Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Condensed Financial Information

23.PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed balance sheets (in thousands)

	As of December 31,
	2021			2022			2022
	RMB			RMB			US$
ASSETS
Current assets
Cash and cash equivalents		24,500			36,526			5,296
Short-term investments		700,052			20,894			3,029
Amounts due from subsidiaries		8,496		267,947				38,848
Other current assets		1,723			854			124
Total current assets		734,771			326,221			47,297
TOTAL ASSETS		734,771			326,221			47,297
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accrued expenses and other current liabilities		4,133			16,044			2,326
Amounts due to subsidiaries		2,569			—			—
Total current liabilities		6,702			16,044			2,326
TOTAL LIABILITIES		6,702			16,044			2,326
Shareholders’ equity
Class A ordinary shares (US$0.000002 par value per share;    20,000,000,000 and 20,000,000,000 shares authorized as    of December 31, 2021 and 2022, respectively; 299,797,728    and 299,797,728 shares issued as of December 31, 2021 and    2022, 270,054,584 and 269,942,489 shares outstanding as of    December 31, 2021 and 2022, respectively)		3			3			1
Class B ordinary shares (US$0.000002 par value per share;    2,500,000,000 and 2,500,000,000 shares authorized as of    December 31, 2021 and 2022, respectively; 54,543,800 and    54,543,800 shares issued and outstanding as of December 31,    2021 and 2022, respectively)		1			1			—
Additional paid-in capital		13,685,062			13,922,811			2,018,618
Treasury stock		(7,042	)		(20,666	)		(2,997	)
Accumulated deficit		(12,765,713	)		(13,580,086	)		(1,968,928	)
Accumulated other comprehensive loss		(184,242	)		(11,886	)		(1,723	)
TOTAL SHAREHOLDERS’ EQUITY		728,069			310,177			44,971
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY		734,771			326,221			47,297

23.PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONTINUED)

Condensed statements of comprehensive loss (in thousands)

	For the years ended December 31,
	2020			2021			2022			2022
	RMB			RMB			RMB			US$
Operating expenses:
General and administrative expenses		(142,186	)		(271,436	)		(578,473	)		(83,871	)
Total operating expenses		(142,186	)		(271,436	)		(578,473	)		(83,871	)
Loss from operations		(142,186	)		(271,436	)		(578,473	)		(83,871	)
Interest income		7,699			8,611			1,670			242
Interest expenses		(21,334	)		—			—			—
Other expenses		(29,141	)		—			—			—
Changes in fair value of warrant liabilities		11,450			(44,457	)		—			—
Share of losses in subsidiaries		(3,003,402	)		(6,121,777	)		(237,570	)		(34,444	)
Net loss.		(3,176,914	)		(6,429,059	)		(814,373	)		(118,073	)
Accretions of redeemable convertible preferred shares		(320,301	)		(288,380	)		—			—
Net loss attributable to ordinary shareholders		(3,497,215	)		(6,717,439	)		(814,373	)		(118,073	)
Other comprehensive (loss)/income, net of tax of nil:
Foreign currency translation adjustments		(53,370	)		(161,281	)		172,356			24,989
Comprehensive loss.		(3,230,284	)		(6,590,340	)		(642,017	)		(93,084	)
Accretions of redeemable convertible preferred shares		(320,301	)		(288,380	)		—			—
Comprehensive loss attributable to ordinary shareholders.		(3,550,585	)		(6,878,720	)		(642,017	)		(93,084	)

Condensed statements of cash flows (in thousands)

	For the year ended December 31,
	2020			2021			2022			2022
	RMB			RMB			RMB			US$
Net cash generated from/(used in) operating activities		7,564			(4,066	)		(29,541	)		(4,284	)
Net cash (used in)/generated from investing activities		(1,957,689	)		(7,713,202	)		43,166			6,259
Net cash generated from/(used in) financing activities		2,281,673			7,215,688			(16,674	)		(2,417	)
Effect of exchange rate changes on cash and    cash equivalents and restricted cash		(41,844	)		(25,625	)		15,075			2,186
Net increase/(decrease) in cash and cash equivalents		289,704			(527,205	)		12,026			1,744
Cash and cash equivalents at beginning of the year		262,001			551,705			24,500			3,552
Cash and cash equivalents at end of the year.		551,705			24,500			36,526			5,296

(a)Basis of presentation

Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries.

The Company records its investment in its subsidiaries under the equity method of accounting as prescribed in ASC 323-10 Investment-Equity Method and Joint Ventures, such investment is presented on the condensed balance sheets as “Investment in subsidiaries” and share of the subsidiaries’ losses as “Share of losses in subsidiaries” on the condensed statements of comprehensive loss. Under the equity method of accounting, the Company’s carrying amount of its investment in subsidiaries for its share of the subsidiaries cumulative losses were reduced to nil and the carrying amount of “Amounts due from subsidiaries” was further adjusted as of December 31, 2021 and 2022.

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

The Company does not have significant commitments or long-term obligations as of December 31, 2021 and 2022.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Group’s consolidated financial statements.