAnEquityInvestee": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 52.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Dividends from an equity investee.", "label": "Dividends From An Equity Investee", "terseLabel": "Dividends from an equity investee" } } }, "localname": "DividendsFromAnEquityInvestee", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "doyu_DouyuHongkongLimitedMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Douyu Hongkong Limited Member", "label": "Douyu Hongkong Limited [Member]", "terseLabel": "Douyu Hongkong Limited [Member]" } } }, "localname": "DouyuHongkongLimitedMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_DouyuJapanMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "DouYu Japan [Member]" } } }, "localname": "DouyuJapanMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_DouyuLlpMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "DouYu llp [Member].", "label": "Douyu LLP [Member]", "terseLabel": "DouYu LLP [Member]" } } }, "localname": "DouyuLlpMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_DouyuNetworkIncMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "DouYu Network Inc. Member", "label": "DouYu Network Inc [Member]", "terseLabel": "DouYu Network Inc [Member]" } } }, "localname": "DouyuNetworkIncMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_EffectiveIncomeTaxRateReconciliationSuperDeductionOnResearchAndDevelopmentExpensePercent": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail": { "order": 3.0, "parentTag": "us-gaap_EffectiveIncomeTaxRateContinuingOperations", "weight": 1.0 } }, "lang": { "en-us": { "role": { "documentation": "Effective income tax rate reconciliation, super deduction on research and development expense percent.", "label": "Effective Income Tax Rate Reconciliation Super Deduction On research And Development Expense Percent", "terseLabel": "Super deduction on research and development expenses" } } }, "localname": "EffectiveIncomeTaxRateReconciliationSuperDeductionOnResearchAndDevelopmentExpensePercent", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail" ], "xbrltype": "percentItemType" }, "doyu_EntityIncorporationStateOrCountryName": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Entity incorporation state or country name.", "label": "Entity Incorporation State Or Country Name", "terseLabel": "Place of incorporation/ establishment" } } }, "localname": "EntityIncorporationStateOrCountryName", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "normalizedStringItemType" }, "doyu_EquityMethodInvesteesTalentAgenciesMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Equity method investees- talent agencies.", "label": "Equity method investees talent agencies [Member]" } } }, "localname": "EquityMethodInvesteesTalentAgenciesMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "domainItemType" }, "doyu_FavourableStatutoryTaxRate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Favourable statutory tax rate.", "label": "Favourable Statutory Tax Rate", "terseLabel": "Favourable statutory tax rate" } } }, "localname": "FavourableStatutoryTaxRate", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_FiniteLivedIntangibleAssetEstimatedUsefulLife": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Finite Lived Intangible Asset Estimated Useful Life", "label": "Finite Lived Intangible Asset Estimated Useful Life", "terseLabel": "Intangible assets, net estimated useful lives" } } }, "localname": "FiniteLivedIntangibleAssetEstimatedUsefulLife", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "doyu_ForeignMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Foreign [Member].", "label": "Foreign [Member]" } } }, "localname": "ForeignMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail" ], "xbrltype": "domainItemType" }, "doyu_FounderOneMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Founder One Member.", "label": "Founder One [Member]" } } }, "localname": "FounderOneMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_GogoGlocalHoldingLimitedMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Gogo Glocal Holding Limited [Member]", "label": "Gogo Glocal Holding Limited [Member]", "terseLabel": "Gogo Glocal Holding Limited [Member]" } } }, "localname": "GogoGlocalHoldingLimitedMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_GogoGlocallHoldingLimitedMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Gogo Glocal Holding Limited Member", "label": "Gogo Glocall Holding Limited [Member]", "terseLabel": "Gogo Glocal Holding Limited[Member]" } } }, "localname": "GogoGlocallHoldingLimitedMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_GovernmentSubsidies": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Government subsidies.", "label": "Government Subsidies", "terseLabel": "Government subsidies" } } }, "localname": "GovernmentSubsidies", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "doyu_GovernmentSubsidiesPolicyTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Government subsidies.", "label": "Government Subsidies [Policy Text Block]", "terseLabel": "Government subsidies" } } }, "localname": "GovernmentSubsidiesPolicyTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "doyu_HangzhouAijidiCultureCreationCoLtdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Hangzhou aijidi culture creation\u00a0co\u00a0ltd [Member].", "label": "Hangzhou Aijidi Culture Creation Co Ltd [Member]", "verboseLabel": "Hangzhou Aijidi Culture Creation Co., Ltd [Member]" } } }, "localname": "HangzhouAijidiCultureCreationCoLtdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail" ], "xbrltype": "domainItemType" }, "doyu_HunanYuyouStarfireCultureMediaCoLtdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Hunan yuyou starfire culture media\u00a0co\u00a0ltd [Member].", "label": "Hunan Yuyou Starfire Culture Media Co Ltd [Member]", "verboseLabel": "Hunan Yuyou Starfire Culture Media Co., Ltd [Member]" } } }, "localname": "HunanYuyouStarfireCultureMediaCoLtdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_IncomeTaxHolidayPeriod": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Income Tax Holiday Period.", "label": "Income Tax Holiday Period", "terseLabel": "Income tax holiday period" } } }, "localname": "IncomeTaxHolidayPeriod", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "durationItemType" }, "doyu_IncomeTaxHolidayPeriodExemptionAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Income Tax Holiday Period Exemption [Axis].", "label": "Income Tax Holiday Period Exemption [Axis]" } } }, "localname": "IncomeTaxHolidayPeriodExemptionAxis", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "doyu_IncomeTaxHolidayPeriodExemptionDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Income Tax Holiday Period Exemption [Domain].", "label": "Income Tax Holiday Period Exemption [Domain]" } } }, "localname": "IncomeTaxHolidayPeriodExemptionDomain", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_IncomeTaxHolidayPeriodWithFiftyPercentExemptionMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Income Tax Holiday Period With Fifty Percent Exemption [Member].", "label": "Income Tax Holiday Period With Fifty Percent Exemption [Member]" } } }, "localname": "IncomeTaxHolidayPeriodWithFiftyPercentExemptionMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_IncomeTaxHolidayPeriodWithHunderdPercentExemptionMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Income Tax Holiday Period With Hunderd Percent Exemption [Member].", "label": "Income Tax Holiday Period With Hunderd Percent Exemption [Member]", "terseLabel": "Income Tax Holiday Period With Hunderd Percent Exemption [Member]" } } }, "localname": "IncomeTaxHolidayPeriodWithHunderdPercentExemptionMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_IncreaseDecreaseInAccountsReceivableNetOfOperating": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Increase decrease in accounts receivable, net of operating.", "label": "Increase (decrease) in accounts receivable, net of operating", "verboseLabel": "Increase (decrease), net" } } }, "localname": "IncreaseDecreaseInAccountsReceivableNetOfOperating", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfContractBalanceDetail" ], "xbrltype": "monetaryItemType" }, "doyu_IncreaseDecreaseInAdvancesFromCustomers": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Increase decrease in advances from customers.", "label": "Increase Decrease In Advances From Customers", "verboseLabel": "Increase (decrease), net" } } }, "localname": "IncreaseDecreaseInAdvancesFromCustomers", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfContractBalanceDetail" ], "xbrltype": "monetaryItemType" }, "doyu_IncreaseDecreaseInDeferredRevenueExcludesAds": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Increase decrease in deferred revenue excludes Ads", "label": "Increase Decrease In Deferred Revenue Excludes Ads", "verboseLabel": "Increase (decrease), net" } } }, "localname": "IncreaseDecreaseInDeferredRevenueExcludesAds", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfContractBalanceDetail" ], "xbrltype": "monetaryItemType" }, "doyu_IncreaseInNonControllingInterestOwnershipPercentage": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Increase in non controlling interest ownership percentage.", "label": "Increase In Non Controlling Interest Ownership Percentage", "terseLabel": "Increase in noncontrolling interest, ownership percentage" } } }, "localname": "IncreaseInNonControllingInterestOwnershipPercentage", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail" ], "xbrltype": "percentItemType" }, "doyu_IncrementalCommonSharesAttributableToRestrictedShareUnits": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Incremental common shares attributable to restricted share units.", "label": "Incremental Common Shares Attributable To Restricted Share Units", "terseLabel": "Restricted Share Units" } } }, "localname": "IncrementalCommonSharesAttributableToRestrictedShareUnits", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "sharesItemType" }, "doyu_IntangibleAssetsAccumulatedAmortizationAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Intangible Assets Accumulated Amortization [Abstract]", "terseLabel": "Less: accumulated amortization" } } }, "localname": "IntangibleAssetsAccumulatedAmortizationAbstract", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail" ], "xbrltype": "stringItemType" }, "doyu_LeaseLiability": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 40.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Lease liability.", "label": "Lease liability", "negatedLabel": "Lease liabilities" } } }, "localname": "LeaseLiability", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "doyu_LesseeOperatingLeaseLiabilityToBePaidThereafter": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail": { "order": 4.0, "parentTag": "us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Lessee operating lease liability to be paid thereafter.", "label": "Lessee Operating Lease Liability to be Paid Thereafter", "terseLabel": "2024 and thereafter" } } }, "localname": "LesseeOperatingLeaseLiabilityToBePaidThereafter", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "doyu_LessorOperatingLeaseRightOfUseAssetsAndLiabilitiesInTheFutureAsLesseeTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Lessor operating lease right of use assets and liabilities in the future as lessee.", "label": "Lessor Operating Lease Right Of Use Assets And Liabilities In The Future As Lessee [Table Text Block]", "terseLabel": "Summary of right-of-use assets and liabilities in the future as lessee" } } }, "localname": "LessorOperatingLeaseRightOfUseAssetsAndLiabilitiesInTheFutureAsLesseeTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/LeasesTables" ], "xbrltype": "textBlockItemType" }, "doyu_LiveStreamingRevenueMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Live Streaming Revenue [Member]", "label": "Live Streaming Revenue [Member]", "terseLabel": "Live Streaming Revenue [Member]", "verboseLabel": "Live Streaming [Member]" } } }, "localname": "LiveStreamingRevenueMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail", "http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail" ], "xbrltype": "domainItemType" }, "doyu_NetIncomeLossAttributableToCommonStockHoldersNetOfTransfersToNoncontrollingInterest": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Net Income Loss Attributable To Common Stock Holders Net Of Transfers To Noncontrolling Interest.", "label": "Net Income Loss Attributable To Common Stock Holders Net Of Transfers To Noncontrolling Interest", "totalLabel": "Change from net income attribute to DouYu and transfers to noncontrolling interest" } } }, "localname": "NetIncomeLossAttributableToCommonStockHoldersNetOfTransfersToNoncontrollingInterest", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail" ], "xbrltype": "monetaryItemType" }, "doyu_NetIncomeLossAvailableToCommonStockHolders": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail": { "order": 1.0, "parentTag": "us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Net income loss available to common stock holders.", "label": "Net Income Loss Available To Common Stock Holders", "terseLabel": "Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited", "totalLabel": "Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share" } } }, "localname": "NetIncomeLossAvailableToCommonStockHolders", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "monetaryItemType" }, "doyu_NonoliveMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Nonolive member.", "label": "Nonolive [Member]", "terseLabel": "Nonolive [member]" } } }, "localname": "NonoliveMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_OrdinaryStockRepurchasedUponIssuanceOfSeriesB4PreferredShareDuringPeriodShares": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Ordinary stock repurchased upon issuance of series B-4 preferred share during period shares.", "label": "Ordinary Stock Repurchased Upon Issuance Of Series B4 Preferred Share During Period Shares", "terseLabel": "Repurchase of ordinary share upon issuance of Series B-4 Preferred Share, Shares" } } }, "localname": "OrdinaryStockRepurchasedUponIssuanceOfSeriesB4PreferredShareDuringPeriodShares", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "sharesItemType" }, "doyu_OrdinaryStockRepurchasedUponIssuanceOfSeriesB4PreferredShareDuringPeriodValues": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Ordinary stock repurchased upon issuance of series B4 preferred share during period values.", "label": "Ordinary Stock Repurchased Upon Issuance Of Series B4 Preferred Share During Period Values", "terseLabel": "Repurchase of ordinary share upon issuance of Series B-4 Preferred Share" } } }, "localname": "OrdinaryStockRepurchasedUponIssuanceOfSeriesB4PreferredShareDuringPeriodValues", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "doyu_OtherCostsMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Other costs.", "label": "Other costs [Member]", "terseLabel": "Others" } } }, "localname": "OtherCostsMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail" ], "xbrltype": "domainItemType" }, "doyu_OtherInvestmentsOfOwnershipMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Other Investments Of Ownership [member].", "label": "Other Investments Of Ownership [Member]", "terseLabel": "Others [Member]" } } }, "localname": "OtherInvestmentsOfOwnershipMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_OtherMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "other member", "label": "Other [Member]", "verboseLabel": "Other [Member]" } } }, "localname": "OtherMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "domainItemType" }, "doyu_OthersMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Others [Member]", "terseLabel": "Others [Member]" } } }, "localname": "OthersMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "domainItemType" }, "doyu_PaymentHandlingFeesMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Payment handling fees [Member]", "terseLabel": "Payment handling fees [Member]" } } }, "localname": "PaymentHandlingFeesMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "domainItemType" }, "doyu_PaymentToAcquireNonControllingInterest": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 12.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Payment to acquire non controlling interest.", "label": "Payment To Acquire Non Controlling Interest", "terseLabel": "Acquisition of\u00a0noncontrolling interest" } } }, "localname": "PaymentToAcquireNonControllingInterest", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "doyu_PaymentsToPreferredShareholdersDueToRestructuring": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 10.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Payments To Preferred Shareholders Due To Restructuring.", "label": "Payments To Preferred Shareholders Due To Restructuring", "negatedLabel": "Settlement of redemption liability to a preferred shareholder in connection with 2018 Restructuring (Note 18(1))" } } }, "localname": "PaymentsToPreferredShareholdersDueToRestructuring", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "doyu_PecentageEquityInterestRepurchased": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage equity interest repurchased.", "label": "Pecentage Equity Interest Repurchased", "terseLabel": "Percentage of equity interest repurchased" } } }, "localname": "PecentageEquityInterestRepurchased", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_PecentageEquityInterestRepurchasedAndCancelled": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage equity interest repurchased and cancelled.", "label": "Pecentage Equity Interest Repurchased And Cancelled", "terseLabel": "Percentage of equity interest repurchased and cancelled" } } }, "localname": "PecentageEquityInterestRepurchasedAndCancelled", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_PercentageOfCommonStockSharesIssued": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage Of Common Stock Shares Issued.", "label": "Percentage Of Common Stock Shares Issued", "terseLabel": "Percentage of equity issued in connection of the acquisition" } } }, "localname": "PercentageOfCommonStockSharesIssued", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_PercentageOfEquityCalledByWarrants": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage of equity called by warrants.", "label": "Percentage Of Equity Called By Warrants", "terseLabel": "Percentage of equity called by warrants" } } }, "localname": "PercentageOfEquityCalledByWarrants", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_PercentageOfEquityInterestExchanged": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage of equity interest exchanged.", "label": "Percentage of equity interest exchanged", "terseLabel": "Percentage of equity interest exchanged" } } }, "localname": "PercentageOfEquityInterestExchanged", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "percentItemType" }, "doyu_PercentageOfEquityInterestWithPreferenceRights": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage of equity interest with preference rights.", "label": "Percentage Of Equity Interest With Preference Rights", "terseLabel": "Percentage of equity interest with preference rights" } } }, "localname": "PercentageOfEquityInterestWithPreferenceRights", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_PercentageOfVieContributionOfTheTotalAssets": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage Of VIE Contribution Of the total assets.", "label": "Percentage Of VIE Contribution Of the Total Assets", "terseLabel": "Percentage Of VIE accounted of consolidated total assets" } } }, "localname": "PercentageOfVieContributionOfTheTotalAssets", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_PercentageOfVieContributionOfTheTotalLiabilities": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage Of VIE Contribution Of the total liabilities.", "label": "Percentage Of VIE Contribution Of the Total Liabilities", "terseLabel": "Percentage Of VIE accounted of consolidated total liabilities" } } }, "localname": "PercentageOfVieContributionOfTheTotalLiabilities", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_PercentageOfVieContributionOfTheTotalRevenue": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage Of VIE Contribution Of the total revenue.", "label": "Percentage Of VIE Contribution Of the Total Revenue", "terseLabel": "Percentage Of VIE contribution to consolidated revenue" } } }, "localname": "PercentageOfVieContributionOfTheTotalRevenue", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_PlatformMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Platform member.", "label": "Platform [Member]", "terseLabel": "Platform [Member]" } } }, "localname": "PlatformMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "doyu_ProceedsFromIssuanceOfCommonStockNetOfUnderwritingDiscountAndOfferingCosts": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Proceeds from issuance of common stock net of underwriting discount and offering costs.", "label": "Proceeds From Issuance Of Common Stock Net Of Underwriting Discount And Offering Costs", "verboseLabel": "Net Issue Proceeds" } } }, "localname": "ProceedsFromIssuanceOfCommonStockNetOfUnderwritingDiscountAndOfferingCosts", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "doyu_ProceedsFromRestructuring": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Proceeds from restructuring", "label": "Proceeds From Restructuring", "terseLabel": "Proceeds from redemption of preferred equity investment settled" } } }, "localname": "ProceedsFromRestructuring", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "doyu_ProceedsOnDisposalOfPropertyAndEquipment": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 15.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Proceeds on disposal of property and equipment.", "label": "Proceeds On Disposal Of Property And Equipment", "terseLabel": "Proceeds on disposal of property and equipment" } } }, "localname": "ProceedsOnDisposalOfPropertyAndEquipment", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "doyu_RebatesToAdvertiser": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Rebates To Advertiser", "label": "Rebates To Advertiser", "terseLabel": "Rebates to advertiser" } } }, "localname": "RebatesToAdvertiser", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "doyu_RedeemableConvertiblePreferredShares": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Redeemable convertible preferred shares.", "label": "Redeemable Convertible Preferred Shares", "terseLabel": "Preferred shares issued" } } }, "localname": "RedeemableConvertiblePreferredShares", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail" ], "xbrltype": "sharesItemType" }, "doyu_RedeemableConvertibleSeriesAPreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Series A Preferred Equity [Member]", "label": "Redeemable Convertible Series A Preferred Stock [Member]", "terseLabel": "Series A Preferred Equity [Member]" } } }, "localname": "RedeemableConvertibleSeriesAPreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail" ], "xbrltype": "domainItemType" }, "doyu_RedeemableConvertibleSeriesBFourPreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "definitionGuidance": "Series B-4 Preferred Shares [Member]", "documentation": "Redeemable Convertible Series B Four Preferred Stock [Member]", "label": "Redeemable Convertible Series B Four Preferred Stock [Member]", "presentationGuidance": "Series B-4 Preferred Shares [Member]", "terseLabel": "Series B-4 Preferred Shares [Member]" } } }, "localname": "RedeemableConvertibleSeriesBFourPreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_RedeemableConvertibleSeriesBOnePreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Redeemable Convertible Series B One Preferred Stock [Member]", "label": "Redeemable Convertible Series B One Preferred Stock [Member]", "terseLabel": "Series B-1 Preferred Equity [Member]" } } }, "localname": "RedeemableConvertibleSeriesBOnePreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail" ], "xbrltype": "domainItemType" }, "doyu_RedeemableConvertibleSeriesBThreePreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Redeemable Convertible Series B Three Preferred Stock [Member]", "label": "Redeemable Convertible Series B Three Preferred Stock [Member]", "terseLabel": "Series B-3 Preferred Equity [Member]" } } }, "localname": "RedeemableConvertibleSeriesBThreePreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail" ], "xbrltype": "domainItemType" }, "doyu_RedeemableConvertibleSeriesBTwoAndThreePreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Redeemable Convertible Series B Two And Three Preferred Stock [Member].", "label": "Redeemable Convertible Series B Two And Three Preferred Stock [Member]", "terseLabel": "Series B-2 and B-3 Preferred Equity [Member]" } } }, "localname": "RedeemableConvertibleSeriesBTwoAndThreePreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_RedeemableConvertibleSeriesBTwoPreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Redeemable Convertible Series B two Preferred Stock [Member]", "label": "Redeemable Convertible Series B two Preferred Stock [Member]", "terseLabel": "Series B-2 Preferred Equity [Member]" } } }, "localname": "RedeemableConvertibleSeriesBTwoPreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail" ], "xbrltype": "domainItemType" }, "doyu_RedeemableConvertibleSeriesCOnePreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Redeemable Convertible Series C One Preferred Stock [Member]", "label": "Redeemable Convertible Series C One Preferred Stock [Member]", "terseLabel": "Series C-1 Preferred Equity [Member]" } } }, "localname": "RedeemableConvertibleSeriesCOnePreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail" ], "xbrltype": "domainItemType" }, "doyu_RedeemableConvertibleSeriesCTwoPreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Redeemable Convertible Series C Two Preferred Stock [Member]", "label": "Redeemable Convertible Series C Two Preferred Stock [Member]", "verboseLabel": "Series C-2 Preferred Equity [Member]" } } }, "localname": "RedeemableConvertibleSeriesCTwoPreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_RedeemableConvertibleSeriesDPreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Redeemable Convertible Series D Preferred Stock [Member]", "label": "Redeemable Convertible Series D Preferred Stock [Member]", "terseLabel": "Series D Preferred Equity [Member]" } } }, "localname": "RedeemableConvertibleSeriesDPreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail" ], "xbrltype": "domainItemType" }, "doyu_RedeemableConvertibleSeriesEPreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "definitionGuidance": "Series E Preferred Shares [Member]", "documentation": "Redeemable Convertible Series E Preferred Stock [Member]", "label": "Redeemable Convertible Series E Preferred Stock [Member]" } } }, "localname": "RedeemableConvertibleSeriesEPreferredStockMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_RepurchaseOfOrdinarySharesNotYeTpaid": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Repurchase of ordinary shares, not yet paid.", "label": "Repurchase Of Ordinary Shares Not Ye tPaid", "presentationGuidance": "Payable for repurchase of ordinary shares not yet paid" } } }, "localname": "RepurchaseOfOrdinarySharesNotYeTpaid", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "doyu_RepurchaseOfOrdinarySharesNotYetPaid": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail": { "order": 6.0, "parentTag": "us-gaap_AccruedLiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Repurchase of ordinary shares, not yet paid.", "label": "Repurchase Of Ordinary Shares Not Yet Paid", "terseLabel": "Payable for repurchase of ordinary shares" } } }, "localname": "RepurchaseOfOrdinarySharesNotYetPaid", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail" ], "xbrltype": "monetaryItemType" }, "doyu_RepurchaseOfOrdinarySharesPaid": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Repurchase of ordinary shares paid.", "label": "Repurchase Of Ordinary Shares Paid", "verboseLabel": "Repurchase of ordinary shares paid" } } }, "localname": "RepurchaseOfOrdinarySharesPaid", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "doyu_ResearchAndDevelopmentDeductionEntitledToClaimPercentage": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Research and development deduction entitled to claim percentage.", "label": "Research And Development Deduction Entitled To Claim Percentage", "terseLabel": "Percentage of research and development expenses entitled to claim tax deductible expenses" } } }, "localname": "ResearchAndDevelopmentDeductionEntitledToClaimPercentage", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_RestrictedAssetsNet": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Restricted assets, net.", "label": "Restricted Assets Net", "terseLabel": "Total restricted net assets" } } }, "localname": "RestrictedAssetsNet", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/StatutoryReservesAndRestrictedNetAssetsAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "doyu_RestrictedCashPolicyTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for restricted cash,including the policy for determining which items are treated as restricted cash.", "label": "Restricted Cash [Policy Text Block]", "terseLabel": "Restricted cash" } } }, "localname": "RestrictedCashPolicyTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "doyu_RevenueSharingFeesAndContentCostsMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Revenue sharing fees and content costs.", "label": "Revenue sharing fees and content costs [Member]", "terseLabel": "Revenue sharing fees and content costs" } } }, "localname": "RevenueSharingFeesAndContentCostsMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail" ], "xbrltype": "domainItemType" }, "doyu_ScheduleOfAccountsReceivableNetTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of accounts receivable net.", "label": "Schedule Of Accounts Receivable Net [Table Text Block]", "terseLabel": "Schedule of accounts receivable, net" } } }, "localname": "ScheduleOfAccountsReceivableNetTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetTable" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesCurrentTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of accrued liabilities and other liabilities current.", "label": "Schedule Of Accrued Liabilities And Other Liabilities Current [Table Text Block]", "terseLabel": "Schedule of accrued expenses and other current liabilities" } } }, "localname": "ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesCurrentTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesTables" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfCostOfRevenueTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of cost of revenue.", "label": "Schedule Of Cost Of Revenue [Table Text Block]", "terseLabel": "Schedule of cost of revenue" } } }, "localname": "ScheduleOfCostOfRevenueTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CostOfRevenuesTables" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfIncomeLossBeforeIncomeTaxesByGeographicAreasTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule Of Income Loss Before Income Taxes by Geographic Areas [Table Text Block].", "label": "Schedule Of Income Loss Before Income Taxes by Geographic Areas [Table Text Block]", "verboseLabel": "Schedule of Income (loss) before income taxes" } } }, "localname": "ScheduleOfIncomeLossBeforeIncomeTaxesByGeographicAreasTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesTables" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfIntangibleAssetsUsefulLifeTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of intangible assets useful life.", "label": "Schedule Of Intangible Assets Useful Life [Table Text Block]", "terseLabel": "Schedule of intangible assets, net estimated useful lives" } } }, "localname": "ScheduleOfIntangibleAssetsUsefulLifeTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesTables" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfMajorRelatedPartiesAndTheirRelationshipsWithTheGroupTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of major related parties and their relationships with the group [Table Text Block].", "label": "Schedule Of Major Related Parties And Their Relationships With The Group [Table Text Block]", "terseLabel": "Schedule of major related parties and their relationships" } } }, "localname": "ScheduleOfMajorRelatedPartiesAndTheirRelationshipsWithTheGroupTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsTables" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfMovementInAccountsReceivableAdvancesFromCustomersAndDeferredRevenueTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of movement in accounts receivable advances from customers and deferred revenue.", "label": "Schedule Of Movement In Accounts Receivable Advances From Customers And Deferred Revenue [Table Text Block]", "verboseLabel": "Schedule Of Movement In Accounts Receivable,Advances From Customers And Deferred Revenue" } } }, "localname": "ScheduleOfMovementInAccountsReceivableAdvancesFromCustomersAndDeferredRevenueTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesTables" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfNoncontrollingInterestTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of noncontrolling interest.", "label": "Schedule Of Noncontrolling Interest [Table Text Block]", "terseLabel": "Schedule of earning per share basic and diluted" } } }, "localname": "ScheduleOfNoncontrollingInterestTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestTables" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of property plant and equipment useful life.", "label": "Schedule Of Property Plant And Equipment Useful Life [Table Text Block]", "terseLabel": "Schedule of property and equipment, net estimated useful lives" } } }, "localname": "ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesTables" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfRelatedPartyTransactionDueFromtoRelatedPartyTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of related party transaction, due from (to) related party.", "label": "Schedule Of Related Party Transaction Due from to Related Party [Table Text Block]", "terseLabel": "Schedule of amounts due from/to related parties" } } }, "localname": "ScheduleOfRelatedPartyTransactionDueFromtoRelatedPartyTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsTables" ], "xbrltype": "textBlockItemType" }, "doyu_ScheduleOfSubsidiariesAndVariableInterestEntitiesTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Schedule of subsidiaries and variable interest entities.", "label": "Schedule Of Subsidiaries And Variable Interest Entities [Table Text Block]", "terseLabel": "Schedule of principal subsidiaries and VIEs" } } }, "localname": "ScheduleOfSubsidiariesAndVariableInterestEntitiesTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesTables" ], "xbrltype": "textBlockItemType" }, "doyu_ShanghaiQinchengInvestmentCenterLlpMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Shanghai Qincheng Investment Center LLP [Member]", "label": "Shanghai Qincheng Investment Center LLP [Member]", "terseLabel": "Shanghai Qincheng Investment Center LLP [Member]" } } }, "localname": "ShanghaiQinchengInvestmentCenterLlpMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_ShaojieChenMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Shaojie Chen [Member].", "label": "Shaojie Chen [Member]", "terseLabel": "Shaojie Chen [Member]" } } }, "localname": "ShaojieChenMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail" ], "xbrltype": "domainItemType" }, "doyu_Sharebasedcompensationarrangementbysharebasedpaymentawardequityinstrumentsotherthanoptionscancelledinperiod": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled In Period", "label": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsCancelledInPeriod", "terseLabel": "Cancellation" } } }, "localname": "Sharebasedcompensationarrangementbysharebasedpaymentawardequityinstrumentsotherthanoptionscancelledinperiod", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail" ], "xbrltype": "sharesItemType" }, "doyu_Sharebasedcompensationarrangementbysharebasedpaymentawardequityinstrumentsotherthanoptionscancelledweightedaveragegrantdatefairvalue": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled Weighted Average Grant Date Fair Value.", "label": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsCancelledWeightedAverageGrantDateFairValue", "terseLabel": "Weighted average grant-date fair value, Cancellation" } } }, "localname": "Sharebasedcompensationarrangementbysharebasedpaymentawardequityinstrumentsotherthanoptionscancelledweightedaveragegrantdatefairvalue", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail" ], "xbrltype": "perShareItemType" }, "doyu_SharesIssuedDuringThePeriodSharesSubjectToTransferRestriction": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Shares Issued During The Period, Shares, Subject To Transfer Restriction.", "label": "Shares Issued During The Period Shares Subject To Transfer Restriction", "terseLabel": "Number of shares issued subject to transfer restriction" } } }, "localname": "SharesIssuedDuringThePeriodSharesSubjectToTransferRestriction", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "doyu_ShortTermAndLongTermBankDepositsPolicyTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Short term and long term bank deposits [Policy Text Block].", "label": "Short Term And Long Term Bank Deposits [Policy Text Block]", "terseLabel": "Short-term and long-term bank deposits" } } }, "localname": "ShortTermAndLongTermBankDepositsPolicyTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "doyu_ShuangsiCultureBroadcastingCompanyLimitedMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Shuangsi culture broadcasting company limited.", "label": "Shuangsi Culture Broadcasting Company Limited [Member]", "terseLabel": "Shuangsi Culture Broadcasting Company Limited [Member]" } } }, "localname": "ShuangsiCultureBroadcastingCompanyLimitedMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_StatutoryReservesAndRestrictedNetAssetsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Statutory reserves and restricted net assets.", "label": "Statutory reserves and restricted net assets [Abstract]" } } }, "localname": "StatutoryReservesAndRestrictedNetAssetsAbstract", "nsuri": "http://ir.douyu.com/20201231", "xbrltype": "stringItemType" }, "doyu_StockIssuedDuringPeriodIssuanceOfOrdinaryShareInConnectionWith2018Restructuring": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Stock issued during period issuance of ordinary share in connection with 2018 restructuring.", "label": "Stock Issued During Period Issuance Of Ordinary Share In Connection With 2018 Restructuring", "terseLabel": "Issuance of ordinary share in connection with 2018 Restructuring, Shares" } } }, "localname": "StockIssuedDuringPeriodIssuanceOfOrdinaryShareInConnectionWith2018Restructuring", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "sharesItemType" }, "doyu_StockIssuedDuringPeriodIssuanceOfOrdinaryShareInConnectionWithTwoThousandEighteenRestructuring": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Stock issued during period issuance of ordinary share in connection with 2018 restructuring.", "label": "Stock Issued During Period Issuance Of Ordinary Share In Connection With Two Thousand Eighteen Restructuring", "verboseLabel": "Ordinary shares subscribed" } } }, "localname": "StockIssuedDuringPeriodIssuanceOfOrdinaryShareInConnectionWithTwoThousandEighteenRestructuring", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "doyu_StockIssuedDuringPeriodIssuanceOfOrdinaryShareUponCompletionOfInitialPublicOffering": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Stock issued during period value issuance of ordinary share upon completion of initial public offering.", "label": "Stock Issued During Period Issuance Of Ordinary Share Upon Completion Of Initial Public Offering", "terseLabel": "Shares Issued" } } }, "localname": "StockIssuedDuringPeriodIssuanceOfOrdinaryShareUponCompletionOfInitialPublicOffering", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "doyu_StockIssuedDuringPeriodIssuanceOfOrdinarySharesAtTheInitialPublicOfferingipoNetOfIssuanceCost": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Stock Issued During Period Issuance of ordinary shares at the initial public offering (\"IPO\"), net of issuance cost.", "label": "Stock Issued During Period Issuance of ordinary shares at the initial public offering IPO net of issuance cost", "terseLabel": "Issuance of ordinary shares at the initial public offering (\"IPO\"), net of issuance cost, Shares", "verboseLabel": "Shares Issued" } } }, "localname": "StockIssuedDuringPeriodIssuanceOfOrdinarySharesAtTheInitialPublicOfferingipoNetOfIssuanceCost", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "doyu_StockIssuedDuringPeriodValueIssuanceOfOrdinaryShareInConnectionWith2018Restructuring": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Stock issued during period value issuance of ordinary share in connection with 2018 restructuring.", "label": "Stock Issued During Period Value Issuance Of Ordinary Share In Connection With 2018 Restructuring", "terseLabel": "Issuance of ordinary share in connection with 2018 Restructuring" } } }, "localname": "StockIssuedDuringPeriodValueIssuanceOfOrdinaryShareInConnectionWith2018Restructuring", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "doyu_StockIssuedDuringPeriodValueIssuanceOfOrdinarySharesAtTheInitialPublicOfferingipoNetOfIssuanceCost": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Stock Issued During Period Value Issuance of ordinary shares at the initial public offering (\"IPO\"), net of issuance cost.", "label": "Stock Issued During Period Value Issuance of ordinary shares at the initial public offering IPO net of issuance cost", "terseLabel": "Issuance of ordinary shares at the initial public offering (\"IPO\"), net of issuance cost" } } }, "localname": "StockIssuedDuringPeriodValueIssuanceOfOrdinarySharesAtTheInitialPublicOfferingipoNetOfIssuanceCost", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "doyu_StockRepurchaseCommissionExpensePayable": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "disclosureGuidance": "Payable for repurchase of ordinary shares not yet paid", "documentation": "Stock Repurchase Commission Expense Payable.", "label": "Stock Repurchase Commission Expense Payable" } } }, "localname": "StockRepurchaseCommissionExpensePayable", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "doyu_TaxLiabilityLimitationThreshold": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Tax liability limitation threshold.", "label": "Tax Liability Limitation Threshold", "terseLabel": "Tax liability limitation threshold" } } }, "localname": "TaxLiabilityLimitationThreshold", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "doyu_TechnologyAndSoftwareMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Technology and software.", "label": "Technology And Software [Member]", "terseLabel": "Technology and software [member]" } } }, "localname": "TechnologyAndSoftwareMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "domainItemType" }, "doyu_TemporaryEquityStockIssued": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Temporary Equity Stock Issued.", "label": "Temporary Equity Stock Issued", "terseLabel": "Issuance" } } }, "localname": "TemporaryEquityStockIssued", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail" ], "xbrltype": "monetaryItemType" }, "doyu_TencentHoldingsLimitedMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Tencent holdings limited [Member].", "label": "Tencent Holdings Limited [Member]", "terseLabel": "Tencent Group [Member]", "verboseLabel": "Tencent Holdings Limited (\"Tencent Group\") [Member]" } } }, "localname": "TencentHoldingsLimitedMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfMajorRelatedPartiesAndTheirRelationshipsDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "domainItemType" }, "doyu_ThirdPartyFundsReceivableCurrent": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail": { "order": 2.0, "parentTag": "us-gaap_OtherAssetsCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Third party funds receivable, current.", "label": "Third Party Funds Receivable Current", "terseLabel": "Funds receivable from third party payment service provider" } } }, "localname": "ThirdPartyFundsReceivableCurrent", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail" ], "xbrltype": "monetaryItemType" }, "doyu_ThresholdPercentageHoldingInForeignInvestedEnterprise": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Threshold percentage holding in foreign invested enterprise.", "label": "Threshold Percentage Holding In Foreign Invested Enterprise", "terseLabel": "Threshold ownership percentage for reduction in withholding tax rate" } } }, "localname": "ThresholdPercentageHoldingInForeignInvestedEnterprise", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_TransferRestrictionAndRepurchaseConsiderationPerShare": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Transfer restriction and repurchase consideration per share.", "label": "Transfer Restriction And Repurchase Consideration Per Share", "terseLabel": "Transfer restriction and repurchase consideration per share" } } }, "localname": "TransferRestrictionAndRepurchaseConsiderationPerShare", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "perShareItemType" }, "doyu_TwentyNinteenShareRepurchaseProgramMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Twenty Ninteen Share Repurchase Program Member.", "label": "Twenty Ninteen Share Repurchase Program [Member]" } } }, "localname": "TwentyNinteenShareRepurchaseProgramMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_TwoThousandAndEighteenRestrictedShareUnitSchemeMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two Thousand And Eighteen Restricted Share Unit Scheme Member.", "label": "Two Thousand and Eighteen Restricted Share Unit Scheme [Member]", "verboseLabel": "2018 Restricted Share Unit Scheme [Member]" } } }, "localname": "TwoThousandAndEighteenRestrictedShareUnitSchemeMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_TwoThousandEighteenRestructuringMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two Thousand Eighteen Restructuring", "label": "Two Thousand Eighteen Restructuring [Member]", "terseLabel": "2018 Restructuring [Member]" } } }, "localname": "TwoThousandEighteenRestructuringMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_ValuationAllowanceDeferredTaxAssetDecreaseInAmount": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Valuation allowance deferred tax asset decrease in amount.", "label": "Valuation Allowance Deferred Tax Asset Decrease In Amount", "terseLabel": "Decrease" } } }, "localname": "ValuationAllowanceDeferredTaxAssetDecreaseInAmount", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfMovementOfDeferredTaxValuationAllowanceDetail" ], "xbrltype": "monetaryItemType" }, "doyu_WeightedAverageAmortizationPeriodsOfIntangibleAssetsTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Weighted average amortization periods of intangible assets.", "label": "Weighted Average Amortization Periods Of Intangible Assets [Table Text Block]", "terseLabel": "Schedule of weighted average amortization periods of intangible assets" } } }, "localname": "WeightedAverageAmortizationPeriodsOfIntangibleAssetsTableTextBlock", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetTables" ], "xbrltype": "textBlockItemType" }, "doyu_WeightedAverageRemainingContractualLife": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Weighted average remaining contractual life", "label": "Weighted average remaining contractual life", "terseLabel": "Weighted average remaining contractual life" } } }, "localname": "WeightedAverageRemainingContractualLife", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "durationItemType" }, "doyu_WithHoldingTaxRateOnDividends": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "With holding tax rate on dividends.", "label": "With Holding Tax Rate On Dividends", "terseLabel": "Withholding income tax for dividends, which arise from profits of foreign invested enterprises" } } }, "localname": "WithHoldingTaxRateOnDividends", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_WithHoldingTaxRateOnDividendsForBeneficialOwner": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "With holding tax rate on dividends for beneficial owner.", "label": "With Holding Tax Rate On Dividends For Beneficial Owner", "terseLabel": "Withholding tax rate is reduced to (for foreign investor qualifies as the beneficial owner)" } } }, "localname": "WithHoldingTaxRateOnDividendsForBeneficialOwner", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "doyu_WuhanDouyuEducationConsultingcoltdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan Douyu Education Consulting\u00a0Co.,\u00a0Ltd.", "label": "Wuhan Douyu Education ConsultingCoLtd [Member]", "terseLabel": "Wuhan Douyu Education Consulting\u00a0Co.,\u00a0Ltd.