REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
* | Not for trading, but only in connection with the listing on the Nasdaq Global Market of American depositary shares |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Emerging growth company |
† | 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. |
International Financial Reporting Standards as issued | Other ☐ | |||||||
by the International accounting Standards Board ☐ |
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F-1 |
• | “active workers” refers to the number of workers that established business outsourcing relationship with us, joined our insurance programs, and completed at least one transaction on our platform in a given period; |
• | “ADRs” refers to the American depositary receipts which, if issued, evidence the ADSs; |
• | “ADSs” refers to American depositary shares, each of which represents ten Class A ordinary shares; |
• | “B&B(s)” refers to a small lodging establishment that offers overnight accommodation and breakfast; |
• | “CAGR” refers to compound annual growth rate; |
• | “Class A ordinary shares” refers to our Class A ordinary shares of par value US$0.0001 per share; |
• | “Class B ordinary shares” refers to our Class B ordinary shares of par value US$0.0001 per share; |
• | “China” or “PRC” refers to the People’s Republic of China, excluding, for the purpose of this annual report only, Taiwan and the special administrative regions of Hong Kong and Macau; |
• | “delivery time” refers to the amount of time that it takes for food and non-food orders to be delivered door-to-door on-demand delivery solutions; “average delivery time” is calculated by dividing the total amount of delivery time of all completed delivery orders by the number of total completed delivery orders in a given period; |
• | “industry customer(s)” refers to business customer(s) to which we offer services, primarily including on-demand consumer service companies in the food and non-food delivery, ride-hailing, housekeeping and bike-sharing industries, as well as chain restaurants and other companies in the overall service industry, such as hotels and B&Bs; |
• | “KPI(s)” refers to key performance indicator(s); |
• | “on-time delivery rate” refers to the ratio of the number of delivery orders completed within the time as required by our industry customers divided by the number of total delivery orders completed in a given period; “average on-time delivery rate” is calculated by dividing the number of total orders that have been delivered on time by the number of total completed delivery orders in a given period; |
• | “ordinary shares” of “shares” refer to our ordinary shares comprising Class A ordinary shares, par value US$0.0001 per share and/or Class B ordinary shares, par value US$0.0001 per share; |
• | “registered workers” refers to the accumulative number of workers that have established business outsourcing relationship with us, joined our insurance programs, and completed at least one transaction on our platform since our inception; |
• | “RMB” or “Renminbi” refers to the legal currency of China; |
• | “US$,” “U.S. dollars,” “$” or “dollars” refers to the legal currency of the United States of America; |
• | “VIE” refers to Beijing Quhuo Technology Co., Ltd.; “affiliated entities” refers to, collectively, the VIE and its subsidiaries; and |
• | “we,” “us,” “our,” or “our company” refers to Quhuo Limited, its subsidiaries, and, in the context of describing our operations and consolidated financial information, its VIE and subsidiaries of its VIE. |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. |
KEY INFORMATION |
(1) | The shareholders of Beijing Quhuo Technology Co., Ltd., or Beijing Quhuo, include Lili Sun, spouse of Mr. Leslie Yu, Mr. Shuyi Yang, Mr. Zhen Ba, Ningbo Maiken Investment Management LLP and Mr. Tongtong Li, holding 25.7264%, 24.9784%, 9.6547%, 38.8250% and 0.8154% of the equity interests of Beijing Quhuo, respectively. |
(2) | The remaining 30% of the equity interests of Nantong Runda Marketing Planning Co., Ltd. is owned by two independent individuals. |
(3) | The remaining 49% of the equity interests of Jiangxi Youke Automobile Rental Service Co., Ltd. is owned by an independent individual. |
(4) | The remaining 45% of the equity interest of Haikou Chengtu Network Technology Co., Ltd. is owned by three independent third parties. |
(5) | In November 2020, we acquired a 54.22% equity interest in Lailai Information Technology (Shenzhen) Co., Ltd., an on-demand workforce platform that specializes in housekeeping solutions for hotels and B&Bs. In January 2022, we acquired the remaining 45.78% equity interest in Lailai. |
As of December 31, 2020 |
||||||||||||||||||||
Parent |
WFOE |
VIE and its subsidiaries |
Eliminations |
Consolidated |
||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||
Cash |
4,294 | 506 | 93,007 | — | 97,807 | |||||||||||||||
Inter-group balance due from |
78,007 | 90,168 | 3,975 | (172,150 | ) | — | ||||||||||||||
Other current assets |
170,927 | 2,811 | 463,885 | (447 | ) | 637,176 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total current assets |
253,228 | 93,485 | 560,867 | (172,597 | ) | 734,983 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investment in subsidiaries, the VIE and its subsidiaries |
303,061 | — | — | (303,061 | ) | — | ||||||||||||||
Other non-current assets |
— | 80 | 395,494 | — | 395,574 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total non-current assets |
303,061 | 80 | 395,494 | (303,061 | ) | 395,574 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
556,289 | 93,565 | 956,361 | (475,658 | ) | 1,130,557 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Inter-group balance due to |
— | 89,164 | 90,168 | (179,332 | ) | — | ||||||||||||||
Other liabilities |
— | 3,466 | 524,035 | 225 | 527,726 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities |
— | 92,630 | 614,203 | (179,107 | ) | 527,726 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total shareholders’ equity |
556,289 | 935 | 342,158 | (296,551 | ) | 602,831 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities and shareholders’ equity |
556,289 | 93,565 | 956,361 | (475,658 | ) | 1,130,557 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
As of December 31, 2021 | ||||||||||||||||||||
Parent |
WFOE |
VIE and its subsidiaries |
Eliminations |
Consolidated |
||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||
Cash |
8,612 | 518 | 19,463 | — | 28,593 | |||||||||||||||
Inter-group balance due from |
82,687 | 87,688 | 7,823 | (178,198 | ) | — | ||||||||||||||
Other current assets |
109,282 | 2,104 | 625,242 | 2,215 | 738,843 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total current assets |
200,581 | 90,310 | 652,528 | (175,983 | ) | 767,436 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investment in subsidiaries, the VIE and its subsidiaries |
270,360 | — | — | (270,360 | ) | — | ||||||||||||||
Other non-current assets |
— | 305 | 377,634 | — | 377,939 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total non-current assets |
270,360 | 305 | 377,634 | (270,360 | ) | 377,939 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
470,941 | 90,615 | 1,030,162 | (446,343 | ) | 1,145,375 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Inter-group balance due to |
— | 93,009 | 87,688 | (180,697 | ) | — | ||||||||||||||
Other liabilities |
— | 3,489 | 660,276 | (1,825 | ) | 661,940 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities |
— | 96,498 | 747,964 | (182,522 | ) | 661,940 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total shareholders’ equity |
470,941 | (5,883 | ) | 282,198 | (263,821 | ) | 483,435 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities and shareholders’ equity |
470,941 | 90,615 | 1,030,162 | (446,343 | ) | 1,145,375 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
||||||||||||||||||||
Parent |
WFOE |
VIE and its subsidiaries |
Eliminations |
Consolidated |
||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||
Revenues |
— | — | 2,055,789 | — | 2,055,789 | |||||||||||||||
Cost of revenues |
— | — | (1,893,513 | ) | — | (1,893,513 | ) | |||||||||||||
Operating and other expenses |
(7,150 | ) | — | (174,268 | ) | 5,693 | (175,725 | ) | ||||||||||||
(Loss)/gain from VIE and its subsidiaries |
(4,615 | ) | 1 | — | 4,614 | — | ||||||||||||||
Net (loss)/income |
(11,765 | ) | 1 | (11,992 | ) | 10,307 | (13,449 | ) |
Year Ended December 31, 2020 |
||||||||||||||||||||
Parent |
WFOE |
VIE and its subsidiaries |
Eliminations |
Consolidated |
||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||
Revenues |
— | 16,579 | 2,580,810 | (16,579 | ) | 2,580,810 | ||||||||||||||
Cost of revenues |
(2,175 | ) | — | (2,386,124 | ) | — | (2,388,299 | ) | ||||||||||||
Operating and other expenses |
(51,907 | ) | (15,705 | ) | (128,643 | ) | (1,860 | ) | (198,115 | ) | ||||||||||
(Loss)/gain from VIE and its subsidiaries |
57,512 | — | — | (57,512 | ) | — | ||||||||||||||
Net income/(loss) |
3,430 | 874 | 66,043 | (75,951 | ) | (5,604 | ) |
Year Ended December 31, 2021 |
||||||||||||||||||||
Parent |
WFOE |
VIE and its subsidiaries |
Eliminations |
Consolidated |
||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||
Revenues |
— | 13,766 | 4,025,279 | (13,766 | ) | 4,025,279 | ||||||||||||||
Cost of revenues |
— | (97 | ) | (3,849,585 | ) | — | (3,849,682 | ) | ||||||||||||
Operating and other expenses |
(54,353 | ) | (16,241 | ) | (296,233 | ) | — | (366,827 | ) | |||||||||||
(Loss)/gain from VIE and its subsidiaries |
(103,554 | ) | — | — | 103,554 | — | ||||||||||||||
Net (loss)/income |
(157,907 | ) | (2,572 | ) | (120,539 | ) | 89,788 | (191,230 | ) |
Year Ended December 31, 2019 |
||||||||||||||||||||
Parent |
WFOE |
VIE and its subsidiaries |
Eliminations |
Consolidated |
||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||
Net cash (used in) provided by operating activities |
(1,452 | ) | — | 17,521 | 1,555 | 17,624 | ||||||||||||||
Net cash (used in) provided by investing activities |
— | — | 12,484 | (1 | ) | 12,483 | ||||||||||||||
Net cash (used in) provided by financing activities |
— | — | 80,550 | — | 80,550 | |||||||||||||||
Effect of exchange rate changes |
1,553 | 1 | (1,221 | ) | (1,554 | ) | (1,221 | ) | ||||||||||||
Net increase (decrease) in cash and restricted cash |
101 | 1 | 109,334 | — | 109,436 |
Year Ended December 31, 2020 |
||||||||||||||||||||
Parent |
WFOE |
VIE and its subsidiaries |
Eliminations |
Consolidated |
||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||
Net cash (used in) provided by operating activities |
(4,233 | ) | 2,009 | 30,389 | (17,055 | ) | 11,110 | |||||||||||||
Net cash (used in) provided by investing activities |
(129,854 | ) | (89,197 | ) | (56,535 | ) | 88,503 | (187,083 | ) | |||||||||||
Net cash (used in) provided by financing activities |
143,972 | 87,688 | (7,119 | ) | (71,448 | ) | 153,093 | |||||||||||||
Effect of exchange rate changes |
(146 | ) | 6 | (4 | ) | — | (144 | ) | ||||||||||||
Net increase (decrease) in cash and restricted cash |
9,739 | 506 | (33,269 | ) | — | (23,024 | ) |
Year Ended December 31, 2021 |
||||||||||||||||||||
Parent |
WFOE |
VIE and its subsidiaries |
Eliminations |
Consolidated |
||||||||||||||||
(RMB in thousands) |
||||||||||||||||||||
