0001104659-23-049927 | 20-F | XBRL Viewer

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38591
Entity Registrant Name	PDD Holdings Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	First Floor, 25 St Stephen’s Green
Entity Address, City or Town	Dublin 2
Entity Address, Postal Zip Code	D02 XF99
Entity Address, Country	IE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Document Accounting Standard	U.S. GAAP
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001737806
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young Hua Ming LLP
Auditor Firm ID	1408
Auditor Location	Shanghai, the People’s Republic of China
Business Contact
Document and Entity Information
Entity Address, Address Line One	First Floor, 25 St Stephen’s Green
Entity Address, City or Town	Dublin 2
Entity Address, Postal Zip Code	D02 XF99
Entity Address, Country	IE
Contact Personnel Name	Jianchong Zhu
City Area Code	+353-1
Local Phone Number	5397938
Contact Personnel Email Address	investor@pddholdings.com
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.000005 per share
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	5,278,348,396
No Trading Symbol Flag	true
Class A ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	0
ADSs
Document and Entity Information
Title of 12(b) Security	American Depositary Shares (one Americandepositary share representing four Class Aordinary shares, par value US$0.000005 per share)
Trading Symbol	PDD
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current assets
Cash and cash equivalents	¥ 34,326,192	$ 4,976,830	¥ 6,426,715
Restricted cash	57,974,225	8,405,473	59,617,256
Receivables from online payment platforms	587,696	85,208	673,737
Short-term investments	115,112,554	16,689,751	86,516,618
Amounts due from related parties	6,318,830	916,144	4,250,155
Prepayments and other current assets	2,298,379	333,235	3,424,687
Total current assets	216,617,876	31,406,641	160,909,168
Non-current assets
Property, equipment and software, net	1,044,847	151,489	2,203,323
Intangible assets	134,002	19,428	701,220
Right-of-use assets	1,416,081	205,312	938,537
Deferred tax assets	1,045,030	151,515	31,504
Other non-current assets	16,862,117	2,444,777	16,425,966
Total non-current assets	20,502,077	2,972,521	20,300,550
Total Assets	237,119,953	34,379,162	181,209,718
Current liabilities
Amounts due to related parties (including amounts due to related parties of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB1,962,029 and RMB1,671,246 (US$242,308) as of December 31, 2021 and 2022, respectively)	1,676,391	243,054	1,963,007
Customer advances and deferred revenues (including customer advances and deferred revenues of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB1,158,738 and RMB1,369,573 (US$198,569) as of December 31, 2021 and 2022, respectively)	1,389,655	201,481	1,166,764
Payable to merchants (including payable to merchants of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB61,947,517 and RMB62,006,946 (US$8,990,162) as of December 31, 2021 and 2022, respectively)	63,316,695	9,180,058	62,509,714
Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB9,360,166 and RMB11,817,208 (US$1,713,334) as of December 31, 2021 and 2022, respectively)	20,960,723	3,039,019	14,085,513
Merchant deposits (including merchant deposits of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB13,360,409 and RMB14,681,913 (US$2,128,677) as of December 31, 2021 and 2022, respectively)	15,058,229	2,183,238	13,577,552
Convertible bonds, current portion	13,885,751	2,013,245
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB138,667 and RMB156,776 (US$22,730) as of December 31, 2021 and 2022, respectively)	602,036	87,287	427,164
Total current liabilities	116,889,480	16,947,382	93,729,714
Non-current liabilities
Convertible bonds	1,575,755	228,463	11,788,907
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB305,068 and RMB290,412 (US$42,106) as of December 31, 2021 and 2022, respectively)	870,782	126,252	544,263
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB19,217 and nil as of December 31, 2021 and 2022, respectively)	13,025	1,888	31,291
Other non-current liabilities			996
Total non-current liabilities	2,459,562	356,603	12,365,457
Total liabilities	119,349,042	17,303,985	106,095,171
Commitments and contingencies
Shareholders' equity
Additional paid-in capital	99,250,468	14,389,965	95,340,819
Statutory reserves	5,000	725
Accumulated other comprehensive (loss)/income	3,322,238	481,679	(2,519,900)
(Accumulated deficits)/retained earnings	15,193,035	2,202,783	(17,706,533)
Total shareholders' equity	117,770,911	17,075,177	75,114,547
Total liabilities and shareholders' equity	237,119,953	34,379,162	181,209,718
Class A ordinary shares
Shareholders' equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized, 5,057,542,676 and 5,278,348,396 shares issued and outstanding as of December 31, 2021 and 2022, respectively)	¥ 170	$ 25	¥ 161

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares
Amounts due to related parties	¥ 1,676,391	$ 243,054	¥ 1,963,007
Customer advances and deferred revenues	1,389,655	201,481	1,166,764
Payable to merchants	63,316,695	9,180,058	62,509,714
Accrued expenses and other liabilities	20,960,723	3,039,019	14,085,513
Merchant deposits	15,058,229	2,183,238	13,577,552
Lease liabilities	602,036	87,287	427,164
Lease liabilities	870,782	126,252	544,263
Deferred tax liabilities	¥ 13,025	$ 1,888	¥ 31,291
Ordinary shares, par value \| $ / shares		$ 0.000005
Class A ordinary shares
Ordinary shares, par value \| $ / shares		$ 0.000005
Ordinary shares, shares authorized	77,300,000,000	77,300,000,000	77,300,000,000
Ordinary shares, issued	5,278,348,396	5,278,348,396	5,057,542,676
Ordinary shares, outstanding	5,278,348,396	5,278,348,396	5,057,542,676
Class B ordinary shares
Ordinary shares, outstanding	0	0	0
Consolidated VIEs
Amounts due to related parties	¥ 1,671,246	$ 242,308	¥ 1,962,029
Customer advances and deferred revenues	1,369,573	198,569	1,158,738
Payable to merchants	62,006,946	8,990,162	61,947,517
Accrued expenses and other liabilities	11,817,208	1,713,334	9,360,166
Merchant deposits	14,681,913	2,128,677	13,360,409
Lease liabilities	156,776	22,730	138,667
Lease liabilities	290,412	$ 42,106	305,068
Deferred tax liabilities \| ¥	¥ 0		¥ 19,217

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Revenues (including services provided to a related party of nil, nil and RMB10,765 (US$1,561) for the years ended December 31, 2020, 2021 and 2022, respectively)	¥ 130,557,589	$ 18,929,071	¥ 93,949,939	¥ 59,491,865
Costs of revenues (including services received from related parties of RMB4,570,292, RMB5,166,381 and RMB5,353,661 (US$776,208) for the years ended December 31, 2020, 2021 and 2022, respectively)	(31,462,298)	(4,561,604)	(31,718,093)	(19,278,641)
Gross profit	99,095,291	14,367,467	62,231,846	40,213,224
Sales and marketing expenses (including services received from a related party of RMB4,166,230, RMB2,857,063 and RMB2,004,654 (US$290,648) for the years ended December 31, 2020, 2021 and 2022, respectively)	(54,343,719)	(7,879,099)	(44,801,720)	(41,194,599)
General and administrative expenses	(3,964,935)	(574,862)	(1,540,774)	(1,507,297)
Research and development expenses (including services received from related parties of RMB1,850,321, RMB604,605 and RMB356,789 (US$51,730) for the years ended December 31, 2020, 2021 and 2022, respectively)	(10,384,716)	(1,505,642)	(8,992,590)	(6,891,653)
Total operating expenses	(68,693,370)	(9,959,603)	(55,335,084)	(49,593,549)
Operating (loss)/profit	30,401,921	4,407,864	6,896,762	(9,380,325)
Interest and investment income, net	3,997,100	579,525	3,061,662	2,455,366
Interest expenses	(51,655)	(7,489)	(1,231,002)	(757,336)
Foreign exchange gain/(loss)	(149,710)	(21,706)	71,750	225,197
Other income, net	2,221,358	322,066	656,255	193,702
(Loss)/profit before income tax and share of results of equity investees	36,419,014	5,280,260	9,455,427	(7,263,396)
Income tax expenses	(4,725,667)	(685,157)	(1,933,585)	0
Share of results of equity investees	(155,285)	(22,514)	246,828	83,654
Net (loss)/income	31,538,062	4,572,589	7,768,670	(7,179,742)
Net (loss)/income attributable to ordinary shareholders	¥ 31,538,062	$ 4,572,589	¥ 7,768,670	¥ (7,179,742)
(Loss)/ earnings per share:
Basic \| (per share)	¥ 6.24	$ 0.90	¥ 1.55	¥ (1.51)
Diluted \| (per share)	¥ 5.48	$ 0.79	¥ 1.36	¥ (1.51)
Shares used in (loss)/ earnings per share computation:
Basic	5,057,540,124	5,057,540,124	5,012,651,334	4,768,343,300
Diluted	5,761,291,439	5,761,291,439	5,713,764,297	4,768,343,300
Other comprehensive (loss)/income
Foreign currency translation difference, net of tax of nil	¥ 5,860,304	$ 849,664	¥ (1,472,172)	¥ (2,495,958)
Unrealized losses on available-for-sale investments, net of tax	(18,166)	(2,634)
Total other comprehensive (loss)/income	5,842,138	847,030	(1,472,172)	(2,495,958)
Comprehensive (loss)/ income	¥ 37,380,200	$ 5,419,619	¥ 6,296,498	¥ (9,675,700)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Services provided to related party	¥ 10,765	$ 1,561	¥ 0	¥ 0
Foreign currency translation difference, tax	0		0	0
Costs of revenues
Services rendered from related party	5,353,661	776,208	5,166,381	4,570,292
Sales and marketing expenses
Services rendered from related party	2,004,654	290,648	2,857,063	4,166,230
Research and development expenses
Services rendered from related party	¥ 356,789	$ 51,730	¥ 604,605	¥ 1,850,321

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI https://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Common share Balance CNY (¥) shares	Common share CNY (¥) shares	Common share USD ($) shares	Additional paid in capital Cumulative effect of change in accounting principle CNY (¥)	Additional paid in capital Balance CNY (¥)	Additional paid in capital CNY (¥)	Additional paid in capital USD ($)	Statutory reserves CNY (¥)	Statutory reserves USD ($)	Accumulated Other Comprehensive Income [Member] Cumulative effect of change in accounting principle CNY (¥)	Accumulated Other Comprehensive Income [Member] Balance CNY (¥)	Accumulated Other Comprehensive Income [Member] CNY (¥)	Accumulated Other Comprehensive Income [Member] USD ($)	(Accumulated deficits)/retained earnings Cumulative effect of change in accounting principle CNY (¥)	(Accumulated deficits)/retained earnings Balance CNY (¥)	(Accumulated deficits)/retained earnings CNY (¥)	(Accumulated deficits)/retained earnings USD ($)	Cumulative effect of change in accounting principle CNY (¥)	Balance CNY (¥)	CNY (¥) shares	USD ($) shares
Balance at beginning of the year at Dec. 31, 2019		¥ 148				¥ 41,493,949						¥ 1,448,230				¥ (18,295,461)				¥ 24,646,866
Balance at beginning (in shares) at Dec. 31, 2019 \| shares		4,650,028,688	4,650,028,688
Changes in equity
Net Income(loss)																(7,179,742)				(7,179,742)
Foreign currency translation difference												(2,495,958)								(2,495,958)
Follow-on offering		¥ 5				26,805,433														26,805,438
Follow-on offering (in shares) \| shares		132,020,000	132,020,000
Issuance of ordinary shares for private placements		¥ 5				11,063,334														11,063,339
Issuance of ordinary shares for private placements (in shares) \| shares		150,810,912	150,810,912
Equity component of convertible bonds						3,405,360														3,405,360
Shares issued to depository bank (in shares) \| shares		12,050,000	12,050,000
Exercise of share-based awards (in shares) \| shares		4,950,492	4,950,492
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares		4,950,492	4,950,492
Conversion of the convertible bonds into ordinary shares		¥ 1				317,541														317,542
Conversion of the convertible bonds into ordinary shares (in shares) \| shares		9,900,368	9,900,368
Share-based compensation						3,613,043														3,613,043
Balance at end of the year at Dec. 31, 2020		¥ 159				86,698,660						(1,047,728)				(25,475,203)				60,175,888
Balance at end (in shares) at Dec. 31, 2020 \| shares		4,954,809,968	4,954,809,968
Changes in equity
Net Income(loss)																7,768,670				7,768,670
Foreign currency translation difference												(1,472,172)								(1,472,172)
Conversion of convertible preferred shares to ordinary shares		¥ 2
Shares issued to depository bank (in shares) \| shares		40,000,000	40,000,000
Exercise of share-based awards						375														375
Exercise of share-based awards (in shares) \| shares		24,395,952	24,395,952
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares		(24,395,952)	(24,395,952)
Conversion of the convertible bonds into ordinary shares						3,867,054														3,867,056
Conversion of the convertible bonds into ordinary shares (in shares) \| shares		62,732,708	62,732,708
Share-based compensation						4,774,730														4,774,730
Balance at end of the year at Dec. 31, 2021	¥ 161	¥ 161		¥ (3,818,926)	¥ 91,521,893	95,340,819				¥ 136,096	¥ (2,383,804)	(2,519,900)		¥ 1,366,506	¥ (16,340,027)	(17,706,533)		¥ (2,316,324)	¥ 72,798,223	75,114,547
Balance at end (in shares) at Dec. 31, 2021 \| shares	5,057,542,676	5,057,542,676	5,057,542,676
Changes in equity
Net Income(loss)																31,538,062				31,538,062	$ 4,572,589
Foreign currency translation difference												5,724,208								5,724,208
Net change in unrealized losses on available-for-sale debt securities												(18,166)								¥ (18,166)	$ (2,634)
Shares issued to depository bank (in shares) \| shares		220,805,720	220,805,720																	273,455,720	273,455,720
Exercise of share-based awards		¥ 9				10,210														¥ 10,219
Exercise of share-based awards (in shares) \| shares		241,135,744	241,135,744
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares		(241,135,744)	(241,135,744)
Share-based compensation						7,718,365														7,718,365
Appropriation to statutory reserves								¥ 5,000								(5,000)
Balance at end of the year at Dec. 31, 2022		¥ 170	$ 25			¥ 99,250,468	$ 14,389,965	¥ 5,000	$ 725			¥ 3,322,238	$ 481,679			¥ 15,193,035	$ 2,202,783			¥ 117,770,911	$ 17,075,177
Balance at end (in shares) at Dec. 31, 2022 \| shares		5,278,348,396	5,278,348,396