[Member]" } } }, "localname": "WuhanDouyuEducationConsultingcoltdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanDouyuEntertainmentEquityInvestmentLlpMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan douYu entertainment equity investment LLP.", "label": "Wuhan DouYu Entertainment Equity Investment LLP [Member]", "terseLabel": "Wuhan DouYu Entertainment Equity Investment LLP [Member]" } } }, "localname": "WuhanDouyuEntertainmentEquityInvestmentLlpMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanDouyuInternetTechnologyCoLtdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan Douyu Internet Technology Co Ltd [Member].", "label": "Wuhan Douyu Internet Technology Co Ltd [Member]" } } }, "localname": "WuhanDouyuInternetTechnologyCoLtdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanDouyuNetworkTechnologycoltdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan Douyu Network Technology\u00a0Co.,\u00a0Ltd.", "label": "Wuhan Douyu Network TechnologyCoLtd [Member]", "terseLabel": "Wuhan Douyu Network Technology\u00a0Co.,\u00a0Ltd.[Member]" } } }, "localname": "WuhanDouyuNetworkTechnologycoltdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanDouyuYuleInternetTechnologycoltdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan Douyu Yule Internet Technology\u00a0Co.,\u00a0Ltd.", "label": "Wuhan Douyu Yule Internet TechnologyCoLtd [Member]", "terseLabel": "Wuhan Douyu Yule Internet Technology Co., Ltd. (\"Wuhan Yule\") [Member]" } } }, "localname": "WuhanDouyuYuleInternetTechnologycoltdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanOuyueOnlineTvcoMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan Ouyue Online TV\u00a0Co", "label": "Wuhan Ouyue Online TVCo [Member]", "terseLabel": "Wuhan Ouyue Online TV\u00a0Co.,\u00a0Ltd.[Member]" } } }, "localname": "WuhanOuyueOnlineTvcoMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanShayuNetworkTechnologyCoLtdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan shayu network technology Co., Ltd.", "label": "Wuhan Shayu Network Technology Co Ltd [Member]", "terseLabel": "Wuhan Shayu Network Technology Co Ltd [Member]" } } }, "localname": "WuhanShayuNetworkTechnologyCoLtdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanYuLeyouInternetTechnologycoltdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan Yu Leyou Internet Technology\u00a0Co.,\u00a0Ltd.", "label": "Wuhan Yu Leyou Internet TechnologyCoLtd [Member]", "terseLabel": "Wuhan Yu Leyou Internet Technology\u00a0Co.,\u00a0Ltd.[Member]" } } }, "localname": "WuhanYuLeyouInternetTechnologycoltdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanYuwanCultureMediacoltdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan Yuwan Culture Media\u00a0Co.,\u00a0Ltd.", "label": "Wuhan Yuwan Culture MediaCoLtd [Member]", "terseLabel": "Wuhan Yuwan Culture Media\u00a0Co.,\u00a0Ltd.[Member]" } } }, "localname": "WuhanYuwanCultureMediacoltdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanYuxingTianxiaCultureMediacoltdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan Yuxing Tianxia Culture Media\u00a0Co.,\u00a0Ltd.", "label": "Wuhan Yuxing Tianxia Culture MediaCoLtd [Member]", "terseLabel": "Wuhan Yuxing Tianxia Culture Media\u00a0Co.,\u00a0Ltd.[Member]" } } }, "localname": "WuhanYuxingTianxiaCultureMediacoltdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "doyu_WuhanYuyinRaoliangCulturecoltdMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Wuhan Yuyin Raoliang Culture\u00a0Co.,\u00a0Ltd.", "label": "Wuhan Yuyin Raoliang CultureCoLtd [Member]", "terseLabel": "Wuhan Yuyin Raoliang Culture\u00a0Co.,\u00a0Ltd.[Member]" } } }, "localname": "WuhanYuyinRaoliangCulturecoltdMember", "nsuri": "http://ir.douyu.com/20201231", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "domainItemType" }, "srt_CondensedCashFlowStatementTable": { "auth_ref": [ "r130", "r410", "r595" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of information about condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.", "label": "Condensed Cash Flow Statement [Table]" } } }, "localname": "CondensedCashFlowStatementTable", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "stringItemType" }, "srt_CondensedCashFlowStatementsCaptionsLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Condensed Cash Flow Statements, Captions [Line Items]" } } }, "localname": "CondensedCashFlowStatementsCaptionsLineItems", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "stringItemType" }, "srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Condensed Financial Information Disclosure [Abstract]" } } }, "localname": "CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract", "nsuri": "http://fasb.org/srt/2020-01-31", "xbrltype": "stringItemType" }, "srt_CondensedFinancialStatementsCaptionsLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Condensed Financial Statements, Captions [Line Items]" } } }, "localname": "CondensedFinancialStatementsCaptionsLineItems", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyAdditionalInformationDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail" ], "xbrltype": "stringItemType" }, "srt_CondensedIncomeStatementTable": { "auth_ref": [ "r130", "r410", "r595" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of information about condensed income statement including, but not limited to, income statements of consolidated entities and consolidation eliminations.", "label": "Condensed Income Statement [Table]" } } }, "localname": "CondensedIncomeStatementTable", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "stringItemType" }, "srt_CondensedIncomeStatementsCaptionsLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Condensed Income Statements, Captions [Line Items]" } } }, "localname": "CondensedIncomeStatementsCaptionsLineItems", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "stringItemType" }, "srt_ConsolidatedEntitiesAxis": { "auth_ref": [ "r418", "r419", "r427", "r428", "r581", "r593" ], "lang": { "en-us": { "role": { "documentation": "Information by consolidated entity or group of entities.", "label": "Consolidated Entities [Axis]" } } }, "localname": "ConsolidatedEntitiesAxis", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyAdditionalInformationDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "stringItemType" }, "srt_ConsolidatedEntitiesDomain": { "auth_ref": [ "r418", "r419", "r427", "r428" ], "lang": { "en-us": { "role": { "documentation": "Entity or group of entities consolidated into reporting entity.", "label": "Consolidated Entities [Domain]" } } }, "localname": "ConsolidatedEntitiesDomain", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyAdditionalInformationDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "domainItemType" }, "srt_EquityMethodInvesteeNameDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of investment, including named security. Excludes consolidated entity.", "label": "Investment, Name [Domain]" } } }, "localname": "EquityMethodInvesteeNameDomain", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsAdditionalInformationDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "domainItemType" }, "srt_MajorCustomersAxis": { "auth_ref": [ "r225", "r320", "r323", "r551" ], "lang": { "en-us": { "role": { "documentation": "Information by name or description of a single external customer or a group of external customers.", "label": "Customer [Axis]" } } }, "localname": "MajorCustomersAxis", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail" ], "xbrltype": "stringItemType" }, "srt_MaximumMember": { "auth_ref": [ "r332", "r335", "r493", "r494", "r495", "r496", "r497", "r498", "r499", "r548", "r552" ], "lang": { "en-us": { "role": { "documentation": "Upper limit of the provided range.", "label": "Maximum [Member]", "terseLabel": "Maximum [Member]" } } }, "localname": "MaximumMember", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "srt_MinimumMember": { "auth_ref": [ "r332", "r335", "r493", "r494", "r495", "r496", "r497", "r498", "r499", "r548", "r552" ], "lang": { "en-us": { "role": { "documentation": "Lower limit of the provided range.", "label": "Minimum [Member]", "terseLabel": "Minimum [Member]" } } }, "localname": "MinimumMember", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "srt_NameOfMajorCustomerDomain": { "auth_ref": [ "r225", "r320", "r323", "r551" ], "lang": { "en-us": { "role": { "documentation": "Single external customer or group of external customers.", "label": "Customer [Domain]" } } }, "localname": "NameOfMajorCustomerDomain", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail" ], "xbrltype": "domainItemType" }, "srt_ParentCompanyMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The registrant that controls, directly or indirectly, another entity (or entities). The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree.", "label": "Parent Company [Member]", "terseLabel": "Parent Company" } } }, "localname": "ParentCompanyMember", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "domainItemType" }, "srt_ProductOrServiceAxis": { "auth_ref": [ "r221", "r320", "r321", "r500", "r547", "r549" ], "lang": { "en-us": { "role": { "documentation": "Information by product and service, or group of similar products and similar services.", "label": "Product and Service [Axis]" } } }, "localname": "ProductOrServiceAxis", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail", "http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail" ], "xbrltype": "stringItemType" }, "srt_ProductsAndServicesDomain": { "auth_ref": [ "r221", "r320", "r321", "r500", "r547", "r549" ], "lang": { "en-us": { "role": { "documentation": "Product or service, or a group of similar products or similar services.", "label": "Product and Service [Domain]" } } }, "localname": "ProductsAndServicesDomain", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail", "http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail" ], "xbrltype": "domainItemType" }, "srt_RangeAxis": { "auth_ref": [ "r329", "r332", "r335", "r493", "r494", "r495", "r496", "r497", "r498", "r499", "r548", "r552" ], "lang": { "en-us": { "role": { "documentation": "Information by statistical measurement. Includes, but is not limited to, minimum, maximum, weighted average, arithmetic average, and median.", "label": "Statistical Measurement [Axis]", "terseLabel": "Statistical measurement [Axis]" } } }, "localname": "RangeAxis", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "srt_RangeMember": { "auth_ref": [ "r329", "r332", "r335", "r493", "r494", "r495", "r496", "r497", "r498", "r499", "r548", "r552" ], "lang": { "en-us": { "role": { "documentation": "Statistical measurement. Includes, but is not limited to, minimum, maximum, weighted average, arithmetic average, and median.", "label": "Statistical Measurement [Domain]", "terseLabel": "Statistical measurement [Domain]" } } }, "localname": "RangeMember", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "srt_ScenarioUnspecifiedDomain": { "auth_ref": [ "r333" ], "lang": { "en-us": { "role": { "documentation": "Scenario reported, distinguishing information from actual fact. Includes, but is not limited to, pro forma and forecast. Excludes actual facts.", "label": "Scenario [Domain]" } } }, "localname": "ScenarioUnspecifiedDomain", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "srt_ScheduleOfCondensedBalanceSheetTableTextBlock": { "auth_ref": [ "r596" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.", "label": "Condensed Balance Sheet [Table Text Block]", "verboseLabel": "Schedule of condensed balance sheets" } } }, "localname": "ScheduleOfCondensedBalanceSheetTableTextBlock", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIFinancialInformationForParentCompanyTables" ], "xbrltype": "textBlockItemType" }, "srt_ScheduleOfCondensedCashFlowStatementTableTextBlock": { "auth_ref": [ "r596" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.", "label": "Condensed Cash Flow Statement [Table Text Block]", "verboseLabel": "Schedule of condensed statements of cash flows" } } }, "localname": "ScheduleOfCondensedCashFlowStatementTableTextBlock", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIFinancialInformationForParentCompanyTables" ], "xbrltype": "textBlockItemType" }, "srt_ScheduleOfCondensedFinancialStatementsTable": { "auth_ref": [ "r130", "r410", "r595", "r597", "r598", "r599" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of information about condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows.", "label": "Condensed Financial Statements [Table]" } } }, "localname": "ScheduleOfCondensedFinancialStatementsTable", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyAdditionalInformationDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail" ], "xbrltype": "stringItemType" }, "srt_ScheduleOfCondensedIncomeStatementTableTextBlock": { "auth_ref": [ "r596" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.", "label": "Condensed Income Statement [Table Text Block]", "verboseLabel": "Schedule of condensed statements of comprehensive loss" } } }, "localname": "ScheduleOfCondensedIncomeStatementTableTextBlock", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIFinancialInformationForParentCompanyTables" ], "xbrltype": "textBlockItemType" }, "srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis": { "auth_ref": [ "r246" ], "lang": { "en-us": { "role": { "documentation": "Information by name of investment, including named security. Excludes consolidated entity.", "label": "Investment, Name [Axis]" } } }, "localname": "ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsAdditionalInformationDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "stringItemType" }, "srt_SegmentGeographicalDomain": { "auth_ref": [ "r222", "r223", "r320", "r322", "r550", "r572", "r573", "r574", "r575", "r576", "r577", "r578", "r579" ], "lang": { "en-us": { "role": { "documentation": "Geographical area.", "label": "Geographical [Domain]" } } }, "localname": "SegmentGeographicalDomain", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail", "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "srt_StatementGeographicalAxis": { "auth_ref": [ "r222", "r223", "r320", "r322", "r550", "r567", "r572", "r573", "r574", "r575", "r576", "r577", "r578", "r579", "r580", "r592", "r594" ], "lang": { "en-us": { "role": { "documentation": "Information by geographical components.", "label": "Geographical [Axis]" } } }, "localname": "StatementGeographicalAxis", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail", "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "srt_StatementScenarioAxis": { "auth_ref": [ "r296", "r333", "r491" ], "lang": { "en-us": { "role": { "documentation": "Information by scenario reported, distinguishing information from actual fact. Includes, but is not limited to, pro forma and forecast. Excludes actual facts.", "label": "Scenario [Axis]" } } }, "localname": "StatementScenarioAxis", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "srt_TitleOfIndividualAxis": { "auth_ref": [ "r227", "r485" ], "lang": { "en-us": { "role": { "documentation": "Information by title of individual or nature of relationship to individual or group of individuals.", "label": "Title of Individual [Axis]" } } }, "localname": "TitleOfIndividualAxis", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "srt_TitleOfIndividualWithRelationshipToEntityDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Title of individual, or nature of relationship to individual or group of individuals.", "label": "Title of Individual [Domain]" } } }, "localname": "TitleOfIndividualWithRelationshipToEntityDomain", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "srt_WeightedAverageMember": { "auth_ref": [ "r493", "r495", "r498" ], "lang": { "en-us": { "role": { "documentation": "Average of a range of values, calculated with consideration of proportional relevance.", "label": "Weighted Average [Member]" } } }, "localname": "WeightedAverageMember", "nsuri": "http://fasb.org/srt/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail" ], "xbrltype": "domainItemType" }, "us-gaap_AccountingPoliciesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Summary of significant accounting policies" } } }, "localname": "AccountingPoliciesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.", "label": "Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]", "terseLabel": "Accrued expenses and other current liabilities" } } }, "localname": "AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilities" ], "xbrltype": "textBlockItemType" }, "us-gaap_AccountsPayableCurrent": { "auth_ref": [ "r44" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 13.0, "parentTag": "us-gaap_LiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "definitionGuidance": "Accounts payable", "documentation": "Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).", "label": "Accounts Payable, Current", "terseLabel": "Accounts payable" } } }, "localname": "AccountsPayableCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock": { "auth_ref": [ "r260" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of allowance for credit loss on accounts receivable.", "label": "Accounts Receivable, Allowance for Credit Loss [Table Text Block]", "terseLabel": "Schedule of allowance for doubtful receivables" } } }, "localname": "AccountsReceivableAllowanceForCreditLossTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetTable" ], "xbrltype": "textBlockItemType" }, "us-gaap_AccountsReceivableGrossCurrent": { "auth_ref": [ "r228", "r229" ], "calculation": { "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAccountsReceivableNetDetail": { "order": 1.0, "parentTag": "us-gaap_AccountsReceivableNetCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount, before allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.", "label": "Accounts Receivable, before Allowance for Credit Loss, Current", "terseLabel": "Accounts receivable, gross" } } }, "localname": "AccountsReceivableGrossCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAccountsReceivableNetDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AccountsReceivableMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Due from customers or clients for goods or services that have been delivered or sold.", "label": "Accounts Receivable [Member]", "terseLabel": "Accounts Receivable [Member]" } } }, "localname": "AccountsReceivableMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/AccountsReceivableNetTable" ], "xbrltype": "domainItemType" }, "us-gaap_AccountsReceivableNetAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Accounts receivable, net" } } }, "localname": "AccountsReceivableNetAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_AccountsReceivableNetCurrent": { "auth_ref": [ "r5", "r29", "r228", "r229" ], "calculation": { "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAccountsReceivableNetDetail": { "order": null, "parentTag": null, "root": true, "weight": null }, "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 21.0, "parentTag": "us-gaap_AssetsCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.", "label": "Accounts Receivable, after Allowance for Credit Loss, Current, Total", "periodEndLabel": "Ending Balance", "periodStartLabel": "Opening Balance", "terseLabel": "Accounts receivable, net", "totalLabel": "Accounts receivable, net", "verboseLabel": "Accounts receivable, net of allowance of RMB15,834,902 and RMB 12,573,550 as of December 31, 2019 and December 31, 2020, respectively" } } }, "localname": "AccountsReceivableNetCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAccountsReceivableNetDetail", "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfContractBalanceDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent": { "auth_ref": [ "r12", "r46", "r364" ], "calculation": { "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail": { "order": 4.0, "parentTag": "us-gaap_AccruedLiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).", "label": "Accrual for Taxes Other than Income Taxes, Current", "terseLabel": "Other tax payable" } } }, "localname": "AccrualForTaxesOtherThanIncomeTaxesCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AccruedLiabilitiesCurrent": { "auth_ref": [ "r46" ], "calculation": { "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail": { "order": null, "parentTag": null, "root": true, "weight": null }, "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 15.0, "parentTag": "us-gaap_LiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "definitionGuidance": "Accrued expenses and other current liabilities", "documentation": "Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).", "label": "Accrued Liabilities, Current", "presentationGuidance": "Accrued expenses and other current liabilities", "terseLabel": "Accrued expenses and other current liabilities", "totalLabel": "Total" } } }, "localname": "AccruedLiabilitiesCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail", "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AccruedMarketingCostsCurrent": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail": { "order": 2.0, "parentTag": "us-gaap_AccruedLiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Carrying value as of the balance sheet date of obligations incurred through that date and payable for the marketing, trade and selling of the entity's goods and services. Marketing costs would include expenditures for planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services; costs of public relations and corporate promotions; and obligations incurred and payable for sales discounts, rebates, price protection programs, etc. offered to customers and under government programs. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).", "label": "Accrued Marketing Costs, Current", "terseLabel": "Accrued marketing cost" } } }, "localname": "AccruedMarketingCostsCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment": { "auth_ref": [ "r42", "r288" ], "calculation": { "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail": { "order": 2.0, "parentTag": "us-gaap_PropertyPlantAndEquipmentNet", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.", "label": "Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment", "negatedLabel": "Less: accumulated depreciation" } } }, "localname": "AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax": { "auth_ref": [ "r32", "r62", "r64", "r65", "r533", "r560", "r564" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 7.0, "parentTag": "us-gaap_StockholdersEquity", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.", "label": "Accumulated Other Comprehensive Income (Loss), Net of Tax", "terseLabel": "Accumulated other comprehensive income", "verboseLabel": "Accumulated other comprehensive income" } } }, "localname": "AccumulatedOtherComprehensiveIncomeLossNetOfTax", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AccumulatedOtherComprehensiveIncomeMember": { "auth_ref": [ "r61", "r65", "r66", "r132", "r133", "r134", "r425", "r555", "r556" ], "lang": { "en-us": { "role": { "documentation": "Accumulated increase (decrease) in equity from transactions and other events and circumstances from non-owner sources, attributable to the parent. Excludes net income (loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners.", "label": "AOCI Attributable to Parent [Member]", "terseLabel": "Accumulated Other Comprehensive Income [Member]" } } }, "localname": "AccumulatedOtherComprehensiveIncomeMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "domainItemType" }, "us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife": { "auth_ref": [ "r273" ], "lang": { "en-us": { "role": { "documentation": "Weighted average amortization period of finite-lived intangible assets acquired either individually or as part of a group of assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.", "label": "Acquired Finite-lived Intangible Assets, Weighted Average Useful Life", "terseLabel": "Agency contract right acquired, weighted average amortization period" } } }, "localname": "AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail" ], "xbrltype": "durationItemType" }, "us-gaap_AdditionalPaidInCapital": { "auth_ref": [ "r30", "r360" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 5.0, "parentTag": "us-gaap_StockholdersEquity", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.", "label": "Additional Paid in Capital", "terseLabel": "Additional paid-in capital" } } }, "localname": "AdditionalPaidInCapital", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets" ], "xbrltype": "monetaryItemType" }, "us-gaap_AdditionalPaidInCapitalCommonStock": { "auth_ref": [ "r30" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.", "label": "Additional Paid in Capital, Common Stock", "verboseLabel": "Additional paid-in capital" } } }, "localname": "AdditionalPaidInCapitalCommonStock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AdditionalPaidInCapitalMember": { "auth_ref": [ "r132", "r133", "r134", "r357", "r358", "r359" ], "lang": { "en-us": { "role": { "documentation": "Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders.", "label": "Additional Paid-in Capital [Member]", "terseLabel": "Additional Paid-in Capital [Member]" } } }, "localname": "AdditionalPaidInCapitalMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "domainItemType" }, "us-gaap_AdjustmentsForNewAccountingPronouncementsAxis": { "auth_ref": [ "r135", "r136", "r137", "r138", "r251", "r252", "r253", "r254", "r255", "r256", "r353", "r354", "r355", "r356", "r357", "r358", "r359", "r360", "r387", "r388", "r389", "r390", "r502", "r503", "r504", "r553", "r554", "r555", "r556", "r557", "r558", "r559", "r560", "r561", "r562", "r563", "r564" ], "lang": { "en-us": { "role": { "documentation": "Information by amendment to accounting standards.", "label": "Adjustments for New Accounting Pronouncements [Axis]" } } }, "localname": "AdjustmentsForNewAccountingPronouncementsAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue": { "auth_ref": [ "r336", "r338", "r361", "r362" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.", "label": "APIC, Share-based Payment Arrangement, Increase for Cost Recognition, Total", "terseLabel": "Share-based compensation" } } }, "localname": "AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]", "terseLabel": "Adjustments to reconcile net income (loss) to net cash used in operating activities:", "verboseLabel": "Adjustments to reconcile net loss to net cash provided by operating activities:" } } }, "localname": "AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_AdvertisingMember": { "auth_ref": [ "r321" ], "lang": { "en-us": { "role": { "documentation": "Announcement promoting product, service, or event.", "label": "Advertising [Member]", "terseLabel": "Advertisement Revenue [Member]", "verboseLabel": "Advertisement [Member]" } } }, "localname": "AdvertisingMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail", "http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail" ], "xbrltype": "domainItemType" }, "us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent": { "auth_ref": [ "r36", "r234", "r257" ], "calculation": { "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAccountsReceivableNetDetail": { "order": 2.0, "parentTag": "us-gaap_AccountsReceivableNetCurrent", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of allowance for credit loss on accounts receivable, classified as current.", "label": "Accounts Receivable, Allowance for Credit Loss, Current", "negatedLabel": "Less: allowance for credit loss", "periodEndLabel": "Balance as of December 31", "verboseLabel": "Accounts receivable, net of allowance" } } }, "localname": "AllowanceForDoubtfulAccountsReceivableCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAccountsReceivableNetDetail", "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAllowanceForDoubtfulReceivablesDetail", "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical" ], "xbrltype": "monetaryItemType" }, "us-gaap_AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease": { "auth_ref": [ "r260" ], "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) in allowance for credit loss on accounts receivable.", "label": "Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)", "terseLabel": "Addition" } } }, "localname": "AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAllowanceForDoubtfulReceivablesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs": { "auth_ref": [ "r259" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of direct write-downs of accounts receivable charged against the allowance.", "label": "Accounts Receivable, Allowance for Credit Loss, Writeoff", "negatedLabel": "Write offs" } } }, "localname": "AllowanceForDoubtfulAccountsReceivableWriteOffs", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfAllowanceForDoubtfulReceivablesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AmortizationOfIntangibleAssets": { "auth_ref": [ "r110", "r270", "r280" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 43.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.", "label": "Amortization of Intangible Assets", "terseLabel": "Amortization of intangible assets", "verboseLabel": "Amortization expenses" } } }, "localname": "AmortizationOfIntangibleAssets", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/IntangibleAssetsNetAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount": { "auth_ref": [ "r165" ], "lang": { "en-us": { "role": { "documentation": "Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.", "label": "Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount", "verboseLabel": "Anti-dilutive securities" } } }, "localname": "AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis": { "auth_ref": [ "r165" ], "lang": { "en-us": { "role": { "documentation": "Information by type of antidilutive security.", "label": "Antidilutive Securities [Axis]" } } }, "localname": "AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetail" ], "xbrltype": "stringItemType" }, "us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]" } } }, "localname": "AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetail" ], "xbrltype": "stringItemType" }, "us-gaap_AntidilutiveSecuritiesNameDomain": { "auth_ref": [ "r165" ], "lang": { "en-us": { "role": { "documentation": "Incremental common shares attributable to securities that were not included in diluted earnings per share (EPS) because to do so would increase EPS amounts or decrease loss per share amounts for the period presented.", "label": "Antidilutive Securities, Name [Domain]" } } }, "localname": "AntidilutiveSecuritiesNameDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetail" ], "xbrltype": "domainItemType" }, "us-gaap_Assets": { "auth_ref": [ "r124", "r198", "r210", "r217", "r249", "r418", "r427", "r443", "r519", "r532" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.", "label": "Assets", "totalLabel": "TOTAL ASSETS" } } }, "localname": "Assets", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AssetsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Assets [Abstract]", "terseLabel": "ASSETS", "verboseLabel": "ASSETS" } } }, "localname": "AssetsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_AssetsCurrent": { "auth_ref": [ "r8", "r10", "r59", "r124", "r249", "r418", "r427", "r443" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 19.0, "parentTag": "us-gaap_Assets", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.", "label": "Assets, Current", "totalLabel": "Total current assets", "verboseLabel": "Total current assets" } } }, "localname": "AssetsCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_AssetsCurrentAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Assets, Current [Abstract]", "terseLabel": "Current assets:", "verboseLabel": "Current assets:" } } }, "localname": "AssetsCurrentAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_AssetsTotalMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Total assets, when it serves as a benchmark in a concentration of risk calculation, representing the sum of all reported assets as of the balance sheet date.", "label": "Assets, Total [Member]", "terseLabel": "Long Lived Assets [Member]" } } }, "localname": "AssetsTotalMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_AwardTypeAxis": { "auth_ref": [ "r339", "r352" ], "lang": { "en-us": { "role": { "documentation": "Information by type of award under share-based payment arrangement.", "label": "Award Type [Axis]" } } }, "localname": "AwardTypeAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationTables" ], "xbrltype": "stringItemType" }, "us-gaap_BasisOfAccountingPolicyPolicyTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).", "label": "Basis of Accounting, Policy [Policy Text Block]", "terseLabel": "Basis of Presentation" } } }, "localname": "BasisOfAccountingPolicyPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_BusinessAcquisitionAcquireeDomain": { "auth_ref": [ "r331", "r334" ], "lang": { "en-us": { "role": { "documentation": "Identification of the acquiree in a material business combination (or series of individually immaterial business combinations), which may include the name or other type of identification of the acquiree.", "label": "Business Acquisition, Acquiree [Domain]" } } }, "localname": "BusinessAcquisitionAcquireeDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_BusinessAcquisitionAxis": { "auth_ref": [ "r331", "r334", "r399", "r400" ], "lang": { "en-us": { "role": { "documentation": "Information by business combination or series of individually immaterial business combinations.", "label": "Business Acquisition [Axis]" } } }, "localname": "BusinessAcquisitionAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned": { "auth_ref": [ "r409" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Value of equity interests (such as common shares, preferred shares, or partnership interest) issued or issuable to acquire the entity.", "label": "Business Acquisition, Equity Interest Issued or Issuable, Value Assigned", "terseLabel": "Contribution from share holder" } } }, "localname": "BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_BusinessCombinationConsiderationTransferred1": { "auth_ref": [ "r406", "r407", "r408" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer.", "label": "Business Combination, Consideration Transferred", "terseLabel": "Business acquisition, consideration" } } }, "localname": "BusinessCombinationConsiderationTransferred1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_CapitalExpendituresIncurredButNotYetPaid": { "auth_ref": [ "r115", "r116", "r117" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Future cash outflow to pay for purchases of fixed assets that have occurred.", "label": "Capital Expenditures Incurred but Not yet Paid", "terseLabel": "Payable for purchases of property and equipment" } } }, "localname": "CapitalExpendituresIncurredButNotYetPaid", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_CashAndCashEquivalentsAtCarryingValue": { "auth_ref": [ "r4", "r38", "r112" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 20.0, "parentTag": "us-gaap_AssetsCurrent", "weight": 1.0 }, "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlowsParenthetical": { "order": 1.0, "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.", "label": "Cash and Cash Equivalents, at Carrying Value", "terseLabel": "Cash and cash equivalents", "verboseLabel": "Cash and cash equivalents" } } }, "localname": "CashAndCashEquivalentsAtCarryingValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlowsParenthetical", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_CashAndCashEquivalentsAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Information by type of cash and cash equivalent balance.", "label": "Cash and Cash Equivalents [Axis]" } } }, "localname": "CashAndCashEquivalentsAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_CashAndCashEquivalentsPolicyTextBlock": { "auth_ref": [ "r18", "r113", "r119" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.", "label": "Cash and Cash Equivalents, Policy [Policy Text Block]", "terseLabel": "Cash and cash equivalents" } } }, "localname": "CashAndCashEquivalentsPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents": { "auth_ref": [ "r105", "r112", "r118" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlowsParenthetical": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.", "label": "Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents", "periodEndLabel": "Cash, cash equivalent and restricted cash at the end of the year", "periodStartLabel": "Cash, cash equivalent and restricted cash at the beginning of the year", "totalLabel": "Total cash, cash equivalents and restricted cash shown in the statement of cash flows" } } }, "localname": "CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlowsParenthetical", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect": { "auth_ref": [ "r105", "r449" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.", "label": "Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect", "totalLabel": "Net increase (decrease) in cash, cash equivalents and restricted cash", "verboseLabel": "NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS" } } }, "localname": "CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ClassOfStockDomain": { "auth_ref": [ "r122", "r124", "r151", "r152", "r155", "r159", "r163", "r172", "r173", "r174", "r249", "r443" ], "lang": { "en-us": { "role": { "documentation": "Share of stock differentiated by the voting rights the holder receives. Examples include, but are not limited to, common stock, redeemable preferred stock, nonredeemable preferred stock, and convertible stock.", "label": "Class of Stock [Domain]", "terseLabel": "Class of stock [Domain]" } } }, "localname": "ClassOfStockDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail", "http://ir.douyu.com/role/CoverPage", "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail", "http://ir.douyu.com/role/IntangibleAssetsNetAdditionalInformationDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail", "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_ClassOfStockLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Class of Stock [Line Items]" } } }, "localname": "ClassOfStockLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail" ], "xbrltype": "stringItemType" }, "us-gaap_CommitmentsAndContingencies": { "auth_ref": [ "r49", "r295", "r522", "r538" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.", "label": "Commitments and Contingencies", "terseLabel": "Commitments and contingencies (Note 20)" } } }, "localname": "CommitmentsAndContingencies", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets" ], "xbrltype": "monetaryItemType" }, "us-gaap_CommitmentsAndContingenciesDisclosureAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Commitments and Contingencies Disclosure [Abstract]" } } }, "localname": "CommitmentsAndContingenciesDisclosureAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_CommitmentsAndContingenciesDisclosureTextBlock": { "auth_ref": [ "r292", "r293", "r294", "r297" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for commitments and contingencies.", "label": "Commitments and Contingencies Disclosure [Text Block]", "terseLabel": "Commitments and contingencies" } } }, "localname": "CommitmentsAndContingenciesDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CommitmentsAndContingencies" ], "xbrltype": "textBlockItemType" }, "us-gaap_CommonStockCapitalSharesReservedForFutureIssuance": { "auth_ref": [ "r51" ], "lang": { "en-us": { "role": { "documentation": "Aggregate number of common shares reserved for future issuance.", "label": "Common Stock, Capital Shares Reserved for Future Issuance", "terseLabel": "Ordinary shares issued to trust as a reserve pool for future issuance of equity share" } } }, "localname": "CommonStockCapitalSharesReservedForFutureIssuance", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_CommonStockMember": { "auth_ref": [ "r132", "r133" ], "lang": { "en-us": { "role": { "documentation": "Stock that is subordinate to all other stock of the issuer.", "label": "Common Stock [Member]", "terseLabel": "Ordinary Shares [Member]" } } }, "localname": "CommonStockMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail", "http://ir.douyu.com/role/CoverPage", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_CommonStockParOrStatedValuePerShare": { "auth_ref": [ "r27" ], "lang": { "en-us": { "role": { "documentation": "Face amount or stated value per share of common stock.", "label": "Common Stock, Par or Stated Value Per Share", "presentationGuidance": "Ordinary shares subscribed, par value", "terseLabel": "Ordinary shares, par value", "verboseLabel": "Ordinary stock, par value" } } }, "localname": "CommonStockParOrStatedValuePerShare", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail" ], "xbrltype": "perShareItemType" }, "us-gaap_CommonStockSharesAuthorized": { "auth_ref": [ "r27" ], "lang": { "en-us": { "role": { "definitionGuidance": "Ordinary shares authorized shares", "documentation": "The maximum number of common shares permitted to be issued by an entity's charter and bylaws.", "label": "Common Stock, Shares Authorized", "terseLabel": "Ordinary shares, shares authorized", "verboseLabel": "Ordinary stock, shares authorized" } } }, "localname": "CommonStockSharesAuthorized", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_CommonStockSharesIssued": { "auth_ref": [ "r27" ], "lang": { "en-us": { "role": { "documentation": "Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.", "label": "Common Stock, Shares, Issued", "terseLabel": "Ordinary shares, shares issued", "verboseLabel": "Ordinary stock, shares issued" } } }, "localname": "CommonStockSharesIssued", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_CommonStockSharesOutstanding": { "auth_ref": [ "r27", "r305" ], "lang": { "en-us": { "role": { "documentation": "Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.", "label": "Common Stock, Shares, Outstanding", "terseLabel": "Ordinary shares, shares outstanding", "verboseLabel": "Ordinary stock, shares outstanding" } } }, "localname": "CommonStockSharesOutstanding", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_CommonStockSharesSubscribedButUnissued": { "auth_ref": [ "r27" ], "lang": { "en-us": { "role": { "documentation": "Amount of common stock allocated to investors to buy shares of a new issue of common stock before they are