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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021.

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 .

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report                         

Commission file number: 001-39328

Genetron Holdings Limited

(Exact name of Registrant as specified in its charter)

 

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

1-2/F, Building 11, Zone 1

No.8 Life Science Parkway

Changping District, Beijing, 102206

People’s Republic of China

(Address of principal executive offices)

Sizhen Wang

Chief Executive Officer

Tel: +86 10 5090-7500

E-mail: sizhen.wang@genetronhealth.com

At the address of the Company set forth above

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading

Symbol

    

Name of each exchange

on which registered

American depositary shares, each
ADS representing five ordinary shares, par value
US$0.00002 per share

  

GTH

  

The Nasdaq Stock Market
LLC (The Nasdaq Global Market)

Ordinary shares, par value US$0.00002 per
share*

  

N/A

  

The Nasdaq Stock Market
LLC (The Nasdaq Global Market)

*Not for trading, but only in connection with the listing on the Nasdaq Global Market of American depositary shares.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

 

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

452,807,305 ordinary shares, par value US$0.00002 per share, as of December 31, 2021.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes                  No  

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes                  No  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes                  No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes                  No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer    

Non-accelerated Filer

Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes                  No  

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

 

U.S. GAAP  

 

        International Financial Reporting Standards as issued

 

Other  

 

        by the International Accounting Standards Board  

 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

  Item 17                  Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes                  No  

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes                  No  

 †    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.

Table of Contents

TABLE OF CONTENTS

Page

Introduction

1

Forward-Looking Information

2

Explanatory Note

3

PART I

11

Item 1. Identity of Directors, Senior Management and Advisers

11

Item 2. Offer Statistics and Expected Timetable

11

Item 3. Key Information

11

3.A. [Reserved]

11

3.B. Capitalization and Indebtedness

11

3.C. Reason for the Offer and Use of Proceeds

11

3.D. Risk Factors

11

Item 4. Information on the Company

72

4.A. History and Development of the Company

72

4.B. Business Overview

75

4.C. Organizational Structure

132

4.D. Property, Plants and Equipment

134

Item 4A. Unresolved Staff Comments

134

Item 5. Operating and Financial Review and Prospects

135

5.A. Operating Results

135

5.B. Liquidity and Capital Resources

144

5.C. Research and Development, Patents and Licenses, Etc.

148

5.D. Trend Information

150

5.E. Critical Accounting Estimates

150

Item 6. Directors, Senior Management and Employees

151

6.A. Directors and Senior Management

151

6.B. Compensation

154

6.C. Board Practices

156

6.D. Employees

160

6.E. Share Ownership

160

Item 7. Major Shareholders and Related Party Transactions

164

7.A. Major Shareholders

164

7.B. Related Party Transactions

164

7.C. Interests of Experts and Counsel

164

Item 8. Financial Information

165

8.A. Consolidated Statements and Other Financial Information

165

8.B. Significant Changes

165

Item 9. The Offer and Listing

165

9.A. Offering and Listing Details

165

9.B. Plan of Distribution

165

9.C. Markets

166

9.D. Selling Shareholders

166

9.E. Dilution

166

9.F. Expenses of the Issue

166

Item 10. Additional Information

166

10.A. Share Capital

166

10.B. Memorandum and Articles of Association

166

10.C. Material Contracts

169

10.D. Exchange Controls

170

10.E. Taxation

170

10.F. Dividends and Paying Agents

175

10.G. Statement by Experts

175

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Table of Contents

10.H. Documents on Display

175

10.I. Subsidiary Information

176

Item 11. Quantitative and Qualitative Disclosures About Market Risk

176

Item 12. Description of Securities Other Than Equity Securities

177

12.A. Debt Securities

177

12.B. Warrants and Rights

177

12.C. Other Securities

177

12.D. American Depositary Shares

178

PART II

179

Item 13. Defaults, Dividend Arrearages and Delinquencies

179

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds

179

14.A. – 14.D. Material Modifications to the Rights of Security Holders

179

14.E. Use of Proceeds

179

Item 15. Controls and Procedures

179

Item 16.A. Audit Committee Financial Expert

181

16.B. Code of Ethics

181

16.C. Principal Accountant Fees and Services

181

16.D. Exemptions from the Listing Standards for Audit Committees

182

16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

182

16.F. Change in Registrant’s Certifying Accountant

182

16.G. Corporate Governance

182

16.H. Mine Safety Disclosure

183

16.I. Disclosure Regarding Foreign Jurisdictions that Prevents Inspections

183

PART III

183

Item 17. Financial Statements

183

Item 18. Financial Statements

183

Item 19. Exhibits

184

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Table of Contents

INTRODUCTION

Except where the context otherwise indicates and for the purpose of this annual report only:

“ADSs” refers to the American depositary shares, each representing five of our ordinary shares;
“China” or “PRC” refers to the People’s Republic of China, excluding, for the purpose of this annual report only, Taiwan, Hong Kong and Macau;
“Greater China,” with respect to our collaboration with CStone Pharmaceuticals (Suzhou) Co., Ltd. (“CStone”), refer to Mainland China, Taiwan, Hong Kong and Macau;
“Genetron” refers to Genetron Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands with limited liability;
“IVD” refers to in vitro diagnostics products, including platforms and assays;
“LDT” refers to laboratory developed tests which examine samples taken from the human body, such as body fluids (blood, urine, cerebrospinal fluid, etc.) and tissue, and are conducted in our laboratories.
“ordinary shares” refers to our ordinary shares of par value US$0.00002 per share;
“PRC Subsidiaries” refers to Genetron (Tianjian) Co., Ltd. and Genetron (Wuxi) Business Management Co., Ltd., which are the primary beneficiary of the respective VIE, in the context of describing of their activities;
“RMB” or “Renminbi” refers to the legal currency of the People’s Republic of China;
“US$,” “dollars” or “U.S. dollars” refers to the legal currency of the United States;
“we,” “us,” “our Company,” or “our” refers to Genetron Holdings Limited and its subsidiaries, and, in the context of describing our consolidated financial information, business operations and operating data, its consolidated VIEs and their subsidiaries; and
“variable interest entities,” or “VIEs,” refers to Genetron Health (Beijing) Co., Ltd. and Genetron (Wuxi) Biotech Co., Ltd. in the context of describing their activities and contractual arrangements with us.

We present our financial results in RMB. We make no representation that any RMB or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any particular rate, or at all. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade. This annual report contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi into U.S. dollars were made at the rate at RMB6.3726 to US$1.00, the exchange rate as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System in effect as of December 30, 2021.

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FORWARD-LOOKING INFORMATION

This annual report on Form 20-F contains forward-looking statements that reflect our current expectations and views of future events. All statements other than statements of historical facts are forward-looking statements. These forward-looking statements are made under the “safe harbor” provision under Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. In some cases, you can identify these forward-looking statements by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to:

our goals and growth strategies;
our future business development, results of operations and financial condition;
relevant government policies and regulations relating to our business and industry;
our expectations regarding demand for and market acceptance of our diagnosis services and products, cancer early screening services and our IVD products and our ability to expand our customer base;
our ability to obtain and maintain regulatory approvals from the NMPA, the NCCL and have our laboratory certified or accredited by authorities including the CLIA and the CAP;
our ability to obtain and maintain intellectual property protections for our technologies and our continued research and development to keep pace with technology developments;
impacts of the COVID-19 pandemic;
general economic and business condition in China; and
assumptions underlying or related to any of the foregoing.

We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Item 3. Key Information—3. D. Risk Factors” of this annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or the SEC. Those risks are not exhaustive. We operate in an evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. You should read this annual report and the documents that we reference in this annual report completely and with the understanding that our actual future results may be materially different from what we expect.

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EXPLANATORY NOTE

Investing in our securities involves a high degree of risk. Please carefully consider the risks discussed under the section entitled “Item 3. Key Information—D. Risk Factors” in this annual report. We provide the following disclosure to help investors better understand our corporate structure, operations in China and the associated risks.

As used in this annual report, (i) “we,” “us,” “our Company,” or “our” refers to Genetron Holdings Limited and its subsidiaries, and, in the context of describing our consolidated financial information, business operations and operating data, its consolidated VIEs and their subsidiaries; (ii) Genetron” refers to Genetron Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands with limited liability; (iii) “PRC Subsidiaries” refers to Genetron (Tianjian) Co., Ltd., the primary beneficiary of Genetron Health (Beijing) Co., Ltd., and Genetron (Wuxi) Business Management Co., Ltd., the primary beneficiary of Genetron (Wuxi) Biotech Co., Ltd., in the context of describing of their activities; and (iv) “variable interest entities,” or “VIEs,” refers to Genetron Health (Beijing) Co., Ltd. and Genetron (Wuxi) Biotech Co., Ltd. in the context of describing their activities and contractual arrangements with us. The VIEs primarily conduct operations in China, and the VIEs are consolidated for accounting purposes but are not entities in which we own equity.