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
CASH FLOW FROM OPERATING ACTIVITIES
Net (loss)/income	¥ 31,538,062	$ 4,572,589	¥ 7,768,670	¥ (7,179,742)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Interest expense	51,655	7,489	1,231,002	757,336
Allowance for credit losses	118,384	17,164	49,300	43,434
Depreciation and amortization	2,224,169	322,474	1,495,380	651,523
Deferred income tax, net	(1,028,586)	(149,131)	(213)	0
Amortization of right-of-use assets	510,915	74,076	348,863	148,945
Interest and investment gain, net	(606,447)	(87,927)	(146,972)	(469,486)
Loss/(gain) on disposal of property and equipment	10,697	1,551	(258)	24
Share-based compensation	7,718,365	1,119,058	4,774,730	3,613,043
Foreign exchange (gain)/loss	149,710	21,706	(71,750)	(225,197)
Share of results of equity investees	155,285	22,514	(246,828)	(83,654)
Fair value change of investments	242,236	35,121	22,170	(104,068)
Gain on extinguishment of convertible bonds			(2,788)	(5,188)
Changes in operating assets and liabilities:
Receivables from online payment platforms	86,041	12,475	55,811	321,426
Amounts due from related parties	(2,068,675)	(299,930)	(10,086)	(1,636,541)
Prepayments and other current assets	758,282	109,941	1,744,645	(4,048,536)
Customer advances and deferred revenues	222,891	32,316	(1,256,426)	1,817,220
Amounts due to related parties	(286,616)	(41,555)	(1,422,856)	1,882,971
Payable to merchants	749,373	108,649	8,686,493	23,934,151
Accrued expenses and other liabilities	7,003,998	1,015,484	3,492,038	5,849,148
Merchant deposits	1,480,677	214,678	2,651,233	3,085,407
Lease liabilities	(487,068)	(70,618)	(354,123)	(137,936)
Other non-current assets	(34,492)	(5,001)	(23,102)	(13,182)
Other non-current liabilities	(996)	(144)	(1,922)	(4,471)
Net cash generated from operating activities	48,507,860	7,032,979	28,783,011	28,196,627
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of short-term time deposits, held to maturities and other investments	(160,414,453)	(23,257,909)	(116,639,550)	(86,438,068)
Proceeds from sales of short-term time deposits, held to maturities and other investments	141,928,351	20,577,677	97,547,038	55,083,390
Purchases of available-for-sale investments	(3,581,868)	(519,322)
Purchase of long-term time deposits, held to maturities and other investments	(6,795,838)	(985,305)	(13,628,052)	(6,722,228)
Proceeds from sales of long-term time deposits, held to maturities and other investments	7,137,814	1,034,886
Purchase of property, equipment and software and intangible assets	(635,716)	(92,170)	(3,287,232)	(43,046)
Proceeds from disposal of property and equipment	40	6	394	51
Loans to a related party				(238,000)
Others			445,037
Net cash used in investing activities	(22,361,670)	(3,242,137)	(35,562,365)	(38,357,901)
CASH FLOW FROM FINANCING ACTIVITIES
Net proceeds from the follow-on offerings				26,805,438
Proceeds from the private placements				11,063,339
Net proceeds from the issuance of convertible bonds				13,024,199
Proceeds from short-term borrowings				1,828,923
Repayment of short-term borrowings			(1,875,472)	(922,897)
Others	10,079	1,461	318	(6)
Net cash generated from/(used in) financing activities	10,079	1,461	(1,875,154)	51,798,996
Effect of exchange rate changes on cash, cash equivalents and restricted cash	100,177	14,524	(145,157)	(139,943)
Increase/(decrease) in cash, cash equivalents and restricted cash	26,256,446	3,806,827	(8,799,665)	41,497,779
Cash, cash equivalents and restricted cash at beginning of the year	66,043,971	9,575,476	74,843,636	33,345,857
Cash, cash equivalents and restricted cash at end of the year	92,300,417	13,382,303	66,043,971	74,843,636
Supplement disclosure of cash flow information:
Interest received	3,567,738	517,273	2,936,860	1,881,812
Income taxes paid	4,881,252	707,715
Supplement disclosure of non-cash operating activities:
Recognition of right-of-use assets and lease liabilities	1,068,063	154,855	704,142	265,821
Supplement disclosure of non-cash investing activities:
Purchase of property, equipment and software included in accrued expenses and other liabilities	¥ 136,411	$ 19,778	¥ 194,385	¥ 162,641

CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciliation of Cash, Cash Equivalents and Restricted Cash ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	¥ 34,326,192	$ 4,976,830	¥ 6,426,715		¥ 22,421,189
Restricted cash	57,974,225	8,405,473	59,617,256		52,422,447
Total cash, cash equivalents and restricted cash in the statements of cash flows	¥ 92,300,417	$ 13,382,303	¥ 66,043,971	$ 9,575,476	¥ 74,843,636	¥ 33,345,857

Organization

12 Months Ended

Dec. 31, 2022

Organization

Organization

1.	Organization

PDD Holdings Inc. (the ‘‘Company’’), formerly known as Pinduoduo Inc., was incorporated in the Cayman Islands on April 20, 2015 under the Cayman Islands Companies Law as an exempted company with limited liability. The Company through its consolidated subsidiaries, variable interest entity (the ‘‘VIE’’) and the subsidiaries of the VIE (collectively, the ‘‘Group’’) are principally engaged in the merchandise sales and the provision of online marketplace to help merchants leverage the power of the internet to engage with their customers in the People’s Republic of China (the ‘‘PRC’’ or ‘‘China’’). Due to the PRC legal restrictions on foreign ownership and investment in such business, the Company conducts its primary business operations through its VIE and subsidiaries of the VIE.

As of December 31, 2022, the details of the Company’s major subsidiaries, consolidated VIE and the subsidiaries of the VIE are as follows:


			Percentage of
	Date of	Place of	ownership by the				Principal
Entity	incorporation	incorporation	Company				activities
			Direct		Indirect
Subsidiaries:
HongKong Walnut Street Limited (“Walnut HK”)	April 28, 2015	Hong Kong	100	%	—		Holding company
Hangzhou Weimi Network Technology Co., Ltd. (“Hangzhou Weimi” or the “WFOE”)	May 28, 2015	PRC	100	%	—		Technology research and development
Walnut Street (Shanghai) Information Technology Co., Ltd. (“Walnut Shanghai”)	January 25,2018	PRC	100	%	—		Technology research and development
Shenzhen Qianhai Xinzhijiang Information Technology Co., Ltd. (“Xinzhijiang”)	April 25, 2018	PRC	100	%	—		E-commerce platform
Shanghai Yucan Information Technology Co., Ltd.	September 14, 2020	PRC	100	%	—		E-commerce platform

VIE:
Hangzhou Aimi Network Technology Co., Ltd. (“VIE”)	April 14, 2015	PRC	—		100	%	E-commerce platform

VIE’s subsidiary:
Shanghai Xunmeng Information Technology Co., Ltd. (“Shanghai Xunmeng”)	January 9, 2014	PRC	—		100	%	E-commerce platform

1.	Organization (Continued)

The VIE agreements

The PRC laws and regulations currently place certain restrictions on foreign ownership of companies that engage in internet content and other restricted businesses. To comply with PRC laws and regulations, the Group conducts the majority of its business in China through the VIE and subsidiaries of the VIE. Despite the lack of technical majority ownership, the Company directs the activities of the VIE through a series of contractual arrangements (the “Contractual Agreements’’). The equity interests of the VIE are legally held by PRC individuals (the ‘‘Nominee Shareholders’’). Through the Contractual Agreements, the Nominee Shareholders of the VIE effectively assigned all of their voting rights underlying their equity interests in the VIE to the Company, via the WFOE, and therefore, the Company has the power to direct the activities of the VIE that most significantly impact its economic performance. The Company also has the right to receive economic benefits and obligations to absorb losses from the VIE, via the WFOE, that potentially could be significant to the VIE. Based on the above, the Company consolidates the VIE in accordance with SEC Regulation SX-3A-02 and ASC810-10, Consolidation: Overall.

The following is a summary of the Contractual Agreements:

Exclusive Option Agreements Pursuant to the Exclusive Option Agreements entered into among the Nominee Shareholders, the VIE and the WFOE, Nominee Shareholders irrevocably granted WFOE an exclusive call option to purchase, or have its designated person(s) to purchase their equity interests in the VIE. The WFOE has the sole discretion as to when to exercise the options, whether in part or full. The exercise price of the options to purchase all or part of the equity interests in the VIE will be all or part of the VIE’s assets at the book value of such assets, or the minimum amount of consideration permitted by the applicable PRC laws, whichever is higher. Any proceeds received by the Nominee Shareholders from the exercise of the options shall be remitted to the WFOE or its designated party, to the extent permitted under PRC laws. The Exclusive Option Agreements will remain in effect until all the equity interests in VIE held by Nominee Shareholders are transferred to the WFOE or its designated party. The WFOE may terminate the Exclusive Option Agreements at its sole discretion, whereas under no circumstances may the VIE or the Nominee Shareholders terminate the agreements.

Equity Pledge Agreement Pursuant to the Equity Pledge Agreement entered into among the WFOE (the ‘‘Pledge Agreement’’), the Nominee Shareholders and the VIE, the Nominee Shareholders pledged all of their equity interests in the VIE to the WFOE as collateral to secure their obligations under the Contractual Agreements. The Nominee Shareholders further undertake that they will remit any distributions in connection with such shareholders’ equity interests in the VIE to the WFOE, to the extent permitted by PRC laws. If the VIE or any of their Nominee Shareholders breach any of their respective contractual obligations under the above agreements, the WFOE, as the pledgee, will be entitled to certain rights, including the right to sell, transfer or dispose of the pledged equity interest. The Nominee Shareholders of the VIE agree not to create any encumbrance on or otherwise transfer or dispose of their respective equity interest in the VIE, without the prior consent of the WFOE. The Equity Pledge Agreement will be valid until the VIE and the shareholders fulfill all the contractual obligations under the Contractual Agreements in full and the pledged equity interests have been transferred to the WFOE and/or its designee.

