rere-20f_20211231.htm
false FY 0001838957 true true http://fasb.org/us-gaap/2021-01-31#OtherAssetsNoncurrent http://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesAndOtherLiabilities true true 2018 2019 http://fasb.org/us-gaap/2021-01-31#LongTermDebtNoncurrent P1Y P1Y P1Y P2Y 2018-06-30 P1Y P1Y http://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesAndOtherLiabilities 63902000 2.65 5000000 2.65 138688000 2.65 192122000 10.83 22917000 12.74 101340000 17.84 45000000 0.70 20115000 17.84 75000000 17.84 241341000 19.43 168000000 0.21 2.65 0.4598 0.4728 0.4847 0.0167 0.0066 0.0135 2.2 2.2 2.2 24.37 36.02 40.61 23.68 35.37 39.98 0.4655 0.4809 0.4870 0.0241 0.0092 0.0162 2.8 2.8 2.8 39.06 47.16 109.73 38.40 46.53 109.10 P7Y1M28D P6Y4M17D P7Y14D P5Y6M21D P0Y P2Y5M15D P2Y2M4D http://fasb.org/us-gaap/2021-01-31#OtherAssetsNoncurrent http://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesAndOtherLiabilities 0001838957 2021-01-01 2021-12-31 0001838957 dei:BusinessContactMember 2021-01-01 2021-12-31 0001838957 rere:AmericanDepositarySharesMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonClassAMember 2021-01-01 2021-12-31 xbrli:shares 0001838957 us-gaap:CommonClassAMember 2021-12-31 0001838957 us-gaap:CommonClassBMember 2021-12-31 0001838957 us-gaap:CommonClassCMember 2021-12-31 iso4217:CNY 0001838957 2020-12-31 0001838957 2021-12-31 iso4217:USD 0001838957 us-gaap:ShortTermInvestmentsMember 2020-12-31 0001838957 us-gaap:ShortTermInvestmentsMember 2021-12-31 0001838957 rere:LongTermInvestmentsMember 2021-12-31 iso4217:USD xbrli:shares 0001838957 rere:SeriesAConvertibleRedeemablePreferredSharesMember 2020-12-31 0001838957 rere:SeriesBConvertibleRedeemablePreferredSharesMember 2020-12-31 0001838957 rere:SeriesCConvertibleRedeemablePreferredSharesMember 2020-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember 2020-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember 2020-12-31 0001838957 rere:SeriesAConvertibleRedeemablePreferredSharesMember 2021-12-31 0001838957 rere:SeriesBConvertibleRedeemablePreferredSharesMember 2021-12-31 0001838957 rere:SeriesCConvertibleRedeemablePreferredSharesMember 2021-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember 2021-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember 2021-12-31 0001838957 us-gaap:ProductMember 2019-01-01 2019-12-31 0001838957 us-gaap:ProductMember 2020-01-01 2020-12-31 0001838957 us-gaap:ProductMember 2021-01-01 2021-12-31 0001838957 us-gaap:ServiceMember 2019-01-01 2019-12-31 0001838957 us-gaap:ServiceMember 2020-01-01 2020-12-31 0001838957 us-gaap:ServiceMember 2021-01-01 2021-12-31 0001838957 2019-01-01 2019-12-31 0001838957 2020-01-01 2020-12-31 iso4217:CNY xbrli:shares 0001838957 us-gaap:CommonStockMember 2018-12-31 0001838957 us-gaap:RetainedEarningsMember 2018-12-31 0001838957 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001838957 2018-12-31 0001838957 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001838957 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-12-31 0001838957 us-gaap:CommonStockMember 2019-12-31 0001838957 us-gaap:RetainedEarningsMember 2019-12-31 0001838957 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001838957 2019-12-31 0001838957 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001838957 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0001838957 us-gaap:CommonStockMember 2020-12-31 0001838957 us-gaap:RetainedEarningsMember 2020-12-31 0001838957 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001838957 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonStockMember us-gaap:IPOMember us-gaap:CommonClassAMember 2021-01-01 2021-12-31 0001838957 us-gaap:AdditionalPaidInCapitalMember us-gaap:IPOMember 2021-01-01 2021-12-31 0001838957 us-gaap:IPOMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonStockMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonStockMember us-gaap:CommonClassCMember 2021-01-01 2021-12-31 0001838957 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0001838957 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2021-12-31 0001838957 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2021-12-31 0001838957 us-gaap:CommonStockMember us-gaap:CommonClassCMember 2021-12-31 0001838957 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001838957 us-gaap:RetainedEarningsMember 2021-12-31 0001838957 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001838957 us-gaap:CommonStockMember 2021-12-31 0001838957 rere:AiHuiShouInternationalCompanyLimitedMember srt:SubsidiariesMember 2021-01-01 2021-12-31 0001838957 rere:ShanghaiAihuiTradingCompanyLimitedMember srt:SubsidiariesMember 2021-01-01 2021-12-31 0001838957 rere:AHSDeviceHongKongLimitedMember srt:SubsidiariesMember 2021-01-01 2021-12-31 0001838957 rere:ShanghaiYueyeeNetworkInformationTechnologyCompanyLimitedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-01-01 2021-12-31 0001838957 rere:ShanghaiYueyiNetworkInformationTechnologyCompanyLimitedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-01-01 2021-12-31 0001838957 rere:ChangzhouYueyiNetworkInformationTechnologyCompanyLimitedMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-01-01 2021-12-31 xbrli:pure 0001838957 rere:AiHuiShouInternationalCompanyLimitedMember srt:SubsidiariesMember 2021-12-31 0001838957 rere:ShanghaiAihuiTradingCompanyLimitedMember srt:SubsidiariesMember 2021-12-31 0001838957 rere:AHSDeviceHongKongLimitedMember srt:SubsidiariesMember 2021-12-31 0001838957 srt:SubsidiariesMember rere:ShanghaiAihuiTradingCompanyLimitedMember 2020-01-01 2020-12-31 0001838957 srt:SubsidiariesMember rere:ShanghaiAihuiTradingCompanyLimitedMember 2019-01-01 2019-12-31 0001838957 rere:VariableInterestEntityMember 2020-12-31 0001838957 rere:VariableInterestEntityMember 2021-12-31 0001838957 rere:VariableInterestEntityMember 2019-01-01 2019-12-31 0001838957 rere:VariableInterestEntityMember 2020-01-01 2020-12-31 0001838957 rere:VariableInterestEntityMember 2021-01-01 2021-12-31 0001838957 rere:VariableInterestEntityAndSubsidiariesMember 2019-01-01 2019-12-31 0001838957 rere:VariableInterestEntityAndSubsidiariesMember 2020-01-01 2020-12-31 0001838957 rere:VariableInterestEntityAndSubsidiariesMember 2021-01-01 2021-12-31 0001838957 rere:VariableInterestEntityAndSubsidiariesMember 2021-12-31 0001838957 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001838957 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001838957 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001838957 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001838957 us-gaap:InvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001838957 us-gaap:InvestmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001838957 us-gaap:FairValueMeasurementsNonrecurringMember 