Our Corporate Structure and Operation in China

Genetron Holdings Limited is a Cayman Islands holding company. It conducts its operations in China through its PRC subsidiaries, the VIEs, and subsidiaries of the VIEs. To comply with PRC laws and regulations, we established the VIEs, Genetron Health (Beijing) Co., Ltd. (“Genetron Health”) and Genetron (Wuxi) Biotech Co., Ltd., to conduct precision oncology services business activities.

However, we and our direct and indirect subsidiaries do not, and it is virtually impossible for them to, have any equity interests in the VIEs in practice as current PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in the field of technology development and applications relating to human stem cells and genomic diagnosis and treatment. Therefore, we exercise effective control over Genetron Health through contractual arrangements among Genetron (Tianjin) Co., Ltd., Genetron Health and shareholders of Genetron Health; and we exercise effective control over Genetron (Wuxi) Biotech Co., Ltd. through contractual arrangements among Genetron (Wuxi) Business Management Co., Ltd, Genetron (Wuxi) Biotech Co., Ltd. and its shareholders. This structure is also designed to replicate substantially the same economic benefits as would be provided by direct ownership. As a result of these contractual arrangements, our PRC Subsidiaries are the primary beneficiaries of the VIEs and, therefore, we have consolidated the financial results of the VIEs in our consolidated financial statements in accordance with IFRS. For a detailed description about such structure and the relevant contractual arrangements, see “Item 4. Information on the Company—4.C. Organizational Structure.”

The VIEs are owned by certain nominee shareholders, not us. All of these nominee shareholders are also beneficial owners of the Company. Investors in our ADSs are purchasing equity securities of a Cayman Islands holding company rather than equity securities issued by our subsidiaries and the VIEs. Our contractual arrangements with the VIEs and their respective shareholders have not been tested in a court of law in the PRC, and investors who are non-PRC residents may not directly hold equity interests in the VIEs under current PRC laws and regulations. If the PRC government deems that our contractual arrangements with the VIEs do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to material penalties or be forced to relinquish our interests in those operations or otherwise significantly change our corporate structure. We and our investors face significant uncertainty about potential future actions by the PRC government that could affect the legality and enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect our ability to consolidate the financial results of the VIEs and the financial performance of our Company as a whole. Our ADSs may decline in value or become worthless if we are unable to effectively enforce our contractual control rights over the assets and operations of the VIE that conduct a significant portion of our business in China. See “Item 3. Key Information—3.D. Risk Factor—Risks Related to Our Corporate Structure” for detailed discussion.

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Table of Contents

We face various legal and operational risks and uncertainties as a company based in and primarily operating in China. The PRC government has significant authority to exert influence on the ability of a China-based company, like us, to conduct its business, accept foreign investments or be listed on a U.S. stock exchange. For example, we face risks associated with regulatory approvals of offshore offerings, anti-monopoly regulatory actions, cybersecurity and data privacy, as well as the lack of inspection from the U.S. Public Company Accounting Oversight Board, or PCAOB, on our auditor. The PRC government may also intervene with or influence our operations as the government deems appropriate to further regulatory, political and societal goals. The PRC government has recently published new policies that significantly affected our industry and we cannot rule out the possibility that it will in the future further release regulations or policies regarding our industry that could adversely affect our business, financial condition and results of operations. Any such action, once taken by the PRC government, could cause the value of our securities to significantly decline or in extreme cases, become worthless.

Disaggregated Financial Information relating to the VIEs

In 2019, 2020 and 2021, external revenues contributed by the VIEs and their subsidiaries accounted for 100.0%, 100.0% and 99.98%, respectively, of our total revenues. As of December 31, 2020 and 2021, total assets of the VIEs, excluding amounts due from other companies in our group, equaled to 25.6% and 48.9% of our consolidated total assets as of the same dates, respectively.

Set forth below are the condensed consolidating schedule showing the financial position as of December 31, 2020 and 2021, and results of operations and cash flows for the years ended December 31, 2019, 2020 and 2021 for (i) Genetron Holdings Limited (the “Parent”); (ii) the PRC Subsidiaries, which are the primary beneficiaries of the VIEs; (iii) other subsidiaries (excluding the PRC Subsidiaries); (iv) the VIEs and their subsidiaries; (v) eliminating adjustments; and (vi) consolidated totals.