1.	Organization (Continued)

The VIE agreements (Continued)

Shareholders’ Voting Rights Proxy Agreement Pursuant to the Shareholders’ Voting Rights Proxy Agreement entered into among the Nominee Shareholders, the VIE and the WFOE (the ‘‘Proxy Agreement’’), the Nominee Shareholders authorized the WFOE or its designated party to (1) act on behalf of the Nominee Shareholders as exclusive agent and attorney with all respect to all matters concerning the shareholding including but not limited to attend shareholders’ meetings of the VIE; (2) exercise all the shareholders’ rights, including voting rights; and (3) designate and appoint on behalf of each shareholder and the senior management members of the VIE. The proxy remains irrevocable and continuously valid from the date of execution so long as each Nominee Shareholder remains as a shareholder of the VIE.

Exclusive Consulting and Services Agreement Pursuant to the Exclusive Consulting and Services Agreement (the ‘‘Consulting and Services Agreement’’), WFOE retains exclusive right to provide to the VIE the technical support and consulting services, including but not limited to, technology development and maintenance service, marketing consulting service and administrative consulting service. WFOE owns the intellectual property rights developed in the performance of the agreement. In exchange for these services, WFOE is entitled to charge the VIE annual service fees which typically amount to what would be substantially all of the VIE’s pre-tax profits, resulting in a transfer of substantially all of the profits from the VIE to the WFOE. The term of the agreement is 10 years, expiring on June 5, 2025, which will be automatically renewed every ten-year thereafter if the WFOE does not provide notice of termination to the Nominee Shareholders three months prior to expiration.

In the opinion of the Company’s management and PRC counsel, (i) the ownership structure of the Group, including its subsidiaries, the VIE and the subsidiaries of the VIE, is not in violation with any applicable PRC laws and (ii) each of the VIE agreements is legal, valid, binding and enforceable to each party of such agreements in accordance with its terms and applicable PRC Laws.

The Proxy Agreement was assigned by the WFOE to the Company. The Company and the VIE entered into a financial support undertaking letter pursuant to which, the Company is obligated and hereby undertakes to provide unlimited financial support to the VIE, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred.

Uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current Contractual Agreements and businesses to be in violation of any existing or future PRC laws or regulations. If the Company, the WFOE or any of its current or future VIE are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing with such violations, which may include, but not limited to, revocation of business and operating licenses, being required to discontinue or restrict its business operations, restriction of the Group’s right to collect revenues, being required to restructure its operations, imposition of additional conditions or requirements with which the Group may not be able to comply, or other regulatory or enforcement actions against the Group that could be harmful to its business. The imposition of any of these or other penalties may result in a material and adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the activities of the VIE or the right to receive their economic benefits, the Company would no longer be able to consolidate the VIE.

1.	Organization (Continued)

The VIE agreements (Continued)

In addition, if the VIE or the Nominee Shareholders fail to perform their obligations under the Contractual Agreements, the Group may have to incur substantial costs and expend resources to enforce the primary beneficiary’ rights under the contracts. The Group may have to rely on legal remedies under PRC laws, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of the Contractual Agreements are governed by PRC laws and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. Uncertainties in the PRC legal system could limit the Group’s ability to enforce these contractual arrangements. Under PRC laws, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event the Group is unable to enforce the Contractual Agreements, the primary beneficiary may not be able to direct the activities of its VIE, and the Group’s ability to conduct its business may be negatively affected.

The VIE and its subsidiaries contributed to 65.1%, 59.3% and 56.2% of the Group’s consolidated revenues for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021 and 2022, the VIE and its subsidiaries accounted for an aggregate of 48.7% and 53.0%, respectively of the consolidated total assets, and 83.2% and 77.1%, respectively of the consolidated total liabilities.

Other revenue-producing assets held by the VIE and its subsidiaries mainly include licenses, such as the internet content provision license and internally-developed intangible assets including trademarks, patents, copyrights and domain names.

1.	Organization (Continued)

The VIE agreements (Continued)

The following tables represent the financial information for the VIE and its subsidiaries as of December 31, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022 before eliminating the inter-company balances and transactions between the VIE, the subsidiaries of the VIE and other entities within the Group:


	As of December 31,
	2021	2022
	RMB	RMB	US$
ASSETS

Current assets
Cash and cash equivalents	2,430,440	2,725,249	395,124
Restricted cash	59,402,079	57,955,328	8,402,733
Receivables from online payment platforms	668,953	426,193	61,792
Short-term investments	12,306,340	45,273,907	6,564,099
Amounts due from related parties ⁽ⁱ⁾	4,198,391	6,106,160	885,310
Amounts due from Group companies	40,425,872	34,810,132	5,046,995
Prepayments and other current assets	1,330,772	1,280,559	185,664
Total current assets	120,762,847	148,577,528	21,541,717

Non-current assets
Property, equipment and software, net	2,116,566	950,273	137,777
Intangible asset	27,163	24,155	3,502
Right-of-use assets	417,455	426,429	61,826
Deferred tax assets	19,908	14,556	2,110
Other non-current assets	5,300,938	10,444,964	1,514,377
Total non-current assets	7,882,030	11,860,377	1,719,592
Total assets	128,644,877	160,437,905	23,261,309


	As of December 31,
	2021	2022
	RMB	RMB	US$
LIABILITIES
Current liabilities
Amounts due to related parties ⁽ⁱ⁾	1,962,029	1,671,246	242,308
Amounts due to Group companies	27,978,153	22,452,033	3,255,239
Customer advances and deferred revenues	1,158,738	1,369,573	198,569
Payable to merchants	61,947,517	62,006,946	8,990,162
Accrued expenses and other liabilities	9,360,166	11,817,208	1,713,334
Merchant deposits	13,360,409	14,681,913	2,128,677
Lease liabilities	138,667	156,776	22,730
Total current liabilities	115,905,679	114,155,695	16,551,019
Lease liabilities	305,068	290,412	42,106
Deferred tax liabilities	19,217	—	—
Total non-current liabilities	324,285	290,412	42,106
Total liabilities	116,229,964	114,446,107	16,593,125

1.	Organization (Continued)

The VIE agreements (Continued)


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$
Net revenues from
Group companies	12,602,673	22,136,726	30,199,788	4,378,558
External	38,749,188	55,740,613	73,431,914	10,646,626
Net revenues	51,351,861	77,877,339	103,631,702	15,025,184
Net income	2,552,665	15,169,180	33,595,051	4,870,825

(i)

Information with respect to related parties is discussed in Note 18.


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$
Net cash generated from operating activities	29,379,799	34,365,025	25,650,939	3,719,037
Net cash used in investing activities	(11,802,074)	(26,828,581)	(43,513,150)	(6,308,814)
Net cash generated from/(used in) financing activities	7,818,632	(1,445,969)	16,710,269	2,422,761
Net increase/(decrease) in cash, cash equivalents and restricted cash	25,396,357	6,090,475	(1,151,942)	(167,016)

As of December 31, 2022, there are no consolidated VIE’s assets that are pledged or collateralized for the VIE’s obligations and which can only be used to settle the VIE’s obligations, except for registered capital and the PRC statutory reserves, which were RMB121,000 and RMB5,889, respectively, as of December 31, 2022. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of their statutory reserves and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 20 for disclosure of the restricted net assets. As the VIE is incorporated as a limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company for any of the liabilities of the VIE. There were no other pledges or collateralization of the VIE’s assets.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.Summary of Significant Accounting Policies

(a)Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”).

(b)Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE and the subsidiaries of the VIE. All significant inter-company transactions and balances between the Company, its subsidiaries, the VIE and subsidiaries of the VIE have been eliminated upon consolidation.

2.Summary of Significant Accounting Policies (Continued)

(c)Use of estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Group’s consolidated financial statements include, but are not limited to allowance for doubtful accounts arising from expected credit losses, economic lives and impairment of long-lived assets, valuation of short-term and long-term investments, valuation allowance for deferred tax assets, uncertain tax position, valuation for share-based compensation, liability component of convertible bonds and incremental borrowing rates for operating lease liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

(d)Foreign currency

The functional currency of the Company and its major overseas subsidiaries is the US$. The Company’s PRC subsidiaries, the VIE and subsidiaries of the VIE determined their functional currencies to be RMB based on the criteria of ASC 830, Foreign Currency Matters. The Group uses the RMB as its reporting currency.

Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive income/(loss).

The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income/(loss), a component of shareholders’ equity.

(e)Convenience translation

Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.8972 on December 30, 2022, the last business day in December 2022, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

(f)Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use and have original maturities of three months or less when purchased.

(g)Restricted cash

Restricted cash mainly represents cash received from consumers and reserved in a bank supervised account for payments to merchants.

2.Summary of Significant Accounting Policies (Continued)

(h)Investments

The Group’s short-term investments and long-term investments included in other non-current assets primarily consist of time deposits, held-to-maturity debt securities, investment in convertible bonds, available-for-sale debt securities and equity-method investments. The classification of an investment is determined based on the Group’s ability and intent to hold the investment, the nature of the investment, and the degree to which the Group may exercise influence over the investee. All highly liquid investments with original maturities of greater than three months but less than twelve months, are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. Long-term debt securities with maturities of greater than twelve months, that the Group has positive intent and ability to hold to maturity, which are stated at amortized cost, are classified as other non-current assets.

Investments in debt securities that the Group has positive intent and ability to hold to maturity are categorized as “held to maturity”. Wealth management products with the intention to sell in the near term are classified as trading securities and measured at fair value. Any realized gains or losses on the sale of the held-to-maturity debt securities and trading securities are determined on a specific identification method and are reflected in earnings during the period in which gains or losses are realized. Realized and unrealized gains and losses and interest income from the investments are recorded in “Interest and investment income, net” in the consolidated statements of comprehensive income/(loss).

The Group has elected the fair value option for investment in convertible bonds in accordance with ASC Subtopic 825-10 (“ASC 825-10”), Recognition and Measurement of Financial Assets and Financial Liabilities. The financial instruments guidance in ASC 825-10 permits reporting entities to apply the fair value option on an instrument-by-instrument basis. Therefore, a reporting entity can elect the fair value option for certain instruments but not others within a group of similar instruments. The fair value option permits the irrevocable election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized and unrealized gains or losses recorded in “Interest and investment income, net” on the consolidated statements of comprehensive income/(loss).

The Group accounts for available-for-sale debt securities in accordance with ASC Topic 320, Investments-Debt Securities. Available-for-sale debt securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income/(loss). The net carrying value of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is computed using the effective interest method and included in interest income.

The Group’s investments in common stock or in-substance common stock in entities in which it can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting and classified as “equity method investments” in accordance with ASC Subtopics 323-10 (“ASC 323-10”), Investments-Equity Method and Joint Ventures: Overall. The Group applies the equity method of accounting that is consistent with ASC 323-10 in limited partnerships which the Group has significant influence. After the date of investment, the Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investees’ profits or loss into earnings. The Group evaluates the equity method investments for impairment under ASC 323-10. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary.

2.Summary of Significant Accounting Policies (Continued)

(i)Property, equipment and software, net

Property, equipment and software are stated at cost and are depreciated and amortized using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Computer equipment		1-3 years
Office equipment		3 years
Purchased software		3-5 years
Leasehold improvements		Over the shorter of lease terms or the estimated useful lives of the assets

Repair and maintenance costs are charged to expense as incurred, whereas the costs of renewals and betterments that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive income/(loss).

(j)Impairment of long-lived assets other than goodwill

The Group evaluates its long-lived assets, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available.

For all periods presented, there were no impairment of any of the Group’s long-lived assets.

2.Summary of Significant Accounting Policies (Continued)

(k)Fair value of financial instruments

The Group’s financial instruments include cash and cash equivalents, restricted cash, receivables from online payment platforms, amounts due from/to related parties, merchant deposits, payables to merchants, short-term investments, long-term time deposits and debt securities and convertible bonds. For the aforementioned financial instruments included in current assets and liabilities, except for ones measured at fair value, their carrying amount approximate to their respective fair values because of the general short maturities. The carrying amounts of time deposits and long-term held-to-maturity debt securities approximate to fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of convertible bonds that are not reported at fair value are disclosed in Note 12.

The Group applies ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

(l)Revenue recognition

Revenues are principally comprised of those generated from online marketplace services and merchandise sales. Revenues from online marketplace services primarily consist of online marketing services revenues and transaction services fees. Revenues represent the amount of consideration that the Company is entitled to in exchange for the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of value-added tax (“VAT”). Consistent with the criteria of ASC Topic 606 (“ASC 606”), Revenue from Contracts with Customers, the Group recognizes revenue when the performance obligation in a contract is satisfied by transferring the control of a promised good or service to a customer. The Group also evaluates whether it is appropriate to record the gross amounts of goods and services sold and the related costs, or the net amounts earned as commissions. Payments for services or goods are generally received before deliveries.