Net cash (used in)/provided by operating activities |
(1,015 | ) | (2,179 | ) | (27,699 | ) | — | (30,893 | ) | |||||||||||
Net cash (used in)/provided by investing activities |
— | (1,190 | ) | (112,604 | ) | 3,381 | (110,413 | ) | ||||||||||||
Net cash (used in)/provided by financing activities |
1 | 3,380 | 68,673 | (3,381 | ) | 68,673 | ||||||||||||||
Effect of exchange rate changes |
(214 | ) | — | — | — | (214 | ) | |||||||||||||
Net increase/(decrease) in cash and restricted cash |
(1,228 | ) | 11 | (71,630 | ) | — | (72,847 | ) |
• | our limited operating history and evolving business portfolio; |
• | our competitive position in the on-demand delivery market and our ability to further diversify our solution offerings; |
• | our relatively high customer concentration; |
• | our relationships with existing industry customers and our ability to attract new customers; |
• | our ability to attract, retain and manage workers on our platform; |
• | potential adverse legal, tax, and other consequences with respect to the classification of workers on our platform; |
• | our ability to comply with contracts with industry customers; |
• | our ability to achieve or sustain profitability and generate positive cash flow; |
• | our significant costs in connection with certain business lines; |
• | the industry development of the business development of our industry customers; |
• | our ability to obtain requisite approvals, licenses and permits; |
• | unlawful, improper or otherwise inappropriate activities by workers on our platform while delivering our solutions; |
• | potential liabilities, expenses of resolving claims and disputes and harm to our business due to the nature of our business; |
• | our ability to develop, maintain, and enhance our brand and reputation; |
• | increases in labor, energy and other costs in China; |
• | our ability to support and resolve intellectual property rights claims and other litigation matters; and |
• | our ability to comply with laws and contractual obligations related to data privacy and protection. |
• | changes in China’s economic, political or social conditions or government policies; |
• | uncertainties with respect to the PRC legal system; |
• | threat of the ADSs being delisted under the HFCAA for the lack of inspections by the PCAOB on our independent registered public accounting firm that issues the audit report included in this annual report; |
• | difficulty for overseas regulators to conduct investigation or collect evidence within China; |
• | misappropriation and misuse of our controlling non-tangible assets, including chops and seals; and |
• | PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion. |
• | uncertainties with respect to the contractual arrangements that establish our corporate structure for operating our business; |
• | failure by the VIE or its shareholders to perform their obligations under our contractual arrangements with them; and |
• | actual or potential conflicts of interest of shareholders of the VIE with us. |
• | our status as an exempted company incorporated in the Cayman Islands; |
• | our status as a foreign private issuer; and |
• | our dual-class voting structure and the concentration of ownership which provide Class B ordinary shareholder considerable influence over corporate matters, including the election of board of directors. |
• | volatility of the trading price of the ADSs; |
• | our potential failure to satisfy the requirements for continued listing on Nasdaq Stock Market; and |
• | the sale or availability for sale of substantial amounts of the ADSs. |
• | accurately forecast our revenue and plan our operating expenses; |
• | attract and retain industry customers; |
• | attract, train and retain workers on our platform; |
• | provide diversified and distinguishable solutions and achieve market acceptance of our solutions; |
• | increase our market share in existing industries and expand into new industries; |
• | comply with existing and new laws and regulations applicable to our business; |
• | anticipate and adapt to evolving market conditions, including technological developments and changes in the competitive landscape; |
• | maintain reliable, secure, high-performance and scalable technology infrastructure; |
• | attract, retain and motivate talented employees; and |
• | improve our operational efficiency. |
• | an overall decline in the business of one or more of our major industry customers; |
• | the decision by one or more of our major industry customers to switch to our competitors; |
• | the reduction in the service fees of our solutions agreed by one or more of our major industry customers; |
• | the failure or inability of any of our major industry customers to make timely payment for our services; |
• | non-compliance with law on the part of any major industry customers or breach of contract by any major industry customers vis-à-vis |
• | unlawful, improper or otherwise inappropriate activities by any major industry customers that could harm their business, brand and reputation, or subject them to government investigations. |
• | maintain the quality and attractiveness of the solutions we offer; |
• | maintain or improve the satisfaction of industry customers and their end consumers; |
• | maintain or improve the quality of our training and management of workers on our platform; |
• | compete effectively against our existing and future competitors; and |
• | defend our reputation and brand image generally and in the event of any negative publicity relating to our solutions, workers’ safety, internet security, or other issues affecting us or the entire workforce operational solution platform market in China. |
• | protecting the data in and hosted on our system, including against attacks by third parties or fraudulent behaviors by our employees; |
• | addressing concerns related to privacy and sharing, safety, security and other factors; and |
• | complying with applicable laws, rules and regulations relating to the collection, use, disclosure or security of personal information, including any requests from regulatory and government authorities relating to such data. |
• | in relation to the overseas listing activities, a PRC enterprise is required to strictly comply with the relevant requirements on confidentiality and archives management, establish a sound confidentiality and archives system, and take necessary measures to implement their confidentiality and archives management responsibilities; |
• | during the course of an overseas offering and listing, if a PRC enterprise needs to publicly disclose or provide to securities companies, other securities service providers or overseas regulators, any materials that contain relevant state secrets, government work secrets or information that has a sensitive impact (i.e. be detrimental to national security or the public interest if divulged), the PRC enterprise should complete the relevant approval/filing and other regulatory procedures; and |
• | working papers produced in the PRC by securities companies and securities service providers, which provide PRC enterprises with securities services during their overseas issuance and listing, should be stored in the PRC, and competent PRC authorities must approve the transmission of all such working papers to recipients outside the PRC. |
• | revoking our and the VIE’s business and operating licenses; |
• | discontinuing or restricting any related-party transactions between our group and the affiliated entities; |
• | imposing fines and penalties, confiscating the income from our company, or imposing additional requirements for our operations which we may not be able to comply with; |
• | requiring us to restructure our ownership structure or operations, including terminating the contractual arrangements and deregistering the equity pledges of the VIE, which in turn would affect our ability to consolidate, derive economic interests from, or direct the activities of the affiliated entities that most significantly impact their economic performance; |
• | restricting or prohibiting our use of the proceeds of our initial public offering in July 2020 to finance our business and operations in China, particularly the expansion of our business through strategic acquisitions; or |
• | restricting the use of financing sources by us or the affiliated entities or otherwise restricting our or their ability to conduct business. |
• | the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC; |
• | 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. |
• | variations in our revenues, earnings and cash flow; |
• | announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors; |
• | announcements of new services and expansions by us or our competitors; |
• | announcements of new policies, rules or regulations relating to the internet or the consumer services industry in China; |
• | changes in financial estimates by securities analysts; |
• | detrimental adverse publicity about us, our services, our competitors or our industry; |
• | additions or departures of key personnel; |
• | fluctuations of exchange rates between the Renminbi and the U.S. dollar; |
• | 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. |
A. |
History and development of the company |
B. |
Business Overview |
• | capability to attract, retain and manage a sufficient number of workers; |
• | capability to establish and maintain partnerships with industry customers; |
• | technology infrastructure and data analytics capabilities; |
• | scope and quality of our solution offerings; |
• | industry-specific know-how and operational experience; |
• | geographical coverage; |
• | and brand recognition. |
C. |
Organizational Structure |
(1) | The shareholders of Beijing Quhuo Technology Co., Ltd., or Beijing Quhuo, include Lili Sun, spouse of Mr. Leslie Yu, Mr. Shuyi Yang, Mr. Zhen Ba, Ningbo Maiken Investment Management LLP and Mr. Tongtong Li, holding 25.7264%, 24.9784%, 9.6547%, 38.8250% and 0.8154% of the equity interests of Beijing Quhuo, respectively. |
(2) | The remaining 30% of the equity interests of Nantong Runda Marketing Planning Co., Ltd. is owned by two independent individuals. |
(3) | The remaining 49% of the equity interests of Jiangxi Youke Automobile Rental Service Co., Ltd. is owned by an independent individual. |
(4) | The remaining 45% of the equity interest of Haikou Chengtu Network Technology Co., Ltd. is owned by three independent third parties. |
(5) | In November 2020, we acquired a 54.22% equity interest in Lailai Information Technology (Shenzhen) Co., Ltd., an on-demand workforce platform that specializes in housekeeping solutions for hotels and B&Bs. In January 2022, we acquired the remaining 45.78% equity interest in Lailai. |
Subsidiaries |
Place of Incorporation | |
Quhuo Investment Limited |
BVI | |
Quhuo Technology Investment (Hong Kong) Limited |
Hong Kong | |
Beijing Quhuo Information Technology Co., Ltd. |
PRC |
Affiliated Entities |
Place of Incorporation | |
Beijing Quhuo Technology Co., Ltd. |
PRC | |
Shanghai Quhuo Network Technology Co., Ltd. |
PRC | |
Ningbo Xinying Network Technology Co., Ltd. |
PRC | |
Nantong Runda Marketing Planning Co., Ltd. |
PRC | |
Shanghai Yijida Network Technology Co., Ltd. |
PRC | |
Ningbo Desheng Wanchun Network Technology Co., Ltd. |
PRC | |