2019-01-01 2019-12-31 0001838957 us-gaap:FairValueMeasurementsNonrecurringMember 2020-01-01 2020-12-31 0001838957 us-gaap:FairValueMeasurementsNonrecurringMember 2021-01-01 2021-12-31 0001838957 us-gaap:FairValueInputsLevel2Member 2021-01-01 2021-12-31 0001838957 us-gaap:FairValueInputsLevel3Member 2019-01-01 2019-12-31 0001838957 us-gaap:FairValueInputsLevel3Member 2020-01-01 2020-12-31 0001838957 us-gaap:FairValueInputsLevel3Member 2021-01-01 2021-12-31 0001838957 2021-12-30 2021-12-30 0001838957 us-gaap:MachineryAndEquipmentMember srt:MinimumMember 2021-01-01 2021-12-31 0001838957 us-gaap:MachineryAndEquipmentMember srt:MaximumMember 2021-01-01 2021-12-31 0001838957 rere:ElectronicEquipmentMember 2021-01-01 2021-12-31 0001838957 us-gaap:LeaseholdImprovementsMember 2021-01-01 2021-12-31 0001838957 us-gaap:FurnitureAndFixturesMember 2021-01-01 2021-12-31 0001838957 us-gaap:VehiclesMember 2021-01-01 2021-12-31 0001838957 us-gaap:SoftwareDevelopmentMember srt:MinimumMember 2021-01-01 2021-12-31 0001838957 us-gaap:SoftwareDevelopmentMember srt:MaximumMember 2021-01-01 2021-12-31 0001838957 us-gaap:TrademarksMember 2021-01-01 2021-12-31 0001838957 us-gaap:ContractualRightsMember srt:MinimumMember 2021-01-01 2021-12-31 0001838957 us-gaap:ContractualRightsMember srt:MaximumMember 2021-01-01 2021-12-31 0001838957 us-gaap:TechnologyBasedIntangibleAssetsMember 2021-01-01 2021-12-31 0001838957 us-gaap:NoncompeteAgreementsMember 2021-01-01 2021-12-31 0001838957 srt:MaximumMember 2021-12-31 0001838957 srt:MinimumMember 2021-01-01 2021-12-31 0001838957 rere:OnlineProductMember 2019-01-01 2019-12-31 0001838957 rere:OnlineProductMember 2020-01-01 2020-12-31 0001838957 rere:OnlineProductMember 2021-01-01 2021-12-31 0001838957 us-gaap:ProductMember rere:OfflineChannelMember 2019-01-01 2019-12-31 0001838957 us-gaap:ProductMember rere:OfflineChannelMember 2020-01-01 2020-12-31 0001838957 us-gaap:ProductMember rere:OfflineChannelMember 2021-01-01 2021-12-31 0001838957 us-gaap:ServiceMember us-gaap:SalesChannelThroughIntermediaryMember 2019-01-01 2019-12-31 0001838957 us-gaap:ServiceMember us-gaap:SalesChannelThroughIntermediaryMember 2020-01-01 2020-12-31 0001838957 us-gaap:ServiceMember us-gaap:SalesChannelThroughIntermediaryMember 2021-01-01 2021-12-31 0001838957 us-gaap:ServiceMember us-gaap:SalesChannelDirectlyToConsumerMember 2019-01-01 2019-12-31 0001838957 us-gaap:ServiceMember us-gaap:SalesChannelDirectlyToConsumerMember 2020-01-01 2020-12-31 0001838957 us-gaap:ServiceMember us-gaap:SalesChannelDirectlyToConsumerMember 2021-01-01 2021-12-31 0001838957 us-gaap:ServiceMember rere:SalesChannelThroughOtherMember 2019-01-01 2019-12-31 0001838957 us-gaap:ServiceMember rere:SalesChannelThroughOtherMember 2020-01-01 2020-12-31 0001838957 us-gaap:ServiceMember rere:SalesChannelThroughOtherMember 2021-01-01 2021-12-31 0001838957 us-gaap:SalesChannelDirectlyToConsumerMember 2021-01-01 2021-12-31 0001838957 us-gaap:ProductMember rere:MainlandChinaMember 2019-01-01 2019-12-31 0001838957 us-gaap:ProductMember rere:MainlandChinaMember 2020-01-01 2020-12-31 0001838957 us-gaap:ProductMember rere:MainlandChinaMember 2021-01-01 2021-12-31 0001838957 us-gaap:ProductMember country:HK 2019-01-01 2019-12-31 0001838957 us-gaap:ProductMember country:HK 2020-01-01 2020-12-31 0001838957 us-gaap:ProductMember country:HK 2021-01-01 2021-12-31 0001838957 us-gaap:ProductMember rere:OtherMember 2019-01-01 2019-12-31 0001838957 us-gaap:ProductMember rere:OtherMember 2020-01-01 2020-12-31 0001838957 us-gaap:ProductMember rere:OtherMember 2021-01-01 2021-12-31 0001838957 us-gaap:ServiceMember rere:MainlandChinaMember 2019-01-01 2019-12-31 0001838957 us-gaap:ServiceMember rere:MainlandChinaMember 2020-01-01 2020-12-31 0001838957 us-gaap:ServiceMember rere:MainlandChinaMember 2021-01-01 2021-12-31 0001838957 us-gaap:ServiceMember country:HK 2019-01-01 2019-12-31 0001838957 us-gaap:ServiceMember country:HK 2020-01-01 2020-12-31 0001838957 us-gaap:ServiceMember country:HK 2021-01-01 2021-12-31 0001838957 us-gaap:AccountingStandardsUpdate201602Member 2021-12-31 0001838957 2021-01-01 rere:customer 0001838957 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember rere:CustomersMember 2021-01-01 2021-12-31 rere:Segment 0001838957 us-gaap:AccountingStandardsUpdate201613Member 2021-12-31 0001838957 rere:PaipaiMarketplaceMember 2019-06-03 2019-06-03 0001838957 rere:PaipaiMarketplaceMember rere:SeriesEConvertibleRedeemablePreferredSharesMember 2019-06-03 2019-06-03 0001838957 rere:PaipaiMarketplaceMember us-gaap:ContractualRightsMember 2019-06-03 0001838957 rere:PaipaiMarketplaceMember us-gaap:TrademarksMember 2019-06-03 0001838957 rere:PaipaiMarketplaceMember us-gaap:NoncompeteAgreementsMember 2019-06-03 0001838957 rere:PaipaiMarketplaceMember us-gaap:TechnologyBasedIntangibleAssetsMember 2019-06-03 0001838957 rere:PaipaiMarketplaceMember 2019-06-03 0001838957 rere:PaipaiMarketplaceMember srt:MinimumMember us-gaap:ContractualRightsMember 2019-06-03 2019-06-03 0001838957 rere:PaipaiMarketplaceMember us-gaap:ContractualRightsMember srt:MaximumMember 2019-06-03 2019-06-03 0001838957 rere:PaipaiMarketplaceMember us-gaap:TrademarksMember 2019-06-03 2019-06-03 0001838957 rere:PaipaiMarketplaceMember us-gaap:NoncompeteAgreementsMember 2019-06-03 2019-06-03 0001838957 rere:PaipaiMarketplaceMember us-gaap:TechnologyBasedIntangibleAssetsMember 2019-06-03 2019-06-03 0001838957 rere:SeriesFConvertibleRedeemablePreferredSharesMember rere:CosmicBlueInvestmentsLimitedMember 2021-05-25 2021-05-25 0001838957 rere:AccessRightsMember rere:CosmicBlueInvestmentsLimitedMember 2021-05-25 0001838957 rere:AccessRightsMember rere:CosmicBlueInvestmentsLimitedMember 2021-05-25 2021-05-25 0001838957 rere:OtherAdvertisingResourcesMember rere:CosmicBlueInvestmentsLimitedMember 2021-05-25 0001838957 us-gaap:MachineryAndEquipmentMember 2020-12-31 0001838957 us-gaap:MachineryAndEquipmentMember 2021-12-31 0001838957 rere:ElectronicEquipmentMember 2020-12-31 0001838957 rere:ElectronicEquipmentMember 2021-12-31 0001838957 us-gaap:LeaseholdImprovementsMember 2020-12-31 0001838957 us-gaap:LeaseholdImprovementsMember 2021-12-31 0001838957 us-gaap:FurnitureAndFixturesMember 2020-12-31 0001838957 us-gaap:FurnitureAndFixturesMember 2021-12-31 0001838957 us-gaap:VehiclesMember 2020-12-31 0001838957 us-gaap:VehiclesMember 2021-12-31 0001838957 us-gaap:SoftwareDevelopmentMember 2020-12-31 0001838957 us-gaap:SoftwareDevelopmentMember 2021-12-31 0001838957 us-gaap:ContractualRightsMember 2020-12-31 0001838957 us-gaap:ContractualRightsMember 2021-12-31 0001838957 us-gaap:TrademarksMember 2020-12-31 0001838957 us-gaap:TrademarksMember 2021-12-31 0001838957 us-gaap:NoncompeteAgreementsMember 2020-12-31 0001838957 