offered to the public. When stock is sold on a subscription basis, the issuer does not initially receive the total proceeds. In general, the issuer does not issue the shares to the investor until it receives the entire proceeds.", "label": "Common Stock, Shares Subscribed but Unissued", "terseLabel": "Ordinary shares subscribed" } } }, "localname": "CommonStockSharesSubscribedButUnissued", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_CommonStockValue": { "auth_ref": [ "r27" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 4.0, "parentTag": "us-gaap_StockholdersEquity", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.", "label": "Common Stock, Value, Issued", "terseLabel": "Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized, 34,568,689 shares issued and 32,751,819 shares outstanding as of December 31, 2019 and 34,568,689 shares issued and 33,445,346 shares outstanding as of December 31, 2020)", "verboseLabel": "Ordinary shares (US$0.0001 par value, 500,000,000 shares authorized, 34,568,689 shares issued, 32,751,819 and 33,445,346 shares outstanding as of December 31, 2019 and 2020, respectively)" } } }, "localname": "CommonStockValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ComprehensiveIncomeNetOfTax": { "auth_ref": [ "r68", "r70", "r71", "r77", "r528", "r543" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.", "label": "Comprehensive Income (Loss), Net of Tax, Attributable to Parent", "totalLabel": "Comprehensive income (loss) attributable to the ordinary shareholders" } } }, "localname": "ComprehensiveIncomeNetOfTax", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest": { "auth_ref": [ "r68", "r70", "r76", "r414", "r415", "r437", "r527", "r542" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 23.0, "parentTag": "us-gaap_ComprehensiveIncomeNetOfTax", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.", "label": "Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest", "negatedLabel": "Comprehensive income attributable to noncontrolling interests" } } }, "localname": "ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest": { "auth_ref": [ "r68", "r70", "r75", "r413", "r437", "r526", "r541" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 20.0, "parentTag": "us-gaap_ComprehensiveIncomeNetOfTax", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.", "label": "Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest", "totalLabel": "Comprehensive income (loss)" } } }, "localname": "ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_ComputerSoftwareIntangibleAssetMember": { "auth_ref": [ "r271", "r278", "r405" ], "lang": { "en-us": { "role": { "documentation": "Collection of computer programs and related data that provide instructions to a computer, for example, but not limited to, application program, control module or operating system, that perform one or more particular functions or tasks.", "label": "Computer Software, Intangible Asset [Member]", "terseLabel": "Software [Member]" } } }, "localname": "ComputerSoftwareIntangibleAssetMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_ConcentrationRiskBenchmarkDomain": { "auth_ref": [ "r183", "r184", "r225", "r440", "r441" ], "lang": { "en-us": { "role": { "documentation": "The denominator in a calculation of a disclosed concentration risk percentage.", "label": "Concentration Risk Benchmark [Domain]" } } }, "localname": "ConcentrationRiskBenchmarkDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/AccountsReceivableNetTable", "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_ConcentrationRiskByBenchmarkAxis": { "auth_ref": [ "r183", "r184", "r225", "r440", "r441", "r565" ], "lang": { "en-us": { "role": { "documentation": "Information by benchmark of concentration risk.", "label": "Concentration Risk Benchmark [Axis]" } } }, "localname": "ConcentrationRiskByBenchmarkAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/AccountsReceivableNetTable", "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ConcentrationRiskByTypeAxis": { "auth_ref": [ "r183", "r184", "r225", "r440", "r441", "r565" ], "lang": { "en-us": { "role": { "documentation": "Information by type of concentration risk, for example, but not limited to, asset, liability, net assets, geographic, customer, employees, supplier, lender.", "label": "Concentration Risk Type [Axis]" } } }, "localname": "ConcentrationRiskByTypeAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/AccountsReceivableNetTable", "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ConcentrationRiskCreditRisk": { "auth_ref": [ "r178", "r531" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for credit risk.", "label": "Concentration Risk, Credit Risk, Policy [Policy Text Block]", "terseLabel": "Certain risks and concentrations" } } }, "localname": "ConcentrationRiskCreditRisk", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_ConcentrationRiskLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Concentration Risk [Line Items]" } } }, "localname": "ConcentrationRiskLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ConcentrationRiskPercentage1": { "auth_ref": [ "r183", "r184", "r225", "r440", "r441" ], "lang": { "en-us": { "role": { "documentation": "For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the \"benchmark\" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.", "label": "Concentration Risk, Percentage", "terseLabel": "Concentration risk percentage", "verboseLabel": "Concentration risk, percentage" } } }, "localname": "ConcentrationRiskPercentage1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "percentItemType" }, "us-gaap_ConcentrationRiskTable": { "auth_ref": [ "r181", "r183", "r184", "r185", "r440", "r442" ], "lang": { "en-us": { "role": { "documentation": "Describes the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.", "label": "Concentration Risk [Table]" } } }, "localname": "ConcentrationRiskTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ConcentrationRiskTypeDomain": { "auth_ref": [ "r183", "r184", "r225", "r440", "r441" ], "lang": { "en-us": { "role": { "documentation": "For an entity that discloses a concentration risk as a percentage of some financial balance or benchmark, identifies the type (for example, asset, liability, net assets, geographic, customer, employees, supplier, lender) of the concentration.", "label": "Concentration Risk Type [Domain]" } } }, "localname": "ConcentrationRiskTypeDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/AccountsReceivableNetTable", "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock": { "auth_ref": [ "r0", "r130", "r410" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.", "label": "Condensed Financial Information of Parent Company Only Disclosure [Text Block]", "terseLabel": "SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY" } } }, "localname": "CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIFinancialInformationForParentCompany" ], "xbrltype": "textBlockItemType" }, "us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesIssuanceOfEquityBySubsidiaryToNoncontrollingInterests": { "auth_ref": [ "r315", "r426" ], "calculation": { "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail": { "order": 4.0, "parentTag": "doyu_NetIncomeLossAttributableToCommonStockHoldersNetOfTransfersToNoncontrollingInterest", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Represents a sale (new stock issuance) by a subsidiary to noncontrolling interests (third parties, parties directly or indirectly unrelated to parent) during the period. The capital transaction by subsidiary does not result in a loss of control by the parent, but does effect a change in total (consolidated) equity attributable to the parent.", "label": "Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests", "negatedLabel": "Decrease in DouYu's additional paid-in capital due to vest of Gogo Glocal's noncontrolling interest restricted shares (Note 14)" } } }, "localname": "ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesIssuanceOfEquityBySubsidiaryToNoncontrollingInterests", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet": { "auth_ref": [ "r315", "r426", "r438" ], "calculation": { "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail": { "order": 6.0, "parentTag": "doyu_NetIncomeLossAttributableToCommonStockHoldersNetOfTransfersToNoncontrollingInterest", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The increase (decrease) during the period impacting the parent's ownership interest in a subsidiary as it relates to the total (consolidated) equity attributable to the parent. The changes to the parent's ownership interest in a subsidiary represented by this element did not arise in a deconsolidation of the subsidiary from the consolidated financial statements.", "label": "Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net", "terseLabel": "Decrease in DouYu's additional paid-in capital due to capital contribution from noncontrolling interest shareholder in DouYu Japan" } } }, "localname": "ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent": { "auth_ref": [ "r315", "r426", "r438" ], "calculation": { "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail": { "order": 5.0, "parentTag": "doyu_NetIncomeLossAttributableToCommonStockHoldersNetOfTransfersToNoncontrollingInterest", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Represents the purchase by the parent of an additional equity interest in a subsidiary during the period, thereby effecting a change in total (consolidated) equity attributable to the parent. The purchase of the additional equity interest represented by this element increases the parent's controlling interest in the subsidiary.", "label": "Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent", "negatedLabel": "Decrease in DouYu's additional paid-in capital for acquisition of noncontrolling interest in Shuangsi" } } }, "localname": "ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesRepurchaseOfSharesBySubsidiary": { "auth_ref": [ "r315", "r426", "r438" ], "calculation": { "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail": { "order": 7.0, "parentTag": "doyu_NetIncomeLossAttributableToCommonStockHoldersNetOfTransfersToNoncontrollingInterest", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Represents the repurchase of equity (treasury stock) by a subsidiary during the period, thereby effecting a change in total (consolidated) equity attributable to the parent; but not deconsolidation by the parent.", "label": "Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Repurchase of Shares by Subsidiary", "terseLabel": "Increase in DouYu's additional paid-in capital due to repurchase of noncontrolling interest in Gogo Glocal (Note 14)" } } }, "localname": "ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesRepurchaseOfSharesBySubsidiary", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ConsolidationPolicyTextBlock": { "auth_ref": [ "r119", "r420" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.", "label": "Consolidation, Policy [Policy Text Block]", "terseLabel": "Basis of Consolidation" } } }, "localname": "ConsolidationPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_ContractualRightsMember": { "auth_ref": [ "r404" ], "lang": { "en-us": { "role": { "documentation": "Rights that arise from a contractual arrangement with a third party (not including franchise rights and license agreements).", "label": "Contractual Rights [Member]", "terseLabel": "Agency contract rights [Member]", "verboseLabel": "Agency contract rights [Member]" } } }, "localname": "ContractualRightsMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for cost method and equity method investments included basis, impairment losses, recognized or unrecognized gains (losses).", "label": "Cost and Equity Method Investments Disclosure [Text Block]", "terseLabel": "Investments" } } }, "localname": "CostAndEquityMethodInvestmentsDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/Investments" ], "xbrltype": "textBlockItemType" }, "us-gaap_CostOfRevenue": { "auth_ref": [ "r85", "r124", "r249", "r443" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 11.0, "parentTag": "us-gaap_GrossProfit", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The aggregate cost of goods produced and sold and services rendered during the reporting period.", "label": "Cost of Revenue", "negatedLabel": "Cost of revenues", "terseLabel": "Cost of revenues" } } }, "localname": "CostOfRevenue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_CostOfRevenueAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Cost of revenues" } } }, "localname": "CostOfRevenueAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_CostOfSalesPolicyTextBlock": { "auth_ref": [ "r328" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for cost of product sold and service rendered.", "label": "Cost of Goods and Service [Policy Text Block]", "terseLabel": "Cost of revenues" } } }, "localname": "CostOfSalesPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_CostmethodInvestmentsOtherThanTemporaryImpairment": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the cost method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment.", "label": "Cost-method Investments, Other than Temporary Impairment", "terseLabel": "Cost method investment, impairment loss" } } }, "localname": "CostmethodInvestmentsOtherThanTemporaryImpairment", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_CustomerConcentrationRiskMember": { "auth_ref": [ "r182", "r225" ], "lang": { "en-us": { "role": { "documentation": "Reflects the percentage that revenues in the period from one or more significant customers is to net revenues, as defined by the entity, such as total net revenues, product line revenues, segment revenues. The risk is the materially adverse effects of loss of a significant customer.", "label": "Customer Concentration Risk [Member]", "terseLabel": "Customer Concentration Risk [Member]" } } }, "localname": "CustomerConcentrationRiskMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetScheduleOfConcentrationOfRiskAccountsReceivableNetDetail", "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_DebtConversionConvertedInstrumentAmount1": { "auth_ref": [ "r115", "r117" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. \"Part noncash\" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.", "label": "Debt Conversion, Converted Instrument, Amount", "verboseLabel": "Conversion of outstanding loan principal and unpaid interest, Value" } } }, "localname": "DebtConversionConvertedInstrumentAmount1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction": { "auth_ref": [ "r115", "r116", "r117" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The amount of debt issuance costs that were incurred during a noncash or partial noncash transaction.", "label": "Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction", "terseLabel": "Deferred offering costs payable" } } }, "localname": "DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DeferredRevenueCurrent": { "auth_ref": [ "r37" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 14.0, "parentTag": "us-gaap_LiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable, classified as current.", "label": "Deferred Revenue, Current", "terseLabel": "Deferred revenue", "verboseLabel": "Deferred revenue" } } }, "localname": "DeferredRevenueCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DeferredRevenueNoncurrent": { "auth_ref": [ "r37" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 10.0, "parentTag": "us-gaap_Liabilities", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable, classified as noncurrent.", "label": "Deferred Revenue, Noncurrent", "terseLabel": "Deferred revenue" } } }, "localname": "DeferredRevenueNoncurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets" ], "xbrltype": "monetaryItemType" }, "us-gaap_DeferredRevenueRevenueRecognized1": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of revenue recognized that was previously reported as deferred or unearned revenue.", "label": "Deferred Revenue, Revenue Recognized", "terseLabel": "Deferred revenue" } } }, "localname": "DeferredRevenueRevenueRecognized1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DeferredTaxAssetsGross": { "auth_ref": [ "r378" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail": { "order": 1.0, "parentTag": "us-gaap_DeferredTaxAssetsNet", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.", "label": "Deferred Tax Assets, Gross", "totalLabel": "Total deferred tax assets" } } }, "localname": "DeferredTaxAssetsGross", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DeferredTaxAssetsNet": { "auth_ref": [ "r380" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.", "label": "Deferred Tax Assets, Net of Valuation Allowance", "totalLabel": "Net deferred tax assets" } } }, "localname": "DeferredTaxAssetsNet", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DeferredTaxAssetsNetOfValuationAllowanceAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Deferred Tax Assets, Net of Valuation Allowance [Abstract]", "terseLabel": "Deferred tax assets" } } }, "localname": "DeferredTaxAssetsNetOfValuationAllowanceAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_DeferredTaxAssetsOperatingLossCarryforwards": { "auth_ref": [ "r384", "r385" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail": { "order": 2.0, "parentTag": "us-gaap_DeferredTaxAssetsGross", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.", "label": "Deferred Tax Assets, Operating Loss Carryforwards", "terseLabel": "Tax loss carried forward" } } }, "localname": "DeferredTaxAssetsOperatingLossCarryforwards", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts": { "auth_ref": [ "r384", "r385" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail": { "order": 5.0, "parentTag": "us-gaap_DeferredTaxAssetsGross", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the allowance for doubtful accounts.", "label": "Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts", "verboseLabel": "Allowance for credit loss" } } }, "localname": "DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsRestructuringCharges": { "auth_ref": [ "r384", "r385" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail": { "order": 4.0, "parentTag": "us-gaap_DeferredTaxAssetsGross", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from restructuring reserve.", "label": "Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Restructuring Charges", "terseLabel": "Tax basis difference upon 2016 Restructuring" } } }, "localname": "DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsRestructuringCharges", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DeferredTaxAssetsValuationAllowance": { "auth_ref": [ "r379" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail": { "order": 6.0, "parentTag": "us-gaap_DeferredTaxAssetsNet", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.", "label": "Deferred Tax Assets, Valuation Allowance", "negatedLabel": "Less: valuation allowance", "periodEndLabel": "Balance at end of the year", "periodStartLabel": "Balance at beginning of the year" } } }, "localname": "DeferredTaxAssetsValuationAllowance", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfDeferredTaxAssetsDetail", "http://ir.douyu.com/role/IncomeTaxesScheduleOfMovementOfDeferredTaxValuationAllowanceDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DepositsAssetsCurrent": { "auth_ref": [ "r43" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 26.0, "parentTag": "us-gaap_AssetsCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment within one year or during the operating cycle, if shorter.", "label": "Deposits Assets, Current", "terseLabel": "Short-term bank deposits", "verboseLabel": "Short-term deposits" } } }, "localname": "DepositsAssetsCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DepositsAssetsNoncurrent": { "auth_ref": [ "r43" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 32.0, "parentTag": "us-gaap_Assets", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer.", "label": "Deposits Assets, Noncurrent", "terseLabel": "Long-term bank deposits" } } }, "localname": "DepositsAssetsNoncurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_Depreciation": { "auth_ref": [ "r110", "r286" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 53.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.", "label": "Depreciation", "terseLabel": "Depreciation of property and equipment", "verboseLabel": "Depreciation expense" } } }, "localname": "Depreciation", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/PropertyAndEquipmentNetAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DisaggregationOfRevenueLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Disaggregation of Revenue [Line Items]" } } }, "localname": "DisaggregationOfRevenueLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail" ], "xbrltype": "stringItemType" }, "us-gaap_DisaggregationOfRevenueTable": { "auth_ref": [ "r320", "r321", "r322", "r323", "r324", "r325", "r326", "r327" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of information about disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.", "label": "Disaggregation of Revenue [Table]" } } }, "localname": "DisaggregationOfRevenueTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail" ], "xbrltype": "stringItemType" }, "us-gaap_DisaggregationOfRevenueTableTextBlock": { "auth_ref": [ "r320" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.", "label": "Disaggregation of Revenue [Table Text Block]", "terseLabel": "Schedule of disaggregation of revenue" } } }, "localname": "DisaggregationOfRevenueTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock": { "auth_ref": [ "r363" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for share-based payment arrangement.", "label": "Share-based Payment Arrangement [Text Block]", "terseLabel": "Share-based compensation" } } }, "localname": "DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensation" ], "xbrltype": "textBlockItemType" }, "us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Share-based Payment Arrangement [Abstract]" } } }, "localname": "DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleExchangeMember": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Component or group of components disposed of in an exchange measured based on the recorded amount of the nonmonetary asset relinquished and representing a strategic shift that has or will have a major effect on operations and financial results.", "label": "Discontinued Operations, Disposed of by Means Other than Sale, Exchange [Member]", "terseLabel": "Discontinued Operations Disposed Of By Means Other Than Sale Exchange" } } }, "localname": "DiscontinuedOperationsDisposedOfByMeansOtherThanSaleExchangeMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "domainItemType" }, "us-gaap_DisposalGroupClassificationAxis": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Information by disposal group classification.", "label": "Disposal Group Classification [Axis]" } } }, "localname": "DisposalGroupClassificationAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_DisposalGroupClassificationDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Component or group of components disposed of, including but not limited to, disposal group held-for-sale or disposed of by sale, disposed of by means other than sale, and discontinued operations.", "label": "Disposal Group Classification [Domain]" } } }, "localname": "DisposalGroupClassificationDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_DueFromRelatedPartiesCurrent": { "auth_ref": [ "r6", "r19", "r28", "r126", "r483" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 23.0, "parentTag": "us-gaap_AssetsCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "definitionGuidance": "Amounts due from related parties", "documentation": "The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).", "label": "Due from Related Parties, Current", "terseLabel": "Amount due from related parties", "verboseLabel": "Amount due from subsidiaries and VIEs" } } }, "localname": "DueFromRelatedPartiesCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_DueToRelatedPartiesCurrent": { "auth_ref": [ "r44", "r129", "r483" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 16.0, "parentTag": "us-gaap_LiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "definitionGuidance": "Amount due to subsidiaries and VIEs", "documentation": "Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).", "exampleGuidance": "Amount due to related parties", "label": "Due to Related Parties, Current", "presentationGuidance": "Amounts due to related parties", "terseLabel": "Amount due to related parties" } } }, "localname": "DueToRelatedPartiesCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EarningsPerShareAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Earnings Per Share [Abstract]" } } }, "localname": "EarningsPerShareAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_EarningsPerShareBasic": { "auth_ref": [ "r78", "r140", "r141", "r142", "r143", "r144", "r148", "r151", "r159", "r162", "r163", "r168", "r169", "r529", "r544" ], "lang": { "en-us": { "role": { "documentation": "The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.", "label": "Earnings Per Share, Basic", "terseLabel": "Basic", "verboseLabel": "Basic net income (loss) per ordinary share" } } }, "localname": "EarningsPerShareBasic", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "perShareItemType" }, "us-gaap_EarningsPerShareBasicAndDilutedAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Earnings Per Share, Basic and Diluted [Abstract]", "terseLabel": "Net income (loss) per ordinary share attributable to ordinary shareholders" } } }, "localname": "EarningsPerShareBasicAndDilutedAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "stringItemType" }, "us-gaap_EarningsPerShareBasicLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]" } } }, "localname": "EarningsPerShareBasicLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "stringItemType" }, "us-gaap_EarningsPerShareDiluted": { "auth_ref": [ "r78", "r140", "r141", "r142", "r143", "r144", "r151", "r159", "r162", "r163", "r168", "r169", "r529", "r544" ], "lang": { "en-us": { "role": { "documentation": "The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.", "label": "Earnings Per Share, Diluted", "terseLabel": "Diluted", "verboseLabel": "Diluted net income (loss) per ordinary share" } } }, "localname": "EarningsPerShareDiluted", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "perShareItemType" }, "us-gaap_EarningsPerShareTextBlock": { "auth_ref": [ "r165", "r166", "r167", "r170" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for earnings per share.", "label": "Earnings Per Share [Text Block]", "terseLabel": "Net income (loss) per share and net loss attributable to ordinary shareholders" } } }, "localname": "EarningsPerShareTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholders" ], "xbrltype": "textBlockItemType" }, "us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents": { "auth_ref": [ "r449" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 1.0, "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies.", "label": "Effect of Exchange Rate on Cash and Cash Equivalents", "terseLabel": "Effect of foreign exchange rate changes on cash and cash equivalents", "verboseLabel": "Effect of foreign exchange rate changes" } } }, "localname": "EffectOfExchangeRateOnCashAndCashEquivalents", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EffectiveIncomeTaxRateContinuingOperations": { "auth_ref": [ "r371" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "lang": { "en-us": { "role": { "documentation": "Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.", "label": "Effective Income Tax Rate Reconciliation, Percent", "totalLabel": "Total" } } }, "localname": "EffectiveIncomeTaxRateContinuingOperations", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail" ], "xbrltype": "percentItemType" }, "us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate": { "auth_ref": [ "r371", "r393" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail": { "order": 1.0, "parentTag": "us-gaap_EffectiveIncomeTaxRateContinuingOperations", "weight": 1.0 } }, "lang": { "en-us": { "role": { "documentation": "Percentage of domestic federal statutory tax rate applicable to pretax income (loss).", "label": "Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent", "terseLabel": "PRC income tax rate", "verboseLabel": "Tax rate" } } }, "localname": "EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail" ], "xbrltype": "percentItemType" }, "us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance": { "auth_ref": [ "r371", "r393" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail": { "order": 5.0, "parentTag": "us-gaap_EffectiveIncomeTaxRateContinuingOperations", "weight": 1.0 } }, "lang": { "en-us": { "role": { "documentation": "Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the valuation allowance for deferred tax assets.", "label": "Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent", "terseLabel": "Change in valuation allowance" } } }, "localname": "EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail" ], "xbrltype": "percentItemType" }, "us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate": { "auth_ref": [ "r371", "r393" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail": { "order": 4.0, "parentTag": "us-gaap_EffectiveIncomeTaxRateContinuingOperations", "weight": 1.0 } }, "lang": { "en-us": { "role": { "documentation": "Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the income tax rates.", "label": "Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent", "terseLabel": "Effect of change in income tax rate" } } }, "localname": "EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail" ], "xbrltype": "percentItemType" }, "us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential": { "auth_ref": [ "r371", "r393" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail": { "order": 6.0, "parentTag": "us-gaap_EffectiveIncomeTaxRateContinuingOperations", "weight": 1.0 } }, "lang": { "en-us": { "role": { "documentation": "Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to statutory income tax expense (benefit) outside of the country of domicile.", "label": "Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent", "terseLabel": "Effect of tax rate in different tax jurisdiction" } } }, "localname": "EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail" ], "xbrltype": "percentItemType" }, "us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense": { "auth_ref": [ "r371", "r393" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail": { "order": 2.0, "parentTag": "us-gaap_EffectiveIncomeTaxRateContinuingOperations", "weight": 1.0 } }, "lang": { "en-us": { "role": { "documentation": "Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to nondeductible expenses.", "label": "Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent", "terseLabel": "Expenses not deductible for tax purposes" } } }, "localname": "EffectiveIncomeTaxRateReconciliationNondeductibleExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail" ], "xbrltype": "percentItemType" }, "us-gaap_EffectiveIncomeTaxRateReconciliationTaxHolidays": { "auth_ref": [ "r371", "r393" ], "calculation": { "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail": { "order": 7.0, "parentTag": "us-gaap_EffectiveIncomeTaxRateContinuingOperations", "weight": 1.0 } }, "lang": { "en-us": { "role": { "documentation": "Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to income exempt from income tax because of a tax holiday.", "label": "Effective Income Tax Rate Reconciliation, Tax Holiday, Percent", "negatedLabel": "Effect of tax holiday" } } }, "localname": "EffectiveIncomeTaxRateReconciliationTaxHolidays", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfReconciliationOfTotalTaxExpensesDetail" ], "xbrltype": "percentItemType" }, "us-gaap_EmployeeRelatedLiabilitiesCurrent": { "auth_ref": [ "r46" ], "calculation": { "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail": { "order": 1.0, "parentTag": "us-gaap_AccruedLiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).", "label": "Employee-related Liabilities, Current", "terseLabel": "Accrued payroll and welfare" } } }, "localname": "EmployeeRelatedLiabilitiesCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized": { "auth_ref": [ "r351" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of cost not yet recognized for nonvested award under share-based payment arrangement.", "label": "Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total", "terseLabel": "Total unrecognized share-based compensation expense" } } }, "localname": "EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EquityAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Convertible redeemable preferred shares" } } }, "localname": "EquityAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_EquityAndCostMethodInvestmentsPolicy": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated domestic subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. Additionally, this element describes the entity's application of the cost method to equity investments or other interests that are not consolidated or accounted for under the equity method of accounting. The disclosure provided may include how equity method or cost investments are assessed for impairment.", "label": "Equity and Cost Method Investments, Policy [Policy Text Block]", "terseLabel": "Long-term investments" } } }, "localname": "EquityAndCostMethodInvestmentsPolicy", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_EquityComponentDomain": { "auth_ref": [ "r132", "r133", "r134", "r136", "r145", "r147", "r171", "r254", "r305", "r314", "r357", "r358", "r359", "r389", "r390", "r450", "r451", "r452", "r453", "r454", "r456", "r555", "r556", "r557" ], "lang": { "en-us": { "role": { "documentation": "Components of equity are the parts of the total Equity balance including that which is allocated to common, preferred, treasury stock, retained earnings, etc.", "label": "Equity Component [Domain]" } } }, "localname": "EquityComponentDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_EquityMethodInvestmentAggregateCost": { "auth_ref": [ "r39" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "This element represents the aggregate cost of investments accounted for under the equity method of accounting.", "label": "Equity Method Investment, Aggregate Cost", "terseLabel": "Equity method investment, Amount agreed to invest" } } }, "localname": "EquityMethodInvestmentAggregateCost", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment": { "auth_ref": [ "r244" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment.", "label": "Equity Method Investment, Other than Temporary Impairment", "terseLabel": "Equity method investment, impairment loss", "verboseLabel": "Impairment loss of investments" } } }, "localname": "EquityMethodInvestmentOtherThanTemporaryImpairment", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EquityMethodInvestmentOwnershipPercentage": { "auth_ref": [ "r246" ], "lang": { "en-us": { "role": { "documentation": "The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.", "label": "Equity Method Investment, Ownership Percentage", "terseLabel": "Percentage of equity method investment acquired" } } }, "localname": "EquityMethodInvestmentOwnershipPercentage", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "percentItemType" }, "us-gaap_EquityMethodInvestmentQuotedMarketValue": { "auth_ref": [ "r248" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "This item represents the aggregate value of each identified investment accounted for under the equity method of accounting based on the quoted market price for those investments in common stock for which a quoted market price is available.", "label": "Equity Method Investment, Quoted Market Value", "terseLabel": "Fair value of equity interest" } } }, "localname": "EquityMethodInvestmentQuotedMarketValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EquityMethodInvestments": { "auth_ref": [ "r39", "r199", "r245" ], "crdr": "debit", "lang": { "en-us": { "role": { "definitionGuidance": "Equity method investments reclassified to equity securities", "documentation": "This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.", "label": "Equity Method Investments", "verboseLabel": "Equity method investments" } } }, "localname": "EquityMethodInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EquityMethodInvestmentsTextBlock": { "auth_ref": [ "r250" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.", "label": "Equity Method Investments [Table Text Block]", "terseLabel": "Schedule of investments accounted for under equity method" } } }, "localname": "EquityMethodInvestmentsTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount": { "auth_ref": [ "r240" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of investment in equity security without readily determinable fair value.", "label": "Equity Securities without Readily Determinable Fair Value, Amount", "terseLabel": "Equity securities without readily determinable fair value" } } }, "localname": "EquitySecuritiesWithoutReadilyDeterminableFairValueAmount", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount": { "auth_ref": [ "r241" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of impairment loss on investment in equity security without readily determinable fair value.", "label": "Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount", "terseLabel": "Group recorded impairment loss other expense" } } }, "localname": "EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueTableTextBlock": { "auth_ref": [ "r243" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of investment in equity security without readily determinable fair value.", "label": "Equity Securities without Readily Determinable Fair Value [Table Text Block]", "terseLabel": "Schedule of investments accounted for under equity securities without readily determinable fair values" } } }, "localname": "EquitySecuritiesWithoutReadilyDeterminableFairValueTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount": { "auth_ref": [ "r242" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of gain from upward price adjustment on investment in equity security without readily determinable fair value.", "label": "Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount", "terseLabel": "Equity securities without readily determinable fair value, upward price adjustment" } } }, "localname": "EquitySecuritiesWithoutReadilyDeterminableFairValueUpwardPriceAdjustmentAnnualAmount", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_FairValueMeasurementPolicyPolicyTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.", "label": "Fair Value Measurement, Policy [Policy Text Block]", "terseLabel": "Fair value measurements" } } }, "localname": "FairValueMeasurementPolicyPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_FinancingReceivableAllowanceForCreditLossesLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Financing Receivable, Allowance for Credit Loss [Line Items]" } } }, "localname": "FinancingReceivableAllowanceForCreditLossesLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetTable" ], "xbrltype": "stringItemType" }, "us-gaap_FiniteLivedIntangibleAssetUsefulLife": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.", "label": "Finite-Lived Intangible Asset, Useful Life", "terseLabel": "Intangible assets, net estimated useful lives" } } }, "localname": "FiniteLivedIntangibleAssetUsefulLife", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "durationItemType" }, "us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization": { "auth_ref": [ "r279" ], "calculation": { "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail": { "order": 2.0, "parentTag": "us-gaap_IntangibleAssetsNetExcludingGoodwill", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.", "label": "Finite-Lived Intangible Assets, Accumulated Amortization", "negatedLabel": "Accumulated amortization" } } }, "localname": "FiniteLivedIntangibleAssetsAccumulatedAmortization", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths": { "auth_ref": [ "r281" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).", "label": "Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months", "verboseLabel": "2021" } } }, "localname": "FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive": { "auth_ref": [ "r281" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).", "label": "Finite-Lived Intangible Assets, Amortization Expense, Year Five", "verboseLabel": "2025" } } }, "localname": "FiniteLivedIntangibleAssetsAmortizationExpenseYearFive", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour": { "auth_ref": [ "r281" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).", "label": "Finite-Lived Intangible Assets, Amortization Expense, Year Four", "verboseLabel": "2024" } } }, "localname": "FiniteLivedIntangibleAssetsAmortizationExpenseYearFour", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree": { "auth_ref": [ "r281" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).", "label": "Finite-Lived Intangible Assets, Amortization Expense, Year Three", "verboseLabel": "2023" } } }, "localname": "FiniteLivedIntangibleAssetsAmortizationExpenseYearThree", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo": { "auth_ref": [ "r281" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).", "label": "Finite-Lived Intangible Assets, Amortization Expense, Year Two", "verboseLabel": "2022" } } }, "localname": "FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis": { "auth_ref": [ "r271", "r275", "r279", "r283", "r501", "r505" ], "lang": { "en-us": { "role": { "documentation": "Information by major type or class of finite-lived intangible assets.", "label": "Finite-Lived Intangible Assets by Major Class [Axis]", "terseLabel": "Finite-lived intangible assets by major class [Axis]" } } }, "localname": "FiniteLivedIntangibleAssetsByMajorClassAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_FiniteLivedIntangibleAssetsLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Finite-Lived Intangible Assets [Line Items]", "terseLabel": "Finite-Lived Intangible Assets [Line Items]" } } }, "localname": "FiniteLivedIntangibleAssetsLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain": { "auth_ref": [ "r271", "r278" ], "lang": { "en-us": { "role": { "documentation": "The major class of finite-lived intangible asset (for example, patents, trademarks, copyrights, etc.) A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company.", "label": "Finite-Lived Intangible Assets, Major Class Name [Domain]" } } }, "localname": "FiniteLivedIntangibleAssetsMajorClassNameDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1": { "auth_ref": [ "r501" ], "lang": { "en-us": { "role": { "documentation": "Remaining amortization period of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.", "label": "Finite-Lived Intangible Assets, Remaining Amortization Period", "terseLabel": "Weighted average amortization period" } } }, "localname": "FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail" ], "xbrltype": "durationItemType" }, "us-gaap_FinitelivedIntangibleAssetsAcquired1": { "auth_ref": [ "r272" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of increase in assets, excluding financial assets, lacking physical substance with a definite life, from an acquisition.", "label": "Finite-lived Intangible Assets Acquired", "terseLabel": "Agency contract right acquired" } } }, "localname": "FinitelivedIntangibleAssetsAcquired1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ForeignCurrencyExchangeRateTranslation1": { "auth_ref": [ "r457", "r458" ], "lang": { "en-us": { "role": { "documentation": "Foreign exchange rate used to translate amounts denominated in functional currency to reporting currency.", "label": "Foreign Currency Exchange Rate, Translation", "terseLabel": "Convenience translation rate per US$1.00", "verboseLabel": "Convenience exchange rate per US$1.00" } } }, "localname": "ForeignCurrencyExchangeRateTranslation1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "pureItemType" }, "us-gaap_ForeignCurrencyTransactionGainLossBeforeTax": { "auth_ref": [ "r444", "r445", "r446", "r448" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 41.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 }, "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 13.0, "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.", "label": "Foreign Currency Transaction Gain (Loss), before Tax", "negatedLabel": "Foreign exchange loss (gain)", "verboseLabel": "Foreign exchange gain (loss), net" } } }, "localname": "ForeignCurrencyTransactionGainLossBeforeTax", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_ForeignCurrencyTransactionLossBeforeTax": { "auth_ref": [ "r446", "r448" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount before tax of foreign currency transaction realized and unrealized loss recognized in the income statement.", "label": "Foreign Currency Transaction Loss, before Tax", "verboseLabel": "Foreign exchange loss recognized from redemption of preferred equity investment with related party" } } }, "localname": "ForeignCurrencyTransactionLossBeforeTax", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock": { "auth_ref": [ "r119", "r459" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.", "label": "Foreign Currency Transactions and Translations Policy [Policy Text Block]", "terseLabel": "Foreign currency translation" } } }, "localname": "ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_FurnitureAndFixturesMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Equipment commonly used in offices and stores that have no permanent connection to the structure of a building or utilities. Examples include, but are not limited to, desks, chairs, tables, and bookcases.", "label": "Furniture and Fixtures [Member]", "verboseLabel": "Furniture and office equipment [Member]" } } }, "localname": "FurnitureAndFixturesMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_GainLossOnDispositionOfIntangibleAssets": { "auth_ref": [ "r110" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 42.