2.Summary of Significant Accounting Policies (Continued)

(l)Revenue recognition (Continued)

Online marketing services

The Group entered into contractual agreements with certain merchants to provide online marketing services on the Group’s online marketplace for which the Group receives service fees from merchants. The Group provides merchants with performance-based marketing services that match product listings appearing in search or browser results on the Group’s online marketplace. Merchants prepay for online marketing services that are primarily charged on a cost-per-click basis. Under ASC 606, the related revenues are recognized at a point of time when consumers click the merchants’ product listings and the online marketing services are completed by the Group for the merchants. The positioning of such listings and the price for such positioning are determined through an online auction system, which facilitates price discovery through a market-based mechanism.

The Group also provides display marketing services that allow the merchants to place advertisements on the platform primarily at fixed prices. In general, the merchants need to prepay for display marketing which is accounted for as customer advances and deferred revenues and revenues are primarily recognized over the period during which the advertising services are provided.

Transaction services

The Group charges fees expected to receive from transaction services to merchants for sales transactions completed on our platforms, where the Group does not take control of the products provided by merchants at any point in time during the transactions and do not have latitude over pricing of the merchandise. Revenues related to transaction services are recognized in consolidated statements of comprehensive income/(loss) at a point in time when the Group’s service obligations to the merchants are determined to have been completed under each sales transaction upon the confirmation of the receipts of goods by the consumers.

Merchandise sales

The Group in certain cases acquires the merchandises from suppliers and sells directly to the customers. The Group acts as a principal as it obtains control of the merchandises, is primarily obligated for the merchandise sold to the customers, bears inventory risks and has the latitude in establishing prices. Revenues from merchandise sales are recorded on a gross basis, net of discounts and return allowances when the product is delivered and title is passed to customers in this type of transaction. Proceeds received in advance of customer acceptance are recorded as current liabilities in customer advances and deferred revenues.

2.Summary of Significant Accounting Policies (Continued)

(l)Revenue recognition (Continued)

Incentives provided to the consumers

In order to promote its online marketplace and attract more registered consumers, the Group at its own discretion provides various forms of incentives, for example, coupons, credits and other subsidies that are not specific to any merchant, to the consumers who are not customers of the Group. Despite the absence of any explicit contractual obligations to incentivize the consumers on behalf of the merchants, the Group further evaluated the varying features of different incentive programs to determine that whether the incentives represent implicit obligations to the consumers on behalf of merchants and if so, should be recorded as reduction of revenues. Based on that evaluation, the Group determined that incentives provided to the consumers are not considered as payments to the merchant-customers.

The Group at its discretion issues to the consumers coupons and credits upon completion of certain actions to promote the Group’s platform. The coupons can be used for future purchases of eligible merchandise offered on the Group’s online marketplace to reduce purchase price and the credits can be used to redeem cash from the Group. The Group recognizes the amounts of coupons and credits as marketing expenses when future purchases are completed or when the credits are issued. Other subsidies unconditionally provided to the consumers are recognized as marketing expenses when the related transaction services revenues from merchants are recognized. Certain subsidies are provided to consumers upon their completion of certain actions to promote the platform, and the Group records the related costs in marketing expenses upon the completion of such promotion tasks.

(o)Costs of revenues

Costs of revenues consist primarily of payment processing fees paid to third party online payment platforms, costs associated with the operation of the platform and others, such as costs and expenses attributable to merchandise sales, fulfillment fees, merchant support services, bandwidth and server costs, amortization, depreciation and maintenance costs, payroll, employee benefits and share-based compensation expenses, call center, surcharges and other expenses directly attributable to the online marketplace services.

(p)Advertising expenditures

Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amount of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB39,297,890, RMB41,456,838 and RMB49,971,418 (US$7,245,175) for the years ended December 31, 2020, 2021 and 2022, respectively.

(q)Research and development expenses

Research and development expenses include payroll, employee benefits, and other operating expenses associated with research and platform development. Research and development expenses also include rent, depreciation and other related expenses. To date, expenditures incurred between when the application has reached the development stage and when it is substantially complete and ready for its intended use have been inconsequential and, as a result, the Group did not capitalize any software development costs in the accompanying consolidated financial statements.

2.Summary of Significant Accounting Policies (Continued)

(r)Government subsidies

Government subsidies primarily consist of financial subsidies received from local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. Such amounts are recognized as “Other income, net” upon receipt and when all conditions attached to the grants are fulfilled.

(s)Credit loss

The Group adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2020, using the modified retrospective transition method. The Group’s allowance for credit losses as of December 31, 2021 and 2022 reflects the best estimation of the expected future losses for its financial instruments measured at amortized cost, based on the current economic conditions; however, as a result of the uncertainty caused by the coronavirus (COVID-19) pandemic and other factors, these estimates may change and future actual losses may differ from the estimates. The Group will continue to monitor economic conditions and will revise the estimates of the expected future losses for financial instruments measured at amortized cost as necessary.

(t)Leases

The Group as the lessee determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Group’s lease portfolio consisted entirely of operating leases as of December 31, 2020, 2021 and 2022. The Group’s leases do not contain any residual value guarantees or material restrictive covenants. The Group also elected the practical expedient of the short-term lease exemption for contracts with lease terms of 12 months or less.

At the commencement date of an operating lease, the Group records a right-of-use (“ROU”) asset and lease liability based on the present value of the lease payments over the lease term. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Group’s lease is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option. The Group accounts for lease and non-lease components separately.

2.Summary of Significant Accounting Policies (Continued)

(u)Income taxes

The Group follows the liability method of accounting for income taxes in accordance with ASC 740(‘‘ASC 740’’), Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate.

The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive income/(loss) as income tax expenses.

(v)Share-based compensation

The Group applies ASC 718 (‘‘ASC 718’’), Compensation—Stock Compensation, to account for its employee share-based payments. In accordance with ASC 718, the Group determines whether an award should be classified and accounted for as a liability award or an equity award. All of the Group’s share-based awards to employees were classified as equity awards. The Group measures the employee share-based compensation based on the fair value of the award at the grant date. Expense is recognized using accelerated method over the requisite service period. The fair value of share options at the time of grant is determined using the binomial-lattice option pricing model. In accordance with ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting, the Group elected to account for forfeitures as they occurred.

(w)Employee benefit expenses

As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries.

(x)Comprehensive income/(loss)

Comprehensive income/(loss) is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group’s comprehensive income/(loss) includes net income/(loss), foreign currency translation difference and unrealized holding losses associated with the available-for-sale debt securities and is presented in the consolidated statements of comprehensive income/(loss).

2.Summary of Significant Accounting Policies (Continued)

(y)Earnings/(Loss) per share

Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income/(loss) is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted share unites (‘‘RSUs’’) and shares issuable upon the exercise of share options using the treasury stock method, and conversion of convertible bonds using the if-converted method. Ordinary equivalent shares are not included in the denominator of the diluted earnings/(loss) per share calculation when inclusion of such shares would be anti-dilutive.

Basic and diluted earnings/(loss) per share are not reported separately for Class A ordinary shares or Class B ordinary shares (the ‘‘Ordinary Shares’’) as each class of shares has the same rights to undistributed and distributed earnings.

(z)Segment reporting

The Group follows ASC 280, Segment Reporting. The Group’s Chief Executive Officer as the chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Group as a whole and hence, the Group has only one reportable segment. The Group operates and manages its business as a single segment. As the Group’s long-lived assets are substantially all located in the PRC and substantially all the Group revenues are derived from within the PRC, no geographical segments are presented.

(aa)Recent accounting pronouncements

The Group does not expect the adoption of any recently issued accounting pronouncements to have a material impact on the financial statements.

Concentration of Risks

12 Months Ended

Dec. 31, 2022

Concentration of Risks

Concentration of Risks

3.Concentration of Risks

(a)Concentration of credit risk

Financial instruments that may potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, receivables from online payment platforms, amounts due from related parties, short-term investments, and long-term debt investments. As of December 31, 2021 and 2022, a majority of the Group’s cash and cash equivalents, restricted cash, short-term investments and long-term debt investments were held at reputable financial institutions with high-credit ratings. In the event of bankruptcy of one of these financial institutions, the Group may not be able to claim its cash and demand deposits back in full. The Group continues to monitor the financial strength of the financial institutions. There has been no recent history of default in relation to these financial institutions. Receivables from online payment platforms and amounts due from related parties (Note 18), unsecured and denominated in RMB and US$, derived from transactions on the Group’s online marketplace to consumers, are exposed to credit risk. The risk is mitigated by credit evaluations the Group performs on the selected online payment platforms that are highly reputable and market leaders. There has been no default of payments from these online payment platforms.

(b)Business, customer, political, social and economic risks

The Group participates in a dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services; changes in competitive landscape including potential new entrants; advances and new trends in new technology; strategic relationships or customer relationships; regulatory considerations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth.

(i)Business supplier risk - the purchases from Tencent Group accounted for over 10% of the total purchases of the Group for the years ended December 31, 2020, 2021 and 2022. Please refer to Note 18 for disclosure of the related party transactions.

(ii)Customer risk - there were no customers whose revenues individually represent greater than 10% of the total revenues of the Group for the years ended December 31, 2020, 2021 and 2022.

(iii)Economic risk - the Group’s operations could be adversely affected by significant political, economic and social changes.

3.Concentration of Risks (Continued)

(c)Foreign currency exchange rate risk

The Group is exposed to foreign currency exchange rate risk, which mainly affects the monetary assets denominated in the currencies other than the functional currencies of the respective entities. From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. The (depreciation)/appreciation of the US$ against RMB was approximately (6.5)%, (2.3)% and 9.2% for the years ended December 31, 2020, 2021 and 2022, respectively. The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. Most of the Group’s revenues and costs are denominated in RMB, while a portion of cash and cash equivalents, short-term investments and long-term debt investments, are denominated in US$. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future.

(d)Currency convertibility risk

The Group transacts most of its business in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.

Short-term Investments

12 Months Ended

Dec. 31, 2022

Short-term Investments

Short-term Investments

4.Short-term Investments

Short-term investments classification as of December 31, 2021 and 2022 were shown as below:


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Time deposits and held-to-maturity debt securities	86,203,296	113,872,353	16,509,939
Trading securities	313,322	6,917	1,003
Investments in convertible bonds	—	1,233,284	178,809
	86,516,618	115,112,554	16,689,751

The gross unrecognized holding gains or loss on the held-to-maturity debt securities was nil as of December 31, 2021 and 2022.

The cost of trading securities was RMB300,000 and RMB6,828 (US$990), with net unrealized gain of RMB13,322 and RMB89 (US$13) as of December 31, 2021 and 2022, respectively.

For the years ended December 31, 2020, 2021 and 2022, interest income related to time deposits and held-to-maturity debt securities was RMB1,175,842, RMB1,093,654 and RMB2,442,413 (US$354,117), respectively.

The Group invested in convertible bonds issued by a third party in 2020, which is accounted for under the fair value option and reclassified from other non-current assets (Note 9) to short-term investments during the year ended December 31,2022. As of December 31, 2021 and 2022, the fair value was RMB1,290,901 and RMB1,233,284 (US$178,809), respectively. Unrealized gains recorded on these convertible bonds in the consolidated statements of comprehensive income/(loss) was RMB88,928 for the year ended December 31, 2020, while unrealized loss of RMB67,065 and RMB221,640 (US$32,135) were recorded for the year ended December 31, 2021 and 2022, respectively.

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2022

Prepayments and Other Current Assets

Prepayments and Other Current Assets

5.Prepayments and Other Current Assets

The components of prepayments and other current assets are as follows:


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Prepayments	1,392,929	966,439	140,120
VAT recoverable	670,541	326,427	47,328
Interest receivables	364,594	119,564	17,335
Rental and other deposits	111,139	86,915	12,602
Others	885,484	799,034	115,850
	3,424,687	2,298,379	333,235

The prepayments mainly consist of advertising fees paid in advance.