Ningbo Quhuo Network Technology Co., Ltd. |
PRC | |
Ningbo Dagong Network Technology Co., Ltd. |
PRC | |
Jiangxi Youke Automobile Rental Service Co., Ltd. |
PRC | |
Haikou Chengtu Network Technology Co., Ltd |
PRC | |
Shenzhen Lailai Information Technology Co., Ltd. |
PRC | |
Hainan Xinying Technology Co., Ltd. |
PRC | |
Hainan Quhuo Technology Co., Ltd. |
PRC |
D. |
Property, plants and equipment |
A. |
Operating Results |
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
(in thousands) |
||||||||||||||||
Net loss |
(13,449 |
) |
(5,604 |
) |
(191,230 |
) |
(30,009 |
) | ||||||||
Add: |
||||||||||||||||
Share-based compensation expenses |
64,799 | 82,667 | 68,932 | 10,817 | ||||||||||||
Adjusted net income/(loss) |
51,350 |
77,063 |
(122,298 | ) | (19,192 | ) | ||||||||||
Add: |
||||||||||||||||
Income tax expense |
21,580 | 25,428 | 12,027 | 1,887 | ||||||||||||
Depreciation |
3,479 | 6,257 | 5,233 | 821 | ||||||||||||
Amortization |
10,632 | 13,749 | 25,278 | 3,967 | ||||||||||||
Interest expense |
6,093 | 8,068 | 7,026 | 1,103 | ||||||||||||
Adjusted EBITDA |
93,134 |
130,565 |
(72,734 | ) | (11,414 | ) |
For the year ended December 31, |
||||||||||||||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||||||||||||||
RMB |
% |
RMB |
% |
RMB |
US$ |
% |
||||||||||||||||||||||
(RMB in thousands, except for percentages) |
||||||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||||||
On-demand delivery solutions |
2,027,351 | 98.6 | 2,536,818 | 98.3 | 3,828,956 | 600,847 | 95.1 | |||||||||||||||||||||
Mobility service solutions |
28,176 | 1.4 | 31,587 | 1.2 | 110,168 | 17,287 | 2.7 | |||||||||||||||||||||
Housekeeping solutions and other services |
262 | 0.0 | 12,405 | 0.5 | 79,735 | 12,512 | 2.0 | |||||||||||||||||||||
Others |
— | — | — | — | 6,420 | 1,008 | 0.2 | |||||||||||||||||||||
Total revenues |
2,055,789 |
100 |
2,580,810 |
100.0 |
4,025,279 |
631,654 |
100.0 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
||||||||||||||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||||||||||||||
RMB |
% |
RMB |
% |
RMB |
US$ |
% |
||||||||||||||||||||||
(in thousands, except for percentages) |
||||||||||||||||||||||||||||
Cost of revenues: |
||||||||||||||||||||||||||||
Service fees paid to workers and team leaders |
1,754,962 | 85.4 | 2,177,376 | 84.4 | 3,452,926 | 541,839 | 85.8 | |||||||||||||||||||||
Hiring expenses |
42,190 | 2.0 | 60,744 | 2.4 | 127,649 | 20,031 | 3.2 | |||||||||||||||||||||
Insurance expenses |
34,330 | 1.7 | 65,133 | 2.5 | 108,114 | 16,965 | 2.7 | |||||||||||||||||||||
Office and equipment expenses |
40,729 | 2.0 | 54,706 | 2.1 | 93,484 | 14,670 | 2.3 | |||||||||||||||||||||
Car rental and maintenance expenses |
6,085 | 0.3 | 7,885 | 0.3 | 17,746 | 2,785 | 0.4 | |||||||||||||||||||||
Freight services costs |
— | — | — | — | 10,361 | 1,626 | 0.3 | |||||||||||||||||||||
Platform commissions |
— | — | 1,767 | 0.1 | 7,942 | 1,246 | 0.2 | |||||||||||||||||||||
Others (1) |
15,217 | 0.7 | 20,688 | 0.8 | 31,460 | 4,937 | 0.8 | |||||||||||||||||||||
Total |
1,893,513 |
92.1 |
2,388,299 |
92.5 |
3,849,682 |
604,099 |
95.6 |
(1) | Represents depreciation and amortization, taxes and surcharges and other costs. |
For the year ended December 31, |
||||||||||||||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||||||||||||||
RMB |
% |
RMB |
% |
RMB |
US$ |
% |
||||||||||||||||||||||
(in thousands, except for percentages) |
||||||||||||||||||||||||||||
Operating expenses: |
||||||||||||||||||||||||||||
General and administrative expenses |
(161,160 | ) | (7.8 | ) | (202,963 | ) | (7.9 | ) | (240,749 | ) | (37,779 | ) | (6.0 | ) | ||||||||||||||
Research and development expenses |
(9,730 | ) | (0.5 | ) | (13,095 | ) | (0.5 | ) | (20,122 | ) | (3,158 | ) | (0.5 | ) | ||||||||||||||
(Loss)/gain on disposal of assets, net |
(3,840 | ) | (0.2 | ) | 3,243 | 0.1 | (2,564 | ) | (402 | ) | (0.1 | ) | ||||||||||||||||
Goodwill impairment |
— | — | (336 | ) | (0.0 | ) | (51,971 | ) | (8,155 | ) | (1.3 | ) | ||||||||||||||||
Total operating expenses |
(174,730 |
) |
(8.5 |
) |
(213,151 |
) |
(8.3 |
) |
(315,406 | ) | (49,494 | ) | (7.8 | ) |
Year Ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
(in thousands, except for share and per share data) |
||||||||||||||||
Revenues |
2,055,789 |
2,580,810 |
4,025,279 |
631,654 |
||||||||||||
Cost of revenues |
(1,893,513 | ) | (2,388,299 | ) | (3,849,682 | ) | (604,099 | ) | ||||||||
General and administrative expenses |
(161,160 | ) | (202,963 | ) | (240,749 | ) | (37,779 | ) | ||||||||
Research and development expenses |
(9,730 | ) | (13,095 | ) | (20,122 | ) | (3,158 | ) | ||||||||
(Loss)/gain on disposal of assets, net |
(3,840 | ) | 3,243 | (2,564 | ) | (402 | ) | |||||||||
Goodwill impairment |
— | (336 | ) | (51,971 | ) | (8,155 | ) | |||||||||
Total operating expenses |
(174,730 | ) | (213,151 | ) | (315,406 | ) | (49,494 | ) | ||||||||
Operating loss |
(12,454 |
) |
(20,640 |
) |
(139,809 |
) |
(21,939 |
) | ||||||||
Interest income |
275 | 824 | 644 | 101 | ||||||||||||
Interest expense |
(6,093 | ) | (8,068 | ) | (7,026 | ) | (1,103 | ) | ||||||||
Other income, net |
27,892 | 49,218 | (33,964 | ) | (5,330 | ) | ||||||||||
Foreign exchange (loss)/gain |
(1,489 | ) | (1,510 | ) | 952 | 149 | ||||||||||
Income/(loss) before income tax |
8,131 |
19,824 |
(179,203 |
) |
(28,122 |
) | ||||||||||
Income tax expense |
(21,580 | ) | (25,428 | ) | (12,027 | ) | (1,887 | ) | ||||||||
Net loss |
(13,449 |
) |
(5,604 |
) |
(191,230 |
) |
(30,009 |
) | ||||||||
Net loss attributable to non-controlling interests |
1,684 | 9,034 | 33,323 | 5,229 | ||||||||||||
Net income/(loss) attributable to ordinary shareholders of Quhuo Limited |
(11,765 |
) |
3,430 |
(157,907 |
) |
(24,780 |
) | |||||||||
Non-GAAP Financial Data(1) |
||||||||||||||||
Adjusted net income/loss |
51,350 | 77,063 | (122,298 | ) | (19,192 | ) | ||||||||||
Adjusted EBITDA |
93,134 | 130,565 | (72,734 | ) | (11,414 | ) |
(1) | See “—Non-GAAP Financial Measures.” |
• | Revenues from on-demand delivery solutions increased by 50.9% from RMB2,536.8 million in 2020 to RMB3,829.0 million (US$600.8 million) in 2021, primarily due to the increase in the number of delivery orders we fulfilled as a result of industry growth and our continued penetration and expansion into new geographical markets. The geographical coverage of our on-demand delivery solutions increased from 1,076 delivery areas as of December 31, 2020 to 1,273 delivery areas as of December 31, 2021. |
• | Revenues from mobility service solutions increased significantly from RMB31.6 million in 2020 to RMB110.2 million (US$17.3 million) in 2021, primarily due to (1) the enlarged customer base and service scope of shared-bike maintenance solutions and (2) the commencement of freight service solutions in July 2021. |
• | Revenues from housekeeping solutions and other services increased significantly from RMB12.4 million in 2020 to RMB79.7 million (US$12.5 million) in 2021, primarily due to the enlarged customer base of our housekeeping solutions and the inclusion into our solution offering of hotels and B&Bs following our acquisition of Lailai and Chengtu Home. |
• | Revenues from others were nil and RMB6.4 million in 2021, respectively, primarily because we have continuously tapped into other industries to explore diversified services and solutions. |
• | Service fees paid to workers and team leaders increased by 58.6% from RMB2,177.4 million in 2020 to RMB3,452.9 million (US$541.8 million) in 2021, primarily due to the increase in the orders under various solutions fulfilled by workers on our platform. |
• | Hiring expenses increased significantly from RMB60.7 million in 2020 to RMB127.6 million (US$20.0 million) in 2021, primarily due to the workforce expansion on our platform. |
• | Insurance expenses increased by 66.0% from RMB65.1 million in 2020 to RMB108.1 million (US$17.0 million) in 2021, primarily due to the workforce expansion on our platform. |
• | Office and equipment expenses increased by 70.9% from RMB54.7 million in 2020 to RMB93.5 million (US$14.7 million) in 2021, primarily because we sourced additional resources in anticipation of increased demand of our solutions. |
• | Revenues from on-demand delivery solutions increased by 25.1% from RMB2,027.4 million in 2019 to RMB2,536.8 million in 2020. The increase was primarily (1) driven by the increase in delivery orders fulfilled by delivery riders on our platform, as a result of the growing penetration in our existing geographical markets and the expansion into new geographical markets, as the geographical coverage of our on-demand delivery solutions increased from 809 delivery areas as of December 31, 2019 to 1,076 delivery areas as of December 31, 2020, and (2) the rapid growth of grocery and fresh food deliveries. |
• | Revenues from mobility service solutions increased by 12.1% from RMB28.2 million in 2019 to RMB31.6 million in 2020, primarily due to the increase in the number of vehicles we leased to ride-hailing drivers on our platform. |
• | Revenues from housekeeping solutions and other services increased significantly from RMB262,000 in 2019 to RMB12.4 million in 2020, primarily due to our enlarged customer base for housekeeping solutions, including hotels and B&Bs. |
• | Service fees increased by 24.1% from RMB1,755.0 million in 2019 to RMB2,177.4 million in 2020, primarily due to the increase in the orders under various solutions fulfilled by workers on our platform. |
• | Insurance costs increased by 89.7% from RMB34.3 million in 2019 to RMB65.1 million in 2020, primarily due to the increase in the number of workers on our platform along with our business growth. |
• | Hiring expenses increased by 44.0% from RMB42.2 million in 2019 to RMB60.7 million in 2020, primarily due to the increase in the number of workers on our platform along with our business growth. |
• | Office and equipment expenses increased by 34.3% from RMB40.7 million to RMB54.7 million in 2020, primarily due to the increases in (1) the number of workers on our platform and (2) the number of the delivery areas of our on-demand delivery solutions. |
B. |
Liquidity and Capital Resources |
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
(in thousands) |
||||||||||||||||
Net cash generated from/(used in) operating activities |
17,624 | 11,110 | (30,893 | ) | (4,847 | ) | ||||||||||
Net cash (used in)/generated from investing activities |
12,483 | (187,083 | ) | (110,413 | ) | (17,326 | ) | |||||||||
Net cash generated from financing activities |
80,550 | 153,093 | 68,673 | 10,777 | ||||||||||||
Effect of exchange rate changes on cash and restricted cash |
(1,221 | ) | (144 | ) | (214 | ) | (35 | ) | ||||||||
Net increase/(decrease) in cash and restricted cash |
109,436 | (23,024 | ) | (72,847 | ) | (11,431 | ) | |||||||||
Cash and restricted cash at beginning of the year |
17,343 | 126,779 | 103,755 | 16,281 | ||||||||||||
Cash and restricted cash at end of the year |
126,779 | 103,755 | 30,908 | 4,850 |
Payment due by |
||||||||||||
Total |
Less than one year |
one – three years |
||||||||||
(RMB in thousands) |
||||||||||||
Operating lease commitments |
6,741 | 5,317 | 1,424 | |||||||||
Long-term debt |
4,420 | 4,417 | 3 | |||||||||
Short-term loans |
144,024 | 144,024 | — |
C. |
Research and Development, Patents and Licenses, etc. |
D. |
Trend Information |