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of gain (loss) on sale or disposal of intangible assets.", "label": "Gain (Loss) on Disposition of Intangible Assets", "negatedLabel": "Loss (gain) from the disposal of intangible assets" } } }, "localname": "GainLossOnDispositionOfIntangibleAssets", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_GainLossOnSaleOfInvestments": { "auth_ref": [ "r110" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 47.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities.", "label": "Gain (Loss) on Sale of Investments", "negatedLabel": "Loss on disposal of investments" } } }, "localname": "GainLossOnSaleOfInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_GainLossOnSaleOfPropertyPlantEquipment": { "auth_ref": [ "r110" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 44.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.", "label": "Gain (Loss) on Disposition of Property Plant Equipment", "negatedLabel": "Loss from the disposal of property and equipment" } } }, "localname": "GainLossOnSaleOfPropertyPlantEquipment", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_GainOrLossOnSaleOfStockInSubsidiary": { "auth_ref": [ "r81", "r82", "r110", "r524", "r545" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 51.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 }, "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 15.0, "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of gain (loss) on sale or disposal of equity in securities of subsidiaries.", "label": "Gain (Loss) on Disposition of Stock in Subsidiary", "negatedLabel": "Gain on disposal of a subsidiary", "terseLabel": "Gain (loss) on disposal of investment or subsidiaries", "verboseLabel": "Gain on disposal of subsidiary" } } }, "localname": "GainOrLossOnSaleOfStockInSubsidiary", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_GeneralAndAdministrativeExpense": { "auth_ref": [ "r86" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 6.0, "parentTag": "us-gaap_OperatingExpenses", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.", "label": "General and Administrative Expense", "negatedLabel": "General and administrative expenses" } } }, "localname": "GeneralAndAdministrativeExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_GeneralAndAdministrativeExpenseMember": { "auth_ref": [ "r79" ], "lang": { "en-us": { "role": { "documentation": "Primary financial statement caption encompassing general and administrative expense.", "label": "General and Administrative Expense [Member]", "terseLabel": "General and administrative expenses [Member]" } } }, "localname": "GeneralAndAdministrativeExpenseMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "domainItemType" }, "us-gaap_Goodwill": { "auth_ref": [ "r263", "r265", "r518" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 30.0, "parentTag": "us-gaap_Assets", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.", "label": "Goodwill", "verboseLabel": "Goodwill" } } }, "localname": "Goodwill", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets" ], "xbrltype": "monetaryItemType" }, "us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Intangible assets, net" } } }, "localname": "GoodwillAndIntangibleAssetsDisclosureAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy": { "auth_ref": [ "r119", "r267" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for goodwill. This accounting policy also may address how an entity assesses and measures impairment of goodwill, how reporting units are determined, how goodwill is allocated to such units, and how the fair values of the reporting units are determined.", "label": "Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]", "terseLabel": "Goodwill" } } }, "localname": "GoodwillAndIntangibleAssetsGoodwillPolicy", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy": { "auth_ref": [ "r119", "r276" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for intangible assets. This accounting policy may address both intangible assets subject to amortization and those that are not. The following also may be disclosed: (1) a description of intangible assets (2) the estimated useful lives of those assets (3) the amortization method used (4) how the entity assesses and measures impairment of such assets (5) how future cash flows are estimated (6) how the fair values of such asset are determined.", "label": "Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]", "terseLabel": "Intangible assets, net" } } }, "localname": "GoodwillAndIntangibleAssetsIntangibleAssetsPolicy", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_GoodwillImpairmentLoss": { "auth_ref": [ "r110", "r264", "r266", "r268" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.", "label": "Goodwill, Impairment Loss", "terseLabel": "Goodwill impairment loss" } } }, "localname": "GoodwillImpairmentLoss", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_GrossProfit": { "auth_ref": [ "r84", "r124", "r198", "r209", "r213", "r216", "r219", "r249", "r443" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 9.0, "parentTag": "us-gaap_OperatingIncomeLoss", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.", "label": "Gross Profit", "totalLabel": "Gross profit" } } }, "localname": "GrossProfit", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_IPOMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "First sale of stock by a private company to the public.", "label": "IPO [Member]", "terseLabel": "IPO [member]", "verboseLabel": "IPO [Member]" } } }, "localname": "IPOMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_ImpairmentOfInvestments": { "auth_ref": [ "r239" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 46.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income.", "label": "Other than Temporary Impairment Losses, Investments", "terseLabel": "Impairment losses and fair value adjustments on investments" } } }, "localname": "ImpairmentOfInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for the impairment and disposal of long-lived assets including goodwill and other intangible assets.", "label": "Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]", "terseLabel": "Impairment of long-lived assets and intangible assets" } } }, "localname": "ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments": { "auth_ref": [ "r128", "r198", "r209", "r213", "r216", "r219" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 2.0, "parentTag": "us-gaap_ProfitLoss", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.", "label": "Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest", "totalLabel": "Income (loss) before income taxes and share of income (loss) in equity method investments", "verboseLabel": "Income (loss) before income taxes" } } }, "localname": "IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncomeLossFromEquityMethodInvestments": { "auth_ref": [ "r73", "r110", "r196", "r245", "r523", "r539" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 45.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 }, "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 16.0, "parentTag": "us-gaap_ProfitLoss", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "definitionGuidance": "Equity in equity (deficit) of subsidiaries and VIE", "documentation": "Amount of income (loss) for proportionate share of equity method investee's income (loss).", "label": "Income (Loss) from Equity Method Investments", "negatedLabel": "Share of loss (income) in equity method investments", "negatedTerseLabel": "Loss from equity in earnings of subsidiaries and VIEs", "verboseLabel": "Share of income (loss) in equity method investments" } } }, "localname": "IncomeLossFromEquityMethodInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncomeStatementAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Income Statement [Abstract]", "terseLabel": "Income Statement" } } }, "localname": "IncomeStatementAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_IncomeStatementLocationAxis": { "auth_ref": [ "r290" ], "lang": { "en-us": { "role": { "documentation": "Information by location in the income statement.", "label": "Income Statement Location [Axis]" } } }, "localname": "IncomeStatementLocationAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "stringItemType" }, "us-gaap_IncomeStatementLocationDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Location in the income statement.", "label": "Income Statement Location [Domain]" } } }, "localname": "IncomeStatementLocationDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "domainItemType" }, "us-gaap_IncomeTaxAuthorityNameAxis": { "auth_ref": [ "r374" ], "lang": { "en-us": { "role": { "documentation": "Information by name of taxing authority.", "label": "Income Tax Authority, Name [Axis]" } } }, "localname": "IncomeTaxAuthorityNameAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_IncomeTaxAuthorityNameDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Named agency, division or body that levies income taxes, examines tax returns for compliance, or grants exemptions from or makes other decisions pertaining to income taxes.", "label": "Income Tax Authority, Name [Domain]" } } }, "localname": "IncomeTaxAuthorityNameDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_IncomeTaxDisclosureAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Income taxes" } } }, "localname": "IncomeTaxDisclosureAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_IncomeTaxDisclosureTextBlock": { "auth_ref": [ "r372", "r376", "r382", "r391", "r394", "r396", "r397", "r398" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.", "label": "Income Tax Disclosure [Text Block]", "terseLabel": "Income taxes" } } }, "localname": "IncomeTaxDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxes" ], "xbrltype": "textBlockItemType" }, "us-gaap_IncomeTaxExpenseBenefit": { "auth_ref": [ "r125", "r146", "r147", "r197", "r370", "r392", "r395", "r546" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 17.0, "parentTag": "us-gaap_ProfitLoss", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.", "label": "Income Tax Expense (Benefit)", "terseLabel": "Income tax expense" } } }, "localname": "IncomeTaxExpenseBenefit", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncomeTaxHolidayAggregateDollarAmount": { "auth_ref": [ "r394" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The amount of income taxes from which a reporting entity is exempt or for which it will receive a reduction in income taxes as a result of the income tax holiday granted by the taxing jurisdiction.", "label": "Income Tax Holiday, Aggregate Dollar Amount", "terseLabel": "The aggregate dollar effect" } } }, "localname": "IncomeTaxHolidayAggregateDollarAmount", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfAggregateAmountAndPerShareEffectOfTheTaxHolidayDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncomeTaxHolidayIncomeTaxBenefitsPerShare": { "auth_ref": [ "r394" ], "lang": { "en-us": { "role": { "documentation": "Per share amount effect of the income tax benefit resulting from the income tax holidays granted by taxing jurisdictions.", "label": "Income Tax Holiday, Income Tax Benefits Per Share", "terseLabel": "Per share effect\u2014basic and diluted" } } }, "localname": "IncomeTaxHolidayIncomeTaxBenefitsPerShare", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfAggregateAmountAndPerShareEffectOfTheTaxHolidayDetail" ], "xbrltype": "perShareItemType" }, "us-gaap_IncomeTaxPolicyTextBlock": { "auth_ref": [ "r72", "r119", "r368", "r369", "r376", "r377", "r381", "r386", "r568" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.", "label": "Income Tax, Policy [Policy Text Block]", "terseLabel": "Income taxes" } } }, "localname": "IncomeTaxPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_IncomeTaxesPaid": { "auth_ref": [ "r107", "r114" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.", "label": "Income Taxes Paid", "terseLabel": "Income tax paid" } } }, "localname": "IncomeTaxesPaid", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInAccountsPayableTrade": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 39.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services.", "label": "Increase (Decrease) in Accounts Payable, Trade", "terseLabel": "Accounts payable" } } }, "localname": "IncreaseDecreaseInAccountsPayableTrade", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInAccountsReceivable": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 30.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.", "label": "Increase (Decrease) in Accounts Receivable", "negatedLabel": "Accounts receivable" } } }, "localname": "IncreaseDecreaseInAccountsReceivable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 36.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) in accrued expenses, and obligations classified as other.", "label": "Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities", "terseLabel": "Accrued expenses and other current liabilities" } } }, "localname": "IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInContractWithCustomerLiability": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 35.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) in obligation to transfer good or service to customer for which consideration has been received or is receivable.", "label": "Increase (Decrease) in Contract with Customer, Liability", "terseLabel": "Advances from customers" } } }, "localname": "IncreaseDecreaseInContractWithCustomerLiability", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInDeferredRevenue": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 38.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) in deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable.", "label": "Increase (Decrease) in Deferred Revenue", "terseLabel": "Deferred revenue" } } }, "localname": "IncreaseDecreaseInDeferredRevenue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 34.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.", "label": "Increase (Decrease) in Due from Related Parties, Current", "negatedLabel": "Amount due from related parties", "negatedTerseLabel": "Amount due from subsidiaries and VIEs" } } }, "localname": "IncreaseDecreaseInDueFromRelatedPartiesCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 37.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "definitionGuidance": "Amounts due to related parties", "disclosureGuidance": "Amount due to subsidiaries and VIEs", "documentation": "The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.", "label": "Increase (Decrease) in Due to Related Parties, Current" } } }, "localname": "IncreaseDecreaseInDueToRelatedPartiesCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInOperatingCapitalAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Increase (Decrease) in Operating Capital [Abstract]", "terseLabel": "Changes in operating assets and liabilities:" } } }, "localname": "IncreaseDecreaseInOperatingCapitalAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_IncreaseDecreaseInOtherCurrentAssets": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 32.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) in current assets classified as other.", "label": "Increase (Decrease) in Other Current Assets", "negatedLabel": "Other current assets" } } }, "localname": "IncreaseDecreaseInOtherCurrentAssets", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInOtherNoncurrentAssets": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 33.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) in noncurrent assets classified as other.", "label": "Increase (Decrease) in Other Noncurrent Assets", "negatedLabel": "Other non-current assets" } } }, "localname": "IncreaseDecreaseInOtherNoncurrentAssets", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInOtherOperatingLiabilities": { "auth_ref": [ "r109" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) in operating liabilities classified as other.", "label": "Increase (Decrease) in Other Operating Liabilities", "terseLabel": "Other liabilities" } } }, "localname": "IncreaseDecreaseInOtherOperatingLiabilities", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncreaseDecreaseInPrepaidExpense": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 31.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.", "label": "Increase (Decrease) in Prepaid Expense", "negatedLabel": "Prepayments" } } }, "localname": "IncreaseDecreaseInPrepaidExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IncrementalCommonSharesAttributableToConversionOfPreferredStock": { "auth_ref": [ "r153", "r154", "r163" ], "lang": { "en-us": { "role": { "documentation": "Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of convertible preferred stock using the if-converted method.", "label": "Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock", "terseLabel": "Add: conversion of convertible redeemable preferred shares into ordinary shares" } } }, "localname": "IncrementalCommonSharesAttributableToConversionOfPreferredStock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis": { "auth_ref": [ "r274", "r282" ], "lang": { "en-us": { "role": { "documentation": "Information by type or class of assets, excluding financial assets and goodwill, lacking physical substance and having a projected indefinite period of benefit.", "label": "Indefinite-lived Intangible Assets [Axis]", "terseLabel": "Indefinite-lived intangible assets [Axis]" } } }, "localname": "IndefiniteLivedIntangibleAssetsByMajorClassAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain": { "auth_ref": [ "r274", "r282" ], "lang": { "en-us": { "role": { "documentation": "The major class of indefinite-lived intangible asset (for example, trade names, etc. but not all-inclusive), excluding goodwill. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of the company.", "label": "Indefinite-lived Intangible Assets, Major Class Name [Domain]", "terseLabel": "Indefinite-lived intangible assets, major class name [Domain]" } } }, "localname": "IndefiniteLivedIntangibleAssetsMajorClassNameDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_InlandRevenueHongKongMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Designated tax department of the government of Hong Kong.", "label": "Inland Revenue, Hong Kong [Member]" } } }, "localname": "InlandRevenueHongKongMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_IntangibleAssetsDisclosureTextBlock": { "auth_ref": [ "r284" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for all or part of the information related to intangible assets.", "label": "Intangible Assets Disclosure [Text Block]", "terseLabel": "Intangible assets, net" } } }, "localname": "IntangibleAssetsDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNet" ], "xbrltype": "textBlockItemType" }, "us-gaap_IntangibleAssetsGrossExcludingGoodwill": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail": { "order": 1.0, "parentTag": "us-gaap_IntangibleAssetsNetExcludingGoodwill", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount before accumulated amortization of intangible assets, excluding goodwill.", "label": "Intangible Assets, Gross (Excluding Goodwill)", "terseLabel": "Gross carrying amount" } } }, "localname": "IntangibleAssetsGrossExcludingGoodwill", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IntangibleAssetsGrossExcludingGoodwillAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Intangible Assets, Gross (Excluding Goodwill) [Abstract]", "terseLabel": "Gross carrying amount" } } }, "localname": "IntangibleAssetsGrossExcludingGoodwillAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail" ], "xbrltype": "stringItemType" }, "us-gaap_IntangibleAssetsNetExcludingGoodwill": { "auth_ref": [ "r269", "r277" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 28.0, "parentTag": "us-gaap_Assets", "weight": 1.0 }, "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.", "label": "Intangible Assets, Net (Excluding Goodwill)", "terseLabel": "Intangible assets, net", "totalLabel": "Intangible assets, net" } } }, "localname": "IntangibleAssetsNetExcludingGoodwill", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_IntangibleAssetsNetExcludingGoodwillAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Intangible Assets, Net (Excluding Goodwill) [Abstract]", "terseLabel": "Intangible Assets Excluding Goodwill [Abstract]", "verboseLabel": "Intangible Assets Net Excluding Goodwill [Abstract]" } } }, "localname": "IntangibleAssetsNetExcludingGoodwillAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetAdditionalInformationDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail" ], "xbrltype": "stringItemType" }, "us-gaap_InterestPaidNet": { "auth_ref": [ "r103", "r106", "r114" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.", "label": "Interest Paid, Excluding Capitalized Interest, Operating Activities", "terseLabel": "Interest expenses paid" } } }, "localname": "InterestPaidNet", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_InterestReceivableCurrent": { "auth_ref": [ "r58" ], "calculation": { "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail": { "order": 5.0, "parentTag": "us-gaap_OtherAssetsCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Carrying amount as of the balance sheet date of current interest earned but not received. Also called accrued interest or accrued interest receivable. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer.", "label": "Interest Receivable, Current", "terseLabel": "Interest receivable" } } }, "localname": "InterestReceivableCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_InvestmentIncomeInterest": { "auth_ref": [ "r87", "r195" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 14.0, "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.", "label": "Investment Income, Interest", "terseLabel": "Interest income", "verboseLabel": "Interest income" } } }, "localname": "InvestmentIncomeInterest", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Investments, Debt and Equity Securities [Abstract]", "terseLabel": "Investments", "verboseLabel": "Investments" } } }, "localname": "InvestmentsDebtAndEquitySecuritiesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures": { "auth_ref": [ "r39" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of investment in equity method investee and investment in and advance to affiliate.", "label": "Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures", "verboseLabel": "Investments in subsidiaries and VIEs" } } }, "localname": "InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LeaseCost": { "auth_ref": [ "r477", "r479" ], "calculation": { "http://ir.douyu.com/role/LeasesSummaryOfLeaseCostDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of lease cost recognized by lessee for lease contract.", "label": "Lease, Cost", "terseLabel": "Total lease expense", "totalLabel": "Total lease expense" } } }, "localname": "LeaseCost", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfLeaseCostDetail", "http://ir.douyu.com/role/LeasesSummaryOfLeaseCostParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LeaseCostTableTextBlock": { "auth_ref": [ "r477" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.", "label": "Lease, Cost [Table Text Block]", "terseLabel": "Summary of Lease Cost" } } }, "localname": "LeaseCostTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_LeaseholdImprovementsMember": { "auth_ref": [ "r287" ], "lang": { "en-us": { "role": { "documentation": "Additions or improvements to assets held under a lease arrangement.", "label": "Leasehold Improvements [Member]", "verboseLabel": "Leasehold improvements [Member]" } } }, "localname": "LeaseholdImprovementsMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_LeasesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Leases [Abstract]" } } }, "localname": "LeasesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_LeasesOfLesseeDisclosureTextBlock": { "auth_ref": [ "r466" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.", "label": "Leases of Lessee Disclosure [Text Block]", "terseLabel": "Leases" } } }, "localname": "LeasesOfLesseeDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/Leases" ], "xbrltype": "textBlockItemType" }, "us-gaap_LesseeDisclosureAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Lessee Disclosure [Abstract]" } } }, "localname": "LesseeDisclosureAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_LesseeLeasesPolicyTextBlock": { "auth_ref": [ "r470" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for leasing arrangement entered into by lessee.", "label": "Lessee, Leases [Policy Text Block]", "terseLabel": "Operating leases as lessee" } } }, "localname": "LesseeLeasesPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue": { "auth_ref": [ "r478" ], "calculation": { "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of lessee's undiscounted obligation for lease payment for operating lease.", "label": "Lessee, Operating Lease, Liability, to be Paid", "totalLabel": "Total undiscounted cash flows" } } }, "localname": "LesseeOperatingLeaseLiabilityPaymentsDue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths": { "auth_ref": [ "r478" ], "calculation": { "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail": { "order": 1.0, "parentTag": "us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).", "label": "Lessee, Operating Lease, Liability, to be Paid, Year One", "terseLabel": "2021" } } }, "localname": "LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree": { "auth_ref": [ "r478" ], "calculation": { "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail": { "order": 3.0, "parentTag": "us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).", "label": "Lessee, Operating Lease, Liability, to be Paid, Year Three", "terseLabel": "2023" } } }, "localname": "LesseeOperatingLeaseLiabilityPaymentsDueYearThree", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo": { "auth_ref": [ "r478" ], "calculation": { "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail": { "order": 2.0, "parentTag": "us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).", "label": "Lessee, Operating Lease, Liability, to be Paid, Year Two", "terseLabel": "2022" } } }, "localname": "LesseeOperatingLeaseLiabilityPaymentsDueYearTwo", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount": { "auth_ref": [ "r478" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease.", "label": "Lessee, Operating Lease, Liability, Undiscounted Excess Amount", "terseLabel": "Less: imputed interest" } } }, "localname": "LesseeOperatingLeaseLiabilityUndiscountedExcessAmount", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_Liabilities": { "auth_ref": [ "r45", "r124", "r211", "r249", "r419", "r427", "r428", "r443" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 9.0, "parentTag": "us-gaap_LiabilitiesAndStockholdersEquity", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.", "label": "Liabilities", "totalLabel": "TOTAL LIABILITIES" } } }, "localname": "Liabilities", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LiabilitiesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Liabilities [Abstract]", "terseLabel": "LIABILITIES", "verboseLabel": "LIABILITIES" } } }, "localname": "LiabilitiesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_LiabilitiesAndStockholdersEquity": { "auth_ref": [ "r35", "r124", "r249", "r443", "r521", "r536" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.", "label": "Liabilities and Equity", "totalLabel": "TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY" } } }, "localname": "LiabilitiesAndStockholdersEquity", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LiabilitiesAndStockholdersEquityAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Liabilities and Equity [Abstract]", "verboseLabel": "LIABILITIES AND SHAREHOLDERS' EQUITY" } } }, "localname": "LiabilitiesAndStockholdersEquityAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets" ], "xbrltype": "stringItemType" }, "us-gaap_LiabilitiesCurrent": { "auth_ref": [ "r47", "r124", "r249", "r419", "r427", "r428", "r443" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 12.0, "parentTag": "us-gaap_Liabilities", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.", "label": "Liabilities, Current", "totalLabel": "Total current liabilities", "verboseLabel": "Total current liabilities" } } }, "localname": "LiabilitiesCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LiabilitiesCurrentAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Liabilities, Current [Abstract]", "terseLabel": "Current liabilities: (including amounts of the consolidated VIEs without recourse to DouYu International Holdings Limited. See Note 2.2)", "verboseLabel": "Current liabilities:" } } }, "localname": "LiabilitiesCurrentAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_LiabilitiesNoncurrent": { "auth_ref": [ "r15", "r16", "r17", "r22", "r23", "r124", "r249", "r419", "r427", "r428", "r443" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of obligation due after one year or beyond the normal operating cycle, if longer.", "label": "Liabilities, Noncurrent", "verboseLabel": "Non-current liabilities" } } }, "localname": "LiabilitiesNoncurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LicensingAgreementsMember": { "auth_ref": [ "r403" ], "lang": { "en-us": { "role": { "documentation": "Rights, generally of limited duration, under a license arrangement (for example, to sell or otherwise utilize specified products or processes in a specified territory).", "label": "Licensing Agreements [Member]", "terseLabel": "License for Online Transmission of Audio/Video Programs [Member]" } } }, "localname": "LicensingAgreementsMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail" ], "xbrltype": "domainItemType" }, "us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock": { "auth_ref": [ "r237" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.", "label": "Loans, Notes, Trade and Other Receivables Disclosure [Text Block]", "verboseLabel": "Accounts receivable, net" } } }, "localname": "LoansNotesTradeAndOtherReceivablesDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNet" ], "xbrltype": "textBlockItemType" }, "us-gaap_LongTermInvestments": { "auth_ref": [ "r39" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 29.0, "parentTag": "us-gaap_Assets", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).", "label": "Long-term Investments", "terseLabel": "Investments" } } }, "localname": "LongTermInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Information by category of items purchased under a long-term purchase commitment.", "label": "Category of Item Purchased [Axis]" } } }, "localname": "LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "General description of the goods or services to be purchased from the counterparty to the long-term purchase commitment.", "label": "Long-term Purchase Commitment, Category of Item Purchased [Domain]" } } }, "localname": "LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_LongtermDebtTypeAxis": { "auth_ref": [ "r48" ], "lang": { "en-us": { "role": { "documentation": "Information by type of long-term debt.", "label": "Long-term Debt, Type [Axis]" } } }, "localname": "LongtermDebtTypeAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_LongtermDebtTypeDomain": { "auth_ref": [ "r48", "r299" ], "lang": { "en-us": { "role": { "documentation": "Type of long-term debt arrangement, such as notes, line of credit, commercial paper, asset-based financing, project financing, letter of credit financing. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the company, if longer.", "label": "Long-term Debt, Type [Domain]" } } }, "localname": "LongtermDebtTypeDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_MarketableSecuritiesLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Marketable Securities [Line Items]" } } }, "localname": "MarketableSecuritiesLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_MarketableSecuritiesTable": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Disclosure of information about investment in marketable security.", "label": "Marketable Securities [Table]" } } }, "localname": "MarketableSecuritiesTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquitySecuritiesWithoutReadilyDeterminableFairValuesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_MarketingAndAdvertisingExpense": { "auth_ref": [ "r86" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The total expense recognized in the period for promotion, public relations, and brand or product advertising.", "label": "Marketing and Advertising Expense", "terseLabel": "Advertising and market promotion expenses" } } }, "localname": "MarketingAndAdvertisingExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_MinorityInterest": { "auth_ref": [ "r57", "r124", "r249", "r443", "r520", "r535" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 2.0, "parentTag": "us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).", "label": "Stockholders' Equity Attributable to Noncontrolling Interest", "verboseLabel": "Noncontrolling interests" } } }, "localname": "MinorityInterest", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets" ], "xbrltype": "monetaryItemType" }, "us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders": { "auth_ref": [ "r314" ], "calculation": { "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail": { "order": 2.0, "parentTag": "doyu_NetIncomeLossAttributableToCommonStockHoldersNetOfTransfersToNoncontrollingInterest", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders.", "label": "Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders", "negatedLabel": "Decrease in DouYu's additional paid-in capital for acquisition of shares of Gogo Glocal's noncontrolling interest" } } }, "localname": "MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_MinorityInterestDecreaseFromRedemptions": { "auth_ref": [ "r314", "r416", "r417" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Decrease in noncontrolling interest (for example, but not limited to, redeeming or purchasing the interests of noncontrolling shareholders, issuance of shares (interests) by the non-wholly owned subsidiary to the parent entity for other than cash, and a buyback of shares (interest) by the non-wholly owned subsidiary from the noncontrolling interests).", "label": "Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests", "terseLabel": "Acquisition of noncontrolling interest in Gogo Glocal (Note 12)" } } }, "localname": "MinorityInterestDecreaseFromRedemptions", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "us-gaap_MinorityInterestDisclosureTextBlock": { "auth_ref": [ "r439" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.", "label": "Noncontrolling Interest Disclosure [Text Block]", "terseLabel": "Noncontrolling Interest" } } }, "localname": "MinorityInterestDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterest" ], "xbrltype": "textBlockItemType" }, "us-gaap_MinorityInterestPeriodIncreaseDecrease": { "auth_ref": [ "r412" ], "calculation": { "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail": { "order": 3.0, "parentTag": "doyu_NetIncomeLossAttributableToCommonStockHoldersNetOfTransfersToNoncontrollingInterest", "weight": 1.0 } }, "lang": { "en-us": { "role": { "documentation": "Net Increase or Decrease in balance of noncontrolling interest in the subsidiary during the reporting period.", "label": "Noncontrolling Interest, Period Increase (Decrease)", "terseLabel": "Net transfers to noncontrolling interest" } } }, "localname": "MinorityInterestPeriodIncreaseDecrease", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_NatureOfCommonOwnershipOrManagementControlRelationships": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "This element represents a description of the nature of common ownership or management control relationships with other entities, regardless of there being transactions between the entities, when the existence of that control could result in operating results or financial position of the reporting entity significantly different from that which would have been obtained if the entities' were autonomous.", "label": "Nature of Common Ownership or Management Control Relationships", "terseLabel": "Nature of company relationship with the group" } } }, "localname": "NatureOfCommonOwnershipOrManagementControlRelationships", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfMajorRelatedPartiesAndTheirRelationshipsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_NatureOfOperations": { "auth_ref": [ "r175", "r189" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.", "label": "Nature of Operations [Text Block]", "terseLabel": "Organization and principal activities" } } }, "localname": "NatureOfOperations", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivities" ], "xbrltype": "textBlockItemType" }, "us-gaap_NetCashProvidedByUsedInFinancingActivities": { "auth_ref": [ "r105" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 2.0, "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.", "label": "Net Cash Provided by (Used in) Financing Activities", "totalLabel": "Cash provided by (used in) financing activities", "verboseLabel": "Net cash used in financing activities" } } }, "localname": "NetCashProvidedByUsedInFinancingActivities", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Net Cash Provided by (Used in) Financing Activities [Abstract]", "terseLabel": "Cash flows from financing activities" } } }, "localname": "NetCashProvidedByUsedInFinancingActivitiesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "stringItemType" }, "us-gaap_NetCashProvidedByUsedInInvestingActivities": { "auth_ref": [ "r105" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 14.0, "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.", "label": "Net Cash Provided by (Used in) Investing Activities", "totalLabel": "Cash used in investing activities", "verboseLabel": "Net cash used in investing activities" } } }, "localname": "NetCashProvidedByUsedInInvestingActivities", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Net Cash Provided by (Used in) Investing Activities [Abstract]", "terseLabel": "Cash flows from investing activities:" } } }, "localname": "NetCashProvidedByUsedInInvestingActivitiesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "stringItemType" }, "us-gaap_NetCashProvidedByUsedInOperatingActivities": { "auth_ref": [ "r105", "r108", "r111" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 29.0, "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect", "weight": 1.0 } }, "lang": { "en-us": { "role": { "documentation": "Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.", "label": "Net Cash Provided by (Used in) Operating Activities", "totalLabel": "Net cash provided by (used in) operating activities", "verboseLabel": "Net cash provided by operating activities" } } }, "localname": "NetCashProvidedByUsedInOperatingActivities", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Net Cash Provided by (Used in) Operating Activities [Abstract]", "terseLabel": "Cash flows from operating activities:", "verboseLabel": "CASH FLOWS FROM OPERATING ACTIVITIES" } } }, "localname": "NetCashProvidedByUsedInOperatingActivitiesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_NetIncomeLoss": { "auth_ref": [ "r3", "r67", "r69", "r74", "r111", "r124", "r135", "r140", "r141", "r142", "r143", "r146", "r147", "r156", "r198", "r209", "r213", "r216", "r219", "r249", "r443", "r525", "r540" ], "calculation": { "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail": { "order": 3.0, "parentTag": "doyu_NetIncomeLossAvailableToCommonStockHolders", "weight": 1.0 }, "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail": { "order": 1.0, "parentTag": "doyu_NetIncomeLossAttributableToCommonStockHoldersNetOfTransfersToNoncontrollingInterest", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.", "label": "Net Income (Loss) Attributable to Parent", "terseLabel": "Net income (loss) attributable to DouYu's ordinary shareholders", "verboseLabel": "Net income (loss) attributable to DouYu Holdings Limited shareholders" } } }, "localname": "NetIncomeLoss", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_NetIncomeLossAttributableToNoncontrollingInterest": { "auth_ref": [ "r67", "r69", "r146", "r147", "r422", "r436" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 19.0, "parentTag": "us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of Net Income (Loss) attributable to noncontrolling interest.", "label": "Net Income (Loss) Attributable to Noncontrolling Interest", "negatedLabel": "Net loss attributable to noncontrolling interest" } } }, "localname": "NetIncomeLossAttributableToNoncontrollingInterest", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic": { "auth_ref": [ "r140", "r141", "r142", "r143", "r148", "r149", "r158", "r163", "r198", "r209", "r213", "r216", "r219" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.", "label": "Net Income (Loss) Available to Common Stockholders, Basic", "totalLabel": "Net income (loss) attributable to ordinary shareholders of the Company" } } }, "localname": "NetIncomeLossAvailableToCommonStockholdersBasic", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Net Income (Loss) Available to Common Stockholders, Basic [Abstract]", "terseLabel": "Numerator:" } } }, "localname": "NetIncomeLossAvailableToCommonStockholdersBasicAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "stringItemType" }, "us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted": { "auth_ref": [ "r150", "r158", "r163" ], "calculation": { "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.", "label": "Net Income (Loss) Available to Common Stockholders, Diluted", "totalLabel": "Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share" } } }, "localname": "NetIncomeLossAvailableToCommonStockholdersDiluted", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]", "terseLabel": "Numerator:" } } }, "localname": "NetIncomeLossAvailableToCommonStockholdersDilutedAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "stringItemType" }, "us-gaap_NewAccountingPrinciplesEarlyAdoptionMember": { "auth_ref": [ "r139", "r142" ], "lang": { "en-us": { "role": { "documentation": "Represents a group of guidance that has been adopted early.", "label": "New Accounting Principles, Early Adoption [Domain]" } } }, "localname": "NewAccountingPrinciplesEarlyAdoptionMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_NewAccountingPronouncementEarlyAdoptionAxis": { "auth_ref": [ "r139", "r142" ], "lang": { "en-us": { "role": { "documentation": "The financial statement line items and the effect of the guidance on financial statement line items by guidance implemented if the entity elects earlier application.", "label": "New Accounting Pronouncement, Early Adoption [Axis]" } } }, "localname": "NewAccountingPronouncementEarlyAdoptionAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_NewAccountingPronouncementEarlyAdoptionEffectMember": { "auth_ref": [ "r139", "r142" ], "lang": { "en-us": { "role": { "documentation": "The effect of early adoption of guidance on financial statement line items.", "label": "New Accounting Pronouncement, Early Adoption, Effect [Member]" } } }, "localname": "NewAccountingPronouncementEarlyAdoptionEffectMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.", "label": "New Accounting Pronouncements, Policy [Policy Text Block]", "terseLabel": "Recent accounting pronouncements" } } }, "localname": "NewAccountingPronouncementsPolicyPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_NoncashInvestingAndFinancingItemsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Noncash Investing and Financing Items [Abstract]", "terseLabel": "Supplemental disclosure on non-cash investing and financing activities:" } } }, "localname": "NoncashInvestingAndFinancingItemsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "stringItemType" }, "us-gaap_NoncontrollingInterestAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Noncontrolling Interest [Abstract]" } } }, "localname": "NoncontrollingInterestAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination": { "auth_ref": [ "r315", "r401", "r424" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of increase in noncontrolling interest from a business combination.", "label": "Noncontrolling Interest, Increase from Business Combination", "verboseLabel": "Noncontrolling interest arising from business acquisition" } } }, "localname": "NoncontrollingInterestIncreaseFromBusinessCombination", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest": { "auth_ref": [ "r315", "r416", "r424" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of increase in noncontrolling interest from sale of a portion of the parent's controlling interest.", "label": "Noncontrolling Interest, Increase from Sale of Parent Equity Interest", "terseLabel": "Noncontrolling interest arising from vest of nonrestricted shares in Gogo Glocal (Note 14)" } } }, "localname": "NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance": { "auth_ref": [ "r315", "r416", "r424" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of increase in noncontrolling interest from subsidiary issuance of equity interests to noncontrolling interest holders.", "label": "Noncontrolling Interest, Increase from Subsidiary Equity Issuance", "terseLabel": "Noncontrolling interest arising from a newly established subsidiary" } } }, "localname": "NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "us-gaap_NoncontrollingInterestItemsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Transfers to noncontrolling interest" } } }, "localname": "NoncontrollingInterestItemsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityDetail" ], "xbrltype": "stringItemType" }, "us-gaap_NoncontrollingInterestMember": { "auth_ref": [ "r132", "r133", "r134", "r314", "r411" ], "lang": { "en-us": { "role": { "documentation": "This element represents that portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to the parent. A noncontrolling interest is sometimes called a minority interest.", "label": "Noncontrolling Interest [Member]", "terseLabel": "Noncontrolling Interest [Member]" } } }, "localname": "NoncontrollingInterestMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "domainItemType" }, "us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock": { "auth_ref": [ "r343" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of the changes in outstanding nonvested restricted stock shares.", "label": "Nonvested Restricted Stock Shares Activity [Table Text Block]", "terseLabel": "Non-vested Restricted Stock Shares Activity" } } }, "localname": "NonvestedRestrictedStockSharesActivityTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_OperatingExpenses": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 4.0, "parentTag": "us-gaap_OperatingIncomeLoss", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.", "label": "Operating Expenses", "negatedTotalLabel": "Total operating expenses" } } }, "localname": "OperatingExpenses", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingExpensesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Operating Expenses [Abstract]", "verboseLabel": "Operating income (expense):" } } }, "localname": "OperatingExpensesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "stringItemType" }, "us-gaap_OperatingIncomeLoss": { "auth_ref": [ "r198", "r209", "r213", "r216", "r219" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 3.0, "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The net result for the period of deducting operating expenses from operating revenues.", "label": "Operating Income (Loss)", "totalLabel": "Income (loss) from operations" } } }, "localname": "OperatingIncomeLoss", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeaseCost": { "auth_ref": [ "r471", "r479" ], "calculation": { "http://ir.douyu.com/role/LeasesSummaryOfLeaseCostDetail": { "order": 1.0, "parentTag": "us-gaap_LeaseCost", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability.", "label": "Operating Lease, Cost", "terseLabel": "Operating lease expense" } } }, "localname": "OperatingLeaseCost", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfLeaseCostDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Lessee, Operating Lease, Liability, Payment, Due [Abstract]" } } }, "localname": "OperatingLeaseLiabilitiesPaymentsDueAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_OperatingLeaseLiability": { "auth_ref": [ "r468" ], "calculation": { "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Present value of lessee's discounted obligation for lease payments from operating lease.", "label": "Operating Lease, Liability", "totalLabel": "Total" } } }, "localname": "OperatingLeaseLiability", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeaseLiabilityCurrent": { "auth_ref": [ "r468" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 18.0, "parentTag": "us-gaap_LiabilitiesCurrent", "weight": 1.0 }, "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail": { "order": 5.0, "parentTag": "us-gaap_OperatingLeaseLiability", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Present value of lessee's discounted obligation for lease payments from operating lease, classified as current.", "label": "Operating Lease, Liability, Current", "terseLabel": "Current portion of lease liabilities", "verboseLabel": "Lease liabilities due within one year" } } }, "localname": "OperatingLeaseLiabilityCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail", "http://ir.douyu.com/role/LeasesSummaryOfInformationRelatedToOperatingLeasePaymentsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeaseLiabilityNoncurrent": { "auth_ref": [ "r468" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 11.0, "parentTag": "us-gaap_Liabilities", "weight": 1.0 }, "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail": { "order": 6.0, "parentTag": "us-gaap_OperatingLeaseLiability", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "definitionGuidance": "Lease liabilities", "documentation": "Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.", "label": "Operating Lease, Liability, Noncurrent", "positiveLabel": "Lease liabilities", "terseLabel": "Non-current portion of lease liabilities", "verboseLabel": "Lease liabilities due after one year" } } }, "localname": "OperatingLeaseLiabilityNoncurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail", "http://ir.douyu.com/role/LeasesSummaryOfInformationRelatedToOperatingLeasePaymentsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeasePayments": { "auth_ref": [ "r469", "r473" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of cash outflow from operating lease, excluding payments to bring another asset to condition and location necessary for its intended use.", "label": "Operating Lease, Payments", "terseLabel": "Cash paid for operating leases" } } }, "localname": "OperatingLeasePayments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfInformationRelatedToOperatingLeasePaymentsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeaseRightOfUseAsset": { "auth_ref": [ "r467" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 33.0, "parentTag": "us-gaap_Assets", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "definitionGuidance": "Right-of-use assets", "documentation": "Amount of lessee's right to use underlying asset under operating lease.", "label": "Operating Lease, Right-of-Use Asset", "terseLabel": "Operating leases right-of-use assets" } } }, "localname": "OperatingLeaseRightOfUseAsset", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/LeasesSummaryOfInformationRelatedToOperatingLeasePaymentsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeaseRightOfUseAssetAmortizationExpense": { "auth_ref": [ "r110" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 50.