Property, Equipment and Software, Net

12 Months Ended

Dec. 31, 2022

Property, Equipment and Software, Net

Property, Equipment and Software, Net

6.Property, Equipment and Software, Net


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
At cost:
Computer equipment, office equipment and purchased software	3,135,385	3,591,861	520,771
Leasehold improvement	28,773	30,249	4,386
	3,164,158	3,622,110	525,157
Less: accumulated depreciation	(960,835)	(2,577,263)	(373,668)
	2,203,323	1,044,847	151,489

For the years ended December 31, 2020, 2021 and 2022, the Group recorded depreciation expenses amounted RMB27,999, RMB911,964 and RMB1,615,551 (US$234,233), respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2022

Intangible Assets

Intangible Assets

7.Intangible Assets

Intangible assets consisted of the following:


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Balance as of January 1	1,276,751	701,220	101,667
Addition	30,073	—	—
Amortization	(583,416)	(608,618)	(88,241)
Foreign currency translation difference	(22,188)	41,400	6,002
Balance as of December 31	701,220	134,002	19,428

In February 2018, the Company entered into a strategic cooperation framework agreement (the “Agreement”) with an affiliate of Tencent Group. The Company and Tencent Group agreed to cooperate in a number of areas primarily for Tencent Group to provide the Company with Weixin access point and other services and to pursue additional opportunities for future potential cooperation. The Agreement is valid for five years, from March 1, 2018 to February 28, 2023. The Company recognized the Agreement as an intangible asset at the fair value of consideration paid in the form of convertible preferred shares of RMB2,852 million. The Group recognizes the related amortization expense in costs of revenues, over the period of five years using the straight-line method. Amortization expense for intangible assets were RMB623,524, RMB583,416 and RMB608,618 (US$88,241) for the years ended December 31, 2020, 2021 and 2022, respectively. No impairment charge was recognized on the intangible assets for any of the three years in the period ended December 31, 2022.

7.Intangible Assets (Continued)

The estimated annual amortization expense for each of the remaining fiscal years is as follows:


	Amortization
	RMB	US$
2023	112,854	16,362
2024	3,007	436
2025	3,007	436
2026	3,007	436
2027 and after	12,127	1,758

Leases

12 Months Ended

Dec. 31, 2022

Leases

Leases

8.Leases

The Group has operating leases mainly for offices and warehouses in China. For the years ended December 31, 2020, 2021 and 2022, operating lease costs were RMB177,976, RMB385,377 and RMB557,477 (US$80,827), respectively; and short-term lease costs were RMB31,394, RMB141,507 and RMB174,402 (US$25,286), respectively. There were no leasing costs other than the operating lease costs and short-term lease costs for the years ended December 31, 2020, 2021 and 2022.

A maturity analysis of the Company’s operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities recognized on the consolidated balance sheet was as below:


	As of December 31, 2022
	RMB	US$

2023	650,617	94,331
2024	497,166	72,082
2025	274,728	39,832
2026	67,483	9,784
2027 and after	75,197	10,903
Total undiscounted cash flows	1,565,191	226,932
Less: imputed interest	(92,373)	(13,393)
Present value of lease liabilities	1,472,818	213,539

As of December 31, 2022, the Company had no operating leases that had not yet commenced.

As of December 31, 2020, 2021 and 2022, the weighted average remaining lease term was 3.39 years, 2.74 years and 2.87 years, respectively, and the weighted average discount rate was 4.90%, 4.38% and 4.05% for the Company’s operating leases, respectively.

Other supplemental information related to leases is summarized below:


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Cash payments for operating leases	166,967	388,144	534,784	77,536
ROU assets obtained in exchange for new operating lease liabilities	265,821	704,142	1,068,063	154,855

Other Non-Current Asset

12 Months Ended

Dec. 31, 2022

Other Non-current Assets

Other Non-current Assets

9.Other Non-current Assets

Other non-current assets mainly include time deposits, held-to-maturity debt securities, available-for-sale debt securities, investment in convertible bonds, and equity method investments.

Time deposits and held-to-maturity debt securities represent the time deposits made in financial institutions and other held-to-maturity debt securities that the Group has positive intent and ability to hold to maturity. As of December 31, 2021 and 2022, the carrying amount for the investments, net of allowance for credit losses, was RMB13,008,899 and RMB11,040,283 (US$1,600,691), respectively. As of December 31, 2021 and 2022, the allowance for credit losses was RMB14,378 and RMB12,873 (US$1,866), respectively. The gross unrecognized holding gains or loss on the investments was nil as of December 31, 2021 and 2022. Interest income recorded on these time deposits in the consolidated statements of comprehensive income/(loss) were RMB66,602, RMB83,728 and RMB151,299 (US$21,936) for the years ended December 31, 2020, 2021 and 2022, respectively.

The following table summarizes the net carrying amount of long-term time deposits and held-to-maturity debt securities with stated contractual dates, classified by the contractual maturity date of the investments:


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$

Due in 1 year through 2 years	8,936,424	5,536,768	802,756
Due in 2 years through 3 years	4,072,475	5,503,515	797,935
	13,008,899	11,040,283	1,600,691

As of December 31, 2022, available-for-sale debt securities include government bonds purchased from financial institutions, with maturities of greater than twelve months. The following table summarizes the details of available-for-sale debt securities with stated contractual dates, classified by the contractual maturity date of the investments:


					Fair Value
		Gross	Gross	Fair Value	(Net
	Amortized	Unrealized	Unrealized	(Net Carrying	Carrying
	Cost	Gains	Losses	Amount)	Amount)
	RMB	RMB	RMB	RMB	US$

Due in 5 years through 10 years	3,596,846	4,626	(25,998)	3,575,474	518,395

The Group does not consider the investments in available-for-sale debt securities to be other-than-temporarily impaired at December 31, 2022. Hence, no allowance for credit loss was recorded as of December 31, 2022.

As of December 31, 2021, investment in convertible bonds measured at fair value amounted to RMB1,290,901, which is reclassified to short-term investments for the year ended December 31, 2022 (Note 4).

Equity method investments consist of the Group’s investments as a limited partner in certain limited partnership funds, including funds set up by the Company’s related parties, to make strategic investments. As of December 31, 2021 and 2022, the carrying amount for the investments was RMB1,968,156 and RMB2,049,616 (US$297,166), respectively. No equity method investments were considered, individually or in aggregate, material as of December 31, 2021 and 2022. There was no impairment on these investments during the years ended December 31, 2020, 2021 and 2022.

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

10.Accrued Expenses and Other Liabilities

The components of accrued expenses and other liabilities are as follows:


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Accrued advertising and marketing expenses	3,652,648	5,850,125	848,188
VAT and other tax payable	5,734,281	6,970,790	1,010,670
Payroll payable	1,949,173	2,364,723	342,853
Accounts payable	1,951,681	3,978,818	576,874
Others	797,730	1,796,267	260,434
	14,085,513	20,960,723	3,039,019

Convertible Bonds

12 Months Ended

Dec. 31, 2022

Convertible Bonds

Convertible Bonds

11.Convertible Bonds

(a)2024 Convertible Bonds

In September 2019, the Company issued US$1,000,000 principal amount 0.00% convertible senior notes including US$125,000 sold upon the exercise of the over-allotment option (the “2024 Notes”). The 2024 Notes will mature on October 1, 2024 unless redeemed, repurchased or converted prior to such date.

Holders may convert their 2024 Notes at their option prior to the close of business on the business day immediately preceding April 1, 2024 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of the Company’s American Depositary Shares (the “ADSs”), each representing four Class A ordinary shares of the Company, par value US$0.000005 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “2024 Price Condition”); (2) during the five-business-day-period after any ten-consecutive-trading-day-period (the “measurement period”) in which the trading price per US$1,000 principal amount of the 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2024 Notes for a tax redemption; (4) if the Company calls the 2024 Notes for redemption at its option or (5) upon the occurrence of specified corporate events. On or after April 1, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2024 Notes at any time. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election.

The initial conversion rate of the 2024 Notes is 23.4680 of the Company’s ADS per US$1,000 principal amount of the 2024 Notes (which is equivalent to an initial conversion price of approximately US$42.61 per ADS). The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date, if a make-whole fundamental change occurs prior to the maturity date of the 2024 Notes, or under certain circumstances upon a tax redemption or the Company’s optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2024 Notes in connection with such corporate event, such make-whole fundamental change or such notice of tax redemption or notice of optional redemption, as the case may be.

The Company may not redeem the 2024 Notes prior to October 1, 2022 unless certain tax-related events occur. On or after October 1, 2022, the Company may redeem for cash all or part of the 2024 Notes, at its option, if the last reported sale price of the Company’s American Depositary Shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption; and (ii) the trading day immediately preceding the date the Company sends such notice. Holders of the 2024 Notes may require the Company to repurchase all or part of their 2024 Notes in cash on October 1, 2022 (the “Repurchase Date”) or in the event of certain fundamental changes. No sinking fund is provided for the 2024 Notes.

11.Convertible Bonds (Continued)

(b)2025 Convertible Bonds

In November 2020, the Company issued US$2,000,000 principal amount 0.00% convertible senior notes including US$250,000 sold upon the exercise of the over-allotment option (the “2025 Notes”). The Notes will mature on December 1, 2025 unless redeemed, repurchased or converted prior to such date.

Holders may convert their 2025 Notes at their option prior to the close of business on the business day immediately preceding June 1, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s ADS, par value US$0.000005 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business-day period after any ten-consecutive-trading-day period (the ‘‘measurement period’’) in which the ‘‘trading price’’ (as defined below) per US$1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2025 Notes for a tax redemption; (4) if the Company calls the 2024 Notes for redemption at its option or (5) upon the occurrence of specified corporate events. On or after June 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2025 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election.

The conversion rate will initially be 5.2459 ADSs per US$1,000 principal amount of 2025 Notes (equivalent to an initial conversion price of approximately US$190.63 per ADS). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid special interest, if any. In addition, following certain corporate events that occur prior to the maturity date or following the Company’s delivery of a notice of a tax or optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2025 Notes in connection with such a corporate event or such notice of tax or optional redemption, as the case may be.

The Company may not redeem the 2025 Notes prior to December 6, 2023 unless certain tax-related events occur. On or after December 6, 2023, the Company may redeem for cash all or part of the 2025 Notes, at its option, if the last reported sale price of its ADSs has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provide notice of redemption and (ii) the trading day immediately preceding the date the Company send such notice. Holders of the 2025 Notes may require the Company to repurchase all or part of their 2025 Notes in cash on December 1, 2023 (the “Repurchase Date”) or in the event of certain fundamental changes. No sinking fund is provided for the 2025 Notes.

(c)Accounting for Convertible Bonds

The Group adopted ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), effective from January 1, 2022, using the modified retrospective method. Under the modified retrospective approach, the Group apply the standard to all convertible bonds that are outstanding on the effective date, with the cumulative effect recognized as an adjustment to the opening balance of retained earnings, and do not restate comparable periods.

11.Convertible Bonds (Continued)

(c)Accounting for Convertible Bonds (Continued)

The cumulative effects of changes made to the Group’s consolidated balance sheet on January 1, 2022 for the adoption of ASU 2020-06 were as follows:


	Balance at		Balance at
	December		January
	31, 2021	Adjustment	1, 2022
	RMB	RMB	RMB
Liabilities
Convertible bonds	11,788,907	2,316,324	14,105,231
Equity
Additional paid-in capital	95,340,819	(3,818,926)	91,521,893
Accumulated other comprehensive loss	(2,519,900)	136,096	(2,383,804)
Accumulated deficits	(17,706,533)	1,366,506	(16,340,027)

The adoption of ASU 2020-06 reduced interest expense by RMB1,268,792 (US$183,958) in 2022, and increased the basic and diluted earnings per share by RMB0.25 (US$0.04) and RMB0.17 (US$0.02), respectively. Those convertible bonds were anti-dilutive before adoption of ASU 2020-06.

Prior to the adoption of ASU 2020-06, as the conversion option may be settled in cash, ADSs, or a combination of cash and ADSs at the Company’s option, the Company separated the 2024 Notes and the 2025 Notes (collectively as the “Notes”) into liability and equity components in accordance with ASC 470-20, Debt with Conversion and Other Options. The carrying amount of the liability component was initially calculated by measuring the fair value of a similar liability that does not have an associated conversion feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the initial proceeds and recorded as additional paid-in capital. Debt issuance costs were allocated to the liability and equity components proportionately. The resulting discount, together with the allocated issuance costs, are accreted at the effective interest rate over the period from the issuance date to the Repurchase Date.

After the adoption of ASU 2020-06, the Group recombine convertible bonds that were previously separated into liability and equity components in accordance with ASC 470-20. The revised amortized cost of the outstanding convertible bonds at transition is recomputed as if the conversion option was not separated. The Group determined the amortized cost at issuance date and then recalculate the amortization of the discount using the recalculated effective interest rate. The resulting discount, together with the issuance costs as mentioned below, are accreted at an effective interest rate over the period from the issuance date to the Repurchase Date. The recalculated effective rate of the 2024 Notes and 2025 Notes are 0.53% and 0.34%, respectively. The adjustment to retained earnings is the difference between the sum of the carrying amount of the liability and equity component immediately before transition and the revised amortized cost.