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Table of Contents

As of December 31, 2020

As of December 31, 2021

Other 

PRC 

VIEs and their 

Eliminating 

Consolidated 

Other 

PRC 

VIEs and their 

Eliminating 

Consolidated 

Parent

Subsidiaries

Subsidiaries

subsidiaries

Adjustments

Totals

Parent

Subsidiaries

Subsidiaries

subsidiaries

Adjustments

Totals

Condensed Consolidating Schedule of Financial Position

(RMB in thousands)

(RMB in thousands)

Property, plant and equipment(1)

    

    

687

    

8,857

    

73,106

    

(5,759)

    

76,891

    

    

7,619

    

5,499

    

100,622

    

(3,455)

    

110,285

Right-of-use assets

 

 

 

 

59,706

 

 

59,706

 

 

11,091

 

738

 

40,245

 

 

52,074

Intangible assets

 

 

894

 

 

11,371

 

 

12,265

 

 

2,501

 

1,669

 

16,525

 

 

20,695

Financial assets at fair value through profit or loss

 

 

 

 

19,609

 

 

19,609

 

25,503

 

 

 

24,277

 

 

49,780

Prepayments

 

 

8,663

 

1,339

 

5,360

 

 

15,362

 

19,766

 

4,208

 

5,912

 

7,724

 

 

37,610

Amounts due from Group companies(2)

 

 

759,105

 

732,010

 

 

(1,491,115)

 

 

 

1,360,431

 

1,168,130

 

 

(2,528,561)

 

Investments in subsidiaries and VIEs(3)

 

728,152

 

 

 

 

(728,152)

 

 

1,138,922

 

 

210,000

 

 

(1,348,922)

 

Total non-current assets

 

728,152

 

769,349

 

742,206

 

169,152

 

(2,225,026)

 

183,833

 

1,184,191

 

1,385,850

 

1,391,948

 

189,393

 

(3,880,938)

 

270,444

Inventories(1)

 

 

 

 

26,120

 

(1,149)

 

24,971

 

 

 

477

 

35,700

 

(574)

 

35,603

Trade receivables

 

 

 

 

164,592

 

 

164,592

 

 

 

 

282,113

 

 

282,113

Other receivables and prepayments

 

12,116

 

4,976

 

1,603

 

23,725

 

 

42,420

 

7,170

 

2,037

 

16,455

 

72,233

 

 

97,895

Amounts due from Group companies(2)

 

6,982

 

2,085

 

26,715

 

530

 

(36,312)

 

 

6,713

 

 

65,056

 

3,890

 

(75,659)

 

Amounts due from other related parties

 

 

 

 

 

 

 

 

 

 

597

 

 

597

Financial assets at fair value through profit or loss

 

31,953

 

 

29,109

 

79,232

 

 

140,294

 

91,562

 

 

9,924

 

49,957

 

 

151,443

Cash and cash equivalents

 

941,541

 

33,115

 

395,055

 

6,055

 

 

1,375,766

 

44,691

 

243,756

 

273,949

 

76,646

 

 

639,042

Other current assets

 

196

 

 

2,308

 

35,518

 

 

38,022

 

 

 

5,091

 

35,391

 

 

40,482

Total current assets

 

992,788

 

40,176

 

454,790

 

335,772

 

(37,461)

 

1,786,065

 

150,136

 

245,793

 

370,952

 

556,527

 

(76,233)

 

1,247,175

Total assets

 

1,720,940

 

809,525

 

1,196,996

 

504,924

 

(2,262,487)

 

1,969,898

 

1,334,327

 

1,631,643

 

1,762,900

 

745,920

 

(3,957,171)

 

1,517,619

Borrowings

 

 

 

 

5,493

 

 

5,493

 

 

 

 

 

 

Lease liabilities

 

 

 

 

43,016

 

 

43,016

 

 

9,587

 

 

24,278

 

 

33,865

Deficit in subsidiaries and VIEs(3)

 

 

79,859

 

504,657

 

 

(584,516)

 

 

 

269,229

 

924,376

 

 

(1,193,605)

 

Amounts due to Group companies(2)

 

 

 

759,105

 

732,010

 

(1,491,115)

 

 

75,457

 

 

1,074,974

 

1,378,130

 

(2,528,561)