E. |
Critical Accounting Policies and Estimate |
For the year ended December 31, |
||||||||||||
2019 |
2020 |
2021 |
||||||||||
Risk-free interest rate |
1.52%-3.62% or nil |
0.55%-1.92 |
% | 1.61 | % | |||||||
Expected volatility |
29.53%-32.67% or nil |
32.54%-33.58 |
% | 33 | % | |||||||
Suboptimal exercise factor |
2.2-2.5 or nil | 2.5 | 2.5 | |||||||||
Fair value per ordinary share |
US$ | 5.14 | US$ | 6.29 - 8.53 | US$ | 4.86 | ||||||
Expected dividend yield |
0 | % | 0 | % | 0 | % | ||||||
Post-vesting forfeiture rate |
0 | % | 0 | % | 0 | % |
Directors and Executive Officers |
Age |
Position/Title | ||
Leslie Yu | 46 | Chairman of the Board of Directors, Director and Chief Executive Officer | ||
Zhen Ba | 41 | Director, Vice President and Chief Financial Officer | ||
Gang Wang | 47 | Director and Chief Operating Officer | ||
Chenxi Zhao | 33 | Director | ||
Fan Pan | 44 | Chief Technology Officer | ||
Jingchuan Li | 49 | Independent Director | ||
Jing Zhou | 48 | Independent Director | ||
Jie Jiao | 41 | Independent Director |
B. |
Compensation |
Number of Class A Ordinary Shares underlying the awards awarded |
Grant Date | |||||
Directors and Executive Officers |
||||||
Leslie Yu |
1,458,192 | January 1, 2019 | ||||
Zhen Ba |
— | |||||
Gang Wang |
1,135,883 | September 20, 2017, August 23, 2019 and April 19, 2021 | ||||
Chenxi Zhao |
— | — | ||||
Fan Pan |
* | September 20, 2017 and August 23, 2019 | ||||
Jingchuan Li |
— | — | ||||
Jing Zhou |
— | — | ||||
Jie Jiao |
— | — | ||||
Total |
8,581,712 |
* | Less than 1% of our total outstanding shares on an as-converted basis. |
Country of Principal Executive Offices |
People’s Republic of China | |||||||||||||||
Foreign Private Issuer |
Yes | |||||||||||||||
Disclosure Prohibited under Home Country Law |
No | |||||||||||||||
Total Number of Directors |
7 | |||||||||||||||
Female |
Male |
Non-Binary |
Did Not Disclose Gender |
|||||||||||||
Part I: Gender Identity |
| |||||||||||||||
Directors |
3 | 4 | 0 | 0 | ||||||||||||
Part II: Demographic Background |
| |||||||||||||||
Underrepresented Individual in Home Country Jurisdiction |
0 | |||||||||||||||
LGBTQ+ |
0 | |||||||||||||||
Did Not Disclose Demographic Background |
0 |
• | 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; |
• | reviewing and reassessing annually the adequacy of our audit committee charter; |
• | meeting separately and periodically with management and the independent registered public accounting firm; |
• | monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and |
• | reporting regularly to the board. |
• | reviewing and approving, or recommending to the board for its approval, the total compensation package for our chief executive officer and other executive officers; |
• | reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors; |
• | 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. |
• | recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board; |
• | reviewing annually with the board the current composition of the board with regards to characteristics such as independence, age, skills, experience and availability of service to us; |
• | 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 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; and |
• | evaluating the performance and effectiveness of the board as a whole. |
• | convening shareholders’ annual general meetings and reporting its work to shareholders at such meetings; |
• | declaring dividends and distributions; |
• | appointing officers and determining the term of office and its responsibilities of the officers; |
• | exercising the borrowing powers of our company and mortgaging the property of our company; and |
• | approving the transfer of shares in our company, including the registration of such shares in our share register. |
D. |
Employees |
As of the December 31, 2021 |
||||
Information technology research and development |
53 | |||
Operating |
532 | |||
General and administrative |
100 | |||
Total |
685 |
|||
|
|
• | each of our directors and executive officers; and |
• | each person known to us to beneficially own 5.0% or more of our ordinary shares. |
Class A Ordinary Shares |
Class B Ordinary Shares |
Percentage of Beneficial Ownership † |
Percentage of Aggregate Voting Power †† |
|||||||||||||
Directors and Executive Officers** |
||||||||||||||||
Leslie Yu (1) |
1,458,192 | 6,296,630 | 12.6 | % | 65.7 | % | ||||||||||
Zhen Ba (2) |
2,363,030 | — | 3.8 | % | 1.6 | % | ||||||||||
Gang Wang |
664,333 | — | 1.1 | % | 0.6 | % | ||||||||||
Chenxi Zhao |
— | — | — | — | ||||||||||||
Fan Pan |
* | — | * | * | ||||||||||||
Jingchuan Li |
— | — | — | — | ||||||||||||
Jing Zhou |
— | — | — | — | ||||||||||||
Jie Jiao |
— | — | — | — | ||||||||||||
Directors and executive officers as a group |
5,229,059 | 6,296,630 | 18.7 | % | 66.5 | % | ||||||||||
Principal Shareholders |
||||||||||||||||
LESYU Investments Limited (1) |
— | 6,296,630 | 10.2 | % | 66.0 | % | ||||||||||
YGS Investment Limited (3) |
6,113,540 | — | 9.9 | % | 4.3 | % | ||||||||||
BZB Investment Limited (2) |
2,363,030 | — | 3.8 | % | 1.6 | % | ||||||||||
Quhuo Holding (BVI) Limited (4) |
6,001,938 | — | 9.7 | % | — | |||||||||||
Baidu Online Network Technology (Beijing) Co., Ltd. (5) |
5,950,290 | — | 9.6 | % | 4.1 | % | ||||||||||
SBCVC Fund IV, L.P. (6) |
5,833,780 | — | 9.5 | % | 4.1 | % | ||||||||||
ClearVue YummyExpress Holdings, Ltd. (7) |
3,616,630 | — | 5.9 | % | 2.5 | % |
* | Less than 1% of our total outstanding shares as of August 31, 2022. |
** | The business address for our directors and executive officers is 3rd Floor, Block A, Tonghui Building, No. 1132 Huihe South Street, Chaoyang District, Beijing, People’s Republic of China. |
† | 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 the total number of shares outstanding as of August 31, 2022. |
†† | For each person and group included in this column, the 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 Class A and Class B ordinary shares as a single class. In respect of all matters upon which the ordinary shares are entitled to vote, each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to 15 votes, voting together as one class. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. The trustee of our equity incentive trust does not have any voting power in relation to the 9,502,550 Class A ordinary shares held by Quhuo Holding (BVI) Limited. |
(1) | Represents (i) 6,296,630 Class B ordinary shares that are held by LESYU Investments Limited, a British Virgin Islands company wholly-owned by Mr. Leslie Yu. The registered office of LESYU Investments Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands; and (ii) 1,458,192 Class A ordinary shares issuable to Mr. Leslie Yu upon exercise of the share options granted under our 2019 Plan that have vested or are expected to vest within 60 days from the date of this annual report, which are held by The Core Trust Company Limited, as the trustee of share awards. |
(2) | Represents 2,363,030 Class A ordinary shares that are held by BZB Investment Limited, a British Virgin Islands company wholly-owned by Mr. Zhen Ba. The registered office of BZB Investment Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. |
(3) | Represents 6,113,540 Class A ordinary shares that are held by YGS Investment Limited, a British Virgin Islands company wholly-owned by Mr. Shuyi Yang. The registered office of YGS Investment Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. |
(4) | Represents 6,001,938 Class A ordinary shares that are held by Quhuo Holding (BVI) Limited, of which 3,739,169 Class A ordinary shares are held in the form of the ADSs. Quhuo Holding (BVI) Limited is a British Virgin Islands company and the nominee of Quhuo Trust, which holds these shares for the benefits of the Company and participants thereunder. Quhuo Holding (BVI) Limited is wholly-owned by The Core Trust Company Limited, a trust company acting as the trustee of Quhuo Trust. The investment power and voting power of Quhuo Trust are retained by the Company, and/or after duly exercise of the options by the grantees, the participants thereunder. The trustee and the nominee will not and have no right or power to exercise the voting rights attached to these shares, unless as otherwise instructed by the Company and/or, after duly exercise of options, the participants thereunder. The registered office of Quhuo Holding (BVI) Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. |
(5) | Represents 5,950,290 Class A ordinary shares held by Baidu Online Network Technology (Beijing) Co., Ltd., a limited liability company incorporated under the laws of the PRC and is ultimately wholly-owned by Baidu, Inc., a Cayman Island company listed on the Nasdaq Global Select Market under the symbol “BIDU.” The registered office of Baidu Online Network Technology (Beijing) Co., Ltd. is Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing, the PRC. |
(6) | Represents 5,833,780 Class A ordinary shares held by SBCVC Fund IV, L.P., a Cayman Islands company. The general partner of SBCVC Fund IV, L.P. is SBCVC Management IV, L.P., a Cayman Islands company. The registered office of SBCVC Fund IV, L.P. is Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands. |
(7) | Represents 3,616,630 Class A ordinary shares held by ClearVue YummyExpress Holdings, Ltd., a Cayman Islands company, of which 960,000 Class A ordinary shares are held in the form of the ADSs. ClearVue YummyExpress Holdings, Ltd. is controlled by ClearVue Partner II, L.P., the general partner of which is ClearVue Partners II GP, L.P. and ultimately controlled by Harry Chi Hui and William Apollo Chen. The registered office of ClearVue YummyExpress Holdings, Ltd. is 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Cayman Islands. |
A |
Major Shareholders |
B |
Related Party Transactions |
C. |
Interests of Experts and Counsel |
A |
Consolidated Statements and Other Financial Information |
B. |
Significant Changes |
A. |
Offer and Listing Details |
B. |
Plan of Distribution |
C. |
Markets |
D. |
Selling Shareholders |
E |
Dilution |
F |
Expenses of the Issue |
A |
Share Capital |
B. |
Memorandum and Articles of Association |
• | the instrument of transfer is lodged with us, accompanied by the certificate for the 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 share is to be transferred does not exceed four; and |
• | a fee of such maximum sum as 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. |
• | the designation of the series; |
• | the number of shares to constitute the series; |
• | the dividend rights, dividend rates, conversion rights, voting rights; and |
• | the rights and terms of redemption and liquidation preferences. |
• | authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and |
• | limit the ability of shareholders to requisition and convene general meetings of shareholders. |
• | is not required to open its register of members for inspection; |
• | does not have to hold an annual general meeting; |
• | may issue negotiable or 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. |
• | the statutory provisions as to the required majority vote have been met; |
• | the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class; |
• | the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and |
• | the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act. |