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of amortization expense for right-of-use asset from operating lease.", "label": "Operating Lease, Right-of-Use Asset, Amortization Expense", "terseLabel": "Non-cash operating lease expenses" } } }, "localname": "OperatingLeaseRightOfUseAssetAmortizationExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent": { "auth_ref": [ "r476", "r479" ], "lang": { "en-us": { "role": { "documentation": "Weighted average discount rate for operating lease calculated at point in time.", "label": "Operating Lease, Weighted Average Discount Rate, Percent", "terseLabel": "Weighted-average discount rate \u2013 operating leases" } } }, "localname": "OperatingLeaseWeightedAverageDiscountRatePercent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfInformationRelatedToOperatingLeasePaymentsDetail" ], "xbrltype": "percentItemType" }, "us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1": { "auth_ref": [ "r475", "r479" ], "lang": { "en-us": { "role": { "documentation": "Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.", "label": "Operating Lease, Weighted Average Remaining Lease Term", "terseLabel": "Weighted-average remaining lease term (in years) \u2013 operating leases" } } }, "localname": "OperatingLeaseWeightedAverageRemainingLeaseTerm1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfInformationRelatedToOperatingLeasePaymentsDetail" ], "xbrltype": "durationItemType" }, "us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent": { "auth_ref": [ "r462", "r464" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.", "label": "Operating Leases, Future Minimum Payments Due, Next Twelve Months", "verboseLabel": "2020" } } }, "localname": "OperatingLeasesFutureMinimumPaymentsDueCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears": { "auth_ref": [ "r462", "r464" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.", "label": "Operating Leases, Future Minimum Payments, Due in Four Years", "verboseLabel": "2023" } } }, "localname": "OperatingLeasesFutureMinimumPaymentsDueInFourYears", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears": { "auth_ref": [ "r462", "r464" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.", "label": "Operating Leases, Future Minimum Payments, Due in Three Years", "verboseLabel": "2022" } } }, "localname": "OperatingLeasesFutureMinimumPaymentsDueInThreeYears", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears": { "auth_ref": [ "r462", "r464" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.", "label": "Operating Leases, Future Minimum Payments, Due in Two Years", "verboseLabel": "2021" } } }, "localname": "OperatingLeasesFutureMinimumPaymentsDueInTwoYears", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter": { "auth_ref": [ "r462", "r464" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.", "label": "Operating Leases, Future Minimum Payments, Due Thereafter", "verboseLabel": "2024 and thereafter" } } }, "localname": "OperatingLeasesFutureMinimumPaymentsDueThereafter", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfFutureMinimumLeasePaymentsUnderNonCancellableOperatingLeaseAgreementsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OperatingLeasesOfLesseeDisclosureTextBlock": { "auth_ref": [ "r298", "r460", "r461", "r463", "r465" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.", "label": "Lessee, Operating Lease, Disclosure [Table Text Block]", "terseLabel": "Summary of information related to operating lease payments" } } }, "localname": "OperatingLeasesOfLesseeDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_OperatingLossCarryforwards": { "auth_ref": [ "r383" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.", "label": "Operating Loss Carryforwards", "terseLabel": "Operating loss carry forwards" } } }, "localname": "OperatingLossCarryforwards", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Organization and principal activities" } } }, "localname": "OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_OtherAccruedLiabilitiesCurrent": { "auth_ref": [ "r11", "r12", "r13", "r46" ], "calculation": { "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail": { "order": 5.0, "parentTag": "us-gaap_AccruedLiabilitiesCurrent", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.", "label": "Other Accrued Liabilities, Current", "terseLabel": "Others" } } }, "localname": "OtherAccruedLiabilitiesCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccruedExpensesAndOtherCurrentLiabilitiesScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OtherAssetsCurrent": { "auth_ref": [ "r58" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 24.0, "parentTag": "us-gaap_AssetsCurrent", "weight": 1.0 }, "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of current assets classified as other.", "label": "Other Assets, Current", "terseLabel": "Other current assets", "totalLabel": "Total", "verboseLabel": "Other current assets" } } }, "localname": "OtherAssetsCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OtherAssetsMiscellaneousCurrent": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail": { "order": 4.0, "parentTag": "us-gaap_OtherAssetsCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of other miscellaneous assets expected to be realized or consumed within one year or operating cycle, if longer.", "label": "Other Assets, Miscellaneous, Current", "terseLabel": "Others" } } }, "localname": "OtherAssetsMiscellaneousCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OtherAssetsNoncurrent": { "auth_ref": [ "r43" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 31.0, "parentTag": "us-gaap_Assets", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of noncurrent assets classified as other.", "label": "Other Assets, Noncurrent", "terseLabel": "Other non-current assets", "verboseLabel": "Other non-current assets" } } }, "localname": "OtherAssetsNoncurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax": { "auth_ref": [ "r60" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 21.0, "parentTag": "us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.", "label": "Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax", "terseLabel": "Foreign currency translation adjustments", "verboseLabel": "Foreign currency translation adjustments" } } }, "localname": "OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax": { "auth_ref": [ "r60", "r63", "r447", "r455" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.", "label": "Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax", "terseLabel": "Foreign currency translation adjustment" } } }, "localname": "OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Other Comprehensive Income (Loss), Net of Tax [Abstract]", "verboseLabel": "Other comprehensive income (loss), net of tax of nil:" } } }, "localname": "OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "stringItemType" }, "us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract]", "terseLabel": "Other comprehensive income (loss):" } } }, "localname": "OtherComprehensiveIncomeLossTaxPortionAttributableToParentAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "stringItemType" }, "us-gaap_OtherCurrentAssetsTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for other current assets.", "label": "Other Current Assets [Text Block]", "terseLabel": "Other current assets" } } }, "localname": "OtherCurrentAssetsTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OtherCurrentAssets" ], "xbrltype": "textBlockItemType" }, "us-gaap_OtherIntangibleAssetsMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Intangible assets classified as other.", "label": "Other Intangible Assets [Member]", "verboseLabel": "Others [Member]" } } }, "localname": "OtherIntangibleAssetsMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_OtherNonoperatingIncomeExpense": { "auth_ref": [ "r88" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 12.0, "parentTag": "us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of income (expense) related to nonoperating activities, classified as other.", "label": "Other Nonoperating Income (Expense)", "terseLabel": "Other expenses, net" } } }, "localname": "OtherNonoperatingIncomeExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_OtherOperatingIncomeExpenseNet": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 8.0, "parentTag": "us-gaap_OperatingExpenses", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations.", "label": "Other Operating Income (Expense), Net", "terseLabel": "Other operating income, net", "verboseLabel": "Other operating income (expense), net" } } }, "localname": "OtherOperatingIncomeExpenseNet", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ParentMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Portion of equity, or net assets, in the consolidated entity attributable, directly or indirectly, to the parent. Excludes noncontrolling interests.", "label": "Parent [Member]", "terseLabel": "Total shareholders' equity(deficit) attributable to DouYu [Member]" } } }, "localname": "ParentMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "domainItemType" }, "us-gaap_PartnersCapitalAccountContributions": { "auth_ref": [ "r313", "r314" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Total contributions made by each class of partners (i.e., general, limited and preferred partners).", "label": "Partners' Capital Account, Contributions", "terseLabel": "Capital contribution from noncontrolling interest shareholder in DouYu Japan (Note 12)" } } }, "localname": "PartnersCapitalAccountContributions", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "us-gaap_PayablesAndAccrualsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Accrued expenses and other current liabilities" } } }, "localname": "PayablesAndAccrualsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_PaymentsForRepurchaseOfConvertiblePreferredStock": { "auth_ref": [ "r100" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow to reacquire preferred stock originally issued and identified as a security that can be exchanged for another type of financial security. This repurchased stock is held in treasury.", "label": "Payments for Repurchase of Convertible Preferred Stock", "terseLabel": "Repurchase of equity interest" } } }, "localname": "PaymentsForRepurchaseOfConvertiblePreferredStock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsForRepurchaseOfEquity": { "auth_ref": [ "r100" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 11.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow to reacquire common and preferred stock.", "label": "Payments for Repurchase of Equity", "negatedLabel": "Repurchase of ordinary shares", "negatedTerseLabel": "Repurchase of ordinary shares" } } }, "localname": "PaymentsForRepurchaseOfEquity", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock": { "auth_ref": [ "r100" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 6.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow to reacquire preferred stock during the period.", "label": "Payments for Repurchase of Preferred Stock and Preference Stock", "negatedLabel": "Repurchase of Series C-2 Preferred Equity", "terseLabel": "Repurchase of Preferred Equity" } } }, "localname": "PaymentsForRepurchaseOfPreferredStockAndPreferenceStock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsOfStockIssuanceCosts": { "auth_ref": [ "r102" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 3.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow for cost incurred directly with the issuance of an equity security.", "label": "Payments of Stock Issuance Costs", "negatedLabel": "Payment of IPO offering costs", "verboseLabel": "Payment of deferred offering costs" } } }, "localname": "PaymentsOfStockIssuanceCosts", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired": { "auth_ref": [ "r94" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 21.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.", "label": "Payments to Acquire Businesses, Net of Cash Acquired", "negatedLabel": "Payment for business acquisition, net of cash acquired" } } }, "localname": "PaymentsToAcquireBusinessesNetOfCashAcquired", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsToAcquireEquityMethodInvestments": { "auth_ref": [ "r94" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 22.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.", "label": "Payments to Acquire Equity Method Investments", "negatedLabel": "Payments for acquisitions of equity investments", "terseLabel": "Payment for equity method investment" } } }, "localname": "PaymentsToAcquireEquityMethodInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsToAcquireIntangibleAssets": { "auth_ref": [ "r95" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 17.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill.", "label": "Payments to Acquire Intangible Assets", "negatedLabel": "Purchases of intangible assets" } } }, "localname": "PaymentsToAcquireIntangibleAssets", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates": { "auth_ref": [ "r94" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow associated with the acquisition of or advances to an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, and joint venture or equity method investment) or the acquisition of an additional interest in a subsidiary (controlled entity).", "label": "Payments to Acquire Interest in Subsidiaries and Affiliates", "negatedTerseLabel": "Investment in subsidiaries" } } }, "localname": "PaymentsToAcquireInterestInSubsidiariesAndAffiliates", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsToAcquireLongtermInvestments": { "auth_ref": [ "r96" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 26.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, beyond the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the long-term.", "label": "Payments to Acquire Long-term Investments", "negatedLabel": "Purchases of long-term investments" } } }, "localname": "PaymentsToAcquireLongtermInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsToAcquirePropertyPlantAndEquipment": { "auth_ref": [ "r95" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 16.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.", "label": "Payments to Acquire Property, Plant, and Equipment", "negatedLabel": "Purchases of property and equipment" } } }, "localname": "PaymentsToAcquirePropertyPlantAndEquipment", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsToAcquireShortTermInvestments": { "auth_ref": [ "r96" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 18.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.", "label": "Payments to Acquire Short-term Investments", "negatedLabel": "Purchases of short-term investments", "verboseLabel": "Purchases of short-term investments" } } }, "localname": "PaymentsToAcquireShortTermInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PaymentsToFundLongtermLoansToRelatedParties": { "auth_ref": [ "r93", "r482" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 24.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow associated with extending a long-term loan to a related party. Alternate caption: Payments for Advances to Affiliates.", "label": "Payments to Fund Long-term Loans to Related Parties", "negatedLabel": "Loan to related parties" } } }, "localname": "PaymentsToFundLongtermLoansToRelatedParties", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_PlanNameAxis": { "auth_ref": [ "r339", "r352" ], "lang": { "en-us": { "role": { "documentation": "Information by plan name for share-based payment arrangement.", "label": "Plan Name [Axis]" } } }, "localname": "PlanNameAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_PlanNameDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Plan name for share-based payment arrangement.", "label": "Plan Name [Domain]" } } }, "localname": "PlanNameDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_PreferredStockDividendsAndOtherAdjustments": { "auth_ref": [ "r149", "r164" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 18.0, "parentTag": "us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic", "weight": -1.0 }, "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail": { "order": 4.0, "parentTag": "doyu_NetIncomeLossAvailableToCommonStockHolders", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.", "label": "Preferred Stock Dividends and Other Adjustments", "negatedLabel": "Deemed dividend", "negatedTerseLabel": "Deemed dividend", "verboseLabel": "Deemed dividend upon repurchase of Preferred Equity" } } }, "localname": "PreferredStockDividendsAndOtherAdjustments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail", "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PreferredStockRedemptionPricePerShare": { "auth_ref": [ "r304", "r306", "r308" ], "lang": { "en-us": { "role": { "documentation": "The price per share at which the preferred stock of an entity that has priority over common stock in the distribution of dividends and in the event of liquidation of the entity is redeemed or may be called at. The redemption features of this preferred stock are solely within the control of the issuer.", "label": "Preferred Stock, Redemption Price Per Share", "verboseLabel": "Preferred shares per-share purchase price" } } }, "localname": "PreferredStockRedemptionPricePerShare", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail" ], "xbrltype": "perShareItemType" }, "us-gaap_PreferredStockTextBlock": { "auth_ref": [ "r318" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock.", "label": "Preferred Stock [Text Block]", "terseLabel": "Convertible redeemable preferred shares" } } }, "localname": "PreferredStockTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredShares" ], "xbrltype": "textBlockItemType" }, "us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Other current assets" } } }, "localname": "PrepaidExpenseAndOtherAssetsCurrentAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_PrepaidExpenseCurrent": { "auth_ref": [ "r7", "r9", "r261", "r262" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 22.0, "parentTag": "us-gaap_AssetsCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.", "label": "Prepaid Expense, Current", "terseLabel": "Prepayments", "verboseLabel": "Prepayments" } } }, "localname": "PrepaidExpenseCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties": { "auth_ref": [ "r89", "r482" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 25.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow associated with collection, whether partial or full, of long-term loans to a related party. Alternate caption: Proceeds from Advances to Affiliates.", "label": "Proceeds from Collection of Long-term Loans to Related Parties", "terseLabel": "Repayment of loans to related parties" } } }, "localname": "ProceedsFromCollectionOfLongtermLoansToRelatedParties", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromContributedCapital": { "auth_ref": [ "r97" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 4.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow associated with the amount received by a corporation from a shareholder during the period.", "label": "Proceeds from Contributed Capital", "terseLabel": "Capital contribution from convertible redeemable preferred shareholders" } } }, "localname": "ProceedsFromContributedCapital", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromContributionsFromAffiliates": { "auth_ref": [ "r99" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 5.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership.", "label": "Proceeds from Contributions from Affiliates", "terseLabel": "Capital investment from a preferred shareholder in connection with 2018 Restructuring (Note 18(1))", "verboseLabel": "Capital investment from a preferred shareholder in connection with 2018 Restructuring" } } }, "localname": "ProceedsFromContributionsFromAffiliates", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromConvertibleDebt": { "auth_ref": [ "r98" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.", "label": "Proceeds from Convertible Debt", "terseLabel": "Convertible loan and a detachable warrant, total proceeds" } } }, "localname": "ProceedsFromConvertibleDebt", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates": { "auth_ref": [ "r90" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 23.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow associated with the deconsolidation of a previously consolidated subsidiary or sale of an entity that is related to it but not strictly controlled.", "label": "Proceeds from Divestiture of Interest in Subsidiaries and Affiliates", "terseLabel": "Proceeds from disposal of subsidiary, net of cash disposed" } } }, "localname": "ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromIssuanceInitialPublicOffering": { "auth_ref": [ "r97" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 8.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow associated with the amount received from entity's first offering of stock to the public.", "label": "Proceeds from Issuance Initial Public Offering", "terseLabel": "Proceeds on issuance of ordinary shares through IPO", "verboseLabel": "Proceeds on issuance of ordinary shares through IPO" } } }, "localname": "ProceedsFromIssuanceInitialPublicOffering", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock": { "auth_ref": [ "r97" ], "crdr": "debit", "lang": { "en-us": { "role": { "definitionGuidance": "Cash consideration received", "documentation": "The cash inflow from issuance of preferred stocks identified as being convertible into another form of financial instrument, typically the entity's common stock.", "label": "Proceeds from Issuance of Convertible Preferred Stock", "terseLabel": "Capital contribution from convertible redeemable preferred shareholders", "verboseLabel": "Preferred shares cash consideration" } } }, "localname": "ProceedsFromIssuanceOfConvertiblePreferredStock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromMinorityShareholders": { "auth_ref": [ "r99" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 9.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership.", "label": "Proceeds from Noncontrolling Interests", "terseLabel": "Proceeds from capital contribution from noncontrolling interest shareholder" } } }, "localname": "ProceedsFromMinorityShareholders", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromRelatedPartyDebt": { "auth_ref": [ "r98" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 7.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow from a long-term borrowing made from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Proceeds from Advances from Affiliates.", "label": "Proceeds from Related Party Debt", "terseLabel": "Advance from related party" } } }, "localname": "ProceedsFromRelatedPartyDebt", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromSaleOfEquityMethodInvestments": { "auth_ref": [ "r90" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 28.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow associated with the sale of equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.", "label": "Proceeds from Sale of Equity Method Investments", "terseLabel": "Proceeds from disposal of equity method investee" } } }, "localname": "ProceedsFromSaleOfEquityMethodInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromSaleOfIntangibleAssets": { "auth_ref": [ "r91" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 20.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow from disposal of asset without physical form usually arising from contractual or other legal rights, excluding goodwill.", "label": "Proceeds from Sale of Intangible Assets", "terseLabel": "Proceeds from disposal of intangible assets" } } }, "localname": "ProceedsFromSaleOfIntangibleAssets", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromSaleOfLongtermInvestments": { "auth_ref": [ "r92" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 27.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow from sales of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, beyond the current operating cycle.", "label": "Proceeds from Sale of Long-term Investments", "terseLabel": "Proceeds from disposal of long-term investments" } } }, "localname": "ProceedsFromSaleOfLongtermInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProceedsFromSaleOfShortTermInvestments": { "auth_ref": [ "r92" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 19.0, "parentTag": "us-gaap_NetCashProvidedByUsedInInvestingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The cash inflow from sales of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.", "label": "Proceeds from Sale of Short-term Investments", "terseLabel": "Proceeds from disposal of short-term investments" } } }, "localname": "ProceedsFromSaleOfShortTermInvestments", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ProductAndServiceOtherMember": { "auth_ref": [ "r321" ], "lang": { "en-us": { "role": { "documentation": "Article or substance produced by nature, labor or machinery and act of providing assistance, classified as other.", "label": "Product and Service, Other [Member]", "terseLabel": "Other [Member]" } } }, "localname": "ProductAndServiceOtherMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail" ], "xbrltype": "domainItemType" }, "us-gaap_ProfitLoss": { "auth_ref": [ "r3", "r67", "r69", "r104", "r124", "r135", "r146", "r147", "r198", "r209", "r213", "r216", "r219", "r249", "r413", "r421", "r423", "r436", "r437", "r443", "r530" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 54.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 }, "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 22.0, "parentTag": "us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "definitionGuidance": "Net income (loss)", "documentation": "The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.", "label": "Net Income (Loss), Including Portion Attributable to Noncontrolling Interest", "presentationGuidance": "Net income (loss)", "terseLabel": "Net income (loss)", "totalLabel": "Net income (loss)" } } }, "localname": "ProfitLoss", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PropertyPlantAndEquipmentAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Property and equipment, net" } } }, "localname": "PropertyPlantAndEquipmentAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_PropertyPlantAndEquipmentByTypeAxis": { "auth_ref": [ "r42", "r289" ], "lang": { "en-us": { "role": { "documentation": "Information by type of long-lived, physical assets used to produce goods and services and not intended for resale.", "label": "Property, Plant and Equipment, Type [Axis]" } } }, "localname": "PropertyPlantAndEquipmentByTypeAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock": { "auth_ref": [ "r291", "r569", "r570", "r571" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.", "label": "Property, Plant and Equipment Disclosure [Text Block]", "terseLabel": "Property and equipment, net" } } }, "localname": "PropertyPlantAndEquipmentDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNet" ], "xbrltype": "textBlockItemType" }, "us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives": { "auth_ref": [ "r119", "r285" ], "lang": { "en-us": { "role": { "documentation": "Describes the periods of time over which an entity anticipates to receive utility from its property, plant and equipment (that is, the periods of time over which an entity allocates the initial cost of its property, plant and equipment).", "label": "Property, Plant and Equipment, Estimated Useful Lives", "terseLabel": "Property and equipment, net, estimated useful lives" } } }, "localname": "PropertyPlantAndEquipmentEstimatedUsefulLives", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_PropertyPlantAndEquipmentGross": { "auth_ref": [ "r41", "r287" ], "calculation": { "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail": { "order": 1.0, "parentTag": "us-gaap_PropertyPlantAndEquipmentNet", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.", "label": "Property, Plant and Equipment, Gross", "terseLabel": "Gross carrying amount" } } }, "localname": "PropertyPlantAndEquipmentGross", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PropertyPlantAndEquipmentGrossAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Property, Plant and Equipment, Gross [Abstract]" } } }, "localname": "PropertyPlantAndEquipmentGrossAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail" ], "xbrltype": "stringItemType" }, "us-gaap_PropertyPlantAndEquipmentLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Property, Plant and Equipment [Line Items]" } } }, "localname": "PropertyPlantAndEquipmentLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_PropertyPlantAndEquipmentNet": { "auth_ref": [ "r20", "r21", "r289", "r537" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 27.0, "parentTag": "us-gaap_Assets", "weight": 1.0 }, "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail": { "order": null, "parentTag": null, "root": true, "weight": null } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.", "label": "Property, Plant and Equipment, Net", "terseLabel": "Property and equipment, net", "totalLabel": "Property and equipment, net" } } }, "localname": "PropertyPlantAndEquipmentNet", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_PropertyPlantAndEquipmentPolicyTextBlock": { "auth_ref": [ "r40", "r119", "r289", "r569", "r570" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.", "label": "Property, Plant and Equipment, Policy [Policy Text Block]", "terseLabel": "Property and equipment, net" } } }, "localname": "PropertyPlantAndEquipmentPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_PropertyPlantAndEquipmentTextBlock": { "auth_ref": [ "r20", "r289" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.", "label": "Property, Plant and Equipment [Table Text Block]", "terseLabel": "Schedule of property and equipment, net" } } }, "localname": "PropertyPlantAndEquipmentTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_PropertyPlantAndEquipmentTypeDomain": { "auth_ref": [ "r20", "r287" ], "lang": { "en-us": { "role": { "documentation": "Listing of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.", "label": "Property, Plant and Equipment, Type [Domain]" } } }, "localname": "PropertyPlantAndEquipmentTypeDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_PropertyPlantAndEquipmentUsefulLife": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.", "label": "Property, Plant and Equipment, Useful Life", "terseLabel": "Property and equipment, net, estimated useful lives" } } }, "localname": "PropertyPlantAndEquipmentUsefulLife", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "durationItemType" }, "us-gaap_ProvisionForDoubtfulAccounts": { "auth_ref": [ "r80", "r258" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 49.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of expense (reversal of expense) for expected credit loss on accounts receivable.", "label": "Accounts Receivable, Credit Loss Expense (Reversal)", "verboseLabel": "Provision for allowance for credit loss" } } }, "localname": "ProvisionForDoubtfulAccounts", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_RedeemableConvertiblePreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Description of type or class of redeemable convertible preferred stock. Convertible redeemable preferred stock possess conversion and redemption features. The stock has redemption features that are outside the control of the issuer.", "label": "Redeemable Convertible Preferred Stock [Member]", "terseLabel": "Convertible Redeemable Preferred Equity/Shares [Member]" } } }, "localname": "RedeemableConvertiblePreferredStockMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetail" ], "xbrltype": "domainItemType" }, "us-gaap_RedeemablePreferredStockDividends": { "auth_ref": [ "r149", "r305", "r314" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Dividends paid to preferred stock holders that is redeemable solely at the option of the issuer.", "label": "Redeemable Preferred Stock Dividends", "negatedLabel": "Deemed dividend upon repurchase of Series C-2 Preferred Equity" } } }, "localname": "RedeemablePreferredStockDividends", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "us-gaap_RelatedPartyDomain": { "auth_ref": [ "r330", "r482", "r483" ], "lang": { "en-us": { "role": { "documentation": "Related parties include affiliates; other entities for which investments are accounted for by the equity method by the entity; trusts for benefit of employees; and principal owners, management, and members of immediate families. It also may include other parties with which the entity may control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.", "label": "Related Party [Domain]" } } }, "localname": "RelatedPartyDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLossParenthetical", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfMajorRelatedPartiesAndTheirRelationshipsDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "domainItemType" }, "us-gaap_RelatedPartyTransactionAmountsOfTransaction": { "auth_ref": [ "r482", "r486" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of transactions with related party during the financial reporting period.", "label": "Related Party Transaction, Amounts of Transaction", "terseLabel": "Related party transaction, advance payment received" } } }, "localname": "RelatedPartyTransactionAmountsOfTransaction", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty": { "auth_ref": [ "r482" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.", "label": "Related Party Transaction, Expenses from Transactions with Related Party", "verboseLabel": "Fee paid to related parties" } } }, "localname": "RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_RelatedPartyTransactionLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Related Party Transaction [Line Items]" } } }, "localname": "RelatedPartyTransactionLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfMajorRelatedPartiesAndTheirRelationshipsDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Reflects the sum of all other revenue and income realized from sales and other transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party during the period.", "label": "Related Party Transaction, Other Revenues from Transactions with Related Party", "verboseLabel": "Other revenue derived from related parties" } } }, "localname": "RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty": { "auth_ref": [], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Purchases during the period (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.", "label": "Related Party Transaction, Purchases from Related Party", "verboseLabel": "Purchased from related parties" } } }, "localname": "RelatedPartyTransactionPurchasesFromRelatedParty", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_RelatedPartyTransactionsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Related Party Transactions [Abstract]" } } }, "localname": "RelatedPartyTransactionsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_RelatedPartyTransactionsByRelatedPartyAxis": { "auth_ref": [ "r330", "r482", "r486", "r506", "r507", "r508", "r509", "r510", "r511", "r512", "r513", "r514", "r515", "r516", "r517" ], "lang": { "en-us": { "role": { "documentation": "Information by type of related party. Related parties include, but not limited to, affiliates; other entities for which investments are accounted for by the equity method by the entity; trusts for benefit of employees; and principal owners, management, and members of immediate families. It also may include other parties with which the entity may control or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.", "label": "Related Party [Axis]" } } }, "localname": "RelatedPartyTransactionsByRelatedPartyAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLossParenthetical", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfMajorRelatedPartiesAndTheirRelationshipsDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_RelatedPartyTransactionsDisclosureTextBlock": { "auth_ref": [ "r480", "r481", "r483", "r487", "r488" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.", "label": "Related Party Transactions Disclosure [Text Block]", "terseLabel": "Related party transactions" } } }, "localname": "RelatedPartyTransactionsDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactions" ], "xbrltype": "textBlockItemType" }, "us-gaap_RepaymentsOfRelatedPartyDebt": { "auth_ref": [ "r101" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 13.0, "parentTag": "us-gaap_NetCashProvidedByUsedInFinancingActivities", "weight": -1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cash outflow for the payment of a long-term borrowing made from a related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Payments for Advances from Affiliates.", "label": "Repayments of Related Party Debt", "negatedLabel": "Repayment of advance\u00a0from related party" } } }, "localname": "RepaymentsOfRelatedPartyDebt", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows" ], "xbrltype": "monetaryItemType" }, "us-gaap_ResearchAndDevelopmentExpense": { "auth_ref": [ "r366", "r582" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 7.0, "parentTag": "us-gaap_OperatingExpenses", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.", "label": "Research and Development Expense", "negatedLabel": "Research and development expenses", "verboseLabel": "Research and development expenses" } } }, "localname": "ResearchAndDevelopmentExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfComprehensiveIncomeLossDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ResearchAndDevelopmentExpensePolicy": { "auth_ref": [ "r119", "r366" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.", "label": "Research and Development Expense, Policy [Policy Text Block]", "terseLabel": "Research and development expenses" } } }, "localname": "ResearchAndDevelopmentExpensePolicy", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_RestrictedAssetsDisclosureTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.", "label": "Restricted Assets Disclosure [Text Block]", "terseLabel": "Statutory reserves and restricted net assets" } } }, "localname": "RestrictedAssetsDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/StatutoryReservesAndRestrictedNetAssets" ], "xbrltype": "textBlockItemType" }, "us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Type of cash and cash equivalent. Cash is currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.", "label": "Cash and Cash Equivalents [Domain]" } } }, "localname": "RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_RestrictedCashCurrent": { "auth_ref": [ "r4", "r18", "r118" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 25.0, "parentTag": "us-gaap_AssetsCurrent", "weight": 1.0 }, "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlowsParenthetical": { "order": 2.0, "parentTag": "us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of cash restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.", "label": "Restricted Cash, Current", "terseLabel": "Restricted