The gross proceeds from the issuance of the 2024 Notes and 2025 Notes were US$1,000,000 and US$2,000,000, respectively, and debt issuance costs including under writing commissions and offering expenses were approximately US$15,680 and US$20,607, respectively.

As of December 31, 2021 and 2022, the principal amount of the Notes were US$2,226,253 and US$2,226,252, unamortized debt discount were US$377,216 and US$6,239, and net carrying amount of the Notes were RMB11,788,907 and RMB15,461,506, respectively.

11.Convertible Bonds (Continued)

(c)Accounting for Convertible Bonds (Continued)

For the year ended December 31, 2021 and 2022, the amount of interest cost recognized relating to the amortization of the discount on the Notes were RMB1,221,846 and RMB51,655 (US$7,489), respectively. As of December 31, 2022, the net carry amount of 2025 Notes will be accreted up to the principal amount over a remaining period of 0.92 year. The amount repayable within the next twelve months are classified as “Convertible notes, current portion” on the consolidated balance sheets.

For the year ended December 31, 2021, holders of US$656,771 in aggregate principal amount of the 2024 Notes exercised their right to convert their notes into shares under the 2024 Price Condition at its initial conversion price. As a result, the Company issued 62,732,708 ordinary shares. As of December 31, 2022, the if-converted values of remaining 2024 Notes were US$431,757, which exceed their principal amount of US$226,252.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1E
-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair Value Measurement

12 Months Ended

Dec. 31, 2022

Fair Value Measurement

Fair Value Measurements

12.Fair Value Measurement

In accordance with ASC 820, the Company measures investment in convertible bonds and certain wealth management products classified as trading securities on a recurring basis. The following tables set forth the financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy:


	Fair Value Measurements
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB

Recurring
As of December 31, 2021:
Short-term investments:
Trading securities	—	313,322	—
Other non-current assets:
Investments in convertible bonds	—	—	1,290,901
	—	313,322	1,290,901


	Fair Value Measurements
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB
Recurring
As of December 31, 2022:
Cash equivalents
Money market funds	7,791,628	—	—
Short-term investments:
Trading securities	6,917	—	—
Investments in convertible bonds	—	—	1,233,284
Other non-current assets:
Available-for-sale debt securities	—	3,575,474	—
	7,798,545	3,575,474	1,233,284

12.Fair Value Measurement (Continued)

Investment in convertible notes is classified under level 3 in the fair value hierarchy, with the fair value estimated based on the third-party appraisal report using the discounted cashflow model and the binomial model. Key inputs and parameters include volatility which is an expected rate based on the historical stock price of the bond issuer, risk free rate which is based on the yield of US government bond and discount rate which is based on yield of comparable bonds with similar credit rating applicable for the bond issuer.

Certain trading securities and available-for-sale debt securities are classified under level 2 in the fair value hierarchy, with the fair value determined based on quoted prices of similar assets.

The Group values its money market funds and certain trading securities using quoted prices for the underlying securities in active markets, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1.

Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow:


		Amounts
		RMB

Balance at December 31, 2020		1,388,916
Net unrealized fair value		(67,065)
Foreign currency translation adjustments		(30,950)
Balance at December 31, 2021		1,290,901
Net unrealized fair value		(221,640)
Foreign currency translation adjustments		164,023
Balance at December 31, 2022		1,233,284

As of December 31, 2021 and 2022, the Group did not have any assets or liabilities that were measured at fair value on a non-recurring basis and no impairment charge was recorded.

The followings are financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. The fair values of time deposits and held-to-maturity debt investments are estimated using prevailing interest rates. The fair values of the convertible bonds are based on broker quotes:


	Fair Value disclosure
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB
As of December 31, 2021:
Short-term investments:
Time deposits and held-to-maturity debt securities	—	86,203,296	—
Other non-current assets:
Time deposits and held-to-maturity debt securities	—	13,008,899	—
Convertible bonds	—	13,690,953	—
As of December 31, 2022:
Short-term investments:
Time deposits and held-to-maturity debt securities	—	113,872,353	—
Convertible bonds, current portion	—	13,093,448	—
Other non-current assets:
Time deposits and held-to-maturity debt securities	—	11,040,283	—
Convertible bonds	—	3,056,964	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Ordinary Shares

12 Months Ended

Dec. 31, 2022

Ordinary Shares

Ordinary Shares

13.Ordinary Shares

Holders of Class A ordinary shares and Class B ordinary shares are entitled to the same rights except for voting rights. In respect of matters requiring a shareholder’s vote, each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to ten votes. There were no outstanding Class B ordinary shares as of December 31, 2021 and 2022.

In the third quarter of 2018, the Company completed its Initial Public Offering (“IPO”) on the National Association of Securities Deal Automated Quotations under the symbol of “PDD”.

In February 2019, the Company completed a follow-on public offering and issued 48,435,000 ADSs, representing 193,740,000 Class A ordinary shares for total proceeds net of issuance costs of US$1,181,209.

In April 2020, the Company completed a private placement and issued 135,426,300 Class A Ordinary Shares for total proceeds of US$1,100,000.

In June 2020, 664,703,620 Class B ordinary shares were converted into Class A ordinary shares by the holder on a one-for-one basis.

In November 2020, the Company completed a follow-on public offering and issued 33,005,000 ADSs, representing 132,020,000 Class A ordinary shares for total proceeds net of issuance costs of US$4,074,642.

In December 2020, the Company completed a private placement and issued 15,384,612 Class A Ordinary Shares for total proceeds of US$500,000.

In March 2021, 1,409,744,080 Class B ordinary shares were converted into Class A ordinary shares by the holder on a one-for-one basis.

Accumulated other comprehensive (loss)/income

12 Months Ended

Dec. 31, 2022

Accumulated other comprehensive (loss)/income

Accumulated other comprehensive (loss)/income

14.Accumulated other comprehensive (loss)/income


		Net change in
		unrealized
		losses on
	Foreign currency	available-for-
	translation	sale debt
	difference	securities	Total
	RMB	RMB	RMB
Balances as of January 1, 2020	1,448,230	—	1,448,230
Other comprehensive loss	(2,495,958)	—	(2,495,958)
Balances as of December 31, 2020	(1,047,728)	—	(1,047,728)
Other comprehensive loss	(1,472,172)	—	(1,472,172)
Balances as of December 31, 2021	(2,519,900)	—	(2,519,900)
Cumulative effect of accounting change	136,096	—	136,096
Balances as of January 1, 2022	(2,383,804)	—	(2,383,804)
Other comprehensive income/(loss)	5,724,208	(18,166)	5,842,138
Balances as of December 31, 2022	3,340,404	(18,166)	3,322,238
Balances as of December 31, 2022 (US$)	484,313	(2,634)	481,679

The income tax effects related to the accumulated other comprehensive (loss)/income were insignificant for all periods presented.

Revenues

12 Months Ended

Dec. 31, 2022

Revenues

Revenues

15.Revenues


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Online marketing services and others	47,953,779	72,563,402	102,721,924	14,893,279
Transaction services	5,787,415	14,140,449	27,626,494	4,005,465
Merchandise sales	5,750,671	7,246,088	209,171	30,327
	59,491,865	93,949,939	130,557,589	18,929,071

Contract balances

The Group’s contract liabilities comprised of customer advances and deferred revenues and portions of payable to merchants:


	As of
	December 31, 2021	December 31, 2022	December 31, 2022
	RMB	RMB	US$
Customer advances and deferred revenues	1,166,764	1,389,655	201,481
Payable to merchants	319,329	637,240	92,391

Customer advances and deferred revenues and payable to merchants relate to considerations received in advance for online marketplace services and merchandise sales, for which control of the services occur at a later point in time. During the year ended December 31, 2022, revenues of RMB1,356,566 (US$196,684) were recognized from the carrying value of contract liabilities as of December 31, 2021. During the year ended December 31, 2021, revenues of RMB2,487,806 were recognized from the carrying value of contract liabilities as of December 31, 2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Compensation

Share-Based Compensation

16.Share-Based Compensation

In order to provide additional incentives to employees and to promote the success of the Group’s business, the Group adopted a share incentive plan in 2015 (the ‘‘2015 Plan’’). The 2015 Plan allows the Group to grant options to employees, directors or consultants. Under the 2015 Plan, the maximum aggregate number of shares that may be issued shall not exceed 581,972,860. The terms of the options shall not exceed twenty years from the date of grant.

In July 2018, the Group adopted the 2018 Share Incentive Plan (the “2018 Plan”). The 2018 Plan allows the Group to grant options and RSUs to employees, directors or consultants. Under the 2018 Plan, the maximum aggregate number of shares that may be issued pursuant to all awards is initially 363,130,400, plus an annual increase on the first day of each fiscal year of the company during the term of the 2018 Plan commencing with the fiscal year beginning January 1, 2019, by an amount equal to the lessor of (i) 1.0% of the total number of shares issued and outstanding on the last day of the immediately preceding fiscal year, and (ii) such number of shares as may be determined by our board of directors. In March 2021, our board of directors approved an amendment to the 2018 Plan to increase the annual increase percentage from 1.0% to 3.0% effective from the fiscal year beginning January 1, 2022.

For the share options granted under the 2015 Plan and the 2018 Plan, in addition to the explicit service periods of four years, with 25% of the options vesting annually, Class A ordinary shares acquired from the exercise of vested options cannot be sold or transferred by the employees without the prior written consents of the Company within the first three years of vested (‘‘Restricted Shares’’). In the event that employment relationship is terminated with the Company, voluntarily or involuntarily, within the three-year lock-up periods, the Company may, at its sole discretion, repurchase the Restricted Shares at the employee’s exercise price. The Group determined the substance of the lock up periods to be additional implicit service periods of three years, thereby extending the vesting terms of the options to be seven years in total.

The RSUs granted under the 2018 Plan vest over a period of four years with 25% vesting on each anniversary from the date of grant, or with 50% of the RSUs vesting on the second anniversary and 25% on each of the third and fourth anniversary from the date of grant.

16.Share-Based Compensation (Continued)

(a)Share options:

The following table summarize the Group’s option activities under the 2015 Plan and the 2018 Plan:


					Weighted
		Weighted	Weighted		average
		average	average	Aggregate	remaining
	Number of	exercise	grant date	intrinsic	contractual
	share options	price	fair value	value	term
		US$	US$	US$	Years
Outstanding as of December 31, 2021	720,003,536	0.0065	4.0216	10,489,372	6.07
Granted	23,652,900	0.0065	13.4311
Forfeited	(6,342,000)	0.0065	8.7834
Exercised	(225,682,548)	0.0065	2.1461
Outstanding as of December 31, 2022	511,631,888	0.0065	5.2248	10,427,570	15.44
Vested and expected to vest as of December 31, 2022	511,631,888	0.0065	5.2248	10,427,570	15.44
Exercisable as of December 31, 2022	442,371,733	0.0065	3.5480	9,015,978	15.03

The aggregate intrinsic value in the table above is calculated as the difference between the exercise price of the awards and the fair value of the underlying Ordinary Shares at each reporting date, for those awards that had exercise price below the estimated fair value of the relevant Ordinary Shares.

Total intrinsic value of options exercised for the years ended December 31, 2020, 2021 and 2022 was nil, RMB1,252,115 and RMB32,530,282 (US$4,716,448), respectively. The total fair value of vested options for the years ended December 31, 2020, 2021 and 2022 was RMB3,237,924, RMB3,949,471, and RMB4,770,523 (US$691,661), respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2020, 2021 and 2022 was US$14.5801, US$32.0457 and US$13.4311, respectively.

As of December 31, 2022, total unrecognized share-based compensation expense relating to unvested awards was RMB8,579,593 (US$1,243,924) which is expected to be recognized over a weighted-average period of 2.44 years.