• | an act which is ultra vires or illegal and is therefore incapable of ratification by the shareholders; |
• | an act which constitutes a fraud against the minority where the wrongdoers are themselves in control of the company; and |
• | an action which requires a resolution with a qualified (or special) majority which has not been obtained. |
C. |
Material Contracts |
D. |
Exchange Controls |
E. |
Taxation |
• | no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or income or gains or appreciation shall apply to us or our operations; and |
• | the aforesaid tax or any tax in the nature of estate duty or inheritance tax shall not be payable on our shares, debentures or other obligations. |
• | the excess distribution and/or gain will be allocated ratably over the U.S. Holder’s holding period for the ADSs or ordinary shares; |
• | the amount of the excess distribution or gain allocated to the fiscal year of distribution or gain and to any fiscal years in the U.S. Holder’s holding period prior to the first fiscal year in which we are classified as a PFIC (each such fiscal year, a pre-PFIC year) will be taxable as ordinary income; and |
• | the amount of the excess distribution or gain allocated to each prior fiscal year, other than the current fiscal year of distribution or gain or a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the individuals or corporations, as appropriate, for that other fiscal year, and will be increased by an additional tax equal to interest on the resulting tax deemed deferred with respect to each such other fiscal year. |
F |
Dividends and Paying Agents |
G |
Statement by Experts |
H. |
Documents on display |
I. |
Subsidiary Information |
A. |
Debt Securities |
B |
Warrants and Rights |
C. |
Other Securities |
D. |
American Depositary Shares |
Service |
Fees | |
To any person to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash) | Up to US$0.05 per ADS issued | |
Cancellation of ADSs, including the case of termination of the deposit agreement | Up to US$0.05 per ADS cancelled | |
Distribution of cash dividends | Up to US$0.05 per ADS held | |
Distribution of cash entitlements (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements | Up to US$0.05 per ADS held | |
Distribution of ADSs pursuant to exercise of rights. | Up to US$0.05 per ADS held | |
Distribution of securities other than ADSs or rights to purchase additional ADSs | Up to US$0.05 per ADS held | |
Depositary services | Up to US$0.05 per ADS held |
• | Fees for the transfer and registration of ordinary shares charged by the registrar and transfer agent for the ordinary shares in the Cayman Islands (i.e., upon deposit and withdrawal of ordinary shares). |
• | Expenses incurred for converting foreign currency into U.S. dollars. |
• | Expenses for cable, telex and fax transmissions and for delivery of securities. |
• | Taxes and duties upon the transfer of securities, including any applicable stamp duties, any stock transfer charges or withholding taxes (i.e., when ordinary shares are deposited or withdrawn from deposit). |
• | Fees and expenses incurred in connection with the delivery or servicing of ordinary shares on deposit. |
• | Fees and expenses incurred in connection with complying with exchange control regulations and other regulatory requirements applicable to ordinary shares, deposited securities, ADSs and ADRs. |
• | Any applicable fees and penalties thereon. |
2020 |
2021 |
|||||||
(RMB in thousands) |
||||||||
Audit fees (1) |
6,500 | 7,200 | ||||||
Tax fees (2) |
750 | 420 |
(1) | “Audit fees” means the aggregate fees incurred in each of the fiscal years listed for professional services rendered by our principal auditor for the audit or review of our annual financial statements or quarterly financial information and review of documents filed with the SEC, including audit fees relating to our initial public offering in 2020. |
(2) | “Tax fees” means the aggregate fees incurred in each of the fiscal years listed for professional services rendered by our principal auditors for tax compliance and tax planning. |
* | Filed with this annual report on Form 20-F. |
** | Furnished with this annual report on Form 20-F. |
QUHUO LIMITED | ||
By: | /s/ Leslie Yu | |
Name: |
Leslie Yu | |
Title: |
Chief Executive Officer |
Pages |
||||
Report of Independent Registered Public Accounting Firm (PCAOB ID: |
F-2 |
|||
F-3 |
||||
F-5 |
||||
F-7 |
||||
F-8 |
||||
F-10 |
As of December 31, |
||||||||||||||
Notes |
2020 |
2021 |
2021 |
|||||||||||
RMB |
RMB |
US$ |
||||||||||||
ASSETS: |
||||||||||||||
Current assets: |
||||||||||||||
Cash |
||||||||||||||
Restricted cash |
||||||||||||||
Short-term investments |
6 | |||||||||||||
Accounts receivable, net |
7 | |||||||||||||
Prepayments and other current assets |
8 | |||||||||||||
Amounts due from related parties |
2 3 |
|||||||||||||
Total current assets |
||||||||||||||
Non-current assets: |
||||||||||||||
Property and equipment, net |
9 | |||||||||||||
Right-of-use |
10 | |||||||||||||
Intangible assets, net |
11 | |||||||||||||
Goodwill |
12 | |||||||||||||
Deferred tax assets |
18 | |||||||||||||
Other non-current assets |
13 | |||||||||||||
Total non-current assets |
||||||||||||||
Total assets |
||||||||||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT)/EQUITY: |
||||||||||||||
Current liabilities |
||||||||||||||
Accounts payable |
||||||||||||||
Accrued expenses and other current liabilities |
14 | |
|
|
||||||||||
Short-term debt |
15 | |||||||||||||
Short-term lease liabilities |
10 | |||||||||||||
Amounts due to related parties |
23 | — | ||||||||||||
Total current liabilities |
||||||||||||||
Non-current liabilities non-current liabilities of the consolidated VIE without recourse to the primary beneficiary of RMB: |
||||||||||||||
Long-term debt |
15 | |||||||||||||
Long-term lease liabilities |
10 | |||||||||||||
Deferred tax liabilities |
18 | |||||||||||||
Other non-current liabilities |
16 | |||||||||||||
Total non-current liabilities |
||||||||||||||
Total liabilities |
||||||||||||||
Commitments and contingencies |
2 2 |
As of December 31, |
||||||||||||||
Notes |
2020 |
2021 |
2021 |
|||||||||||
RMB |
RMB |
US$ |
||||||||||||
Shareholders’ equity: |
||||||||||||||
Ordinary shares (US$ |
19 |
|||||||||||||
Additional paid-in capital |
||||||||||||||
Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ( |
) | ||||||||
Total Quhuo Limited shareholders’ equity |
||||||||||||||
Non-controlling interests |
||||||||||||||
Total shareholders’ equity |
||||||||||||||
Total liabilities and shareholders’ equity |
||||||||||||||
For the year ended December 31, |
||||||||||||||||||||
Notes |
2019 |
2020 |
2021 |
2021 |
||||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||||||
Revenues |
4 | |||||||||||||||||||
Cost of revenues |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
General and administrative |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Research and development |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
(Loss)/gain on disposal of assets, net |
( |
) | ( |
) | ( |
) | ||||||||||||||
Goodwill impairment |
( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total operating expenses |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Operating loss |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Interest income |
||||||||||||||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Other income/(loss), net |
( |
) | ( |
) | ||||||||||||||||
Foreign exchange (loss)/gain |
( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Income /(loss) before income tax |
( |
) |
( |
) | ||||||||||||||||
Income tax expense |
18 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net loss |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Net loss attributable to non-controlling interests |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net (loss)/income attributable to ordinary shareholders of Quhuo Limited |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
(Loss)/earnings per share: |
2 0 |
|||||||||||||||||||
Basic |
( |
) | ( |
) | ( |
) | ||||||||||||||
Diluted |
( |
) | ( |
) | ( |
) | ||||||||||||||
Shares used in (loss)/earnings per share computation: |
2 0 |
|||||||||||||||||||
Basic |
||||||||||||||||||||
Diluted |
For the year ended December 31, |
||||||||||||||||||||
Notes |
2019 |
2020 |
2021 |
2021 |
||||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||||||
Other comprehensive loss: |
||||||||||||||||||||
Profit and loss from fair value change through other comprehensive income, net of tax |
( |
) | ( |
) | ||||||||||||||||
Foreign currency translation adjustment |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Comprehensive loss |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Comprehensive loss attributable to non-controlling interests |
||||||||||||||||||||
Comprehensive loss attributable to ordinary shareholders of Quhuo Limited |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
Number of outstanding ordinary shares |
Ordinary shares |
Additional paid-in capital |
Accumulated deficit |
Accumulated other comprehensive loss * |
Quhuo Limited shareholders’ (deficit)/equity |
Non-controlling interests |
Total shareholders’ (deficit)/equity |
|||||||||||||||||||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
||||||||||||||||||||||||||
Balance as of December 31, 2018 |
( |
) |
— |
( |
) |
( |
) | |||||||||||||||||||||||||
Net loss |
— | — | — | ( |
) | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Other comprehensive loss |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||||||
Share-based compensation (note 17) |
— | — | — | — | — | |||||||||||||||||||||||||||
Balance as of December 31, 2019 |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||
Other comprehensive loss |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||||||
Issuance of ordinary shares in connection with initial public offering, net of offering cost (note 19) |
— | — | — | |||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred shares |
— | — | — | |||||||||||||||||||||||||||||
Non-controlling interest recognized from business combination (note 5) |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Share-based compensation (note 17) |
— | — | — | — | — | |||||||||||||||||||||||||||
Balance as of December 31, 2020 |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Net loss |
— | — | — | ( |
) | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Other comprehensive loss |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||||||
Issuance of ordinary shares in connection with business combination (note 5) |
— | — | — | |||||||||||||||||||||||||||||
Acquisition of on-controlling interests |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
Exercise of employee share options |
— | — | — | — | ||||||||||||||||||||||||||||
Share-based compensation (note 17) |
— | |||||||||||||||||||||||||||||||
Balance as of December 31, 2021 |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Balance as of December 31, 2021 in US$ |
( |
) |
( |
) |
* | Accumulative other comprehensive loss includes foreign currency translation adjustment and fair value adjustment of convertible loan for the year ended December 31, 2020 and 2021. |
For the year ended December 31, |
||||||||||||||||||||
Notes |
2019 |
2020 |
2021 |
2021 |