us-gaap:NoncompeteAgreementsMember 2021-12-31 0001838957 us-gaap:TechnologyBasedIntangibleAssetsMember 2020-12-31 0001838957 us-gaap:TechnologyBasedIntangibleAssetsMember 2021-12-31 0001838957 rere:QingdaoQingleVentureCapitalPartnershipQingleMember 2020-12-31 0001838957 rere:QingdaoQingleVentureCapitalPartnershipQingleMember 2021-12-31 0001838957 rere:NantongWanwuchuangxinVentureCapitalPartnershipMember 2021-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCOLtdMember 2021-12-31 0001838957 rere:OtherEquityMethodInvestmentsMember 2020-12-31 0001838957 rere:OtherEquityMethodInvestmentsMember 2021-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCOLtdMember 2020-12-31 0001838957 rere:AiFenLeiGlobalCoLtdMember 2020-12-31 0001838957 rere:AiFenLeiGlobalCoLtdMember 2021-12-31 0001838957 rere:OtherEquitySecuritiesWithoutReadilyDeterminableFairValuesMember 2020-12-31 0001838957 rere:OtherEquitySecuritiesWithoutReadilyDeterminableFairValuesMember 2021-12-31 0001838957 rere:ChinaDynamicFundISPMember 2021-12-31 0001838957 rere:QingdaoQingleVentureCapitalPartnershipQingleMember 2021-01-01 2021-12-31 0001838957 rere:QingdaoQingleVentureCapitalPartnershipQingleMember 2020-01-01 2020-12-31 0001838957 rere:NantongWanwuchuangxinVentureCapitalPartnershipMember 2021-11-30 0001838957 rere:JinsongMember 2017-09-30 0001838957 rere:JinsongMember 2019-12-31 0001838957 rere:JinsongMember 2021-07-31 0001838957 rere:JinsongMember 2021-12-31 0001838957 rere:JinsongMember 2021-01-01 2021-12-31 0001838957 rere:JinsongMember 2021-11-30 0001838957 rere:JinsongMember 2021-11-01 2021-11-30 0001838957 rere:AiFenLeiGlobalCoLtdMember 2019-07-31 0001838957 rere:AiFenLeiGlobalCoLtdMember 2021-01-01 2021-12-31 0001838957 rere:MeasurementInputForAlternativeInvestmentsMember 2019-01-01 2019-12-31 0001838957 rere:MeasurementInputForAlternativeInvestmentsMember 2020-01-01 2020-12-31 0001838957 rere:MeasurementInputForAlternativeInvestmentsMember 2021-01-01 2021-12-31 0001838957 rere:CreditFacilityAgreementsMember 2020-01-01 2020-12-31 0001838957 rere:CreditFacilityAgreementsMember 2021-01-01 2021-12-31 0001838957 rere:CreditFacilityAgreementsMember 2020-12-31 0001838957 rere:CreditFacilityAgreementsMember 2021-12-31 0001838957 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember 2020-12-31 0001838957 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember 2021-12-31 0001838957 us-gaap:RevolvingCreditFacilityMember 2021-01-01 2021-12-31 0001838957 rere:BankBorrowingsMember 2020-01-01 2020-12-31 0001838957 rere:BankBorrowingsMember 2021-01-01 2021-12-31 0001838957 rere:USDollarDenominatedLoanMember 2020-01-01 2020-12-31 0001838957 rere:USDollarDenominatedLoanMember 2020-12-31 0001838957 rere:USDollarDenominatedLoanMember 2021-12-31 0001838957 rere:USDollarDenominatedLoanMember 2021-01-01 2021-12-31 0001838957 rere:USLoanAgreementMember us-gaap:CommercialLoanMember 2020-01-01 2020-12-31 0001838957 rere:USLoanAgreementMember 2020-01-01 2020-12-31 0001838957 rere:USLoanAgreementMember 2021-01-01 2021-12-31 0001838957 rere:USLoanAgreementMember 2020-12-31 0001838957 rere:PreOwnedConsumerElectronicProductsMember 2021-01-01 2021-12-31 0001838957 us-gaap:StateAdministrationOfTaxationChinaMember 2021-01-01 2021-12-31 0001838957 rere:OtherProductsMember us-gaap:StateAdministrationOfTaxationChinaMember 2021-01-01 2021-12-31 0001838957 us-gaap:ServiceMember us-gaap:StateAdministrationOfTaxationChinaMember 2021-01-01 2021-12-31 0001838957 us-gaap:InlandRevenueHongKongMember 2021-01-01 2021-12-31 iso4217:HKD 0001838957 us-gaap:StateAdministrationOfTaxationChinaMember rere:ShanghaiYueyeeNetworkInformationTechnologyCompanyLimitedMember rere:TwoThousandEighteenToTwoThousandTwentyMember 2018-01-01 2018-12-31 0001838957 us-gaap:StateAdministrationOfTaxationChinaMember rere:ShanghaiYueyeeNetworkInformationTechnologyCompanyLimitedMember rere:TwoThousandTwentyOneToTwoThousandTwentyThreeMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonClassBMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonClassCMember 2021-01-01 2021-12-31 0001838957 us-gaap:CommonClassAMember 2021-06-01 2021-06-30 0001838957 us-gaap:CommonClassAMember 2021-06-30 0001838957 us-gaap:CommonClassBMember 2021-06-30 0001838957 us-gaap:ConvertibleDebtMember rere:TwoThousandSixteenNotesMember rere:ShanghaiYueyeeNetworkInformationTechnologyCompanyLimitedMember 2016-11-28 0001838957 us-gaap:ConvertibleDebtMember rere:TwoThousandSixteenNotesMember rere:ShanghaiYueyeeNetworkInformationTechnologyCompanyLimitedMember 2016-11-28 2016-11-28 0001838957 us-gaap:ConvertibleDebtMember rere:TwoThousandSixteenNotesMember rere:ShanghaiYueyeeNetworkInformationTechnologyCompanyLimitedMember rere:SeriesCThreeConvertibleRedeemablePreferredSharesMember 2016-11-28 0001838957 us-gaap:ConvertibleDebtMember rere:TwoThousandSixteenNotesMember rere:ShanghaiYueyeeNetworkInformationTechnologyCompanyLimitedMember 2018-01-01 2018-12-31 0001838957 us-gaap:ConvertibleDebtMember rere:TwoThousandSixteenNotesMember rere:ShanghaiYueyeeNetworkInformationTechnologyCompanyLimitedMember rere:SeriesCThreeConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001838957 us-gaap:ConvertibleDebtMember rere:TwoThousandSixteenNotesMember rere:ShanghaiYueyeeNetworkInformationTechnologyCompanyLimitedMember rere:SeriesCConvertibleRedeemablePreferredSharesMember 2021-01-01 2021-12-31 0001838957 rere:SeriesAConvertibleRedeemablePreferredSharesMember 2018-12-31 0001838957 rere:SeriesBConvertibleRedeemablePreferredSharesMember 2018-12-31 0001838957 rere:SeriesCConvertibleRedeemablePreferredSharesMember 2018-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember 2018-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember 2019-01-01 2019-12-31 0001838957 rere:SeriesCConvertibleRedeemablePreferredSharesMember 2019-01-01 2019-12-31 0001838957 rere:SeriesAConvertibleRedeemablePreferredSharesMember 2019-01-01 2019-12-31 0001838957 rere:SeriesBConvertibleRedeemablePreferredSharesMember 2019-01-01 2019-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember 2019-01-01 2019-12-31 0001838957 rere:SeriesAConvertibleRedeemablePreferredSharesMember 2019-12-31 0001838957 rere:SeriesBConvertibleRedeemablePreferredSharesMember 2019-12-31 0001838957 rere:SeriesCConvertibleRedeemablePreferredSharesMember 2019-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember 2019-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember 2019-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember 2020-01-01 2020-12-31 0001838957 rere:SeriesAConvertibleRedeemablePreferredSharesMember 2020-01-01 2020-12-31 0001838957 rere:SeriesBConvertibleRedeemablePreferredSharesMember 2020-01-01 2020-12-31 0001838957 rere:SeriesCConvertibleRedeemablePreferredSharesMember 2020-01-01 