cash" } } }, "localname": "RestrictedCashCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlowsParenthetical", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_RestrictedStockExpense": { "auth_ref": [ "r110" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of noncash expense for award of restricted stock or unit under share-based payment arrangement.", "label": "Restricted Stock or Unit Expense", "terseLabel": "Recognized compensation expense" } } }, "localname": "RestrictedStockExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_RestrictedStockMember": { "auth_ref": [ "r165" ], "lang": { "en-us": { "role": { "documentation": "Stock including a provision that prohibits sale or substantive sale of an equity instrument for a specified period of time or until specified performance conditions are met.", "label": "Restricted Stock [Member]", "terseLabel": "Restricted Stock [Member]" } } }, "localname": "RestrictedStockMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationTables" ], "xbrltype": "domainItemType" }, "us-gaap_RestrictedStockUnitsRSUMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Share instrument which is convertible to stock or an equivalent amount of cash, after a specified period of time or when specified performance conditions are met.", "label": "Restricted Stock Units (RSUs) [Member]", "terseLabel": "Restricted Stock Units (RSUs) [Member]" } } }, "localname": "RestrictedStockUnitsRSUMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetail", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "domainItemType" }, "us-gaap_RestructuringPlanAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Information by individual restructuring plan.", "label": "Restructuring Plan [Axis]" } } }, "localname": "RestructuringPlanAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_RestructuringPlanDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Identification of the individual restructuring plans.", "label": "Restructuring Plan [Domain]" } } }, "localname": "RestructuringPlanDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_RetainedEarningsAccumulatedDeficit": { "auth_ref": [ "r31", "r314", "r360", "r534", "r559", "r564" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 6.0, "parentTag": "us-gaap_StockholdersEquity", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The cumulative amount of the reporting entity's undistributed earnings or deficit.", "label": "Retained Earnings (Accumulated Deficit)", "terseLabel": "Accumulated deficit", "verboseLabel": "Accumulated deficit" } } }, "localname": "RetainedEarningsAccumulatedDeficit", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_RetainedEarningsMember": { "auth_ref": [ "r132", "r133", "r134", "r136", "r145", "r147", "r254", "r357", "r358", "r359", "r389", "r390", "r555", "r557" ], "lang": { "en-us": { "role": { "documentation": "The cumulative amount of the reporting entity's undistributed earnings or deficit.", "label": "Retained Earnings [Member]", "terseLabel": "Accumulated Deficit [Member]" } } }, "localname": "RetainedEarningsMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "domainItemType" }, "us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax": { "auth_ref": [ "r193", "r194", "r208", "r214", "r215", "r221", "r222", "r225", "r319", "r320", "r500" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 10.0, "parentTag": "us-gaap_GrossProfit", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "definitionGuidance": "Net revenues (including related party revenues of RMB75,946,677, RMB108,214,768 and RMB 32,910,229 for the years ended December 31, 2018, 2019 and 2020, respectively)", "disclosureGuidance": "Net revenue", "documentation": "Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.", "label": "Revenue from Contract with Customer, Excluding Assessed Tax", "terseLabel": "Revenues" } } }, "localname": "RevenueFromContractWithCustomerExcludingAssessedTax", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfDisaggregationOfRevenueDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_RevenueFromRelatedParties": { "auth_ref": [ "r83", "r566" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.", "label": "Revenue from Related Parties", "terseLabel": "Related-party revenues", "verboseLabel": "Revenue derived from related parties" } } }, "localname": "RevenueFromRelatedParties", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLossParenthetical", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_RevenueRecognitionPolicyTextBlock": { "auth_ref": [ "r120", "r121" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for revenue. Includes revenue from contract with customer and from other sources.", "label": "Revenue [Policy Text Block]", "terseLabel": "Revenue recognition" } } }, "localname": "RevenueRecognitionPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_RevenuesAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Revenues [Abstract]" } } }, "localname": "RevenuesAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability": { "auth_ref": [ "r474", "r479" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of increase in right-of-use asset obtained in exchange for operating lease liability.", "label": "Right-of-Use Asset Obtained in Exchange for Operating Lease Liability", "terseLabel": "Lease liabilities arising from obtaining right-of-use assets" } } }, "localname": "RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfInformationRelatedToOperatingLeasePaymentsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_SaleOfStockNameOfTransactionDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Sale of the entity's stock, including, but not limited to, initial public offering (IPO) and private placement.", "label": "Sale of Stock [Domain]" } } }, "localname": "SaleOfStockNameOfTransactionDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_SalesRevenueNetMember": { "auth_ref": [ "r183", "r225" ], "lang": { "en-us": { "role": { "documentation": "Revenue from sale of product and rendering of service and other sources of income, when it serves as benchmark in concentration of risk calculation.", "label": "Revenue Benchmark [Member]", "terseLabel": "Revenue [Member]" } } }, "localname": "SalesRevenueNetMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTable": { "auth_ref": [ "r55" ], "lang": { "en-us": { "role": { "documentation": "Schedule itemizing specific types of trade accounts and notes receivable, and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.", "label": "Schedule of Accounts, Notes, Loans and Financing Receivable [Table]" } } }, "localname": "ScheduleOfAccountsNotesLoansAndFinancingReceivableTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetTable" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable": { "auth_ref": [ "r165" ], "lang": { "en-us": { "role": { "documentation": "Schedule for securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by Antidilutive Securities.", "label": "Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table]" } } }, "localname": "ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock": { "auth_ref": [ "r165" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.", "label": "Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]", "terseLabel": "Schedule of antidilutive securities excluded from computation of earnings per share" } } }, "localname": "ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock": { "auth_ref": [ "r380" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.", "label": "Schedule of Deferred Tax Assets and Liabilities [Table Text Block]", "terseLabel": "Schedule of deferred tax assets" } } }, "localname": "ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock": { "auth_ref": [ "r163" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.", "label": "Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]", "terseLabel": "Schedule of basic and diluted net income (loss) per share" } } }, "localname": "ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable": { "auth_ref": [ "r151", "r152", "r159", "r163", "r169" ], "lang": { "en-us": { "role": { "documentation": "The table contains disclosure pertaining to an entity's basic earnings per share.", "label": "Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table]" } } }, "localname": "ScheduleOfEarningsPerShareBasicByCommonClassTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock": { "auth_ref": [ "r371" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.", "label": "Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]", "terseLabel": "Schedule of reconciliation of total tax expenses" } } }, "localname": "ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock": { "auth_ref": [ "r221" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.", "label": "Revenue from External Customers by Products and Services [Table Text Block]", "terseLabel": "Schedule of revenue by type of service provided by the Group" } } }, "localname": "ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SegmentInformationTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_ScheduleOfEquityMethodInvestmentsLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Schedule of Equity Method Investments [Line Items]" } } }, "localname": "ScheduleOfEquityMethodInvestmentsLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsAdditionalInformationDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfEquityMethodInvestmentsTable": { "auth_ref": [ "r3", "r124", "r247", "r249", "r443" ], "lang": { "en-us": { "role": { "documentation": "Summarization of information required and determined to be disclosed concerning equity method investments in common stock. The summarized information includes: (a) the name of each investee or group of investees for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.", "label": "Schedule of Equity Method Investments [Table]" } } }, "localname": "ScheduleOfEquityMethodInvestmentsTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/InvestmentsAdditionalInformationDetail", "http://ir.douyu.com/role/InvestmentsScheduleOfInvestmentsAccountedForUnderEquityMethodDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable": { "auth_ref": [ "r271", "r278", "r501" ], "lang": { "en-us": { "role": { "documentation": "Schedule of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.", "label": "Schedule of Finite-Lived Intangible Assets [Table]", "terseLabel": "Schedule of finite-lived intangible assets [Table]" } } }, "localname": "ScheduleOfFiniteLivedIntangibleAssetsTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetParentheticalDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock": { "auth_ref": [ "r271", "r278" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.", "label": "Schedule of Finite-Lived Intangible Assets [Table Text Block]", "terseLabel": "Schedule of intangible assets, net" } } }, "localname": "ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_ScheduleOfOtherCurrentAssetsTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of the carrying amounts of other current assets.", "label": "Schedule of Other Current Assets [Table Text Block]", "terseLabel": "Schedule of other current assets" } } }, "localname": "ScheduleOfOtherCurrentAssetsTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OtherCurrentAssetsTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_ScheduleOfPropertyPlantAndEquipmentTable": { "auth_ref": [ "r42", "r289" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of information about physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.", "label": "Property, Plant and Equipment [Table]" } } }, "localname": "ScheduleOfPropertyPlantAndEquipmentTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable": { "auth_ref": [ "r127", "r484", "r486" ], "lang": { "en-us": { "role": { "documentation": "Schedule of quantitative and qualitative information pertaining to related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.", "label": "Schedule of Related Party Transactions, by Related Party [Table]" } } }, "localname": "ScheduleOfRelatedPartyTransactionsByRelatedPartyTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfMajorRelatedPartiesAndTheirRelationshipsDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfSignificantRelatedPartyTransactionsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.", "label": "Schedule of Related Party Transactions [Table Text Block]", "terseLabel": "Schedule of significant related party transactions" } } }, "localname": "ScheduleOfRelatedPartyTransactionsTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/RelatedPartyTransactionsTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable": { "auth_ref": [ "r198", "r200", "r212", "r267" ], "lang": { "en-us": { "role": { "documentation": "A table disclosing the profit or loss and total assets for each reportable segment of the entity. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.", "label": "Schedule of Segment Reporting Information, by Segment [Table]" } } }, "localname": "ScheduleOfSegmentReportingInformationBySegmentTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail", "http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable": { "auth_ref": [ "r339", "r352" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of information about share-based payment arrangement.", "label": "Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]" } } }, "localname": "ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfStockByClassTable": { "auth_ref": [ "r50", "r122", "r172", "r173", "r300", "r302", "r303", "r306", "r307", "r309", "r310", "r311", "r312", "r314" ], "lang": { "en-us": { "role": { "documentation": "Schedule detailing information related to equity by class of stock. Class of stock includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. It also includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity.", "label": "Schedule of Stock by Class [Table]" } } }, "localname": "ScheduleOfStockByClassTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfVariableInterestEntitiesTable": { "auth_ref": [ "r418", "r419", "r427", "r428", "r429", "r430", "r432", "r433", "r434" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of qualitative and quantitative information related to variable interests the entity holds, whether or not such variable interest entity (VIE) is included in the reporting entity's consolidated financial statements. Includes, but is not limited to, description of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a tabular comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.", "label": "Schedule of Variable Interest Entities [Table]" } } }, "localname": "ScheduleOfVariableInterestEntitiesTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesTables" ], "xbrltype": "stringItemType" }, "us-gaap_ScheduleOfVariableInterestEntitiesTextBlock": { "auth_ref": [ "r429", "r430", "r432", "r433", "r434" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.", "label": "Schedule of Variable Interest Entities [Table Text Block]", "verboseLabel": "Schedule of financial statement amounts and balances of the VIEs" } } }, "localname": "ScheduleOfVariableInterestEntitiesTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock": { "auth_ref": [ "r278" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.", "label": "Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]", "verboseLabel": "Schedule of future amortization expense" } } }, "localname": "ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock": { "auth_ref": [ "r181", "r183", "r184", "r185", "r440", "r442" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.", "label": "Schedules of Concentration of Risk, by Risk Factor [Table Text Block]", "terseLabel": "Schedule of concentration of risk, accounts receivable, net" } } }, "localname": "SchedulesOfConcentrationOfRiskByRiskFactorTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/AccountsReceivableNetTable" ], "xbrltype": "textBlockItemType" }, "us-gaap_SegmentReportingAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Segment Reporting [Abstract]" } } }, "localname": "SegmentReportingAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_SegmentReportingDisclosureTextBlock": { "auth_ref": [ "r190", "r191", "r192", "r198", "r201", "r213", "r217", "r218", "r219", "r220", "r221", "r224", "r225", "r226" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.", "label": "Segment Reporting Disclosure [Text Block]", "terseLabel": "Segment Information" } } }, "localname": "SegmentReportingDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SegmentInformation" ], "xbrltype": "textBlockItemType" }, "us-gaap_SegmentReportingInformationLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Segment Reporting Information [Line Items]" } } }, "localname": "SegmentReportingInformationLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SegmentInformationAdditionalInformationDetail", "http://ir.douyu.com/role/SegmentInformationScheduleOfRevenueByTypeOfServiceProvidedByTheGroupDetail" ], "xbrltype": "stringItemType" }, "us-gaap_SegmentReportingPolicyPolicyTextBlock": { "auth_ref": [ "r119", "r202", "r203", "r204", "r205", "r206", "r207", "r222" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for segment reporting.", "label": "Segment Reporting, Policy [Policy Text Block]", "terseLabel": "Segment information" } } }, "localname": "SegmentReportingPolicyPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_SellingAndMarketingExpense": { "auth_ref": [], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss": { "order": 5.0, "parentTag": "us-gaap_OperatingExpenses", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The aggregate total amount of expenses directly related to the marketing or selling of products or services.", "label": "Selling and Marketing Expense", "negatedLabel": "Sales and marketing expenses" } } }, "localname": "SellingAndMarketingExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "monetaryItemType" }, "us-gaap_SellingAndMarketingExpenseMember": { "auth_ref": [ "r79" ], "lang": { "en-us": { "role": { "documentation": "Primary financial statement caption encompassing selling and marketing expense.", "label": "Selling and Marketing Expense [Member]", "verboseLabel": "Sales and marketing expenses [Member]" } } }, "localname": "SellingAndMarketingExpenseMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "domainItemType" }, "us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock": { "auth_ref": [ "r119", "r365" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for inclusion of significant items in the selling, general and administrative (or similar) expense report caption.", "label": "Selling, General and Administrative Expenses, Policy [Policy Text Block]", "terseLabel": "Selling, General and Administrative Expenses, Policy" } } }, "localname": "SellingGeneralAndAdministrativeExpensesPolicyTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_ShareBasedCompensation": { "auth_ref": [ "r109" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows": { "order": 48.0, "parentTag": "us-gaap_NetCashProvidedByUsedInOperatingActivities", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of noncash expense for share-based payment arrangement.", "label": "Share-based Payment Arrangement, Noncash Expense, Total", "terseLabel": "Share-based compensation expenses", "verboseLabel": "Share-based compensation" } } }, "localname": "ShareBasedCompensation", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1": { "auth_ref": [ "r340" ], "lang": { "en-us": { "role": { "documentation": "Estimated period over which an employee is required to provide service in exchange for the equity-based payment award, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period", "terseLabel": "Requisite employment service period" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "durationItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights": { "auth_ref": [ "r340" ], "lang": { "en-us": { "role": { "documentation": "Description of service or performance condition required to be met for earning right to award under share-based payment arrangement. Includes, but is not limited to, combination of market, performance or service condition.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights", "terseLabel": "Restricted share units, vesting condition" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod": { "auth_ref": [ "r344" ], "lang": { "en-us": { "role": { "definitionGuidance": "Forfeited of unvested restricted shares", "documentation": "The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period", "negatedLabel": "Forfeited", "negatedTerseLabel": "Restricted share units, Forfeited in period" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue": { "auth_ref": [ "r348" ], "lang": { "en-us": { "role": { "documentation": "Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value", "terseLabel": "Weighted average grant-date fair value, Forfeited" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "perShareItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod": { "auth_ref": [ "r346" ], "lang": { "en-us": { "role": { "documentation": "The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period", "terseLabel": "Restricted share units, grants in period" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber": { "auth_ref": [ "r345" ], "lang": { "en-us": { "role": { "documentation": "The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number", "periodEndLabel": "Non-vested restricted equity ending balance", "periodStartLabel": "Non-vested restricted equity beginning balance" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue": { "auth_ref": [ "r345" ], "lang": { "en-us": { "role": { "documentation": "Per share or unit weighted-average fair value of nonvested award under share-based payment arrangement. Excludes share and unit options.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value", "periodEndLabel": "Weighted average grant-date fair vale Outstanding", "periodStartLabel": "Weighted average grant-date fair vale Outstanding", "terseLabel": "Fair value per share of the restricted equity" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "perShareItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod": { "auth_ref": [ "r347" ], "lang": { "en-us": { "role": { "documentation": "The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period", "negatedLabel": "Vested", "negatedTerseLabel": "Restricted share units, Vested in period" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue": { "auth_ref": [ "r349" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Fair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value", "terseLabel": "Aggregate fair value of the restricted equity" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue": { "auth_ref": [ "r347" ], "lang": { "en-us": { "role": { "documentation": "The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value", "terseLabel": "Weighted average grant-date fair value, Vested" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "perShareItemType" }, "us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Share-based Compensation Arrangement by Share-based Payment Award [Line Items]" } } }, "localname": "ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain": { "auth_ref": [ "r337", "r342" ], "lang": { "en-us": { "role": { "documentation": "Award under share-based payment arrangement.", "label": "Award Type [Domain]" } } }, "localname": "ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfNonVestedRestrictedEquityActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationScheduleOfRestrictedShareUnitsActivityDetail", "http://ir.douyu.com/role/ShareBasedCompensationTables" ], "xbrltype": "domainItemType" }, "us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionModificationOfTermsIncrementalCompensationCost": { "auth_ref": [ "r350" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "The excess of the fair value of the modified award over the fair value of the award immediately before the modification.", "label": "Share-based Goods and Nonemployee Services Transaction, Modification of Terms, Incremental Compensation Cost", "terseLabel": "Incremental compensation cost" } } }, "localname": "ShareBasedGoodsAndNonemployeeServicesTransactionModificationOfTermsIncrementalCompensationCost", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_SharePrice": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Price of a single share of a number of saleable stocks of a company.", "label": "Share Price", "terseLabel": "Fair value per share" } } }, "localname": "SharePrice", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "perShareItemType" }, "us-gaap_ShareRepurchaseProgramAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Information by share repurchase program.", "label": "Share Repurchase Program [Axis]" } } }, "localname": "ShareRepurchaseProgramAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_ShareRepurchaseProgramDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the share repurchase program.", "label": "Share Repurchase Program [Domain]" } } }, "localname": "ShareRepurchaseProgramDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod": { "auth_ref": [ "r341" ], "lang": { "en-us": { "role": { "documentation": "Period from grant date that an equity-based award expires, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.", "label": "Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period", "terseLabel": "Restricted share units, effective period" } } }, "localname": "SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "durationItemType" }, "us-gaap_SharesOutstanding": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Number of shares issued which are neither cancelled nor held in the treasury.", "label": "Shares, Outstanding", "periodEndLabel": "Balance, Shares" } } }, "localname": "SharesOutstanding", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "sharesItemType" }, "us-gaap_ShortTermLeaseCost": { "auth_ref": [ "r472", "r479" ], "calculation": { "http://ir.douyu.com/role/LeasesSummaryOfLeaseCostDetail": { "order": 2.0, "parentTag": "us-gaap_LeaseCost", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of short-term lease cost, excluding expense for lease with term of one month or less.", "label": "Short-term Lease, Cost", "terseLabel": "Short-term lease expense" } } }, "localname": "ShortTermLeaseCost", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/LeasesSummaryOfLeaseCostDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_SignificantAccountingPoliciesTextBlock": { "auth_ref": [ "r131" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for all significant accounting policies of the reporting entity.", "label": "Significant Accounting Policies [Text Block]", "verboseLabel": "Summary of significant accounting policies" } } }, "localname": "SignificantAccountingPoliciesTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_StateAdministrationOfTaxationChinaMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Designated tax department of the government of China.", "label": "State Administration of Taxation, China [Member]" } } }, "localname": "StateAdministrationOfTaxationChinaMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_StatementClassOfStockAxis": { "auth_ref": [ "r25", "r26", "r27", "r122", "r124", "r151", "r152", "r155", "r159", "r163", "r172", "r173", "r174", "r249", "r305", "r443" ], "lang": { "en-us": { "role": { "documentation": "Information by the different classes of stock of the entity.", "label": "Class of Stock [Axis]", "terseLabel": "Class of stock [Axis]" } } }, "localname": "StatementClassOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail", "http://ir.douyu.com/role/CoverPage", "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail", "http://ir.douyu.com/role/IntangibleAssetsNetAdditionalInformationDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail", "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_StatementEquityComponentsAxis": { "auth_ref": [ "r54", "r132", "r133", "r134", "r136", "r145", "r147", "r171", "r254", "r305", "r314", "r357", "r358", "r359", "r389", "r390", "r450", "r451", "r452", "r453", "r454", "r456", "r555", "r556", "r557" ], "lang": { "en-us": { "role": { "documentation": "Information by component of equity.", "label": "Equity Components [Axis]" } } }, "localname": "StatementEquityComponentsAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_StatementLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Statement [Line Items]" } } }, "localname": "StatementLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLossParenthetical", "http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail", "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail", "http://ir.douyu.com/role/IntangibleAssetsNetAdditionalInformationDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail", "http://ir.douyu.com/role/ShareBasedCompensationTables", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesTables" ], "xbrltype": "stringItemType" }, "us-gaap_StatementOfCashFlowsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Statement of Cash Flows [Abstract]", "terseLabel": "Statement of Cash Flows" } } }, "localname": "StatementOfCashFlowsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_StatementOfFinancialPositionAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Statement of Financial Position [Abstract]" } } }, "localname": "StatementOfFinancialPositionAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Statement of Comprehensive Income [Abstract]" } } }, "localname": "StatementOfIncomeAndComprehensiveIncomeAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_StatementOfStockholdersEquityAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Statement of Stockholders' Equity [Abstract]" } } }, "localname": "StatementOfStockholdersEquityAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_StatementTable": { "auth_ref": [ "r132", "r133", "r134", "r171", "r500" ], "lang": { "en-us": { "role": { "documentation": "Schedule reflecting a Statement of Income, Statement of Cash Flows, Statement of Financial Position, Statement of Shareholders' Equity and Other Comprehensive Income, or other statement as needed.", "label": "Statement [Table]" } } }, "localname": "StatementTable", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLossParenthetical", "http://ir.douyu.com/role/CostOfRevenuesScheduleOfCostOfRevenueDetail", "http://ir.douyu.com/role/IncomeTaxesAdditionalInformationDetail", "http://ir.douyu.com/role/IncomeTaxesScheduleOfIncomeLossBeforeIncomeTaxesDetail", "http://ir.douyu.com/role/IntangibleAssetsNetAdditionalInformationDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfFutureAmortizationExpenseDetail", "http://ir.douyu.com/role/NoncontrollingInterestScheduleOfGroupsOwnershipInItsSubsidiaryOnTheGroupsEquityParentheticalDetail", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail", "http://ir.douyu.com/role/ShareBasedCompensationTables", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "stringItemType" }, "us-gaap_StockIssuedDuringPeriodSharesAcquisitions": { "auth_ref": [ "r26", "r27", "r314" ], "lang": { "en-us": { "role": { "documentation": "Number of shares of stock issued during the period pursuant to acquisitions.", "label": "Stock Issued During Period, Shares, Acquisitions", "terseLabel": "Ordinary shares issued in connection of the acquisition" } } }, "localname": "StockIssuedDuringPeriodSharesAcquisitions", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities": { "auth_ref": [ "r53", "r305", "r306", "r314" ], "lang": { "en-us": { "role": { "documentation": "Number of shares issued during the period as a result of the conversion of convertible securities.", "label": "Stock Issued During Period, Shares, Conversion of Convertible Securities", "terseLabel": "Number of shares converted" } } }, "localname": "StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_StockIssuedDuringPeriodSharesEmployeeBenefitPlan": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Number of shares issued during the period to an employee benefit plan, such as a defined contribution or defined benefit plan.", "label": "Stock Issued During Period, Shares, Employee Benefit Plan", "terseLabel": "Vesting of restricted share units, shares", "verboseLabel": "Shares issued for employee benefit plan" } } }, "localname": "StockIssuedDuringPeriodSharesEmployeeBenefitPlan", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross": { "auth_ref": [ "r305", "r314" ], "lang": { "en-us": { "role": { "documentation": "Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.", "label": "Stock Issued During Period, Shares, Restricted Stock Award, Gross", "terseLabel": "Share-based compensation, Shares" } } }, "localname": "StockIssuedDuringPeriodSharesRestrictedStockAwardGross", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "sharesItemType" }, "us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities": { "auth_ref": [ "r54", "r305", "r314" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The gross value of stock issued during the period upon the conversion of convertible securities.", "label": "Stock Issued During Period, Value, Conversion of Convertible Securities", "negatedLabel": "Conversion into ordinary shares upon IPO" } } }, "localname": "StockIssuedDuringPeriodValueConversionOfConvertibleSecurities", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_StockIssuedDuringPeriodValueEmployeeBenefitPlan": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Value of shares issued during the period to an employee benefit plan, such as a defined contribution or defined benefit plan.", "label": "Stock Issued During Period, Value, Employee Benefit Plan", "terseLabel": "Vesting of restricted share units, Value" } } }, "localname": "StockIssuedDuringPeriodValueEmployeeBenefitPlan", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "us-gaap_StockIssuedDuringPeriodValueStockDividend": { "auth_ref": [ "r54", "r305", "r314" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Value of stock issued to shareholders as a dividend during the period.", "label": "Stock Issued During Period, Value, Stock Dividend", "terseLabel": "Deemed dividend recognized" } } }, "localname": "StockIssuedDuringPeriodValueStockDividend", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_StockRepurchaseProgramAuthorizedAmount1": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of stock repurchase plan authorized.", "label": "Stock Repurchase Program, Authorized Amount", "terseLabel": "Repurchase of shares", "verboseLabel": "Repurchase of shares" } } }, "localname": "StockRepurchaseProgramAuthorizedAmount1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_StockRepurchaseProgramPeriodInForce1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Period which shares may be purchased under a stock repurchase plan authorized by an entity's Board of Directors, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.", "label": "Stock Repurchase Program, Period in Force", "terseLabel": "Stock repurchase program, period in force" } } }, "localname": "StockRepurchaseProgramPeriodInForce1", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "durationItemType" }, "us-gaap_StockRepurchasedAndRetiredDuringPeriodValue": { "auth_ref": [ "r26", "r27", "r305", "r314" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).", "label": "Stock Repurchased and Retired During Period, Value", "verboseLabel": "Equity repurchased fair value" } } }, "localname": "StockRepurchasedAndRetiredDuringPeriodValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_StockRepurchasedDuringPeriodShares": { "auth_ref": [ "r26", "r27", "r305", "r314" ], "lang": { "en-us": { "role": { "definitionGuidance": "Repurchase of ordinary shares (Note 11), Shares", "documentation": "Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.", "label": "Stock Repurchased During Period, Shares", "terseLabel": "Stock repurchased during period, shares", "verboseLabel": "Repurchased shares" } } }, "localname": "StockRepurchasedDuringPeriodShares", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail", "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityParentheticalDetail", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_StockRepurchasedDuringPeriodValue": { "auth_ref": [ "r26", "r27", "r305", "r314" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.", "label": "Stock Repurchased During Period, Value", "negatedTerseLabel": "Repurchase of ordinary shares (Note 11)", "terseLabel": "Stock repurchase value" } } }, "localname": "StockRepurchasedDuringPeriodValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/ShareBasedCompensationAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_StockholdersEquity": { "auth_ref": [ "r27", "r33", "r34", "r124", "r236", "r249", "r443" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 3.0, "parentTag": "us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.", "label": "Stockholders' Equity Attributable to Parent", "totalLabel": "Total DouYu Shareholder's Equity" } } }, "localname": "StockholdersEquity", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_StockholdersEquityAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Stockholders' Equity Attributable to Parent [Abstract]", "terseLabel": "SHAREHOLDERS' EQUITY", "verboseLabel": "Shareholders' equity (deficit)" } } }, "localname": "StockholdersEquityAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest": { "auth_ref": [ "r124", "r132", "r133", "r134", "r136", "r145", "r249", "r254", "r314", "r357", "r358", "r359", "r389", "r390", "r411", "r412", "r435", "r443", "r450", "r451", "r456", "r556", "r557" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 1.0, "parentTag": "us-gaap_LiabilitiesAndStockholdersEquity", "weight": 1.0 } }, "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.", "label": "Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest", "periodEndLabel": "Balance", "periodStartLabel": "Balance", "totalLabel": "Total Shareholders' Equity" } } }, "localname": "StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "monetaryItemType" }, "us-gaap_StockholdersEquityNoteAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Ordinary shares" } } }, "localname": "StockholdersEquityNoteAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_StockholdersEquityNoteDisclosureTextBlock": { "auth_ref": [ "r123", "r314", "r318" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.", "label": "Stockholders' Equity Note Disclosure [Text Block]", "terseLabel": "Ordinary shares" } } }, "localname": "StockholdersEquityNoteDisclosureTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinaryShares" ], "xbrltype": "textBlockItemType" }, "us-gaap_SubsequentEventTypeAxis": { "auth_ref": [ "r457", "r490" ], "lang": { "en-us": { "role": { "documentation": "Information by event that occurred after the balance sheet date but before financial statements are issued or available to be issued.", "label": "Subsequent Event Type [Axis]" } } }, "localname": "SubsequentEventTypeAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_SubsequentEventTypeDomain": { "auth_ref": [ "r457", "r490" ], "lang": { "en-us": { "role": { "documentation": "Event that occurred after the balance sheet date but before financial statements are issued or available to be issued.", "label": "Subsequent Event Type [Domain]" } } }, "localname": "SubsequentEventTypeDomain", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_SubsequentEventsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Subsequent Events [Abstract]" } } }, "localname": "SubsequentEventsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "xbrltype": "stringItemType" }, "us-gaap_SubsequentEventsTextBlock": { "auth_ref": [ "r489", "r492" ], "lang": { "en-us": { "role": { "documentation": "The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.", "label": "Subsequent Events [Text Block]", "terseLabel": "Subsequent events" } } }, "localname": "SubsequentEventsTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SubsequentEvents" ], "xbrltype": "textBlockItemType" }, "us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Percentage of subsidiary's or equity method investee's stock owned by parent immediately after all stock transactions.", "label": "Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions", "verboseLabel": "Percentage of direct/indirect ownership" } } }, "localname": "SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "percentItemType" }, "us-gaap_SubsidiarySaleOfStockAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Information by type of sale of the entity's stock.", "label": "Sale of Stock [Axis]" } } }, "localname": "SubsidiarySaleOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficitParenthetical", "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail", "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesAdditionalInformationDetail" ], "xbrltype": "stringItemType" }, "us-gaap_SummaryOfIncomeTaxHolidayTextBlock": { "auth_ref": [ "r394" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.", "label": "Summary of Income Tax Holiday [Table Text Block]", "terseLabel": "Schedule of aggregate amount and per share effect of the tax holiday" } } }, "localname": "SummaryOfIncomeTaxHolidayTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_SummaryOfValuationAllowanceTextBlock": { "auth_ref": [ "r379" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.", "label": "Summary of Valuation Allowance [Table Text Block]", "terseLabel": "Schedule of movement of deferred tax valuation allowance" } } }, "localname": "SummaryOfValuationAllowanceTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_SupplementalCashFlowInformationAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Supplemental Cash Flow Information [Abstract]", "terseLabel": "Supplemental disclosure of cash flow information:", "verboseLabel": "Supplemental disclosure on non-cash investing and financing activities:" } } }, "localname": "SupplementalCashFlowInformationAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfCashFlows", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedStatementsOfCashFlowsDetail" ], "xbrltype": "stringItemType" }, "us-gaap_TemporaryEquityCarryingAmountAttributableToParent": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "disclosureGuidance": "Preferred share redemption value", "documentation": "Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.", "label": "Temporary Equity, Carrying Amount, Attributable to Parent", "periodEndLabel": "Ending balance", "periodStartLabel": "Beginning balance" } } }, "localname": "TemporaryEquityCarryingAmountAttributableToParent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesScheduleOfCarryingAmountOfPreferredEquityDetail", "http://ir.douyu.com/role/RelatedPartyTransactionsScheduleOfAmountsDueFromToRelatedPartiesParentheticalDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_TemporaryEquityLiquidationPreference": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The aggregate liquidation preference (or restrictions) of stock classified as temporary equity that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.", "label": "Temporary Equity, Liquidation Preference", "terseLabel": "Liquidation value for all preferred shares" } } }, "localname": "TemporaryEquityLiquidationPreference", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_TemporaryEquitySharesIssued": { "auth_ref": [ "r24" ], "lang": { "en-us": { "role": { "documentation": "The number of securities classified as temporary equity that have been sold (or granted) to the entity's shareholders. Securities issued include securities outstanding and securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.", "label": "Temporary Equity, Shares Issued", "terseLabel": "Shares issued" } } }, "localname": "TemporaryEquitySharesIssued", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrdinarySharesAdditionalInformationDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_TemporaryEquityTableTextBlock": { "auth_ref": [ "r14", "r301" ], "lang": { "en-us": { "role": { "documentation": "Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.", "label": "Temporary Equity [Table Text Block]", "terseLabel": "Schedule of carrying amount of preferred equity" } } }, "localname": "TemporaryEquityTableTextBlock", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/ConvertibleRedeemablePreferredSharesTables" ], "xbrltype": "textBlockItemType" }, "us-gaap_TradeAndOtherAccountsReceivablePolicy": { "auth_ref": [ "r230", "r231", "r232", "r233", "r235", "r238" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for accounts receivable.", "label": "Accounts Receivable [Policy Text Block]", "terseLabel": "Accounts receivable and allowance for credit loss" } } }, "localname": "TradeAndOtherAccountsReceivablePolicy", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_TradeNamesMember": { "auth_ref": [ "r402" ], "lang": { "en-us": { "role": { "definitionGuidance": "Brand name [Member]", "documentation": "Rights acquired through registration of a business name to gain or protect exclusive use thereof.", "label": "Trade Names [Member]", "terseLabel": "Trade Names [Member]", "verboseLabel": "Brand Name [Member]" } } }, "localname": "TradeNamesMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfIntangibleAssetsNetDetail", "http://ir.douyu.com/role/IntangibleAssetsNetScheduleOfWeightedAverageAmortizationPeriodsOfIntangibleAssetsDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_TransmissionServiceAgreementMember": { "auth_ref": [ "r278" ], "lang": { "en-us": { "role": { "documentation": "Agreement between a transmission customer and the transmission provider for service.", "label": "Transmission Service Agreement [Member]", "verboseLabel": "License for online transmission of audio/video programs [Member]" } } }, "localname": "TransmissionServiceAgreementMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfIntangibleAssetsNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_TreasuryStockCommonShares": { "auth_ref": [ "r316" ], "lang": { "en-us": { "role": { "documentation": "Number of previously issued common shares repurchased by the issuing entity and held in treasury.", "label": "Treasury Stock, Common, Shares", "verboseLabel": "Treasury Stock, Common, Shares" } } }, "localname": "TreasuryStockCommonShares", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheetsParenthetical", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsParentheticalDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_TreasuryStockCommonValue": { "auth_ref": [ "r56", "r316", "r317" ], "calculation": { "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets": { "order": 8.0, "parentTag": "us-gaap_StockholdersEquity", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount allocated to previously issued common shares repurchased by the issuing entity and held in treasury.", "label": "Treasury Stock, Common, Value", "negatedLabel": "Treasury shares (291,207 and 1,177,499 ordinary shares as of December 31, 2019 and 2020, respectively)", "negatedTerseLabel": "Treasury shares (291,207 and 1,177,499 shares as of December 31, 2019 and 2020, respectively)" } } }, "localname": "TreasuryStockCommonValue", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedBalanceSheets", "http://ir.douyu.com/role/ScheduleIAdditionalInformationOfTheParentCompanyCondensedBalanceSheetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_TreasuryStockMember": { "auth_ref": [ "r52", "r316" ], "lang": { "en-us": { "role": { "documentation": "Shares of an entity that have been repurchased by the entity. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer.", "label": "Treasury Stock [Member]", "verboseLabel": "Treasury shares [Member]" } } }, "localname": "TreasuryStockMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfChangesInShareholdersEquityDeficit" ], "xbrltype": "domainItemType" }, "us-gaap_TypeOfAdoptionMember": { "auth_ref": [ "r135", "r136", "r137", "r138", "r251", "r252", "r253", "r254", "r255", "r256", "r353", "r354", "r355", "r356", "r357", "r358", "r359", "r360", "r387", "r388", "r389", "r390", "r502", "r503", "r504", "r553", "r554", "r555", "r556", "r557", "r558", "r559", "r560", "r561", "r562", "r563", "r564" ], "lang": { "en-us": { "role": { "documentation": "Amendment to accounting standards.", "label": "Type of Adoption [Domain]" } } }, "localname": "TypeOfAdoptionMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "domainItemType" }, "us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic": { "auth_ref": [ "r157", "r160", "r161" ], "calculation": { "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail": { "order": 2.0, "parentTag": "us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted", "weight": -1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of undistributed earnings (loss) allocated to participating securities for the basic earnings (loss) per share or per unit calculation under the two-class method.", "label": "Undistributed Earnings (Loss) Allocated to Participating Securities, Basic", "negatedLabel": "Add: undistributed earnings allocated to participating securities" } } }, "localname": "UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_UnrecognizedTaxBenefits": { "auth_ref": [ "r367", "r375" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of unrecognized tax benefits.", "label": "Unrecognized Tax Benefits", "verboseLabel": "Recognizes income tax due to uncertain tax position" } } }, "localname": "UnrecognizedTaxBenefits", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense": { "auth_ref": [ "r373" ], "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Amount of expense for interest on an underpayment of income taxes and penalties related to a tax position claimed or expected to be claimed in the tax return.", "label": "Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense", "terseLabel": "Interest and penalties related to potential underpaid income tax expenses" } } }, "localname": "UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_UseOfEstimates": { "auth_ref": [ "r176", "r177", "r179", "r180", "r186", "r187", "r188" ], "lang": { "en-us": { "role": { "documentation": "Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.", "label": "Use of Estimates, Policy [Policy Text Block]", "terseLabel": "Use of Estimates" } } }, "localname": "UseOfEstimates", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesPolicies" ], "xbrltype": "textBlockItemType" }, "us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount": { "auth_ref": [ "r380" ], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "Amount of increase (decrease) in the valuation allowance for a specified deferred tax asset.", "label": "Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount", "terseLabel": "Increase" } } }, "localname": "ValuationAllowanceDeferredTaxAssetChangeInAmount", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/IncomeTaxesScheduleOfMovementOfDeferredTaxValuationAllowanceDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_ValueAddedTaxReceivableCurrent": { "auth_ref": [ "r58" ], "calculation": { "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail": { "order": 1.0, "parentTag": "us-gaap_OtherAssetsCurrent", "weight": 1.0 } }, "crdr": "debit", "lang": { "en-us": { "role": { "documentation": "Carrying amount as of the balance sheet date of value added taxes due either from customers arising from sales on credit terms, or as previously overpaid to tax authorities. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer.", "label": "Value Added Tax Receivable, Current", "terseLabel": "Value-added tax recoverable" } } }, "localname": "ValueAddedTaxReceivableCurrent", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OtherCurrentAssetsScheduleOfOtherCurrentAssetsDetail" ], "xbrltype": "monetaryItemType" }, "us-gaap_VariableInterestEntityLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Variable Interest Entity [Line Items]" } } }, "localname": "VariableInterestEntityLineItems", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "stringItemType" }, "us-gaap_VariableInterestEntityOwnershipPercentage": { "auth_ref": [ "r431" ], "lang": { "en-us": { "role": { "documentation": "Percentage of the Variable Interest Entity's (VIE) voting interest owned by (or beneficial interest in) the reporting entity (directly or indirectly).", "label": "Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage", "verboseLabel": "Percentage f direct/indirect ownership (VIEs)" } } }, "localname": "VariableInterestEntityOwnershipPercentage", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/OrganizationAndPrincipalActivitiesScheduleOfPrincipalSubsidiariesAndViesDetail" ], "xbrltype": "percentItemType" }, "us-gaap_VariableInterestEntityPrimaryBeneficiaryMember": { "auth_ref": [ "r418", "r419", "r427", "r428", "r429" ], "lang": { "en-us": { "role": { "documentation": "Variable Interest Entities (VIE) in which the entity has a controlling financial interest (as defined) and of which it is therefore the primary beneficiary. A controlling financial interest is determined based on both: (a) the entity's power to direct activities of the VIE that most significantly impact the VIE's economic performance and (b) the entity's obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. VIEs of which the entity is the primary beneficiary are included in the consolidated financial statements of the entity.", "label": "Variable Interest Entity, Primary Beneficiary [Member]", "terseLabel": "Consolidated VIEs [Member]" } } }, "localname": "VariableInterestEntityPrimaryBeneficiaryMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialStatementAmountsAndBalancesOfTheViesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_VehiclesMember": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Equipment used primarily for road transportation.", "label": "Vehicles [Member]", "verboseLabel": "Motor vehicles [Member]" } } }, "localname": "VehiclesMember", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/PropertyAndEquipmentNetScheduleOfPropertyAndEquipmentNetDetail", "http://ir.douyu.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPropertyAndEquipmentNetEstimatedUsefulLivesDetail" ], "xbrltype": "domainItemType" }, "us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding": { "auth_ref": [ "r150", "r163" ], "lang": { "en-us": { "role": { "documentation": "The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.", "label": "Weighted Average Number of Shares Outstanding, Diluted", "terseLabel": "Diluted", "verboseLabel": "Weighted average ordinary shares used in computing diluted income (loss) per ordinary share" } } }, "localname": "WeightedAverageNumberOfDilutedSharesOutstanding", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Weighted Average Number of Shares Outstanding, Diluted [Abstract]", "verboseLabel": "Denominator:" } } }, "localname": "WeightedAverageNumberOfSharesOutstandingAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "stringItemType" }, "us-gaap_WeightedAverageNumberOfSharesOutstandingBasic": { "auth_ref": [ "r148", "r163" ], "lang": { "en-us": { "role": { "definitionGuidance": "Basic", "documentation": "Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.", "label": "Weighted Average Number of Shares Outstanding, Basic", "terseLabel": "Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share", "verboseLabel": "Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share" } } }, "localname": "WeightedAverageNumberOfSharesOutstandingBasic", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss", "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "sharesItemType" }, "us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Weighted Average Number of Shares Outstanding, Basic [Abstract]", "verboseLabel": "Denominator:" } } }, "localname": "WeightedAverageNumberOfSharesOutstandingBasicAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/NetIncomeLossPerShareAndNetLossAttributableToOrdinaryShareholdersScheduleOfBasicAndDilutedNetIncomeLossPerShareDetail" ], "xbrltype": "stringItemType" }, "us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Weighted Average Number of Shares Outstanding Reconciliation [Abstract]", "terseLabel": "Weighted average number of ADS used in calculating net income per ADS" } } }, "localname": "WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract", "nsuri": "http://fasb.org/us-gaap/2020-01-31", "presentation": [ "http://ir.douyu.com/role/CombinedAndConsolidatedStatementsOfComprehensiveIncomeLoss" ], "xbrltype": "stringItemType" } }, "unitCount": 9 } }, "std_ref": { "r0": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-04(Schedule I))", "Topic": "205", "URI": "http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674" }, "r1": { "Name": "Accounting Standards Codification", "Paragraph": "1B", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Subparagraph": "(c)", "Topic": "205", "URI": "http://asc.fasb.org/extlink&oid=109222160&loc=SL51721494-107759" }, "r10": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e6801-107765" }, "r100": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3291-108585" }, "r101": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3291-108585" }, "r102": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3291-108585" }, "r103": { "Name": "Accounting Standards Codification", "Paragraph": "17", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3367-108585" }, "r104": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3000-108585" }, "r105": { "Name": "Accounting Standards Codification", "Paragraph": "24", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3521-108585" }, "r106": { "Name": "Accounting Standards Codification", "Paragraph": "25", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(e)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3536-108585" }, "r107": { "Name": "Accounting Standards Codification", "Paragraph": "25", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(f)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3536-108585" }, "r108": { "Name": "Accounting Standards Codification", "Paragraph": "25", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3536-108585" }, "r109": { "Name": "Accounting Standards Codification", "Paragraph": "28", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585" }, "r11": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e6911-107765" }, "r110": { "Name": "Accounting Standards Codification", "Paragraph": "28", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585" }, "r111": { "Name": "Accounting Standards Codification", "Paragraph": "28", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585" }, "r112": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3044-108585" }, "r113": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121583591&loc=d3e4273-108586" }, "r114": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121583591&loc=d3e4297-108586" }, "r115": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121583591&loc=d3e4304-108586" }, "r116": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121583591&loc=d3e4313-108586" }, "r117": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121583591&loc=d3e4332-108586" }, "r118": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121583591&loc=SL98516268-108586" }, "r119": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790" }, "r12": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e6935-107765" }, "r120": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(e)", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=84158767&loc=d3e18823-107790" }, "r121": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(f)", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=84158767&loc=d3e18823-107790" }, "r122": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.4-08(d))", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690" }, "r123": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.4-08(e)(1))", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690" }, "r124": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.4-08(g)(1)(ii))", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690" }, "r125": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.4-08(h))", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690" }, "r126": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.4-08(k)(1))", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690" }, "r127": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.4-08(k))", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690" }, "r128": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.4-08.(h)(1)(i))", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690" }, "r129": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.4-08.(k)(1))", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690" }, "r13": { "Name": "Accounting Standards Codification", "Paragraph": "9", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e7018-107765" }, "r130": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.12-04(a))", "Topic": "235", "URI": "http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690" }, "r131": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "235", "URI": "http://asc.fasb.org/topic&trid=2122369" }, "r132": { "Name": "Accounting Standards Codification", "Paragraph": "23", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=115929471&loc=d3e21914-107793" }, "r133": { "Name": "Accounting Standards Codification", "Paragraph": "24", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793" }, "r134": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=115929471&loc=d3e21711-107793" }, "r135": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)(2)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794" }, "r136": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)(3)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794" }, "r137": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)(4)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794" }, "r138": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)(2)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794" }, "r139": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794" }, "r14": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(27)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r140": { "Name": "Accounting Standards Codification", "Paragraph": "11", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794" }, "r141": { "Name": "Accounting Standards Codification", "Paragraph": "11", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794" }, "r142": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794" }, "r143": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794" }, "r144": { "Name": "Accounting Standards Codification", "Paragraph": "7", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794" }, "r145": { "Name": "Accounting Standards Codification", "Paragraph": "7", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794" }, "r146": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794" }, "r147": { "Name": "Accounting Standards Codification", "Paragraph": "9", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "250", "URI": "http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794" }, "r148": { "Name": "Accounting Standards Codification", "Paragraph": "10", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256" }, "r149": { "Name": "Accounting Standards Codification", "Paragraph": "11", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e1377-109256" }, "r15": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 201.5-02(24))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r150": { "Name": "Accounting Standards Codification", "Paragraph": "16", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e1505-109256" }, "r151": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256" }, "r152": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e1278-109256" }, "r153": { "Name": "Accounting Standards Codification", "Paragraph": "40", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e1930-109256" }, "r154": { "Name": "Accounting Standards Codification", "Paragraph": "42", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e2029-109256" }, "r155": { "Name": "Accounting Standards Codification", "Paragraph": "55", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e2626-109256" }, "r156": { "Name": "Accounting Standards Codification", "Paragraph": "60B", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256" }, "r157": { "Name": "Accounting Standards Codification", "Paragraph": "60B", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256" }, "r158": { "Name": "Accounting Standards Codification", "Paragraph": "60B", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256" }, "r159": { "Name": "Accounting Standards Codification", "Paragraph": "60B", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256" }, "r16": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 201.5-02(25))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r160": { "Name": "Accounting Standards Codification", "Paragraph": "65", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e2793-109256" }, "r161": { "Name": "Accounting Standards Codification", "Paragraph": "66", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e2814-109256" }, "r162": { "Name": "Accounting Standards Codification", "Paragraph": "7", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256" }, "r163": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257" }, "r164": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257" }, "r165": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257" }, "r166": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257" }, "r167": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537" }, "r168": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258" }, "r169": { "Name": "Accounting Standards Codification", "Paragraph": "52", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Topic": "260", "URI": "http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258" }, "r17": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 201.5-02(26))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r170": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "260", "URI": "http://asc.fasb.org/topic&trid=2144383" }, "r171": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "272", "URI": "http://asc.fasb.org/extlink&oid=6828210&loc=d3e70191-108054" }, "r172": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "272", "URI": "http://asc.fasb.org/extlink&oid=6828210&loc=d3e70229-108054" }, "r173": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "272", "URI": "http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055" }, "r174": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "272", "URI": "http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055" }, "r175": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e5967-108592" }, "r176": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e5967-108592" }, "r177": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e5967-108592" }, "r178": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e5967-108592" }, "r179": { "Name": "Accounting Standards Codification", "Paragraph": "11", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6161-108592" }, "r18": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(1))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r180": { "Name": "Accounting Standards Codification", "Paragraph": "12", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6191-108592" }, "r181": { "Name": "Accounting Standards Codification", "Paragraph": "16", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6327-108592" }, "r182": { "Name": "Accounting Standards Codification", "Paragraph": "18", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6351-108592" }, "r183": { "Name": "Accounting Standards Codification", "Paragraph": "18", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6351-108592" }, "r184": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6404-108592" }, "r185": { "Name": "Accounting Standards Codification", "Paragraph": "21", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6442-108592" }, "r186": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6061-108592" }, "r187": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6132-108592" }, "r188": { "Name": "Accounting Standards Codification", "Paragraph": "9", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "275", "URI": "http://asc.fasb.org/extlink&oid=99393423&loc=d3e6143-108592" }, "r189": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "275", "URI": "http://asc.fasb.org/topic&trid=2134479" }, "r19": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(11))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r190": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599" }, "r191": { "Name": "Accounting Standards Codification", "Paragraph": "21", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599" }, "r192": { "Name": "Accounting Standards Codification", "Paragraph": "21", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599" }, "r193": { "Name": "Accounting Standards Codification", "Paragraph": "22", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599" }, "r194": { "Name": "Accounting Standards Codification", "Paragraph": "22", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599" }, "r195": { "Name": "Accounting Standards Codification", "Paragraph": "22", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599" }, "r196": { "Name": "Accounting Standards Codification", "Paragraph": "22", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(g)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599" }, "r197": { "Name": "Accounting Standards Codification", "Paragraph": "22", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(h)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599" }, "r198": { "Name": "Accounting Standards Codification", "Paragraph": "22", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599" }, "r199": { "Name": "Accounting Standards Codification", "Paragraph": "25", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599" }, "r2": { "Name": "Accounting Standards Codification", "Paragraph": "5C", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(a)(2)", "Topic": "205", "URI": "http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760" }, "r20": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(13))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r200": { "Name": "Accounting Standards Codification", "Paragraph": "25", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599" }, "r201": { "Name": "Accounting Standards Codification", "Paragraph": "26", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599" }, "r202": { "Name": "Accounting Standards Codification", "Paragraph": "29", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8864-108599" }, "r203": { "Name": "Accounting Standards Codification", "Paragraph": "29", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8864-108599" }, "r204": { "Name": "Accounting Standards Codification", "Paragraph": "29", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8864-108599" }, "r205": { "Name": "Accounting Standards Codification", "Paragraph": "29", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8864-108599" }, "r206": { "Name": "Accounting Standards Codification", "Paragraph": "29", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(e)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8864-108599" }, "r207": { "Name": "Accounting Standards Codification", "Paragraph": "29", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8864-108599" }, "r208": { "Name": "Accounting Standards Codification", "Paragraph": "30", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599" }, "r209": { "Name": "Accounting Standards Codification", "Paragraph": "30", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599" }, "r21": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(14))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r210": { "Name": "Accounting Standards Codification", "Paragraph": "30", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599" }, "r211": { "Name": "Accounting Standards Codification", "Paragraph": "30", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599" }, "r212": { "Name": "Accounting Standards Codification", "Paragraph": "30", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599" }, "r213": { "Name": "Accounting Standards Codification", "Paragraph": "31", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599" }, "r214": { "Name": "Accounting Standards Codification", "Paragraph": "32", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599" }, "r215": { "Name": "Accounting Standards Codification", "Paragraph": "32", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599" }, "r216": { "Name": "Accounting Standards Codification", "Paragraph": "32", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599" }, "r217": { "Name": "Accounting Standards Codification", "Paragraph": "32", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599" }, "r218": { "Name": "Accounting Standards Codification", "Paragraph": "32", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(e)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599" }, "r219": { "Name": "Accounting Standards Codification", "Paragraph": "32", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(f)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599" }, "r22": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(22))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r220": { "Name": "Accounting Standards Codification", "Paragraph": "34", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599" }, "r221": { "Name": "Accounting Standards Codification", "Paragraph": "40", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599" }, "r222": { "Name": "Accounting Standards Codification", "Paragraph": "41", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599" }, "r223": { "Name": "Accounting Standards Codification", "Paragraph": "41", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599" }, "r224": { "Name": "Accounting Standards Codification", "Paragraph": "41", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599" }, "r225": { "Name": "Accounting Standards Codification", "Paragraph": "42", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "280", "URI": "http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599" }, "r226": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "280", "URI": "http://asc.fasb.org/topic&trid=2134510" }, "r227": { "Name": "Accounting Standards Codification", "Paragraph": "13", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=121593590&loc=d3e4647-111522" }, "r228": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=121593590&loc=d3e4428-111522" }, "r229": { "Name": "Accounting Standards Codification", "Paragraph": "9", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=121593590&loc=d3e4531-111522" }, "r23": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(23))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r230": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=121611835&loc=d3e4975-111524" }, "r231": { "Name": "Accounting Standards Codification", "Paragraph": "11B", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=121611835&loc=SL6953423-111524" }, "r232": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=121611835&loc=d3e5212-111524" }, "r233": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=121611835&loc=d3e5033-111524" }, "r234": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=121611835&loc=d3e5074-111524" }, "r235": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=121611835&loc=d3e5093-111524" }, "r236": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SAB Topic 4.E)", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707" }, "r237": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "SubTopic": "10", "Topic": "310", "URI": "http://asc.fasb.org/subtopic&trid=2196772" }, "r238": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "310", "URI": "http://asc.fasb.org/extlink&oid=84159169&loc=d3e10133-111534" }, "r239": { "Name": "Accounting Standards Codification", "Paragraph": "8A", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "320", "URI": "http://asc.fasb.org/extlink&oid=121553693&loc=SL6284422-111562" }, "r24": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(27)(b))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r240": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "321", "URI": "http://asc.fasb.org/extlink&oid=120269885&loc=SL75117539-209714" }, "r241": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "321", "URI": "http://asc.fasb.org/extlink&oid=120269885&loc=SL75117539-209714" }, "r242": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "321", "URI": "http://asc.fasb.org/extlink&oid=120269885&loc=SL75117539-209714" }, "r243": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "321", "URI": "http://asc.fasb.org/extlink&oid=120269885&loc=SL75117539-209714" }, "r244": { "Name": "Accounting Standards Codification", "Paragraph": "32", "Publisher": "FASB", "Section": "35", "SubTopic": "10", "Topic": "323", "URI": "http://asc.fasb.org/extlink&oid=121548190&loc=d3e32787-111569" }, "r245": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "323", "URI": "http://asc.fasb.org/extlink&oid=109237563&loc=d3e33749-111570" }, "r246": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)(1)", "Topic": "323", "URI": "http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571" }, "r247": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)(b)", "Topic": "323", "URI": "http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571" }, "r248": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "323", "URI": "http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571" }, "r249": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "323", "URI": "http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571" }, "r25": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(27))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r250": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "323", "URI": "http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571" }, "r251": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437" }, "r252": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437" }, "r253": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437" }, "r254": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437" }, "r255": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(e)(3)", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437" }, "r256": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(e)(4)", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437" }, "r257": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121599878&loc=SL82895884-210446" }, "r258": { "Name": "Accounting Standards Codification", "Paragraph": "13", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(b)", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447" }, "r259": { "Name": "Accounting Standards Codification", "Paragraph": "13", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(d)", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447" }, "r26": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(28))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r260": { "Name": "Accounting Standards Codification", "Paragraph": "13", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "326", "URI": "http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447" }, "r261": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "05", "SubTopic": "10", "Topic": "340", "URI": "http://asc.fasb.org/extlink&oid=68074540&loc=d3e5879-108316" }, "r262": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "340", "URI": "http://asc.fasb.org/extlink&oid=6387103&loc=d3e6435-108320" }, "r263": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=99380562&loc=d3e13770-109266" }, "r264": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=99380562&loc=d3e13777-109266" }, "r265": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=120320667&loc=SL49117168-202975" }, "r266": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(e)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267" }, "r267": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267" }, "r268": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(b)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267" }, "r269": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=6388964&loc=d3e16212-109274" }, "r27": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(29))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r270": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=6388964&loc=d3e16225-109274" }, "r271": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(a)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275" }, "r272": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(a)(1)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275" }, "r273": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(a)(3)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275" }, "r274": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(b)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275" }, "r275": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(d)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275" }, "r276": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275" }, "r277": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "((a)(1),(b))", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275" }, "r278": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(a)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275" }, "r279": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(a)(1)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275" }, "r28": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(3)(a)(2))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r280": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(a)(2)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275" }, "r281": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(a)(3)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275" }, "r282": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(b)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275" }, "r283": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(d)", "Topic": "350", "URI": "http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275" }, "r284": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "350", "URI": "http://asc.fasb.org/topic&trid=2144416" }, "r285": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "35", "SubTopic": "10", "Topic": "360", "URI": "http://asc.fasb.org/extlink&oid=68071081&loc=d3e1205-110223" }, "r286": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "360", "URI": "http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229" }, "r287": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "360", "URI": "http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229" }, "r288": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "360", "URI": "http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229" }, "r289": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "360", "URI": "http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229" }, "r29": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(3))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r290": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "360", "URI": "http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230" }, "r291": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "360", "URI": "http://asc.fasb.org/topic&trid=2155823" }, "r292": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "440", "URI": "http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308" }, "r293": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "440", "URI": "http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308" }, "r294": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "440", "URI": "http://asc.fasb.org/topic&trid=2144648" }, "r295": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "450", "URI": "http://asc.fasb.org/extlink&oid=121557415&loc=d3e14326-108349" }, "r296": { "Name": "Accounting Standards Codification", "Paragraph": "10", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "450", "URI": "http://asc.fasb.org/extlink&oid=121557415&loc=d3e14615-108349" }, "r297": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "450", "URI": "http://asc.fasb.org/topic&trid=2127136" }, "r298": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "460", "URI": "http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248" }, "r299": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "470", "URI": "http://asc.fasb.org/extlink&oid=6802200&loc=SL6230698-112601" }, "r3": { "Name": "Accounting Standards Codification", "Paragraph": "7", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "205", "URI": "http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760" }, "r30": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(30)(a)(1))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r300": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(CFRR 211.02)", "Topic": "480", "URI": "http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764" }, "r301": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Topic": "480", "URI": "http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764" }, "r302": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643" }, "r303": { "Name": "Accounting Standards Codification", "Paragraph": "10", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21553-112644" }, "r304": { "Name": "Accounting Standards Codification", "Paragraph": "11", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21564-112644" }, "r305": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21463-112644" }, "r306": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644" }, "r307": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21484-112644" }, "r308": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21488-112644" }, "r309": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21488-112644" }, "r31": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(30)(a)(3))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r310": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644" }, "r311": { "Name": "Accounting Standards Codification", "Paragraph": "7", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644" }, "r312": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644" }, "r313": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SAB Topic 4.F)", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770" }, "r314": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.3-04)", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770" }, "r315": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770" }, "r316": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=6405813&loc=d3e23239-112655" }, "r317": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Topic": "505", "URI": "http://asc.fasb.org/extlink&oid=6405834&loc=d3e23315-112656" }, "r318": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "505", "URI": "http://asc.fasb.org/topic&trid=2208762" }, "r319": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "606", "URI": "http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045" }, "r32": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(30)(a)(4))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r320": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "606", "URI": "http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045" }, "r321": { "Name": "Accounting Standards Codification", "Paragraph": "91", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "606", "URI": "http://asc.fasb.org/extlink&oid=121551570&loc=SL49130690-203046-203046" }, "r322": { "Name": "Accounting Standards Codification", "Paragraph": "91", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "606", "URI": "http://asc.fasb.org/extlink&oid=121551570&loc=SL49130690-203046-203046" }, "r323": { "Name": "Accounting Standards Codification", "Paragraph": "91", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "606", "URI": "http://asc.fasb.org/extlink&oid=121551570&loc=SL49130690-203046-203046" }, "r324": { "Name": "Accounting Standards Codification", "Paragraph": "91", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "606", "URI": "http://asc.fasb.org/extlink&oid=121551570&loc=SL49130690-203046-203046" }, "r325": { "Name": "Accounting Standards Codification", "Paragraph": "91", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Subparagraph": "(e)", "Topic": "606", "URI": "http://asc.fasb.org/extlink&oid=121551570&loc=SL49130690-203046-203046" }, "r326": { "Name": "Accounting Standards Codification", "Paragraph": "91", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Subparagraph": "(f)", "Topic": "606", "URI": "http://asc.fasb.org/extlink&oid=121551570&loc=SL49130690-203046-203046" }, "r327": { "Name": "Accounting Standards Codification", "Paragraph": "91", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Subparagraph": "(g)", "Topic": "606", "URI": "http://asc.fasb.org/extlink&oid=121551570&loc=SL49130690-203046-203046" }, "r328": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "705", "URI": "http://asc.fasb.org/topic&trid=2122478" }, "r329": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(d)(i)", "Topic": "715", "URI": "http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920" }, "r33": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(30))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r330": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(n)", "Topic": "715", "URI": "http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920" }, "r331": { "Name": "Accounting Standards