||||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||||||
Cash flows from operating activities |
||||||||||||||||||||
Net loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
||||||||||||||||||||
Depreciation |
||||||||||||||||||||
Amortization |
||||||||||||||||||||
Goodwill impairment |
||||||||||||||||||||
Deferred income taxes |
18 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Share-based compensation |
17 | |||||||||||||||||||
Non-cash operating lease expenses |
||||||||||||||||||||
Loss (gain) on disposals of assets, net |
( |
) | ||||||||||||||||||
Changes in fair value of short-term investment |
( |
) | ||||||||||||||||||
Others |
||||||||||||||||||||
Changes in operating assets and liabilities: |
||||||||||||||||||||
Amounts due from related parties |
||||||||||||||||||||
Accounts receivable |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Prepayments and other current assets |
( |
) | ( |
) | ||||||||||||||||
Other non-current assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Accounts payable |
||||||||||||||||||||
Accrued expenses and other current liabilities |
( |
) | ||||||||||||||||||
Lease liabilities |
( |
) | ( |
) | ( |
) | ||||||||||||||
Income taxes payable |
( |
) | ( |
) | ( |
) | ||||||||||||||
Other non-current liabilities |
||||||||||||||||||||
Net cash provided by (used in) operating activities |
( |
) |
( |
) | ||||||||||||||||
Cash flows from investing activities |
||||||||||||||||||||
Purchase of short-term investments |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Proceeds from sales of short-term investments |
||||||||||||||||||||
Proceeds from disposal of long-term investment |
||||||||||||||||||||
Acquisitions of businesses, net of cash acquired |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Other investing activities |
( |
) | ( |
) | ( |
) | ( |
) |
For the year ended December 31, |
||||||||||||||||||||
Notes |
2019 |
2020 |
2021 |
2021 |
||||||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||||||
Cash flows from investing activities (continued) |
||||||||||||||||||||
Purchase of property and equipment |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Acquisitions of intangible assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Proceeds from disposals of intangible assets |
||||||||||||||||||||
Net cash provided by (used in) investing activities |
( |
) |
( |
) |
( |
) | ||||||||||||||
Cash flows from financing activities |
||||||||||||||||||||
Proceeds from short-term debt |
15 | |||||||||||||||||||
Repayments of short-term debt |
15 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Proceeds from long-term debt |
||||||||||||||||||||
Repayments of long-term debt |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Payments of deferred IPO costs |
( |
) | ( |
) | ||||||||||||||||
Proceeds from initial public offering |
||||||||||||||||||||
Net cash provided by financing activities |
||||||||||||||||||||
Effect of exchange rate changes on cash and restricted cash |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Net increase (decrease) in cash and restricted cash |
( |
) | ( |
) | ( |
) | ||||||||||||||
Cash and restricted cash, at the beginning of year |
||||||||||||||||||||
Cash and restricted cash, at the end of year |
||||||||||||||||||||
Supplemental disclosures of cash flow information: |
||||||||||||||||||||
Interest paid |
||||||||||||||||||||
Income tax paid |
||||||||||||||||||||
Supplemental disclosures of non-cash investing activities: |
||||||||||||||||||||
Cash consideration for business acquisition included in current liabilities |
||||||||||||||||||||
Non-cash consideration for business acquisition |
||||||||||||||||||||
Contingent consideration for business acquisition included in other non-current liabilities |
||||||||||||||||||||
Extinguishment pre-existing receivablesnon-current assetsacquisition |
||||||||||||||||||||
Operating lease liabilities arising from obtaining right-of-use |
||||||||||||||||||||
Non-monetary exchange of intangible assets |
1. |
Organization, Consolidation and Principal Activities |
Entity |
Date of incorporation/ acquisition |
Place of incorporation |
Percentage of direct or indirect ownership by the Company |
Principal activities | ||||||||
Subsidiaries of the Company |
||||||||||||
Quhuo Investment Limited (“Quhuo BVI”) |
BVI | % | ||||||||||
Quhuo Technology Investment (Hong Kong) Limited (“Quhuo HK”) |
Hong Kong | % | ||||||||||
Beijing Quhuo Information Technology Co., Ltd. (“WFOE”) |
PRC | % | Development of computer software and applications | |||||||||
Variable interest entity |
||||||||||||
Beijing Quhuo Technology Co., Ltd. (“Beijing Quhuo” or the “VIE”) |
PRC | Development of computer software and applications; Investment holding |
1. |
Organization, Consolidation and Principal Activities (continued) |
Entity |
Date of incorporation/ acquisition |
Place of incorporation |
Percentage of direct or indirect ownership by the Company |
Principal activities | ||||||||
Subsidiaries of the VIE |
||||||||||||
Shanghai Quhuo Network Technology Co., Ltd. (“Shanghai Quhuo”) |
PRC | |||||||||||
Ningbo Xinying Network Technology Co., Ltd. (“Ningbo Xinying”) |
PRC | |||||||||||
Nantong Runda Marketing Planning Co., Ltd. (“Nantong Runda”) |
PRC | |||||||||||
Shanghai Yijida Network Technology Co., Ltd. (“Shanghai Yijida”) |
PRC | |||||||||||
Ningbo Desheng Wanchun Network Technology Co., Ltd. (“Desheng Wanchun”) |
PRC | |||||||||||
Ningbo Quhuo Network Technology Co., Ltd. (“Ningbo Quhuo”) |
PRC | |||||||||||
Ningbo Dagong Network Technology Co., Ltd. (“Ningbo Dagong”) |
PRC | Bike-sharing maintenance | ||||||||||
Jiangxi Youke Automobile Rental Service Co., Ltd. (“Jiangxi Youke”) |
PRC | |||||||||||
Hainan Xinying Technology Co., Ltd. (“Hainan Xinying”) |
PRC | |||||||||||
Hainan Quhuo Technology Co., Ltd. (“Hainan Quhuo”) |
PRC | |||||||||||
Haikou Chengtu Network Technology Co., Ltd (“Haikou Chengtu”) |
PRC | |||||||||||
Shenzhen Lailai Information Technology Co., Ltd. (“Shenzhen Lailai”) |
PRC |
1. |
Organization, Consolidation and Principal Activities (continued) |
1. |
Organization, Consolidation and Principal Activities (continued) |
1. |
Organization, Consolidation and Principal Activities (continued) |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
ASSETS: |
||||||||||||
Current assets: |
||||||||||||
Cash |
||||||||||||
Restricted cash |
||||||||||||
Short-term investments |
||||||||||||
Accounts receivable |
||||||||||||
Prepayments and other current assets |
||||||||||||
Inter-group balance due from Parent and WFOE |
— | |||||||||||
Amounts due from related parties |
||||||||||||
|
|
|
|
|
|
|||||||
Total current assets |
||||||||||||
|
|
|
|
|
|
|||||||
Non-current assets: |
||||||||||||
Property and equipment, net |
||||||||||||
Intangible assets, net |
||||||||||||
Operating lease right-of-use |
||||||||||||
Goodwill |
||||||||||||
Deferred tax assets |
||||||||||||
Other non-current assets |
||||||||||||
|
|
|
|
|
|
|||||||
Total non-current assets |
||||||||||||
|
|
|
|
|
|
|||||||
Total assets |
||||||||||||
|
|
|
|
|
|
1. |
Organization, Consolidation and Principal Activities (continued) |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
LIABILITIES: |
||||||||||||
Current liabilities: |
||||||||||||
Accounts payable |
||||||||||||
Accrued expenses and other current liabilities |
||||||||||||
Short-term debt |
||||||||||||
Short-term lease liabilities |
||||||||||||
Inter-group balance due to Parent and WFOE |
||||||||||||
Amounts due to related parties |
||||||||||||
Total current liabilities |
||||||||||||
Non-current liabilities: |
||||||||||||
Deferred tax liabilities |
||||||||||||
Long-term debt |
— | |||||||||||
Long-term lease liabilities |
||||||||||||
Other non-current liabilities |
||||||||||||
Total non-current liabilities |
||||||||||||
Total liabilities |
||||||||||||
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Revenue |
||||||||||||||||
Net (loss)/income |
( |
) | ( |
) | ( |
) |
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Net cash provided by (used in) operating activities |
|
( |
) | ( |
) | |||||||||||
Net cash provided (used in) by investing activities |
( |
) | ( |
) | ( |
) | ||||||||||
Net cash provided by (used in) financing activities |
( |
) | ||||||||||||||
Effect of exchange rate changes on cash |
( |
) | ( |
) | ||||||||||||
Net increase (decrease) in cash |
|
( |
) | ( |
) | ( |
) |
2. |
Summary of Significant Accounting Policies |
2. |
Summary of Significant Accounting Policies (continued) |
2. |
Summary of Significant Accounting Policies (continued) |
Category |
Estimated Useful Lives |
|||
Furniture |
||||
Electronic equipment |
||||
Vehicles |
||||
Leasehold improvement |
useful lives |
|
2. |
Summary of Significant Accounting Policies (continued) |
Category |
Estimated Economic Lives |
|||
Customer relationships |
||||
Purchased software |
||||
Technology |
2. |
Summary of Significant Accounting Policies (continued) |
2. |
Summary of Significant Accounting Policies (continued) |
2. |
Summary of Significant Accounting Policies (continued) |
2. |
Summary of Significant Accounting Policies (continued) |
2. |
Summary of Significant Accounting Policies (continued) |
2. |
Summary of Significant Accounting Policies (continued) |
2. |
Summary of Significant Accounting Policies (continued) |
3. |
Concentration of Risks |
(a) |
Business, customer, political, social and economic risks |
(b) |
Interest rate risk |
(c) |
Foreign currency exchange rate risk |
3. |
Concentration of Risks (continued) |
(d) |
Currency convertibility risk |
(e) |
Concentration of credit risk |
4. |
Revenues |
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
On-demand delivery solution services |
||||||||||||||||
Mobility solution services |
||||||||||||||||
Housekeeping services |
||||||||||||||||
Others |
— | — | ||||||||||||||
Total revenues |
||||||||||||||||
5. |
Business Combination |
2019 Acquisition |
||||
RMB |
||||
Purchase consideration |
||||
Less: |
||||
Cash |
||||
Short-term investments |
||||
Accounts receivable |
||||
Prepayments and other current assets |
||||
Customer relationships |
||||
Accounts payable |
( |
) | ||
Accrued expenses and other current liabilities |
( |
) | ||
Deferred tax liabilities |
( |
) | ||
|
|
|||
Goodwill |
||||
|
|
5. |
Business Combination (continued) |
Haikou Cheng Tu |
Shenzhen Lailai |
2020 Acquisitions |
||||||||||
RMB |
RMB |
RMB |
||||||||||
Purchase consideration |
||||||||||||
Less: |
||||||||||||
Cash |
||||||||||||
Accounts receivable |
||||||||||||
Prepayments and other current assets |
||||||||||||
Property and equipment, net |
||||||||||||
Customer relationships |
||||||||||||
Developed technology |
— | |||||||||||
Other assets |
— | |||||||||||
Short-term debt |
— | ( |
) | ( |
) | |||||||
Accounts payable |
( |
) | ( |
) | ( |
) | ||||||
Accrued expenses and other current liabilities |
( |
) | ( |
) | ( |
) | ||||||
Other liabilities |
( |
) | ( |
) | ( |
) | ||||||
Non-controlling interests |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Goodwill |
||||||||||||
|
|
|
|
|
|
6. |
Short-term investments |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Structured notes |
||||||||||||
Investment in fund |
||||||||||||
|
|
|
|
|
|
|||||||
Total short-term investments |
||||||||||||
|
|
|
|
|
|
7. |