2020-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember 2020-01-01 2020-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember 2021-01-01 2021-12-31 0001838957 rere:SeriesFConvertibleRedeemablePreferredSharesMember 2021-01-01 2021-12-31 0001838957 rere:SeriesCConvertibleRedeemablePreferredSharesMember 2021-01-01 2021-12-31 0001838957 rere:SeriesAConvertibleRedeemablePreferredSharesMember 2021-01-01 2021-12-31 0001838957 rere:SeriesBConvertibleRedeemablePreferredSharesMember 2021-01-01 2021-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember 2021-01-01 2021-12-31 0001838957 rere:SeriesFConvertibleRedeemablePreferredSharesMember 2021-12-31 0001838957 rere:SeriesFConvertibleRedeemablePreferredSharesMember 2020-12-31 0001838957 rere:SeriesFConvertibleRedeemablePreferredSharesMember 2019-12-31 0001838957 rere:SeriesASeriesBSeriesCOneAndSeriesCTwoConvertibleRedeemablePreferredSharesMember rere:AugustThirtyOneTwoThousandTwelveToNovemberElevenTwoThousandSixteenMember 2021-01-01 2021-12-31 0001838957 rere:SeriesCThreeConvertibleRedeemablePreferredSharesMember rere:JuneTwentySixTwoThousandEighteenMember 2021-01-01 2021-12-31 0001838957 rere:SeriesCThreeConvertibleRedeemablePreferredSharesMember rere:DecemberSevenTwoThousandEighteenMember 2021-01-01 2021-12-31 0001838957 rere:SeriesCThreeConvertibleRedeemablePreferredSharesMember rere:FebruaryEightToMayTwentyFiveTwoThousandTwentyOneMember 2021-01-01 2021-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember rere:SharesIssuedOnJulyFiveTwoThousandEighteenWithIssuePriceTenPointEightThreeMember 2021-01-01 2021-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember rere:SharesIssuedOnJulyFiveTwoThousandEighteenWithIssuePriceTwelvePointSevenFourMember 2021-01-01 2021-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember rere:JuneThreeToSeptemberSixteenTwoThousandNineteenMember 2021-01-01 2021-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember rere:JuneThreeTwoThousandNineteenMember 2021-01-01 2021-12-31 0001838957 rere:SeriesEPlusConvertibleRedeemablePreferredSharesMember rere:SeptemberFourToSeptemberFourteenTwoThousandTwentyMember 2021-01-01 2021-12-31 0001838957 rere:SeriesEPlusConvertibleRedeemablePreferredSharesMember rere:FebruaryEightToMayTwentyFiveTwoThousandTwentyOneMember 2021-01-01 2021-12-31 0001838957 rere:SeriesFConvertibleRedeemablePreferredSharesMember rere:AprilSixteenToMayTwentyFiveTwoThousandTwentyOneMember 2021-01-01 2021-12-31 0001838957 rere:SeriesCThreeConvertibleRedeemablePreferredSharesMember rere:JuneTwentySixTwoThousandEighteenMember 2021-12-31 0001838957 rere:SeriesCThreeConvertibleRedeemablePreferredSharesMember rere:DecemberSevenTwoThousandEighteenMember 2021-12-31 0001838957 rere:SeriesCThreeConvertibleRedeemablePreferredSharesMember rere:FebruaryEightToMayTwentyFiveTwoThousandTwentyOneMember 2021-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember rere:SharesIssuedOnJulyFiveTwoThousandEighteenWithIssuePriceTenPointEightThreeMember 2021-12-31 0001838957 rere:SeriesDConvertibleRedeemablePreferredSharesMember rere:SharesIssuedOnJulyFiveTwoThousandEighteenWithIssuePriceTwelvePointSevenFourMember 2021-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember rere:JuneThreeToSeptemberSixteenTwoThousandNineteenMember 2021-12-31 0001838957 rere:SeriesEConvertibleRedeemablePreferredSharesMember rere:JuneThreeTwoThousandNineteenMember 2021-12-31 0001838957 rere:SeriesEPlusConvertibleRedeemablePreferredSharesMember rere:SeptemberFourToSeptemberFourteenTwoThousandTwentyMember 2021-12-31 0001838957 rere:SeriesEPlusConvertibleRedeemablePreferredSharesMember rere:FebruaryEightToMayTwentyFiveTwoThousandTwentyOneMember 2021-12-31 0001838957 rere:SeriesFConvertibleRedeemablePreferredSharesMember rere:AprilSixteenToMayTwentyFiveTwoThousandTwentyOneMember 2021-12-31 0001838957 rere:SeriesASeriesBSeriesCOneAndSeriesCTwoConvertibleRedeemablePreferredSharesMember srt:MinimumMember rere:AugustThirtyOneTwoThousandTwelveToNovemberElevenTwoThousandSixteenMember 2021-12-31 0001838957 rere:SeriesASeriesBSeriesCOneAndSeriesCTwoConvertibleRedeemablePreferredSharesMember srt:MaximumMember rere:AugustThirtyOneTwoThousandTwelveToNovemberElevenTwoThousandSixteenMember 2021-12-31 0001838957 rere:SeriesBSeriesCOneSeriesCTwoSeriesCThreeSeriesDSeriesEAndSeriesFConvertibleRedeemablePreferredSharesMember 2021-01-01 2021-12-31 0001838957 rere:AmendedAndRestatedShareIncentivePlanMember us-gaap:CommonStockMember srt:MaximumMember 2016-03-31 0001838957 rere:TwoThousandAndTwentyOneShareIncentivePlanMember us-gaap:CommonStockMember srt:MaximumMember 2016-03-31 0001838957 us-gaap:EmployeeStockOptionMember rere:AmendedAndRestatedShareIncentivePlanMember 2021-01-01 2021-12-31 0001838957 us-gaap:EmployeeStockOptionMember rere:AmendedAndRestatedShareIncentivePlanMember 2021-01-01 2021-05-31 0001838957 us-gaap:EmployeeStockOptionMember rere:AmendedAndRestatedShareIncentivePlanMember rere:PerformanceConditionMember 2019-01-01 2019-12-31 0001838957 us-gaap:EmployeeStockOptionMember rere:AmendedAndRestatedShareIncentivePlanMember rere:PerformanceConditionMember 2020-01-01 2020-12-31 0001838957 us-gaap:EmployeeStockOptionMember rere:AmendedAndRestatedShareIncentivePlanMember rere:PerformanceConditionMember 2021-04-01 2021-04-30 0001838957 us-gaap:EmployeeStockOptionMember rere:AmendedAndRestatedShareIncentivePlanMember rere:PerformanceConditionMember 2021-06-01 2021-06-30 0001838957 us-gaap:EmployeeStockOptionMember rere:AmendedAndRestatedShareIncentivePlanMember rere:ServiceConditionMember 2021-01-01 2021-12-31 0001838957 us-gaap:EmployeeStockOptionMember rere:AmendedAndRestatedShareIncentivePlanMember 2010-01-01 2021-12-31 0001838957 srt:MinimumMember 2019-12-31 0001838957 srt:MinimumMember 2020-12-31 0001838957 srt:MinimumMember 2021-12-31 0001838957 srt:MaximumMember 2019-12-31 0001838957 srt:MaximumMember 2020-12-31 0001838957 srt:MinimumMember 2019-01-01 2019-12-31 0001838957 srt:MinimumMember 2020-01-01 2020-12-31 0001838957 srt:MaximumMember 2019-01-01 2019-12-31 0001838957 srt:MaximumMember 2020-01-01 2020-12-31 0001838957 srt:MaximumMember 2021-01-01 2021-12-31 0001838957 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-12-31 0001838957 us-gaap:EmployeeStockOptionMember 2021-12-31 0001838957 us-gaap:RestrictedStockUnitsRSUMember rere:TwoThousandAndTwentyOneShareIncentivePlanMember 2021-04-01 2021-04-30 0001838957 us-gaap:RestrictedStockUnitsRSUMember rere:AmendedAndRestatedShareIncentivePlanMember 2021-07-01 2021-07-31 0001838957 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-12-31 0001838957 us-gaap:RestrictedStockUnitsRSUMember 2021-12-31 0001838957 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-12-31 0001838957 rere:FulfillmentExpensesMember 2021-01-01 