The Group calculated the estimated fair value of the options on the respective grant dates using the binomial-lattice option valuation model with the following assumptions for each applicable period which took into account variables such as volatility, dividend yield, and risk-free interest rates:


	For the years ended December 31,
	2020	2021	2022
Risk-free interest rates	0.62%-1.13%	1.31%-1.69%	1.52%-4.08%
Expected volatility	43.89%-46.68%	46.28%-46.87%	46.29%-50.26%
Expected dividend yield	0%	0%	0%
Exercise multiple	2.80	2.80	2.80
Post-vesting forfeit rate	0%	0%	0%
Fair value of underlying ordinary shares	$8.9450-$34.1350	$22.0375-$46.5375	$10.6625-$17.8550
Fair value of share option	$8.9385-$34.1285	$22.0310-$46.5310	$10.6560-$17.8485

16.Share-Based Compensation (Continued)

(b)RSUs:

The following table summarize the Group’s RSU activities under the 2018 Plan:




		Weighted
	Number of	average grant
	RSUs	date fair value
		US$
Outstanding as of December 31, 2021	41,518,464	19.0563
Granted	59,628,020	13.0177
Vested	(15,453,196)	14.7922
Forfeited	(3,708,800)	18.1311
Outstanding as of December 31, 2022	81,984,488	15.5100

The total fair value of the RSUs vested during the years ended December 31, 2020, 2021 and 2022 was RMB178,855, RMB675,837, and RMB1,539,004 (US$223,135), respectively. The weighted average grant date fair value of the RSUs granted during the years ended December 31, 2020, 2021, and 2022 was US$16.6133, US$32.4843 and US$13.0177, respectively.

As of December 31, 2022, RMB4,459,730 (US$646,600) of unrecognized share-based compensation expenses related to RSUs is expected to be recognized over a weighted average vesting period of 2.78 years using the accelerated method. Total unrecognized share-based compensation expenses may be adjusted for future changes when actual forfeitures incurred.

(c)Share-based compensation expense by function:

The Group recognized share-based compensation expenses for the years ended December 31, 2020, 2021 and 2022 as follows:


	For the years ended
	December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Costs of revenues	32,291	26,624	33,788	4,899
Sales and marketing expenses	1,093,547	1,612,219	2,158,676	312,979
General and administrative expenses	966,985	792,421	3,004,327	435,586
Research and development expenses	1,520,220	2,343,466	2,521,574	365,594
	3,613,043	4,774,730	7,718,365	1,119,058

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes

Income Taxes

17.Income Taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain arising in Cayman Islands. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

Hong Kong

Walnut HK is incorporated in Hong Kong and is subject to Hong Kong profits tax at the rate of 16.5% on its activities conducted in Hong Kong and it may be exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

17.Income Taxes (Continued)

PRC

The Company’s subsidiaries and VIE and its subsidiaries in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008, except for certain entities eligible for preferential tax rates.

Shanghai Xunmeng, a subsidiary of VIE, was recognized as high and new technology enterprise (“HNTE”) and was eligible for a preferential tax rate of 15% from 2018 to 2023. Walnut Shanghai, a subsidiary of the Company, was recognized as HNTE and was eligible for a preferential tax rate of 15% from 2021 to 2023.

Xinzhijiang, a subsidiary of the Company established in April 2018, located in Qianhai District, Shenzhen, Guangdong Province, was eligible for a preferential tax rate of 15% and started to apply this rate from then on. The preferential tax rate is awarded to companies that are located in Qianhai District which operate in certain encouraged industries, from 2014 to 2025.

Dividends, interests, rent or royalties payable by the Company’s PRC subsidiaries, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax.

The Group’s (loss)/profit before income taxes consisted of:


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Non-PRC	(3,763,962)	(5,633,012)	(7,839,712)	(1,136,651)
PRC	(3,415,780)	15,335,267	44,103,441	6,394,397
	(7,179,742)	9,702,255	36,263,729	5,257,746

The Group’s income taxes consisted of:


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Current income tax	—	1,933,798	5,754,253	834,288
Deferred income tax benefit	—	(213)	(1,028,586)	(149,131)
	—	1,933,585	4,725,667	685,157

17.Income Taxes (Continued)

PRC (Continued)

The reconciliations of the income tax expenses for the years ended December 31, 2020, 2021 and 2022 were as follows:


	For the years ended December 31,
	2020		2021		2022		2022
	RMB		RMB		RMB		US$
(Loss)/profit before income tax expense	(7,179,742)		9,702,255		36,263,729		5,257,746
PRC statutory tax rate	25	%	25	%	25	%	25	%
Income tax (benefits)/expense at PRC statutory tax rate	(1,794,935)		2,425,564		9,065,932		1,314,437
International tax rate differential	1,077,383		1,522,480		2,013,305		291,902
Preferential tax rate differential	57,483		(1,439,100)		(4,442,822)		(644,149)
Non-deductible expenses	108		167,098		361,045		52,346
Non-taxable income	(164,120)		(139,417)		(122,067)		(17,698)
Deferred tax items tax rate differential	(110,821)		51,493		527,035		76,413
Additional deduction of research and development expenses	(124,858)		(223,591)		(444,071)		(64,384)
Change in valuation allowance	1,059,760		(430,942)		(2,232,690)		(323,710)
Income tax expenses	—		1,933,585		4,725,667		685,157

The significant components of the Group’s deferred tax balances were as follows:


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Deferred tax assets
Tax losses carried forward	1,432,514	1,472,388	213,476
Carryforwards of non-deductible advertising expenses and donations	1,331,067	79,608	11,542
Others	31,926	58,994	8,553
Less: valuation allowance	(2,764,003)	(531,313)	(77,033)
Total deferred tax assets	31,504	1,079,677	156,538
Total deferred tax liabilities	(31,291)	(47,672)	(6,911)

In assessing the ability to realize the deferred tax assets, the Group has considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Group evaluates the potential realization of deferred tax assets on an entity-by-entity basis. As of December 31, 2021 and 2022, management recorded full valuation allowance against deferred tax assets in entities that were in a cumulative loss with no forecast profits in the foreseeable future.

As of December 31, 2021 and 2022, the Group had taxable losses of RMB5,881,960 and RMB5,744,189 (US$832,829) derived from entities in the PRC, which can be carried forward for five years to offset future taxable profit, and the period was extended to ten years for entities qualified as HNTEs in 2022 and thereafter. The PRC taxable loss will expire from December 31, 2023 to 2031 if not utilized. The tax losses in Hong Kong can be carried forward with no expiration date.

The Group plans to indefinitely reinvest the undistributed earnings of its subsidiaries, the VIE and the subsidiaries of the VIE located in the PRC. As of December 31, 2021 and 2022, all of the earnings distributable by our subsidiaries in China were reserved for permanent reinvestment in China, and no withholding tax has been accrued.

17.Income Taxes (Continued)

PRC (Continued)

As of December 31, 2021 and 2022, the Group did not have significant unrecognized tax benefit, all of which were presented on a net basis against the deferred tax assets related to tax loss carry forwards on the consolidated balance sheets. It is possible that the amount of unrecognized benefit will further change in the next 12 months; however, an estimate of the range of the possible change cannot be made at this moment.

For the years ended December 31, 2020, 2021 and 2022, no interest expense was accrued in relation to the unrecognized tax benefit. As of December 31, 2021 and 2022, there were no accumulated interest expenses recorded in unrecognized tax benefit.

As of December 31, 2022, the tax years ended December 31, 2017 through period ended as of the reporting dates for the WFOE, the VIE and the subsidiaries of the VIE remain open to examination by the PRC tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

Related Party Transactions

18.Related Party Transactions

(a)	Related parties


Names of related parties		Relationship with the Group
Tencent and its affiliates (“Tencent Group”)		A shareholder of the Company
Ningbo Hexin Equity Investment Partnership		Company controlled by one of the executive officers of the Company
Shanghai Fufeitong Information Service Co., Ltd. and its affiliates (“Fufeitong Group”)		Company controlled by one of the executive officers of the Company

(b)	Other than disclosed elsewhere, the Group had the following significant related party transactions for the years ended December 31, 2020, 2021 and 2022, respectively:


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Services provided to:
Fufeitong Group	—	—	10,765	1,561

Services received from:
Tencent Group	10,541,479	8,416,635	7,061,132	1,023,769
Fufeitong Group	45,364	211,414	653,972	94,817

In 2021, the Group purchased a batch of computer equipment from Tencent Group with a total amount of RMB1,833,495.

18.Related Party Transactions(Continued)

(c)	The Group had the following significant related party balances as of December 31, 2021 and 2022:


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Amounts due from related parties:
Current:
Tencent Group*	2,803,265	2,763,924	400,731
Ningbo Hexin Equity Investment Partnership **	697,632	697,632	101,147
Fufeitong Group***	748,875	2,856,856	414,205
Amounts due to related parties:
Current:
Tencent Group	1,916,482	1,539,694	223,235
Fufeitong Group	46,525	136,697	19,819

*The balance primarily represents receivables due from the online payment platform operated by Tencent Group.

**The balance represents loans to Ningbo Hexin Equity Investment Partnership, an entity controlled by one of the executive officers of the Company.

***The balance primarily represents receivables due from the online payment platform operated by Fufeitong Group.

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Earnings/ (Loss) Per Share

Earnings/ (Loss) Per Share

19.Earnings/(Loss) Per Share

The following table sets forth the computation of basic and diluted net earnings/(loss) per share for the following periods:


	For the year ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Numerator:
Net (loss)/income	(7,179,742)	7,768,670	31,538,062	4,572,589
Net (loss)/income attributable to ordinary shareholders – basic	(7,179,742)	7,768,670	31,538,062	4,572,589
Dilution effect arising from convertible bonds	—	—	51,655	7,489
Net (loss)/income attributable to ordinary shareholders – diluted	(7,179,742)	7,768,670	31,589,717	4,580,078

Denominator (in thousands of shares):
Weighted-average number of ordinary shares outstanding – basic	4,768,343	5,012,651	5,057,540	5,057,540
Adjustments for dilutive RSUs and share options	—	701,113	640,545	640,545
Conversion of convertible bonds to Class A ordinary shares	—	—	63,206	63,206
Weighted-average number of ordinary shares outstanding – diluted	4,768,343	5,713,764	5,761,291	5,761,291

(Loss)/earnings per share – basic	(1.51)	1.55	6.24	0.90
(Loss)/earnings per share –diluted	(1.51)	1.36	5.48	0.79

During the years ended December 31, 2020, 2021 and 2022, the Company issued 12,050,000, 40,000,000 and 220,805,720 ordinary shares to its share depositary bank, respectively. No consideration was received by the Company for the issuance. As of December 31, 2022, 271,049,824 out of the total 273,455,720 ordinary shares were used to settle share-based compensation. The remaining 2,405,896 ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of earnings/(loss) per share.

The Group did not include certain share options, restricted shares and the effect of convertible bonds in the computation of diluted loss per share for the year ended December 31, 2020 because those share options, restricted shares and convertible bonds were anti-dilutive. The Group did not include the effect of convertible bonds in the computation of diluted earnings per share for the year ended December 31, 2021 because those convertible bonds were anti-dilutive.

Restricted Net Assets

12 Months Ended

Dec. 31, 2022

Restricted Net Assets

Restricted Net Assets

20.Restricted Net Assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries, the VIE and subsidiaries of the VIE. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries, the VIE and subsidiaries of the VIE only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries, the VIE and subsidiaries of the VIE.

In accordance with the PRC Regulations on Enterprises with Foreign Investment and the articles of association of the Company’s PRC subsidiaries, a foreign-invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve fund until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The WFOE was established as a foreign-invested enterprise and, therefore, is subject to the above mandated restrictions on distributable profits. For the years ended December 31, 2020, 2021 and 2022, WFOE did not have accumulated after-tax profit and therefore no statutory reserves have been allocated.

20.Restricted Net Assets (Continued)

Foreign exchange and other regulations in the PRC may further restrict the Company’s VIE from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in capital and statutory reserves of the Company’s PRC Subsidiaries and the equity of the VIE, as determined pursuant to PRC generally accepted accounting principles. As of December 31, 2022, restricted net assets of the Company’s PRC subsidiaries, the VIE and subsidiaries of the VIE were RMB57,000,116 (US$8,264,240).

Mainland China Employee Contribution Plan

12 Months Ended

Dec. 31, 2022

Mainland China Employee Contribution Plan

Mainland China Employee Contribution Plan

21.Mainland China Employee Contribution Plan

As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan based on certain percentages of employees’ salaries. The total expenses the Group incurred for the plan were RMB277,429, RMB829,440 and RMB1,131,829 (US$164,100) for the years ended December 31, 2020, 2021 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies.

Commitments and Contingencies

22.Commitments and Contingencies

(a)Operating lease commitments

The Company leases offices for operation under operating leases. Future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year is included in Note 8.