Accounts Receivable |
As of December 31, |
||||||||||||
20 20 |
202 1 |
202 1 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Accounts receivable |
||||||||||||
Less: allowance for doubtful accounts |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Accounts receivable, net |
||||||||||||
|
|
|
|
|
|
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Balance at beginning of year |
( |
) | ( |
) | ( |
) | ||||||
Additions |
( |
) | ( |
) | ||||||||
Write-offs |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at end of year |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
8. |
Prepayments and Other Current Assets |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Other receivables |
||||||||||||
Employee advances |
||||||||||||
Prepaid rents |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Total prepayments and other current assets |
||||||||||||
|
|
|
|
|
|
9. |
Property and Equipment |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Vehicles |
||||||||||||
Electronic equipment |
||||||||||||
Leasehold improvement |
||||||||||||
Furniture |
||||||||||||
Less: Accumulated depreciation |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total property and equipment, net |
||||||||||||
|
|
|
|
|
|
10. |
Leases |
10. |
Leases (continued) |
As of December 31 |
||||||||
2021 |
2021 |
|||||||
RMB |
US$ |
|||||||
2022 |
||||||||
2023 |
||||||||
2024 and after |
||||||||
|
|
|
|
|||||
Total undiscounted cashflows |
||||||||
Less: imputed interest |
||||||||
|
|
|
|
|||||
Present value of lease liabilities |
11. |
Intangible Assets |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Customer relationships |
||||||||||||
Purchased software |
||||||||||||
Technology |
||||||||||||
Less: Accumulated amortization |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total intangible assets, net |
||||||||||||
|
|
|
|
|
|
12. |
Goodwill |
Meituan on-demand delivery |
Bike-sharing maintenance |
Eleme On- demand delivery |
B&B solution |
Housekeeping solution |
Total |
|||||||||||||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
|||||||||||||||||||
Balance as of December 31, 2019 |
— | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Acquisition (Note 5 ) |
— | — | — | |||||||||||||||||||||
Impairment |
— | ( |
) | — | — | — | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance as of December 31, 2020 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Impairment |
— | — | — | — | ( |
) |
( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance as of December 31, 2021 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance as of December 31, 2021, in US$ |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
13. |
Other Non-current Assets |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Rental and industry customer deposits |
||||||||||||
Prepayments |
||||||||||||
Long-term investments |
||||||||||||
Other receivables |
||||||||||||
Total other non-current assets |
||||||||||||
14. |
Accrued Expenses and Other Current Liabilities |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Amounts due to third |
||||||||||||
Income tax payables |
||||||||||||
Other tax payables |
||||||||||||
Salary and welfare payables |
||||||||||||
Deposits received from ride-hailing drivers |
||||||||||||
Purchase consideration payable |
||||||||||||
Others |
||||||||||||
Total |
||||||||||||
15. |
Debt |
Name |
Annual interest rates |
Term |
As of December 31, 2020 |
As of December 31, 2021 |
||||||||||||||||
RMB |
RMB |
US$ |
||||||||||||||||||
Short-term loans |
||||||||||||||||||||
East West Bank |
||||||||||||||||||||
SPD Silicon Valley Bank |
(Floating ) |
|
||||||||||||||||||
Agricultural Bank of China |
% |
|||||||||||||||||||
China Merchants Bank |
% |
|||||||||||||||||||
Yirongxin Commercial Factoring Limited |
||||||||||||||||||||
Long-term debt, current portion |
||||||||||||||||||||
Total |
||||||||||||||||||||
15. |
Debt (continued) |
Annual interest rates |
Term |
As of December 31, 2020 |
As of December 31, 2021 |
|||||||||||||||||
RMB |
RMB |
US$ |
||||||||||||||||||
Long-term debt, current portion |
||||||||||||||||||||
Long-term debt, non-current portion |
||||||||||||||||||||
Total |
||||||||||||||||||||
RMB |
US$ |
|||||||
2022 |
||||||||
2023 |
||||||||
Total |
||||||||
16. |
Other non-current liabilities |
Note |
As of December 31, |
|||||||||||||
2020 |
2021 |
2021 |
||||||||||||
RMB |
RMB |
US$ |
||||||||||||
Unrecognized tax benefit |
1 8 |
|||||||||||||
Contingent consideration, non-current portion |
||||||||||||||
Total |
||||||||||||||
17. |
Share-Based Compensation |
17. |
Share-Based Compensation (continued) |
Number of options |
Weighted Average Exercise price |
Weighted Average grant date fair value |
Aggregate intrinsic value |
Weighted average remaining contractual term |
||||||||||||||||
RMB |
RMB |
RMB |
||||||||||||||||||
Outstanding as of December 31, 2018 |
||||||||||||||||||||
Granted |
||||||||||||||||||||
Forfeited |
( |
) | ||||||||||||||||||
Replaced |
( |
) | ||||||||||||||||||
Outstanding as of December 31, 2019 |
— | |||||||||||||||||||
Outstanding, Vested and expected to vest, and Exercisable as of December 31, 2020 |
— | |||||||||||||||||||
Number of options |
Weighted average exercise price |
Weighted average grant date fair value |
Aggregate intrinsic value |
Weighted average remaining contractual term |
||||||||||||||||
USD |
USD |
USD |
||||||||||||||||||
Outstanding as of December 31, 2018 |
— | |||||||||||||||||||
Granted |
||||||||||||||||||||
Forfeited |
||||||||||||||||||||
Outstanding as of December 31, 2019 |
||||||||||||||||||||
Granted |
||||||||||||||||||||
Forfeited |
||||||||||||||||||||
Outstanding as of December 31, 2020 |
|
|||||||||||||||||||
Granted |
||||||||||||||||||||
Canceled |
( |
) | ||||||||||||||||||
Exercised |
( |
) | ||||||||||||||||||
Forfeited |
||||||||||||||||||||
Outstanding as of December 31, 2021 |
||||||||||||||||||||
Vested and expected to vest as of December 31, 2021 |
||||||||||||||||||||
Exercisable at December 31, 2021 |
17. |
Share-Based Compensation (continued) |
Number of options |
Weighted average exercise price |
Weighted average grant date fair value |
Aggregate intrinsic value |
Weighted Average Remaining Contractual term |
||||||||||||||||
RMB |
RMB |
RMB |
||||||||||||||||||
Outstanding as of December 31, 2018 |
||||||||||||||||||||
Granted |
||||||||||||||||||||
Replaced |
( |
) | ||||||||||||||||||
Outstanding as of December 31, 2019 |
— | |||||||||||||||||||
Outstanding, Vested and expected to vest, and Exercisable as of December 31, 2020 |
||||||||||||||||||||
17. |
Share-Based Compensation (continued) |
Number of options |
Weighted average exercise price |
Weighted average grant date fair value |
Aggregate intrinsic value |
Weighted average remaining contractual term |
||||||||||||||||
USD |
USD |
USD |
||||||||||||||||||
Outstanding as of December 31, 2018 |
— | |||||||||||||||||||
Granted |
||||||||||||||||||||
Forfeited |
||||||||||||||||||||
Outstanding as of December 31, 2019 |
||||||||||||||||||||
Granted |
||||||||||||||||||||
Forfeited |
||||||||||||||||||||
Outstanding as of December 31, 2020 |
||||||||||||||||||||
Granted |
||||||||||||||||||||
Exercised |
( |
) | ||||||||||||||||||
Forfeited |
||||||||||||||||||||
Outstanding as of December 31, 2021 |
||||||||||||||||||||
Vested and expected to vest as of December 31, 2021 |
||||||||||||||||||||
Exercisable as of December 31, 2021 |
17. |
Share-Based Compensation (continued) |
For the year ended December 31, 2019 |
For the year ended December 31, 2020 |
For the year ended December 31, 2021 |
||||||||
Risk-free interest rate |
% |
% |
||||||||
Expected volatility |
% |
% |
||||||||
Suboptimal exercise factor |
||||||||||
Fair value per ordinary share |
USD |
USD |
USD |
|||||||
Expected dividend yield |
% |
% |
||||||||
Post-vesting forfeiture rate |
% |
% |
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
General and administrative |
||||||||||||||||
Cost of revenues |
— | |||||||||||||||
Total share-based compensation expense |
||||||||||||||||
18. |
Income Taxes |
18. |
Income Taxes (continued) |
As of December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Current income tax expens e |
||||||||||||||||
Deferred income tax benefit |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total income tax expense |
||||||||||||||||
|
|
|
|
|
|
|
|
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Net (loss) income before income tax expense |
( |
) | ( |
) | ||||||||||||
Income tax at statutory tax rate |
( |
) | ( |
) | ||||||||||||
International tax rate difference |
( |
) | ||||||||||||||
Effect of preferential tax rates |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Non-deductible expense |
||||||||||||||||
Research and development expense super-deduction |
— | ( |
) | ( |
) | ( |
) | |||||||||
Changes in valuation allowance |
( |
) |
||||||||||||||
Tax rate change |
— | ( |
) | ( |
) | ( |
) | |||||||||
Interest expense |
|
|||||||||||||||
Non-taxable income |
— | ( |
) | — | — | |||||||||||
Unutilized tax loss |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
||||||||||||||||
|
|
|
|
|
|
|
|
18. |
Income Taxes (continued) |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Deferred tax assets: |
||||||||||||
Tax losses carried forward |
||||||||||||
Accrued expense and other current liabilities |
||||||||||||
Amortization and depreciation difference |
||||||||||||
Bad debt provision |
— |
|||||||||||
Impairment of ROU assets |
— | — | ||||||||||
Leasing Liability |
||||||||||||
Prepaid rent |
— |
|||||||||||
Less: valuation allowance |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Deferred tax assets, net |
||||||||||||
|
|
|
|
|
|
|||||||
Deferred tax liabilities: |
||||||||||||
Intangible assets |
||||||||||||
Right-of-use |
||||||||||||
|
|
|
|
|
|
|||||||
Deferred tax liabilities, net |
||||||||||||
|
|
|
|
|
|
18. |
Income Taxes (continued) |
For the year ended December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Balance at January 1 |
||||||||||||
Increase |
||||||||||||
Decrease |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Balance at December 31 |
||||||||||||
|
|
|
|
|
|
19. |
Ordinary Shares |
2 0 . |
(Loss)/Earnings Per Share |
December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Basic (Loss)/Earnings Per Share |
||||||||||||||||
Numerator: |
||||||||||||||||
Net (loss)/income attributable to ordinary shareholders |
( |
) | ( |
) | ( |
) | ||||||||||
Less: Noncumulative dividends to Preferred Shares |
— | ( |
) | — | — | |||||||||||
Net (loss)/income attributable to ordinary shareholders for computing basic (loss)/earnings per ordinary share |
( |
) | ( |
) | ( |
) | ||||||||||
Denominator: |
||||||||||||||||
Weighted average number of shares outstanding |
||||||||||||||||
(Loss)/earnings per share - basic |
( |
) |
( |
) |
( |
) | ||||||||||
December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Diluted (Loss)/Earnings Per Share |
||||||||||||||||
Numerator: |
||||||||||||||||
Net (loss)/income attributable to ordinary shareholders for computing basic (loss)/earnings per ordinary share |
( |
) | ( |
) | ( |
) | ||||||||||
Add: Noncumulative dividends to Preferred Shares |
— | |||||||||||||||
Net (loss)/income attributable to ordinary shareholders for computing diluted (loss)/earnings per ordinary share |