2021-12-31 0001838957 us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-12-31 0001838957 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-12-31 0001838957 rere:TechnologyAndContentExpensesMember 2021-01-01 2021-12-31 0001838957 rere:ConvertibleBondsAndConvertibleRedeemablePreferredSharesMember 2019-01-01 2019-12-31 0001838957 rere:ConvertibleBondsAndConvertibleRedeemablePreferredSharesMember 2020-01-01 2020-12-31 0001838957 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-12-31 0001838957 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-12-31 0001838957 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-12-31 0001838957 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember 2021-01-01 2021-12-31 0001838957 rere:FiveYCapitalSAffiliatesMember 2021-01-01 2021-12-31 0001838957 rere:BeijingXichenTechnologyCompanyLimitedAndItsSubsidiariesMember 2021-01-01 2021-12-31 0001838957 rere:FuzhouRuifengRenewableResourcesCompanyLimitedMember 2021-01-01 2021-12-31 0001838957 rere:ManakWasteManagementPrivateLimitedMember 2021-01-01 2021-12-31 0001838957 rere:ShanghaiMedaInformationTechnologyCoLtdMember 2021-01-01 2021-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember 2021-01-01 2021-12-31 0001838957 rere:ShanghaiYueyieNetworkInformationTechnologyCompanyLimitedMember 2021-01-01 2021-12-31 0001838957 rere:ShanghaiGulinTechnologyCompanyLimitedMember 2021-01-01 2021-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCompanyLimitedMember 2021-01-01 2021-12-31 0001838957 rere:AiFenLeiGlobalCoLtdMember 2021-01-01 2021-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember 2021-01-01 2021-12-31 0001838957 rere:ShanghaiYueqingInformationTechnologyCompanyLimitedMember 2021-01-01 2021-12-31 0001838957 rere:ConsultationServiceMember rere:ManakWasteManagementPrivateLimitedMember 2019-01-01 2019-12-31 0001838957 rere:PAIPAIPlatformServiceMember rere:JinsongShanghaiNetworkInformationTechnologyCompanyLimitedMember 2021-01-01 2021-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember 2019-01-01 2019-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember 2020-01-01 2020-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember 2020-01-01 2020-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCompanyLimitedMember 2019-12-31 0001838957 rere:ShanghaiYueqingInformationTechnologyCompanyLimitedMember 2019-12-31 0001838957 rere:ShanghaiGulinTechnologyCompanyLimitedMember 2021-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember 2019-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember 2020-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember 2021-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember 2019-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember 2020-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCompanyLimitedMember 2019-01-01 2019-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember 2019-01-01 2019-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember 2020-01-01 2020-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember 2019-01-01 2019-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember 2019-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember 2020-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember 2021-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2019-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2020-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2021-12-31 0001838957 rere:ShanghaiYueqingInformationTechnologyCompanyLimitedMember rere:LoanMember 2019-12-31 0001838957 rere:ShanghaiYueqingInformationTechnologyCompanyLimitedMember rere:LoanMember 2020-12-31 0001838957 rere:BeijingXichenTechnologyCompanyLimitedAndItsSubsidiariesMember 2019-12-31 0001838957 rere:BeijingXichenTechnologyCompanyLimitedAndItsSubsidiariesMember 2020-12-31 0001838957 rere:FuzhouRuifengRenewableResourcesCompanyLimitedMember rere:LoanMember 2019-12-31 0001838957 rere:ShanghaiMedaInformationTechnologyCoLtdMember rere:LoanMember 2019-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember rere:LoanMember 2019-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember rere:LoanMember 2020-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2019-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2020-12-31 0001838957 rere:ShanghaiYuekunEnvironmentalProtectionTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2021-12-31 0001838957 rere:AiFenLeiGlobalCoLtdMember rere:OtherReceivablesMember 2021-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember rere:LoanMember 2019-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember rere:LoanMember 2020-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember rere:LoanMember 2021-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2019-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2020-12-31 0001838957 rere:ShenzhenAileyouInformationTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2021-12-31 0001838957 rere:ShanghaiGulinTechnologyCompanyLimitedMember rere:OtherReceivablesMember 2021-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember rere:PrepaidSubscriptionMember 2020-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember rere:OtherPayablesMember 2019-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember rere:OtherPayablesMember 2020-12-31 0001838957 rere:JDComIncAndItsSubsidiariesMember rere:OtherPayablesMember 2021-12-31 0001838957 rere:FiveYCapitalSAffiliatesMember rere:ConvertibleLoanMember 2019-12-31 0001838957 rere:FiveYCapitalSAffiliatesMember rere:ConvertibleLoanMember 2020-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCompanyLimitedMember rere:LoanMember 2019-12-31 0001838957 rere:JinsongShanghaiNetworkInformationTechnologyCompanyLimitedMember rere:LoanMember 2021-12-31 0001838957 rere:ShanghaiYueyieNetworkInformationTechnologyCompanyLimitedMember 2020-12-31 rere:Supplier 0001838957 rere:JDComIncAndItsSubsidiariesMember rere:PrepaidSubscriptionMember rere:SeriesEConvertibleRedeemablePreferredSharesMember 2020-12-31 0001838957 2021-12-28 0001838957 us-gaap:SubsequentEventMember 2022-03-30 2022-03-31 0001838957 srt:ParentCompanyMember 2020-12-31 0001838957 srt:ParentCompanyMember 2021-12-31 0001838957 srt:ParentCompanyMember us-gaap:CommonClassAMember 2021-12-31 0001838957 srt:ParentCompanyMember us-gaap:CommonClassBMember 2021-12-31 0001838957 srt:ParentCompanyMember us-gaap:CommonClassCMember 2021-12-31 0001838957 srt:ParentCompanyMember 2021-01-01 2021-12-31 0001838957 srt:ParentCompanyMember 2020-01-01 2020-12-31 0001838957 srt:ParentCompanyMember 2019-01-01 2019-12-31 0001838957 srt:ParentCompanyMember 2018-12-31 0001838957 srt:ParentCompanyMember 2019-12-31 0001838957 us-gaap:IPOMember srt:ParentCompanyMember 2021-01-01 2021-12-31