 

Other non-current liabilities

 

 

 

 

 

 

 

 

 

8,612

 

 

 

8,612

Total non-current liabilities

 

 

79,859

 

1,263,762

 

780,519

 

(2,075,631)

 

48,509

 

75,457

 

278,816

 

2,007,962

 

1,402,408

 

(3,722,166)

 

42,477

Trade payables

 

 

284

 

5,736

 

28,051

 

 

34,071

 

 

 

8,016

 

47,751

 

 

55,767

Other payables and accruals

 

27,838

 

1,230

 

449

 

81,647

 

 

111,164

 

51,837

 

1,655

 

4,041

 

99,699

 

 

157,232

Amounts due to Group companies(2)

 

533

 

 

 

35,779

 

(36,312)

 

 

1,442

 

 

2,448

 

71,680

 

(75,570)

 

Borrowings

 

 

 

 

58,583

 

 

58,583

 

 

 

 

19,554

 

 

19,554

Lease liabilities

 

 

 

 

16,585

 

 

16,585

 

 

2,161

 

711

 

17,700

 

 

20,572

Other current liabilities

 

24

 

 

 

8,417

 

 

8,441

 

 

 

461

 

11,504

 

 

11,965

Total current liabilities

 

28,395

 

1,514

 

6,185

 

229,062

 

(36,312)

 

228,844

 

53,279

 

3,816

 

15,677

 

267,888

 

(75,570)

 

265,090

Total liabilities

 

28,395

 

81,373

 

1,269,947

 

1,009,581

 

(2,111,943)

 

277,353

 

128,736

 

282,632

 

2,023,639

 

1,670,296

 

(3,797,736)

 

307,567

Total shareholders’ equity/(deficit)

 

1,692,545

 

728,152

 

(72,951)

 

(504,657)

 

(150,544)

 

1,692,545

 

1,205,591

 

1,349,011

 

(260,739)

 

(924,376)

 

(163,896)

 

1,205,591

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

4,461

 

4,461

Total equity and liabilities

 

1,720,940

 

809,525

 

1,196,996

 

504,924

 

(2,262,487)

 

1,969,898

 

1,334,327

 

1,631,643

 

1,762,900

 

745,920

 

(3,957,171)

 

1,517,619

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For the year ended December 31, 2019

For the year ended December 31, 2020

For the year ended December 31, 2021

VIEs and 

VIEs and 

VIEs and 

Other 

PRC 

their 

Eliminating 

Consolidated 

Other 

PRC 

their 

Eliminating 

Consolidated 

Other 

PRC 

their 

Eliminating 

Consolidated 

Parent

Subsidiaries

Subsidiaries

subsidiaries

Adjustments

Totals

Parent

Subsidiaries

Subsidiaries

subsidiaries

Adjustments

Totals

Parent

Subsidiaries

Subsidiaries

subsidiaries

Adjustments

Totals

Condensed Consolidating Schedule of Results of Operations

(RMB in thousands)

(RMB in thousands)

(RMB in thousands)

Total revenue(1)

  

  

  

16,313

  

323,425

  

(16,313)

  

323,425

  

  

  

45,034

  

424,485

  

(45,034)

  

424,485

  

  

  

46,228

  

534,111

  

(48,389)

  

531,950

Total cost of revenue and expenses

 

(18,199)

 

(27)

 

(20,409)

 

(618,922)

 

16,698

 

(640,859)

 

(19,480)

 

(5,357)

 

(60,641)

 

(647,255)

 

46,189

 

(686,544)

 

(51,124)

 

(26,089)

 

(73,290)

 

(918,859)

 

51,267

 

(1,018,095)

Equity method on loss of subsidiaries(3)

 

(416,121)

 

(418,391)

 

(406,239)

 

 

1,240,751

 

 

(225,796)

 

(258,868)

 

(236,102)

 

 

720,766

 

 

(445,020)

 

(445,998)

 

(425,411)

 

 

1,316,429

 

Financial instruments with preferred shares

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

-loss on fair value changes

 

(208,869)

 

 

 

(124,532)

 

 

(333,401)

 

(2,823,370)

 

 

 

 

 

(2,823,370)

 

 

 

 

 

 

-other loss

 

(26,542)

 

 

 

 

 

(26,542)

 

 

 

 

 

 

 

 

 

 

 

 

Others-net

 

(6,303)

 

2,297

 

7

 

13,790

 