( |
) | ( |
) | ( |
) | ||||||||||
Denominator: |
||||||||||||||||
Weighted average number of shares outstanding |
||||||||||||||||
Dilutive share options |
— | |||||||||||||||
Weighted average number of effect of convertible Preferred Shares |
— | |||||||||||||||
Weighted average ordinary shares issuable in connection with business combination |
— | |||||||||||||||
Weighted average number of shares outstanding- diluted |
||||||||||||||||
(Loss)/earnings per share - diluted |
( |
) |
( |
) |
( |
) | ||||||||||
2 1 . |
Restricted Net Assets |
2 2 . |
Commitments and Contingencies |
2 3 . |
Related Party Transactions |
Names of the related parties |
Relationship with the Company | |
Hainan Huiliu Tianxia Network Technology Co., Ltd. (“Hainan Huiliu”) |
||
Ningbo Nuannuan Network Technology Co., Ltd. (“Ningbo Nuannuan”) |
||
Shenyang Bokai Network Technology Co., Ltd. (“Shenyang Bokai”) |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Amounts due from related parties: |
||||||||||||
Ningbo Nuannuan |
— | — | ||||||||||
Hainan Huiliu |
— | |||||||||||
Total |
||||||||||||
|
|
|
|
|
|
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Amounts due to related parties |
||||||||||||
Shenyang Bokai |
||||||||||||
|
|
|
|
|
|
2 3 . |
Related Party Transactions (continued) |
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Labor recruitment service received from: |
||||||||||||||||
Hainan Huiliu |
|
|
— |
|
— | |||||||||||
Shenyang Bokai |
|
|
— |
|
— | |||||||||||
Total |
|
— |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
2 4 . |
Fair Value Measurement |
2 4 . |
Fair Value Measurement (continued) |
Fair value measurement or disclosure at December 31, 2020 using |
||||||||||||||||||||
Total fair value at December 31, 2020 |
Quoted prices in active market for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total gains (losses) |
||||||||||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
||||||||||||||||
Assets |
||||||||||||||||||||
Short-term investments, structured notes-recurring |
— | — | — | |||||||||||||||||
Short-term investments, alternative investment fund (1) |
— | — | — | |||||||||||||||||
Total |
— |
— |
||||||||||||||||||
Liabilities |
||||||||||||||||||||
Purchase consideration payable |
— | — | — | |||||||||||||||||
Contingent consideration |
— | — | ||||||||||||||||||
Total |
— |
— |
||||||||||||||||||
Fair value measurement or disclosure at December 31, 2021 using |
||||||||||||||||||||
Total fair value at December 31, 2021 |
Quoted prices in active market for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total gains (losses) |
||||||||||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
||||||||||||||||
Assets |
||||||||||||||||||||
Short-term investments, structured notes - recurring |
— |
— |
— |
|||||||||||||||||
Short-term investments, alternative investment fund (1) |
— |
— |
— |
( |
) | |||||||||||||||
Total |
— |
— |
( |
) | ||||||||||||||||
Liabilities |
||||||||||||||||||||
Purchase consideration payables |
— |
— |
— |
|||||||||||||||||
Contingent consideration |
— |
— |
||||||||||||||||||
Total |
— |
— |
||||||||||||||||||
(1) |
Investments are measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the consolidated statements of balance sheets. |
24. |
Fair Value Measurement (continued) |
2 5 . |
Condensed Financial Information of the Parent Company |
As of December 31, |
||||||||||||
2020 |
2021 |
2021 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Assets: |
||||||||||||
Current assets |
||||||||||||
Cash |
||||||||||||
Restricted cash |
||||||||||||
Short-term investments |
||||||||||||
Inter-group balance due from VIE, WFOE and subsidiaries |
||||||||||||
Total current assets |
||||||||||||
Non-current assets |
||||||||||||
Investments in subsidiaries, VIE and VIE’s subsidiaries |
||||||||||||
Total non-current assets |
||||||||||||
Total Assets |
||||||||||||
Shareholders’ equity: |
||||||||||||
Ordinary shares (US$ |
||||||||||||
Additional paid-in capital |
||||||||||||
Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ( |
) | ||||||
Total shareholders’ equity |
||||||||||||
Total liabilities and shareholders’ equity |
||||||||||||
2 5 . |
Condensed Financial Information of the Parent Company (continued) |
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Cost of revenues |
— | ( |
) | |||||||||||||
General and administrative |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Foreign exchange loss /(gain) |
( |
) | ( |
) | ||||||||||||
Other income /( loss ), net |
— | |
( |
) | ( |
) | ||||||||||
Share of (loss)/gain in subsidiaries, the VIE and the VIE’ subsidiaries |
( |
) | ( |
) | ( |
) | ||||||||||
(Loss)/income before income tax |
( |
) |
( |
) |
( |
) | ||||||||||
Income tax expenses |
— | — | ||||||||||||||
Net (loss)/income attributable to ordinary shareholders |
( |
) |
( |
) |
( |
) | ||||||||||
Comprehensive (loss)/income |
( |
) |
( |
) |
( |
) | ||||||||||
For the year ended December 31, |
||||||||||||||||
2019 |
2020 |
2021 |
2021 |
|||||||||||||
RMB |
RMB |
RMB |
US$ |
|||||||||||||
Net (loss)/income |
( |
) | ( |
) | ( |
) | ||||||||||
Share of (loss)/gain in subsidiaries, VIE and VIE’s Subsidiaries |
( |
) | ||||||||||||||
Share-based compensation |
||||||||||||||||
Other income, net |
— | ( |
) | |||||||||||||
Provision for other receivables |
— | |||||||||||||||
Unrealized foreign exchange (gain) loss |
— | |||||||||||||||
Changes in operating assets and liabilities |
— | |||||||||||||||
Net cash used in operating activities |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Net cash used in investing activities |
— |
( |
) |
|||||||||||||
Net cash provided by financing activities |
— |
|||||||||||||||
Effect of exchange rate changes on cash |
( |
) | ( |
) | ( |
) | ||||||||||
Net increase in cash |
( |
) |
( |
) | ||||||||||||
Cash at beginning of the year |
— | |||||||||||||||
Cash at end of the year |
||||||||||||||||
26. |
Subsequent Events |
Exhibit 8.1
List of Principal Subsidiaries and Affiliated Entities of Quhuo Limited
Subsidiaries |
Place of Incorporation | |
Quhuo Investment Limited | BVI | |
Quhuo Technology Investment (Hong Kong) Limited | Hong Kong | |
Beijing Quhuo Information Technology Co., Ltd. | PRC |
Affiliated Entities |
Place of Incorporation | |
Beijing Quhuo Technology Co., Ltd. | PRC | |
Shanghai Quhuo Network Technology Co., Ltd. | PRC | |
Ningbo Xinying Network Technology Co., Ltd. | PRC | |
Nantong Runda Marketing Planning Co., Ltd. | PRC | |
Shanghai Yijida Network Technology Co., Ltd. | PRC | |
Ningbo Desheng Wanchun Network Technology Co., Ltd. | PRC | |
Ningbo Quhuo Network Technology Co., Ltd. | PRC | |
Ningbo Dagong Network Technology Co., Ltd. | PRC | |
Jiangxi Youke Automobile Rental Service Co., Ltd. | PRC | |
Haikou Chengtu Network Technology Co., Ltd | PRC | |
Shenzhen Lailai Information Technology Co., Ltd. | PRC | |
Hainan Xinying Technology Co., Ltd. | PRC | |
Hainan Quhuo Technology Co., Ltd. | PRC |
Exhibit 12.1
Certification by the Principal Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Leslie Yu, certify that:
1. | I have reviewed this annual report on Form 20-F of Quhuo Limited; |
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 companys 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) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; |
(c) | Evaluated the effectiveness of the companys 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 |
(d) | Disclosed in this report any change in the companys 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 companys internal control over financial reporting; and |
5. | The companys other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions): |
(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 companys 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 companys internal control over financial reporting. |
September 9, 2022
By: | /s/ Leslie Yu | |
Name: | Leslie Yu | |
Title: | Chief Executive Officer |
Exhibit 12.2
Certification by the Principal Financial Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Zhen Ba, certify that:
1. | I have reviewed this annual report on Form 20-F of Quhuo Limited; |
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 companys 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) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; |
(c) | Evaluated the effectiveness of the companys 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 |
(d) | Disclosed in this report any change in the companys 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 companys internal control over financial reporting; and |
5. | The companys other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions): |
(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 companys 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 companys internal control over financial reporting. |
September 9, 2022
By: | /s/ Zhen Ba | |
Name: | Zhen Ba | |
Title: | Chief Financial Officer |
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 Quhuo Limited (the Company) on Form 20-F for the year ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Leslie Yu, 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. |
September 9, 2022
By: | /s/ Leslie Yu | |
Name: | Leslie Yu | |
Title: | Chief Executive Officer |
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 Quhuo Limited (the Company) on Form 20-F for the year ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Zhen Ba, Chief Financial 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. |
September 9, 2022
By: | /s/ Zhen Ba | |
Name: | Zhen Ba | |
Title: | Chief Financial Officer |
Exhibit 15.1
中国北京建国门外大街1号国贸写字楼2座 12-14层100004
12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China
电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838
电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com
Private and Confidential
CONSENT LETTER
To: | Quhuo Limited (the Company) |
3rd Floor, Block A, Tonghui Building
No. 1132 Huihe South Street, Chaoyang District
Beijing, 100020
Peoples Republic of China
September 9, 2022
Dear Sirs,
We consent to the references to our firm under the heading ITEM 3. KEY INFORMATION - D. Risk Factors - Risks Related to Our Business and Industry, ITEM 3. KEY INFORMATION - D. Risk Factors - Risks Related to Our Corporate Structure and ITEM 4. INFORMATION ON THE COMPANY - C. Organizational Structure - Our Contractual Arrangements in the Companys Annual Report on Form 20-F for the year ended December 31, 2021 (the Annual Report), which is filed with the Securities and Exchange Commission (the SEC) on September 9, 2022. We also consent to the filing with the SEC of this consent letter 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.
[The remainder of this page is intentionally left blank.]
[Signature Page]
Yours sincerely,
Commerce & Finance Law Offices |
/s/ Commerce & Finance Law Offices |
Exhibit 15.2
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-248884) pertaining to the 2019 Share Incentive Plan of Quhuo Limited of our report dated September 9, 2022, with respect to the consolidated financial statements of Quhuo Limited included in this Annual Report on Form 20-F for the year ended December 31, 2021.
/s/ Ernst & Young Hua Ming LLP
Shanghai, the Peoples Republic of China
September 9, 2022
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