 

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

OR

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

Date of event requiring this shell company report  . . . . . . . . . . . . . . . . . . .

For the transition period from ____________ to ____________                                 

Commission file number: 001-40486

ATRenew Inc.
(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)

12th Floor, No. 6 Building, 433 Songhu Road, Shanghai

People’s Republic of China

+86 21 5290-7031
(Address of principal executive offices)

Chen Chen, Chief Financial Officer
Telephone: +86 21 5290-7031
Email: rex.chen@atrenew.com

12th Floor, No. 6 Building, 433 Songhu Road, Shanghai

People’s Republic of China
(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

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

Title of each class

Trading Symbol

Name of each exchange on which registered

American depositary shares (every three ADSs represent two Class A ordinary shares, par value US$0.001 per share)

 

RERE

New York Stock Exchange

Class A ordinary shares, par value US$0.001 per share*

 

New York Stock Exchange

 

*

Not for trading, but only in connection with the listing on the New York Stock Exchange 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.

92,416,377 Class A ordinary shares, 47,240,103 Class B ordinary shares and 11,287,336 Class C ordinary shares (excluding 8,437,683Class A ordinary shares issued to our depositary bank for the purpose of bulk issuance), par value US$0.001 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

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions 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. 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.

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 by the International Accounting Standards Board

Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17   Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

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

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes   No

 

 

 

 


 

TABLE OF CONTENTS

 

 

Page

INTRODUCTION

1

FORWARD-LOOKING INFORMATION

3

PART I

4

 

Item 1.

Identity of Directors, Senior Management and Advisers

4

 

Item 2.

Offer Statistics and Expected Timetable

4

 

Item 3.

Key Information

4

 

Item 4.

Information on the Company

64

 

Item 4A.

Unresolved Staff Comments

95

 

Item 5.

Operating and Financial Review and Prospects

95

 

Item 6.

Directors, Senior Management and Employees

114

 

Item 7.

Major Shareholders and Related Party Transactions

125

 

Item 8.

Financial Information

128

 

Item 9.

The Offer and Listing

128

 

Item 10.

Additional Information

129

 

Item 11.

Quantitative and Qualitative Disclosures about Market Risk

139

 

Item 12.

Description of Securities Other than Equity Securities

140

PART II

143

 

Item 13.

Defaults, Dividend Arrearages and Delinquencies

143

 

Item 14.

Material Modifications to the Rights of Security Holders and Use of Proceeds

143

 

Item 15.

Controls and Procedures

143

 

Item 16A.

Audit Committee Financial Expert

145

 

Item 16B.

Code of Ethics

145

 

Item 16C.

Principal Accountant Fees and Services

145

 

Item 16D.

Exemptions from the Listing Standards for Audit Committees

145

 

Item 16E.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

145

 

Item 16F.

Change in Registrant’s Certifying Accountant

145

 

Item 16G.

Corporate Governance

146

 

Item 16H.

Mine Safety Disclosure

147

 

Item 16I.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

147

PART III

148

 

Item 17.

Financial Statements

148

 

Item 18.

Financial Statements

148

 

Item 19.

Exhibits

148

SIGNATURES

153

 

 

 

i


 

INTRODUCTION

Except where the context otherwise requires and for purposes of this annual report only:

 

“ADRs” are to the American depositary receipts which may evidence the ADSs;

 

“ADSs” are to the American depositary shares, every three of which represent two Class A ordinary shares;

 

“AHS,” “we,” “us,” “our company” and “our” are to our Cayman Islands holding company, ATRenew Inc. (formerly known as AiHuiShou International Co. Ltd.), its subsidiaries and, in the context of describing our operations and consolidated financial information, the consolidated affiliated entities, including but not limited to Shanghai Wanwuxinsheng.

 

“China” and the “PRC” are to the People’s Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan;

 

“Class A ordinary shares” are to our Class A ordinary shares, par value US$0.001 per share, conferring a holder of a Class A ordinary share one vote per share on all matters submitted for voting at general meetings of our company;

 

“Class B ordinary shares” are to our Class B ordinary shares, par value US$0.001 per share, conferring a holder of a Class B ordinary share three votes per share on all matters submitted for voting at general meetings of our company;

 

“Class C ordinary shares” are to our Class C ordinary shares, par value US$0.001 per share, conferring a holder of a Class C ordinary share fifteen votes per share on all matters submitted for voting at general meetings of our company;

 

“executed transaction price” are to the transaction price that is not net of any coupons offered to the buyers on our marketplaces;

 

“GMV” are to the total dollar value of goods distributed to merchants and consumers through transactions on our platform in a given period for which payments have been made, prior to returns and cancellations, excluding shipping cost but including sales tax; total GMV consists of GMV for product sales and GMV for online marketplaces GMV for product sales measures the GMV from sales of phones and other consumer electronic goods through our platform; GMV for online marketplaces measures the GMV from third-party merchants and or consumers participating in our PJT and Paipai marketplaces;

 

“number of consumer products transacted” are to the number of consumer products distributed to merchants and consumers through transactions on our PJT Marketplace, Paipai Marketplace and other channels we operate in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels we operate through the distribution process to end consumer;

 

“ordinary shares” are to our ordinary shares, par value US$0.001 per share, which include Class A ordinary shares, Class B ordinary shares and Class C ordinary shares;

 

“our platform” are to our overall business operations, including AHS Recycle, PJT Marketplace, Paipai Marketplace and AHS Device and other channels we operate;

 

“RMB” and “Renminbi” are to the legal currency of China;

 

“US$,” “U.S. dollars,” “$,” and “dollars” are to the legal currency of the United States;

 

“former VIE” are to Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. (formerly known as Shanghai Yueyee Network Information Technology Co., Ltd. (上海悦易网络信息技术有限公司)); and

 

“WFOE” are to Shanghai Aihui Trading Co., Ltd.

Our reporting currency is the Renminbi. This annual report also 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 RMB6.3726 to US$1.00, the exchange rate set forth in the H.10 statistical release of

 

1


 

the Federal Reserve Board on December 30, 2021. We make no representation that the Renminbi or U.S. dollars amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Due to rounding, numbers presented throughout this annual report may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

 

 

2


 

FORWARD-LOOKING INFORMATION

This annual report contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. 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.

You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” 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, statements about:

 

our mission, goals and strategies;

 

our future business development, financial conditions and results of operations;

 

the expected growth of the pre-owned consumer electronics transactions and services market;

 

our expectations regarding demand for our products and services;

 

our expectations regarding our relationships with our consumers, third-party merchants, business partners, and other third parties;

 

competition in our industry;

 

our proposed use of proceeds;

 

relevant government policies and regulations relating to our business; and

 

general economic and business conditions globally and in China.

You should read this annual report and the documents that we refer to in this annual report with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this annual report include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, 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 materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

This annual report also contains statistical data and estimates that we obtained from government and private publications. Although we have not independently verified the data, we believe that the publications and reports are reliable. The market data contained in this annual report involves a number of assumptions, estimates and limitations. The retail credit facilitation market, the wealth management market and related markets in China and elsewhere may not grow at the rates projected by market data, or at all. The failure of these markets to grow at the projected rates may have a material adverse effect on our business and the market price of our ADSs. If any one or more of the assumptions underlying the market data turns out to be incorrect, actual results may differ from the projections based on these assumptions. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in “Item 3. Key Information—D. Risk Factors” and elsewhere in this annual report. You should not place undue reliance on these forward-looking statements.

 

3


 

PART I

Item 1.Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2.Offer Statistics and Expected Timetable

Not applicable.

Item 3.Key Information

Our Holding Company Structure and Contractual Arrangements with the Consolidated Affiliated Entities

Before the variable interest entity structure was completely unwound in April 2022, ATRenew Inc. was a Cayman Islands holding company with no equity ownership in its consolidated affiliated entities, i.e. Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd., or Shanghai Wanwuxinsheng, and Shenzhen Lvchuang Network Technology Co. Ltd., or Shenzhen Lvchuang. We conducted our operations in China through (i) our PRC subsidiaries and (ii) the consolidated affiliated entities with which we have maintained contractual arrangements, and the subsidiaries of the consolidated affiliated entities. PRC laws and regulations restrict and impose conditions on foreign investment in service providers that provide certain value-added telecommunication-based services such as internet information services. Shanghai Wanwuxinsheng holds a license for value-added telecommunication services for internet information services, or the ICP License (limited to internet information services), which requires its foreign equity ownership being no more than 50%, and one of its subsidiaries, Shanghai Yueyi, holds a license for value-added telecommunications services for commercial e-commerce business, or the EDI License (limited to commercial e-commerce business), which allows its foreign equity ownership being up to 100%. We used to maintain the ICP License by controlling Shanghai Wanwuxinsheng through contractual arrangements. Since the implementation of PRC regulations related to value-added telecommunication services has become clearer in recent years, we believe that our business operations in China require the EDI License (limited to commercial e-commerce business), rather than an ICP License or licenses for other value-added telecommunications services. Therefore, we terminated the contractual arrangement with Shanghai Wangwuxinsheng and acquired all equity interests of Shanghai Wanwuxinsheng in April 2022. We also terminated the contractual arrangements with Shenzhen Lvchuang in August 2021 and Shenzhen Lvchuang was disposed of to third parties. Shenzhen Lvchuang did not contribute any revenue in 2021.