Codification", "Paragraph": "11", "Publisher": "FASB", "Section": "50", "SubTopic": "80", "Subparagraph": "(a)", "Topic": "715", "URI": "http://asc.fasb.org/extlink&oid=65877416&loc=SL14450702-114947" }, "r332": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "50", "SubTopic": "80", "Subparagraph": "(d)", "Topic": "715", "URI": "http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947" }, "r333": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "50", "SubTopic": "80", "Subparagraph": "(f)(3)", "Topic": "715", "URI": "http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947" }, "r334": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "50", "SubTopic": "80", "Subparagraph": "(a)", "Topic": "715", "URI": "http://asc.fasb.org/extlink&oid=65877416&loc=SL14450673-114947" }, "r335": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "55", "SubTopic": "80", "Topic": "715", "URI": "http://asc.fasb.org/extlink&oid=35742348&loc=SL14450788-114948" }, "r336": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "35", "SubTopic": "10", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=121326096&loc=d3e4534-113899" }, "r337": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901" }, "r338": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901" }, "r339": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901" }, "r34": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(31))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r340": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)(1)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r341": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)(2)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r342": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a),(g)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r343": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r344": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)(1)(iv)(3)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r345": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)(2)(i)-(ii)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r346": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)(2)(iii)(1)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r347": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)(2)(iii)(2)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r348": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)(2)(iii)(3)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r349": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)(2)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r35": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(32))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r350": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(h)(2)(iii)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r351": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(i)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r352": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901" }, "r353": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333" }, "r354": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333" }, "r355": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333" }, "r356": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333" }, "r357": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(e)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333" }, "r358": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(f)(1)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333" }, "r359": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(f)(2)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333" }, "r36": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(4)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r360": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(g)(2)", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333" }, "r361": { "Name": "Accounting Standards Codification", "Paragraph": "12", "Publisher": "FASB", "Section": "55", "SubTopic": "20", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120383193&loc=d3e11149-113907" }, "r362": { "Name": "Accounting Standards Codification", "Paragraph": "13", "Publisher": "FASB", "Section": "55", "SubTopic": "20", "Topic": "718", "URI": "http://asc.fasb.org/extlink&oid=120383193&loc=d3e11178-113907" }, "r363": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "718", "URI": "http://asc.fasb.org/topic&trid=2228938" }, "r364": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Topic": "720", "URI": "http://asc.fasb.org/extlink&oid=6419918&loc=d3e35281-107843" }, "r365": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "35", "Subparagraph": "(a)", "Topic": "720", "URI": "http://asc.fasb.org/extlink&oid=6420018&loc=d3e36677-107848" }, "r366": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "730", "URI": "http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373" }, "r367": { "Name": "Accounting Standards Codification", "Paragraph": "10B", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=120406818&loc=SL37586934-109318" }, "r368": { "Name": "Accounting Standards Codification", "Paragraph": "25", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=120406818&loc=d3e32247-109318" }, "r369": { "Name": "Accounting Standards Codification", "Paragraph": "28", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=120406818&loc=d3e32280-109318" }, "r37": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02(5))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r370": { "Name": "Accounting Standards Codification", "Paragraph": "10", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319" }, "r371": { "Name": "Accounting Standards Codification", "Paragraph": "12", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319" }, "r372": { "Name": "Accounting Standards Codification", "Paragraph": "14", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319" }, "r373": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319" }, "r374": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(e)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319" }, "r375": { "Name": "Accounting Standards Codification", "Paragraph": "15A", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319" }, "r376": { "Name": "Accounting Standards Codification", "Paragraph": "17", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319" }, "r377": { "Name": "Accounting Standards Codification", "Paragraph": "19", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319" }, "r378": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319" }, "r379": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319" }, "r38": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.1)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r380": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319" }, "r381": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32847-109319" }, "r382": { "Name": "Accounting Standards Codification", "Paragraph": "21", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319" }, "r383": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32559-109319" }, "r384": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32621-109319" }, "r385": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32632-109319" }, "r386": { "Name": "Accounting Standards Codification", "Paragraph": "9", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319" }, "r387": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "740" }, "r388": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "740" }, "r389": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(d)(2)", "Topic": "740" }, "r39": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.12)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r390": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "65", "SubTopic": "10", "Subparagraph": "(d)(3)", "Topic": "740" }, "r391": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SAB TOPIC 6.I.5.Q1)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817" }, "r392": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SAB TOPIC 6.I.7)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817" }, "r393": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SAB Topic 6.I.Fact.4)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817" }, "r394": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SAB Topic 11.C)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817" }, "r395": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Subparagraph": "(a)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=120385591&loc=d3e38679-109324" }, "r396": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "270", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338" }, "r397": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(a)", "Topic": "740", "URI": "http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331" }, "r398": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "740", "URI": "http://asc.fasb.org/topic&trid=2144680" }, "r399": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463" }, "r4": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e6676-107765" }, "r40": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.13(a))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r400": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463" }, "r401": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(e)(1)", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472" }, "r402": { "Name": "Accounting Standards Codification", "Paragraph": "14", "Publisher": "FASB", "Section": "55", "SubTopic": "20", "Subparagraph": "(a)", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=121598580&loc=d3e5263-128473" }, "r403": { "Name": "Accounting Standards Codification", "Paragraph": "31", "Publisher": "FASB", "Section": "55", "SubTopic": "20", "Subparagraph": "(a)", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=121598580&loc=d3e5419-128473" }, "r404": { "Name": "Accounting Standards Codification", "Paragraph": "31", "Publisher": "FASB", "Section": "55", "SubTopic": "20", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=121598580&loc=d3e5419-128473" }, "r405": { "Name": "Accounting Standards Codification", "Paragraph": "38", "Publisher": "FASB", "Section": "55", "SubTopic": "20", "Subparagraph": "(b)", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=121598580&loc=d3e5504-128473" }, "r406": { "Name": "Accounting Standards Codification", "Paragraph": "7", "Publisher": "FASB", "Section": "30", "SubTopic": "30", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=116859721&loc=d3e6578-128477" }, "r407": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "30", "SubTopic": "30", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=116859721&loc=d3e6613-128477" }, "r408": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(b)", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=120321790&loc=d3e6927-128479" }, "r409": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Subparagraph": "(b)(4)", "Topic": "805", "URI": "http://asc.fasb.org/extlink&oid=120321790&loc=d3e6927-128479" }, "r41": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.13)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r410": { "Name": "Accounting Standards Codification", "Paragraph": "11", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683" }, "r411": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=108774443&loc=SL4568447-111683" }, "r412": { "Name": "Accounting Standards Codification", "Paragraph": "16", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683" }, "r413": { "Name": "Accounting Standards Codification", "Paragraph": "19", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683" }, "r414": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=108774443&loc=SL4569643-111683" }, "r415": { "Name": "Accounting Standards Codification", "Paragraph": "21", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=108774443&loc=SL4613674-111683" }, "r416": { "Name": "Accounting Standards Codification", "Paragraph": "23", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=108774443&loc=SL4569655-111683" }, "r417": { "Name": "Accounting Standards Codification", "Paragraph": "24", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=108774443&loc=SL4616395-111683" }, "r418": { "Name": "Accounting Standards Codification", "Paragraph": "25", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988" }, "r419": { "Name": "Accounting Standards Codification", "Paragraph": "25", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988" }, "r42": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.14)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r420": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=109239629&loc=d3e5614-111684" }, "r421": { "Name": "Accounting Standards Codification", "Paragraph": "1A", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)(1)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684" }, "r422": { "Name": "Accounting Standards Codification", "Paragraph": "1A", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)(2)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684" }, "r423": { "Name": "Accounting Standards Codification", "Paragraph": "1A", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)(1)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684" }, "r424": { "Name": "Accounting Standards Codification", "Paragraph": "1A", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)(2)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684" }, "r425": { "Name": "Accounting Standards Codification", "Paragraph": "1A", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c),(3)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684" }, "r426": { "Name": "Accounting Standards Codification", "Paragraph": "1A", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684" }, "r427": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(bb)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685" }, "r428": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685" }, "r429": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685" }, "r43": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.17)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r430": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=121559654&loc=d3e5728-111685" }, "r431": { "Name": "Accounting Standards Codification", "Paragraph": "5A", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=121559654&loc=SL6759159-111685" }, "r432": { "Name": "Accounting Standards Codification", "Paragraph": "5A", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=121559654&loc=SL6759159-111685" }, "r433": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=121559654&loc=d3e5747-111685" }, "r434": { "Name": "Accounting Standards Codification", "Paragraph": "9", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=121559654&loc=SL6228884-111685" }, "r435": { "Name": "Accounting Standards Codification", "Paragraph": "4I", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=120409616&loc=SL4590271-111686" }, "r436": { "Name": "Accounting Standards Codification", "Paragraph": "4J", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686" }, "r437": { "Name": "Accounting Standards Codification", "Paragraph": "4K", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686" }, "r438": { "Name": "Accounting Standards Codification", "Paragraph": "4M", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Topic": "810", "URI": "http://asc.fasb.org/extlink&oid=120409616&loc=SL4591554-111686" }, "r439": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "810", "URI": "http://asc.fasb.org/topic&trid=2197479" }, "r44": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.19(a))", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r440": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "825", "URI": "http://asc.fasb.org/extlink&oid=121572278&loc=d3e13531-108611" }, "r441": { "Name": "Accounting Standards Codification", "Paragraph": "21", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "825", "URI": "http://asc.fasb.org/extlink&oid=121572278&loc=d3e13537-108611" }, "r442": { "Name": "Accounting Standards Codification", "Paragraph": "21", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "825", "URI": "http://asc.fasb.org/extlink&oid=121572278&loc=d3e13537-108611" }, "r443": { "Name": "Accounting Standards Codification", "Paragraph": "28", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(f)", "Topic": "825", "URI": "http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612" }, "r444": { "Name": "Accounting Standards Codification", "Paragraph": "17", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=120253306&loc=d3e28228-110885" }, "r445": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "35", "SubTopic": "20", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=121605123&loc=d3e30226-110892" }, "r446": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=109240200&loc=d3e30690-110894" }, "r447": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=109240200&loc=d3e30755-110894" }, "r448": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895" }, "r449": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "230", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=98513438&loc=d3e33268-110906" }, "r45": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.19-26)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r450": { "Name": "Accounting Standards Codification", "Paragraph": "17", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900" }, "r451": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Subparagraph": "(a)", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900" }, "r452": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Subparagraph": "(b)", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900" }, "r453": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Subparagraph": "(c)", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900" }, "r454": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Subparagraph": "(d)", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900" }, "r455": { "Name": "Accounting Standards Codification", "Paragraph": "21", "Publisher": "FASB", "Section": "45", "SubTopic": "30", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=118261656&loc=d3e32262-110900" }, "r456": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901" }, "r457": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "30", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=6450520&loc=d3e32618-110901" }, "r458": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "30", "Topic": "830", "URI": "http://asc.fasb.org/extlink&oid=6897108&loc=SL6897125-166521" }, "r459": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "830", "URI": "http://asc.fasb.org/topic&trid=2175825" }, "r46": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.20)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r460": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "840", "URI": "http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694" }, "r461": { "Name": "Accounting Standards Codification", "Paragraph": "40", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Subparagraph": "(Note 1,3)", "Topic": "840", "URI": "http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697" }, "r462": { "Name": "Accounting Standards Codification", "Paragraph": "40", "Publisher": "FASB", "Section": "55", "SubTopic": "10", "Subparagraph": "(Note 3)", "Topic": "840", "URI": "http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697" }, "r463": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "840", "URI": "http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717" }, "r464": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(a)", "Topic": "840", "URI": "http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717" }, "r465": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "840", "URI": "http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717" }, "r466": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "840", "URI": "http://asc.fasb.org/topic&trid=2208923" }, "r467": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Subparagraph": "(a)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121603541&loc=SL77918627-209977" }, "r468": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Subparagraph": "(b)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121603541&loc=SL77918627-209977" }, "r469": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "45", "SubTopic": "20", "Subparagraph": "(c)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121603541&loc=SL77918643-209977" }, "r47": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.21)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r470": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(b)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121609121&loc=SL77918666-209980" }, "r471": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(b)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980" }, "r472": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(c)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980" }, "r473": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(g)(1)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980" }, "r474": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(g)(2)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980" }, "r475": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(g)(3)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980" }, "r476": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(g)(4)", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980" }, "r477": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980" }, "r478": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980" }, "r479": { "Name": "Accounting Standards Codification", "Paragraph": "53", "Publisher": "FASB", "Section": "55", "SubTopic": "20", "Topic": "842", "URI": "http://asc.fasb.org/extlink&oid=121568110&loc=SL77918982-209971" }, "r48": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.22)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r480": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "850", "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864" }, "r481": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "850", "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864" }, "r482": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "850", "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864" }, "r483": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "850", "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864" }, "r484": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "850", "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864" }, "r485": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "850", "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39599-107864" }, "r486": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "850", "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864" }, "r487": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "850", "URI": "http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864" }, "r488": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "850", "URI": "http://asc.fasb.org/topic&trid=2122745" }, "r489": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "855", "URI": "http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662" }, "r49": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.25)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r490": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "855", "URI": "http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662" }, "r491": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "855", "URI": "http://asc.fasb.org/extlink&oid=6842918&loc=SL6314020-165662" }, "r492": { "Name": "Accounting Standards Codification", "Publisher": "FASB", "Topic": "855", "URI": "http://asc.fasb.org/topic&trid=2122774" }, "r493": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(c)(1)", "Topic": "860", "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719" }, "r494": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(c)(2)", "Topic": "860", "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719" }, "r495": { "Name": "Accounting Standards Codification", "Paragraph": "3", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(c)(3)", "Topic": "860", "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719" }, "r496": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(b)(1)", "Topic": "860", "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719" }, "r497": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(b)(2)", "Topic": "860", "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719" }, "r498": { "Name": "Accounting Standards Codification", "Paragraph": "4", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Subparagraph": "(b)(3)", "Topic": "860", "URI": "http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719" }, "r499": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "910", "URI": "http://asc.fasb.org/extlink&oid=119991564&loc=SL119991595-234733" }, "r5": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e6676-107765" }, "r50": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.28,29)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r500": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SAB Topic 11.L)", "Topic": "924", "URI": "http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856" }, "r501": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "926", "URI": "http://asc.fasb.org/extlink&oid=120154696&loc=d3e54445-107959" }, "r502": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "20", "Subparagraph": "(a)", "Topic": "926", "URI": "http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079" }, "r503": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "20", "Subparagraph": "(b)", "Topic": "926", "URI": "http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079" }, "r504": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "20", "Subparagraph": "(c)", "Topic": "926", "URI": "http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079" }, "r505": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "340", "Topic": "928", "URI": "http://asc.fasb.org/extlink&oid=6473545&loc=d3e61844-108004" }, "r506": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(a)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e61929-109447" }, "r507": { "Name": "Accounting Standards Codification", "Paragraph": "15", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(b)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e61929-109447" }, "r508": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(a)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e62059-109447" }, "r509": { "Name": "Accounting Standards Codification", "Paragraph": "20", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(b)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e62059-109447" }, "r51": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.29)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r510": { "Name": "Accounting Standards Codification", "Paragraph": "28", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(a)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e62395-109447" }, "r511": { "Name": "Accounting Standards Codification", "Paragraph": "28", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(b)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e62395-109447" }, "r512": { "Name": "Accounting Standards Codification", "Paragraph": "33", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(a)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e62479-109447" }, "r513": { "Name": "Accounting Standards Codification", "Paragraph": "33", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(b)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e62479-109447" }, "r514": { "Name": "Accounting Standards Codification", "Paragraph": "35A", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(a)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=SL6807758-109447" }, "r515": { "Name": "Accounting Standards Codification", "Paragraph": "35A", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(b)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=SL6807758-109447" }, "r516": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(c)(1)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e61872-109447" }, "r517": { "Name": "Accounting Standards Codification", "Paragraph": "8", "Publisher": "FASB", "Section": "50", "SubTopic": "235", "Subparagraph": "(c)(2)", "Topic": "932", "URI": "http://asc.fasb.org/extlink&oid=68064819&loc=d3e61872-109447" }, "r518": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.9-03(10)(1))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878" }, "r519": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.9-03(11))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878" }, "r52": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.29,30)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r520": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.9-03(22))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878" }, "r521": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.9-03(23))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878" }, "r522": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.9-03.17)", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878" }, "r523": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.9-04(13)(f))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260" }, "r524": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.9-04(13)(g))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260" }, "r525": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.9-04(22))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260" }, "r526": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.9-04(24))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260" }, "r527": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.9-04(25))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260" }, "r528": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.9-04(26))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260" }, "r529": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.9-04(27))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260" }, "r53": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.29-30)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r530": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "235", "Subparagraph": "(SX 210.9-05(b)(2))", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884" }, "r531": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "825", "Topic": "942", "URI": "http://asc.fasb.org/extlink&oid=108315417&loc=d3e61044-112788" }, "r532": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.7-03(a)(12))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910" }, "r533": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.7-03(a)(23)(a)(3))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910" }, "r534": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.7-03(a)(23)(a)(4))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910" }, "r535": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.7-03(a)(24))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910" }, "r536": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.7-03(a)(25))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910" }, "r537": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.7-03(a)(8))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910" }, "r538": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "210", "Subparagraph": "(SX 210.7-03.(a),19)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910" }, "r539": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.7-04(10))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263" }, "r54": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.29-31)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r540": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.7-04(18))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263" }, "r541": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.7-04(20))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263" }, "r542": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.7-04(21))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263" }, "r543": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.7-04(22))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263" }, "r544": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.7-04(23))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263" }, "r545": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.7-04(3)(a))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263" }, "r546": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.7-04(9))", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263" }, "r547": { "Name": "Accounting Standards Codification", "Paragraph": "4H", "Publisher": "FASB", "Section": "50", "SubTopic": "40", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=116884468&loc=SL65671331-158438" }, "r548": { "Name": "Accounting Standards Codification", "Paragraph": "7A", "Publisher": "FASB", "Section": "50", "SubTopic": "40", "Subparagraph": "(d)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121643868&loc=SL117782755-158439" }, "r549": { "Name": "Accounting Standards Codification", "Paragraph": "13H", "Publisher": "FASB", "Section": "55", "SubTopic": "40", "Subparagraph": "(a)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121639165&loc=SL117783719-158441" }, "r55": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.3,4)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r550": { "Name": "Accounting Standards Codification", "Paragraph": "13H", "Publisher": "FASB", "Section": "55", "SubTopic": "40", "Subparagraph": "(b)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121639165&loc=SL117783719-158441" }, "r551": { "Name": "Accounting Standards Codification", "Paragraph": "13H", "Publisher": "FASB", "Section": "55", "SubTopic": "40", "Subparagraph": "(c)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121639165&loc=SL117783719-158441" }, "r552": { "Name": "Accounting Standards Codification", "Paragraph": "29F", "Publisher": "FASB", "Section": "55", "SubTopic": "40", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121639165&loc=SL117819544-158441" }, "r553": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(a)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r554": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(b)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r555": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(e)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r556": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(f)(1)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r557": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(f)(2)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r558": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(g)(1)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r559": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(g)(2)(i)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r56": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.30)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r560": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(g)(2)(ii)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r561": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(g)(2)(iii)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r562": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(g)(2)(iv)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r563": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(h)(1)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r564": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "65", "SubTopic": "40", "Subparagraph": "(h)(2)", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641" }, "r565": { "Name": "Accounting Standards Codification", "Paragraph": "1B", "Publisher": "FASB", "Section": "50", "SubTopic": "825", "Topic": "944", "URI": "http://asc.fasb.org/extlink&oid=99380617&loc=SL75241803-196195" }, "r566": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "220", "Subparagraph": "(SX 210.6-07.1(c))", "Topic": "946", "URI": "http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272" }, "r567": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "310", "Subparagraph": "(SX 210.12-29(Footnote 4))", "Topic": "948", "URI": "http://asc.fasb.org/extlink&oid=120402547&loc=d3e617274-123014" }, "r568": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "740", "Topic": "954", "URI": "http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650" }, "r569": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "360", "Subparagraph": "(d)", "Topic": "958", "URI": "http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916" }, "r57": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.31)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r570": { "Name": "Accounting Standards Codification", "Paragraph": "6", "Publisher": "FASB", "Section": "50", "SubTopic": "360", "Topic": "958", "URI": "http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916" }, "r571": { "Name": "Accounting Standards Codification", "Paragraph": "7", "Publisher": "FASB", "Section": "50", "SubTopic": "360", "Topic": "958", "URI": "http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916" }, "r572": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Column B))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r573": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Column C))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r574": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Column D))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r575": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Column E))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r576": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Column F))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r577": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Column G))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r578": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Column H))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r579": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Column I))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r58": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.8)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r580": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Footnote 2))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r581": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "360", "Subparagraph": "(SX 210.12-28(Footnote 4))", "Topic": "970", "URI": "http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024" }, "r582": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "20", "Topic": "985", "URI": "http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756" }, "r583": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r584": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r585": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "15", "Subsection": "d-3" }, "r586": { "Name": "Form 10-K", "Number": "249", "Publisher": "SEC", "Section": "310" }, "r587": { "Name": "Form 20-F", "Number": "249", "Publisher": "SEC", "Section": "220", "Subsection": "f" }, "r588": { "Name": "Form 40-F", "Number": "249", "Publisher": "SEC", "Section": "240", "Subsection": "f" }, "r589": { "Name": "Forms 10-K, 10-Q, 20-F", "Number": "240", "Publisher": "SEC", "Section": "13", "Subsection": "a-1" }, "r59": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-02.9)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682" }, "r590": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r591": { "Name": "Regulation S-T", "Number": "232", "Publisher": "SEC", "Section": "405" }, "r592": { "Footnote": "2", "Name": "Regulation S-X (SX)", "Number": "210", "Publisher": "SEC", "Section": "12", "Subsection": "28" }, "r593": { "Footnote": "4", "Name": "Regulation S-X (SX)", "Number": "210", "Publisher": "SEC", "Section": "12", "Subsection": "28" }, "r594": { "Footnote": "4", "Name": "Regulation S-X (SX)", "Number": "210", "Publisher": "SEC", "Section": "12", "Subsection": "29" }, "r595": { "Name": "Regulation S-X (SX)", "Number": "210", "Paragraph": "a", "Publisher": "SEC", "Section": "12", "Subsection": "04" }, "r596": { "Name": "Regulation S-X (SX)", "Number": "210", "Paragraph": "i", "Publisher": "SEC", "Section": "3", "Subsection": "10" }, "r597": { "Name": "Regulation S-X (SX)", "Number": "210", "Paragraph": "c", "Publisher": "SEC", "Section": "5", "Subparagraph": "Schedule I", "Subsection": "04" }, "r598": { "Name": "Regulation S-X (SX)", "Number": "210", "Paragraph": "c", "Publisher": "SEC", "Section": "7", "Subparagraph": "Schedule II", "Subsection": "05" }, "r599": { "Name": "Regulation S-X (SX)", "Number": "210", "Publisher": "SEC", "Section": "9", "Subsection": "06" }, "r6": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(d)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e6676-107765" }, "r60": { "Name": "Accounting Standards Codification", "Paragraph": "10A", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=SL7669646-108580" }, "r600": { "Name": "Securities Act", "Number": "Section", "Publisher": "SEC", "Section": "12" }, "r61": { "Name": "Accounting Standards Codification", "Paragraph": "10A", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=SL7669646-108580" }, "r62": { "Name": "Accounting Standards Codification", "Paragraph": "11", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=d3e637-108580" }, "r63": { "Name": "Accounting Standards Codification", "Paragraph": "12", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=d3e640-108580" }, "r64": { "Name": "Accounting Standards Codification", "Paragraph": "14", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=d3e681-108580" }, "r65": { "Name": "Accounting Standards Codification", "Paragraph": "14A", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=SL7669686-108580" }, "r66": { "Name": "Accounting Standards Codification", "Paragraph": "17B", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=SL34724394-108580" }, "r67": { "Name": "Accounting Standards Codification", "Paragraph": "1A", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580" }, "r68": { "Name": "Accounting Standards Codification", "Paragraph": "1A", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580" }, "r69": { "Name": "Accounting Standards Codification", "Paragraph": "1B", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580" }, "r7": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(g)", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e6676-107765" }, "r70": { "Name": "Accounting Standards Codification", "Paragraph": "1B", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580" }, "r71": { "Name": "Accounting Standards Codification", "Paragraph": "5", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=121641772&loc=d3e557-108580" }, "r72": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "50", "SubTopic": "10", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=116657188&loc=SL116659661-227067" }, "r73": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(12))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r74": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(20))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r75": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(22))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r76": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(23))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r77": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(24))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r78": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(25))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r79": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(4))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r8": { "Name": "Accounting Standards Codification", "Paragraph": "1", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e6676-107765" }, "r80": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(5))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r81": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(b)(7)(c))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r82": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03(b)(9)(a))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r83": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03.1(e))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r84": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03.1,2)", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r85": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03.2)", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r86": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03.4)", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r87": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03.7(b))", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r88": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "S99", "SubTopic": "10", "Subparagraph": "(SX 210.5-03.9)", "Topic": "220", "URI": "http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227" }, "r89": { "Name": "Accounting Standards Codification", "Paragraph": "12", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3179-108585" }, "r9": { "Name": "Accounting Standards Codification", "Paragraph": "2", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "210", "URI": "http://asc.fasb.org/extlink&oid=121566466&loc=d3e6787-107765" }, "r90": { "Name": "Accounting Standards Codification", "Paragraph": "12", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3179-108585" }, "r91": { "Name": "Accounting Standards Codification", "Paragraph": "12", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3179-108585" }, "r92": { "Name": "Accounting Standards Codification", "Paragraph": "12", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3179-108585" }, "r93": { "Name": "Accounting Standards Codification", "Paragraph": "13", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3213-108585" }, "r94": { "Name": "Accounting Standards Codification", "Paragraph": "13", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3213-108585" }, "r95": { "Name": "Accounting Standards Codification", "Paragraph": "13", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(c)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3213-108585" }, "r96": { "Name": "Accounting Standards Codification", "Paragraph": "13", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3213-108585" }, "r97": { "Name": "Accounting Standards Codification", "Paragraph": "14", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(a)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3255-108585" }, "r98": { "Name": "Accounting Standards Codification", "Paragraph": "14", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Subparagraph": "(b)", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3255-108585" }, "r99": { "Name": "Accounting Standards Codification", "Paragraph": "14", "Publisher": "FASB", "Section": "45", "SubTopic": "10", "Topic": "230", "URI": "http://asc.fasb.org/extlink&oid=121586364&loc=d3e3255-108585" } }, "version": "2.1" } ZIP 137 0001193125-21-142788-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-21-142788-xbrl.zip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�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