(8,448)

 

1,343

 

(397)

 

38,429

 

(8,314)

 

(13,332)

 

 

16,386

 

(94)

 

27,067

 

(2,763)

 

(40,663)

 

 

(16,453)

Loss before income tax

 

(676,034)

 

(416,121)

 

(410,328)

 

(406,239)

 

1,232,688

 

(676,034)

 

(3,069,043)

 

(225,796)

 

(260,023)

 

(236,102)

 

721,921

 

(3,069,043)

 

(496,238)

 

(445,020)

 

(455,236)

 

(425,411)

 

1,319,307

 

(502,598)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss for the year

 

(676,034)

 

(416,121)

 

(410,328)

 

(406,239)

 

1,232,688

 

(676,034)

 

(3,069,043)

 

(225,796)

 

(260,023)

 

(236,102)

 

721,921

 

(3,069,043)

 

(496,238)

 

(445,020)

 

(455,236)

 

(425,411)

 

1,319,307

 

(502,598)

Owners of the Company

 

(676,034)

 

(416,121)

 

(410,328)

 

(406,239)

 

1,232,688

 

(676,034)

 

(3,069,043)

 

(225,796)

 

(260,023)

 

(236,102)

 

721,921

 

(3,069,043)

 

(496,238)

 

(445,020)

 

(455,236)

 

(425,411)

 

1,325,667

 

(496,238)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,360)

 

(6,360)

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Table of Contents

For the year ended December 31, 2019

For the year ended December 31, 2020

For the year ended December 31, 2021

VIEs and 

VIEs and 

VIEs and 

Other 

PRC 

their 

Eliminating 

Consolidated 

Other 

PRC 

their 

Eliminating 

Consolidated 

Other 

PRC 

their 

Eliminating 

Consolidated 

  

Parent

  

Subsidiaries

  

Subsidiaries

  

subsidiaries

  

Adjustments

  

Totals

  

Parent

  

Subsidiaries

  

Subsidiaries

  

subsidiaries

  

Adjustments

  

Totals

  

Parent

  

Subsidiaries

  

Subsidiaries

  

subsidiaries

  

Adjustments

  

Totals

Condensed Consolidating Schedule of Cash Flows

(RMB in thousands)

(RMB in thousands)

(RMB in thousands)

Net cash (used in)/generated from operating activities

(10,805)

(26)

5,942

(192,068)

(196,957)

(36,241)

(12,459)

(55,603)

(196,594)

(300,897)

(35,706)

(18,256)

(64,272)

(405,910)

(524,144)

Investment in subsidiaries(3)

 

(231,062)

 

(21,159)

 

 

 

252,221

 

 

(1,006,010)

 

(438,036)

 

 

 

1,444,046

 

 

(886,610)

 

(258,607)

 

(210,000)

 

 

1,355,217

 

Loans to Group companies(4)

 

 

(212,200)

 

(232,586)

 

 

444,786

 

 

 

(546,384)

 

(499,424)

 

 

1,045,808

 

 

 

(1,371,357)

 

(718,600)

 

 

2,089,957

 

Repayments of loans from Group companies(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

770,000

 

282,480

 

 

(1,052,480)

 

Other investing activities

 

 

 

 

(96,807)

 

 

(96,807)

 

(34,323)

 

(9,489)

 

(31,614)

 

(9,223)

 

 

(84,649)

 

(91,931)

 

(5,154)

 

13,509

 

(52,699)

 

 

(136,275)

Net cash (used in)/ generated from investing activities

 

(231,062)

 

(233,359)

 

(232,586)

 

(96,807)

 

697,007

 

(96,807)

 

(1,040,333)

 

(993,909)

 

(531,038)

 

(9,223)

 

2,489,854

 

(84,649)

 

(978,541)

 

(865,118)

 

(632,611)

 

(52,699)

 

2,392,694

 

(136,275)

Capital contribution from Group companies(3)

 

 

231,062

 

21,159

 

 

(252,221)

 

 

 

1,006,010

 

438,036

 

 

(1,444,046)

 

 

 

1,096,610

 

258,607

 

 

(1,355,217)

 

Proceeds from loans from Group companies(4)

 

 

 

212,200

 

232,586

 

(444,786)

 

 

 

 

546,384

 

499,424

 

(1,045,808)

 

 

75,457

 

 

1,085,900

 

928,600

 

(2,089,957)

 

Repayments of loans from Group companies(4)