Revenues contributed by Shanghai Wanwuxinsheng accounted for 98.91%, 96.41% and 95.55% of our total revenues in 2019, 2020 and 2021, respectively. As used in this annual report, “we,” “us,” “our company” and “our” refer to ATRenew Inc., its subsidiaries and, in the context of describing our operations and consolidated financial information, the consolidated affiliated entities in China, including but not limited to Shanghai Wanwuxinsheng. Prior to unwinding the  structure, the consolidated affiliated entities and their subsidiaries were consolidated for accounting purposes. See “Item 3. Key Information—A. Selected Financial Data—Consolidated Schedule Disaggregating Our Operations” for more information related to the former VIE and its subsidiaries.

We face various risks and uncertainties related to doing business in China. Our business operations are primarily conducted in China, and we are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on offshore offerings, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, as well as the lack of inspection by the Public Company Accounting Oversight Board, or the PCAOB, on our auditors, which may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States or other foreign exchange. These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline. For a detailed description of risks related to doing business in China, please refer to risks disclosed under “Item 3.D. Key Information—Risk Factors—Risks Related to Doing Business in China.”

PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations in this nature may cause the value of such securities to significantly decline. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The PRC government’s significant oversight  over our business operation could result in a material adverse change in our operations and the value of our ADSs.”

 

4


 

Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ADSs. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China— Uncertainties with respect to the PRC legal system and changes in laws and regulations in China could adversely affect us.”

The Holding Foreign Companies Accountable Act

The Holding Foreign Companies Accountable Act, or the HFCA Act, was enacted on December 18, 2020. The HFCA Act states that if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange. Since our auditor is located in China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is not currently inspected by the PCAOB, which may impact our ability to remain listed on a United States or other foreign exchange. The related risks and uncertainties could cause the value of our ADSs to significantly decline. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections” and “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Our ADSs may be prohibited from trading in the United States under the HFCAA in 2024 if the PCAOB is unable to inspect or fully investigate auditors located in China, or as early as 2023 if proposed changes to the law are enacted. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.”

Permissions Required from the PRC Authorities for Our Operations

Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries have obtained the requisite licenses and permits from the PRC government authorities that are material for the business operations in China, including, among others, the EDI License (limiting to commercial e-commerce). Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Uncertainties with respect to the PRC legal system and changes in laws and regulations in China could adversely affect us.”

Furthermore, in connection with our issuance of securities to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we and our PRC subsidiaries (i) are not required to obtain permissions from the China Securities Regulatory Commission, or the CSRC, (ii) are not required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, and (iii) have not been asked to obtain or were denied such permissions by any PRC authority.

However, the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The approval of the CSRC or other PRC government authorities may be required in connection with our future offshore capital raising under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval.”

Transfer of Funds and Other Assets Within Our Organization

ATRenew Inc. transfers cash to its wholly-owned subsidiaries in Hong Kong by providing loans and making capital contributions, and the Hong Kong subsidiaries transfer cash to the subsidiaries in China by making capital contributions and providing loans to them. Because ATRenew Inc. and its subsidiaries control the former VIE through contractual arrangements prior to unwinding of the variable interest entity structure, they were not able to make direct capital contribution to the former VIE and its subsidiaries. However, if the former VIE and its subsidiaries were ever to need financial support, ATRenew Inc. and its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to the former VIE through loans to the shareholders of the former VIE, who in turn inject the amount into the former VIE as capital contribution or entrustment loans to the former VIE and its subsidiaries.

 

5


 

ATRenew Inc., through its intermediate holding companies, provided capital contribution of RMB584.8 million, RMB500.6 million and RMB2,589.5 million to its subsidiaries in 2019, 2020 and 2021, respectively. The former VIE and its subsidiaries received debt financing of RMB510.8 million, RMB160.3 million and RMB3,014.0 million from ATRenew Inc.'s subsidiaries in 2019, 2020 and 2021, respectively.

The former VIE and its subsidiaries may transfer cash to the relevant WFOE by service fees charged at an amount equals to all pre-tax income of the former VIE for the complete business support and technical and consulting services provided by WFOE. Due to the continuous loss generated by the former VIE, no service fees were charged by WFOE in 2019, 2020 and 2021.

Our PRC subsidiaries are permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC laws, each of our PRC subsidiaries and our former VIE are required to allocate at least 10% of their after-tax profits each year profits on an individual company basis as determined under PRC accounting standards to the statutory reserve and has the right to discontinue allocations to the statutory reserve if such reserve has reached 50% of registered capital on an individual company basis. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation. As a result of these PRC laws and regulations, our PRC subsidiaries are restricted in their ability to transfer a portion of their net assets, including share capital and the statutory reserve, either in the form of dividends, loans or advances. Such restricted portion amounted to RMB186.6 million, RMB207.2 million and RMB441.0 million as of December 31, 2019, 2020 and 2021, respectively.

Neither the PRC subsidiaries of our Company nor the former VIE is obligated to make dividends or distributions to our company under the contractual arrangements. To date, no dividends or distributions have been made to our company by our PRC subsidiaries or the former VIE.

A.Selected Financial Data

The following selected consolidated statements of operations and comprehensive loss data for the years ended December 31, 2019, 2020 and 2021, selected consolidated balance sheets data as of December 31, 2020 and 2021, and selected consolidated statements of cash flows data for the years ended December 31, 2019, 2020 and 2021 have been derived from our audited consolidated financial statements included in this annual report beginning on page F-1. The selected consolidated statements of operations and comprehensive loss data for the year ended December 31, 2018, selected consolidated balance sheets data as of December 31, 2018 and 2019, and selected consolidated statements of cash flows data for the year ended December 31, 2018 have been derived from our audited consolidated financial statements not included in this annual report. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results are not necessarily indicative of results expected for future periods. You should read this Selected Consolidated Financial Data section together with our consolidated financial statements and the related notes and “Item 5. Operating and Financial Review and Prospects” below.

 

6


 

The following table presents our selected consolidated statements of operations and comprehensive loss data for the years ended December 31, 2018, 2019, 2020 and 2021:

 

 

 

For the Year Ended December 31,

 

 

 

2018

 

 

2019

 

 

2020

 

 

2021

 

 

 

RMB

 

 

%

 

 

RMB

 

 

%

 

 

RMB

 

 

%

 

 

RMB

 

 

US$

 

 

%

 

 

 

(in thousands, except for percentages, share numbers and per share data)

 

Net revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net product revenues

 

 

3,249,923

 

 

 

99.6

 

 

 

3,730,206

 

 

 

94.9

 

 

 

4,244,023

 

 

 

87.4

 

 

 

6,654,893

 

 

 

1,044,298

 

 

 

85.5

 

Net service revenues

 

 

11,597

 

 

 

0.4

 

 

 

201,652

 

 

 

5.1

 

 

 

614,176

 

 

 

12.6

 

 

 

1,125,382

 

 

 

176,597

 

 

 

14.5

 

Total net revenues

 

 

3,261,520

 

 

 

100.0

 

 

 

3,931,858

 

 

 

100.0

 

 

 

4,858,199

 

 

 

100.0

 

 

 

7,780,275

 

 

 

1,220,895

 

 

 

100.0

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchandise costs

 

 

(2,801,433

)

 

 

(85.9

)

 

 

(3,176,401

)

 

 

(80.8

)

 

 

(3,610,434

)

 

 

(74.3

)

 

 

(5,735,393

)

 

 

(900,008

)

 

 

(73.7

)

Fulfillment expenses

 

 

(353,969

)

 

 

(10.8

)

 

 

(658,149

)

 

 

(16.7

)

 

 

(666,317

)

 

 

(13.7

)

 

 

(1,062,066

)

 

 

(166,661

)

 

 

(13.7

)

Selling and marketing expenses

 

 

(237,562

)

 

 

(7.3

)

 

 

(566,792

)

 

 

(14.4

)

 

 

(740,542

)

 

 

(15.2

)

 

 

(1,206,649

)

 

 

(189,350

)

 

 

(15.5

)

General and administrative expenses

 

 

(80,959

)

 

 

(2.5

)

 

 

(140,874

)

 

 

(3.6

)

 

 

(177,542

)

 

 

(3.7

)

 

 

(433,629

)

 

 

(68,046

)

 

 

(5.6

)

Technology and content expenses

 

 

(65,759

)

 

 

(2.0

)

 

 

(142,858

)

 

 

(3.7

)

 

 

(151,536

)

 

 

(3.1

)

 

 

(264,560

)

 

 

(41,515

)

 

 

(3.4

)

Total operating expense

 

 

(3,539,682

)

 

 

(108.5

)

 

 

(4,685,074

)

 

 

(119.2

)

 

 

(5,346,371

)

 

 

(110.0

)

 

 

(8,702,297

)

 

 

(1,365,580

)

 

 

(111.9

)

Other operating income, net

 

 

21,701

 

 

 

0.6

 

 

 

21,410

 

 

 

0.6

 

 

 

29,395

 

 

 

0.6

 

 

 

26,950

 

 

 

4,229

 

 

 

0.3

 

Loss from operations

 

 

(256,461

)

 

 

(7.9

)

 

 

(731,806

)

 

 

(18.6

)

 

 

(458,777

)

 

 

(9.4

)

 

 

(895,072

)

 

 

(140,456

)

 

 

(11.6

)

Interest expense

 

 

(6,536

)

 

 

(0.2

)

 

 

(12,397

)

 

 

(0.3

)

 

 

(21,090

)

 

 

(0.5

)

 

 

(16,778

)

 

 

(2,633

)

 

 

(0.2

)

Interest income

 

 

8,273

 

 

 

0.3

 

 

 

7,813

 

 

 

0.2

 

 

 

9,321

 

 

 

0.2

 

 

 

8,370

 

 

 

1,313

 

 

 

0.1

 

Fair value change in warrant liabilities

 

 

23,781

 

 

 

0.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (loss), net

 

 

21,579

 

 

 

0.7

 

 

 

3,581

 

 

 

0.1

 

 

 

(39,866

)

 

 

(0.8

)

 

 

(50,367

)

 

 

(7,904

)

 

 

(0.6

)

Loss before income taxes

 

 

(209,364

)

 

 

(6.4

)

 

 

(732,809

)

 

 

(18.6

)

 

 

(510,412

)

 

 

(10.5

)

 

 

(953,847

)

 

 

(149,680

)

 

 

(12.3

)

Income tax benefits

 

 

1,922

 

 

 

0.0

 

 

 

30,120

 

 

 

0.8

 

 

 

47,320

 

 

 

1.0

 

 

 

143,863

 

 

 

22,575

 

 

 

1.8

 

Share of loss in equity method investments

 

 

(499

)

 

 

0.0

 

 

 

(2,199

)

 

 

(0.1

)

 

 

(7,526

)

 

 

(0.2

)

 

 

(6,563

)

 

 

(1,030

)

 

 

(0.1

)

Net loss

 

 

(207,941

)

 

 

(6.4

)

 

 

(704,888

)

 

 

(17.9

)

 

 

(470,618

)

 

 

(9.7

)

 

 

(816,547

)

 

 

(128,135

)

 

 

(10.6

)

Net loss per share attributable to ordinary shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(55.98

)

 

 

 

 

 

 

(84.27

)

 

 

 

 

 

 

(94.51

)

 

 

 

 

 

 

(13.76

)

 

 

(2.16

)

 

 

 

 

Diluted

 

 

(55.98

)

 

 

 

 

 

 

(84.27

)

 

 

 

 

 

 

(94.51

)

 

 

 

 

 

 

(13.76

)

 

 

(2.16

)

 

 

 

 

Weighted average number of shares used in calculating net loss per ordinary share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

19,405,981

 

 

 

 

 

 

 

18,782,620

 

 

 

 

 

 

 

18,782,620

 

 

 

 

 

 

 

96,306,113

 

 

 

96,306,113

 

 

 

 

 

Diluted

 

 

19,405,981

 

 

 

 

 

 

 

18,782,620

 

 

 

 

 

 

 

18,782,620

 

 

 

 

 

 

 

96,306,113

 

 

 

96,306,113

 

 

 

 

 

 

 

7


 

The following table presents our selected consolidated balance sheets data as of December 31, 2018, 2019, 2020 and 2021:

 

 

 

As of December 31,

 

 

 

2018

 

 

2019

 

 

2020

 

 

2021

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

US$

 

 

 

(in thousands)

 

Cash and cash equivalents

 

 

665,560

 

 

 

410,783

 

 

 

918,076

 

 

 

1,356,342

 

 

 

212,840

 

Restricted Cash

 

 

 

 

 

 

 

 

 

 

 

150,000

 

 

 

23,538

 

Short term investments

 

 

 

 

 

125,573

 

 

 

97,866

 

 

 

510,467

 

 

 

80,103

 

Total current assets

 

 

1,059,530

 

 

 

1,094,908

 

 

 

1,874,638

 

 

 

4,150,845

 

 

 

651,357

 

Intangible assets, net

 

 

18,991

 

 

 

1,682,963

 

 

 

1,367,841

 

 

 

1,075,811

 

 

 

168,818

 

Goodwill

 

 

 

 

 

1,803,415

 

 

 

1,803,415

 

 

 

1,803,415

 

 

 

282,995

 

Total non-current assets

 

 

170,945

 

 

 

3,690,539

 

 

 

3,351,700

 

 

 

3,351,917

 

 

 

525,989

 

Total assets

 

 

1,230,475

 

 

 

4,785,447

 

 

 

5,226,338

 

 

 

7,502,762

 

 

 

1,177,346

 

Total current liabilities

 

 

590,702

 

 

 

755,093

 

 

 

1,183,539

 

 

 

824,664

 

 

 

129,407

 

Total non-current liabilities

 

 

3,466

 

 

 

389,280

 

 

 

374,584

 

 

 

257,639

 

 

 

40,429

 

Total liabilities

 

 

594,168

 

 

 

1,144,373

 

 

 

1,558,123

 

 

 

1,082,303

 

 

 

169,836

 

Total mezzanine equity

 

 

2,492,056

 

 

 

7,080,078

 

 

 

8,879,894

 

 

 

 

 

 

 

Total shareholders' equity (deficit)

 

 

(1,855,749

)

 

 

(3,439,004

)

 

 

(5,211,679

)

 

 

6,420,459

 

 

 

1,007,510

 

 

The following table presents our selected consolidated statements of cash flows data for the years ended December 31, 2018, 2019, 2020 and 2021:

 

 

 

For the Year Ended December 31,

 

 

 

2018

 

 

2019

 

 

2020

 

 

2021

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

US$

 

 

 

(in thousands)

 

Net cash used in operating activities

 

 

(358,022

)

 

 

(410,794

)

 

 

(412,868

)

 

 

(1,017,962

)

 

 

(159,743

)

Cash (used in)/provided by investing activities

 

 

(109,267

)

 

 

(304,349

)

 

 

18,625

 

 

 

(670,402

)

 

 

(105,202

)

Cash (used in)/provided by financing activities

 

 

904,022

 

 

 

455,751

 

 

 

929,962

 

 

 

2,289,623

 

 

 

359,292

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

33,179

 

 

 

4,515

 

 

 

(28,426

)

 

 

(12,993

)

 

 

(2,035

)

Net increase/(decrease) in cash, cash equivalents and restricted cash

 

 

469,912

 

 

 

(254,877

)

 

 

507,293

 

 

 

588,266

 

 

 

92,312

 

Cash, cash equivalents and restricted cash at the beginning of the year

 

 

196,048

 

 

 

665,960

 

 

 

411,083

 

 

 

918,376