(b)Investment commitments

The Group’s investment commitments primarily relate to capital contributions obligation under certain arrangement which does not have contractual maturity date. As of December 31, 2022, the total investment commitments contracted but not yet reflected in the financial statements amounted to approximately RMB80,000 (US$11,599).

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events

Subsequent Events

23.Subsequent Events

In March 2023, a number of media channels reported cybersecurity concerns about Pinduoduo mobile app alleged by an anonymous source. At present, the exact impact of these allegations remains uncertain and cannot be reasonably estimated.

Condensed Financial Information of the Company

12 Months Ended

Dec. 31, 2022

Condensed Financial Information of the Company

Condensed Financial Information of the Company

24.Condensed Financial Information of the Company

The following is the condensed financial information of the Company on a parent company only basis.


	As of December 31,
	2021	2022
	RMB	RMB	US$
ASSETS

Current assets
Cash and cash equivalents	2,269	61,553	8,924
Others	390	443	64
Total current assets	2,659	61,996	8,988
Non-current assets
Intangible asset	674,057	109,847	15,926
Investments in subsidiaries, the VIE and subsidiaries of the VIE	86,252,341	133,085,591	19,295,598
Total non-current assets	86,926,398	133,195,438	19,311,524
Total assets	86,929,057	133,257,434	19,320,512

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities
Accrued expenses and other liabilities	24,607	25,017	3,627
Convertible bonds, current portion	—	13,885,751	2,013,245
Total current liabilities	24,607	13,910,768	2,016,872

Convertible bonds	11,788,907	1,575,755	228,463
Other non-current liabilities	996	—	—
Total non-current liabilities	11,789,903	1,575,755	228,463
Total liabilities	11,814,510	15,486,523	2,245,335


Shareholders’ equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,057,542,676 and 5,278,348,396 shares issued and outstanding as of December 31, 2021 and 2022, respectively)	161	170	25
Additional paid-in capital	95,340,819	99,250,468	14,389,965
Statutory reserves	—	5,000	725
Accumulated other comprehensive (loss)/income	(2,519,900)	3,322,238	481,679
(Accumulated deficits)/retained earnings	(17,706,533)	15,193,035	2,202,783
Total shareholders’ equity	75,114,547	117,770,911	17,075,177
Total liabilities and shareholders’ equity	86,929,057	133,257,434	19,320,512

24.Condensed Financial Information of the Company (Continued)


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$

Costs of revenues	(623,524)	(580,506)	(605,611)	(87,805)

Sales and marketing expenses	(36,940)	(27,839)	—	—
General and administrative expenses	(6,746)	(40,826)	(54,605)	(7,917)
Total operating expenses	(43,686)	(68,665)	(54,605)	(7,917)
Operating loss	(667,210)	(649,171)	(660,216)	(95,722)

Interest income	126,502	32,452	11,693	1,695
Interest expense	(695,794)	(1,221,846)	(51,655)	(7,489)
Other gain/(loss)	53,244	27,497	(14)	(2)
Share of results from subsidiaries, the VIE and subsidiaries of the VIE	(5,996,484)	9,579,738	32,238,254	4,674,107
(Loss)/profit before income tax	(7,179,742)	7,768,670	31,538,062	4,572,589
Income tax expenses	—	—	—	—
Net (loss)/income	(7,179,742)	7,768,670	31,538,062	4,572,589

Other comprehensive (loss)/income
Foreign currency translation difference, net of tax of nil	(2,495,958)	(1,472,172)	5,860,304	849,664
Unrealized losses on available-for-sale investments, net of tax	—	—	(18,166)	(2,634)
Total other comprehensive (loss)/income	(2,495,958)	(1,472,172)	5,842,138	847,030
Comprehensive (loss)/income	(9,675,700)	6,296,498	37,380,200	5,419,619


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$
Net cash generated from/(used in) operating activities	735,231	82,074	(24,202)	(3,509)
Cash flows from investing activities:
Proceeds from sales of short-term investments	6,034,863	5,764,134	—	—
Cash given to purchase of short-term investments	(6,250,248)	—	—	—
Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net	—	—	65,707	9,527
Cash given to subsidiaries, the VIE and subsidiaries of the VIE, net	(52,051,474)	(5,855,304)	—	—
Net cash (used in)/generated from investing activities	(52,266,859)	(91,170)	65,707	9,527
Cash flows from financing activities:
Proceeds from the private placements	11,063,339	—	—	—
Net proceeds from the follow-on offerings	26,805,438	—	—	—
Net proceeds from the issuance of convertible bonds	13,024,199	—	—	—
Others	(6)	318	10,079	1,461
Net cash generated from financing activities	50,892,970	318	10,079	1,461
Exchange rate effect on cash, cash equivalents and restricted cash	(16,490)	4,481	7,700	1,116
Net (decrease)/increase in cash, cash equivalents and restricted cash	(655,148)	(4,297)	59,284	8,595
Cash, cash equivalents and restricted cash at beginning of year	661,714	6,566	2,269	329
Cash, cash equivalents and restricted cash at end of year	6,566	2,269	61,553	8,924

24.Condensed Financial Information of the Company (Continued)

Basis of presentation

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

The parent company records its investment in its subsidiaries, the VIE and its subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as ‘‘Investments in subsidiaries, the VIE and subsidiaries of the VIE’’ or ‘‘Loss in excess of investments in subsidiaries, the VIE and subsidiaries of the VIE’’ and their respective income/(loss) as ‘‘Share of results in subsidiaries, the VIE and subsidiaries of the VIE’’ on the condensed statements of comprehensive income/(loss). Equity method accounting ceases when the carrying amount of the investment, including any additional financial support, in subsidiaries, the VIE and subsidiaries of the VIE is reduced to zero unless the parent company has guaranteed obligations of the subsidiaries, the VIE and subsidiaries of the VIE or is otherwise committed to provide further financial support. If the subsidiaries, the VIE subsidiaries of the VIE subsequently reports net income, the parent company shall resume applying the equity method only after its share of that net income equals the share of net income/(loss) not recognized during the period the equity method was suspended.

The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Basis of presentation

(a)Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”).

Principles of consolidation

(b)Principles of consolidation

Use of estimates

(c)Use of estimates

Foreign currency

(d)Foreign currency

Convenience translation

(e)Convenience translation

Cash and cash equivalents

(f)Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use and have original maturities of three months or less when purchased.

Restricted cash

(g)Restricted cash

Restricted cash mainly represents cash received from consumers and reserved in a bank supervised account for payments to merchants.

Investments

(h)Investments

Property, equipment and software, net

(i)Property, equipment and software, net

Property, equipment and software are stated at cost and are depreciated and amortized using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Computer equipment		1-3 years
Office equipment		3 years
Purchased software		3-5 years
Leasehold improvements		Over the shorter of lease terms or the estimated useful lives of the assets

Impairment of long-lived assets other than goodwill

(j)Impairment of long-lived assets other than goodwill

For all periods presented, there were no impairment of any of the Group’s long-lived assets.

Fair value of financial instruments

(k)Fair value of financial instruments

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Revenue recognition

(l)Revenue recognition

Online marketing services

Transaction services

Merchandise sales

Incentives provided to the consumers

Costs of revenues

(o)Costs of revenues

Advertising expenditures

(p)Advertising expenditures

Research and development expenses

(q)Research and development expenses

Government subsidies

(r)Government subsidies

Credit loss

(s)Credit loss

Leases

(t)Leases

Income taxes

(u)Income taxes

Share-based compensation

(v)Share-based compensation

Employee benefit expenses

(w)Employee benefit expenses

Comprehensive income/(loss)

(x)Comprehensive income/(loss)

Earnings/(Loss) per share

(y)Earnings/(Loss) per share

Segment reporting

(z)Segment reporting

Recent accounting pronouncements

(aa)Recent accounting pronouncements

The Group does not expect the adoption of any recently issued accounting pronouncements to have a material impact on the financial statements.

Organization (Tables)

12 Months Ended

Dec. 31, 2022

Organization

Schedule of company's major subsidiaries, consolidated VIE and the subsidiary of the VIE


			Percentage of
	Date of	Place of	ownership by the				Principal
Entity	incorporation	incorporation	Company				activities
			Direct		Indirect
Subsidiaries:
HongKong Walnut Street Limited (“Walnut HK”)	April 28, 2015	Hong Kong	100	%	—		Holding company
Hangzhou Weimi Network Technology Co., Ltd. (“Hangzhou Weimi” or the “WFOE”)	May 28, 2015	PRC	100	%	—		Technology research and development
Walnut Street (Shanghai) Information Technology Co., Ltd. (“Walnut Shanghai”)	January 25,2018	PRC	100	%	—		Technology research and development
Shenzhen Qianhai Xinzhijiang Information Technology Co., Ltd. (“Xinzhijiang”)	April 25, 2018	PRC	100	%	—		E-commerce platform
Shanghai Yucan Information Technology Co., Ltd.	September 14, 2020	PRC	100	%	—		E-commerce platform

VIE:
Hangzhou Aimi Network Technology Co., Ltd. (“VIE”)	April 14, 2015	PRC	—		100	%	E-commerce platform

VIE’s subsidiary:
Shanghai Xunmeng Information Technology Co., Ltd. (“Shanghai Xunmeng”)	January 9, 2014	PRC	—		100	%	E-commerce platform

Schedule of financial information for the VIE before eliminating the inter-company balances and transactions between the VIE and its subsidiaries, the subsidiaries of the VIE and other entities within the Group


	As of December 31,
	2021	2022
	RMB	RMB	US$
ASSETS

Current assets
Cash and cash equivalents	2,430,440	2,725,249	395,124
Restricted cash	59,402,079	57,955,328	8,402,733
Receivables from online payment platforms	668,953	426,193	61,792
Short-term investments	12,306,340	45,273,907	6,564,099
Amounts due from related parties ⁽ⁱ⁾	4,198,391	6,106,160	885,310
Amounts due from Group companies	40,425,872	34,810,132	5,046,995
Prepayments and other current assets	1,330,772	1,280,559	185,664
Total current assets	120,762,847	148,577,528	21,541,717

Non-current assets
Property, equipment and software, net	2,116,566	950,273	137,777
Intangible asset	27,163	24,155	3,502
Right-of-use assets	417,455	426,429	61,826
Deferred tax assets	19,908	14,556	2,110
Other non-current assets	5,300,938	10,444,964	1,514,377
Total non-current assets	7,882,030	11,860,377	1,719,592
Total assets	128,644,877	160,437,905	23,261,309


	As of December 31,
	2021	2022
	RMB	RMB	US$
LIABILITIES
Current liabilities
Amounts due to related parties ⁽ⁱ⁾	1,962,029	1,671,246	242,308
Amounts due to Group companies	27,978,153	22,452,033	3,255,239
Customer advances and deferred revenues	1,158,738	1,369,573	198,569
Payable to merchants	61,947,517	62,006,946	8,990,162
Accrued expenses and other liabilities	9,360,166	11,817,208	1,713,334
Merchant deposits	13,360,409	14,681,913	2,128,677
Lease liabilities	138,667	156,776	22,730
Total current liabilities	115,905,679	114,155,695	16,551,019
Lease liabilities	305,068	290,412	42,106
Deferred tax liabilities	19,217	—	—
Total non-current liabilities	324,285	290,412	42,106
Total liabilities	116,229,964	114,446,107	16,593,125


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$
Net revenues from
Group companies	12,602,673	22,136,726	30,199,788	4,378,558
External	38,749,188	55,740,613	73,431,914	10,646,626
Net revenues	51,351,861	77,877,339	103,631,702	15,025,184
Net income	2,552,665	15,169,180	33,595,051	4,870,825

(i)

Information with respect to related parties is discussed in Note 18.


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$
Net cash generated from operating activities	29,379,799	34,365,025	25,650,939	3,719,037
Net cash used in investing activities	(11,802,074)	(26,828,581)	(43,513,150)	(6,308,814)
Net cash generated from/(used in) financing activities	7,818,632	(1,445,969)	16,710,269	2,422,761
Net increase/(decrease) in cash, cash equivalents and restricted cash	25,396,357	6,090,475	(1,151,942)	(167,016)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Schedule of estimated useful lives of the assets


Category		Estimated useful life
Computer equipment		1-3 years
Office equipment		3 years
Purchased software		3-5 years
Leasehold improvements		Over the shorter of lease terms or the estimated useful lives of the assets

Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2022

Short-term Investments

Schedule of Short-term Investments


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Time deposits and held-to-maturity debt securities	86,203,296	113,872,353	16,509,939
Trading securities	313,322	6,917	1,003
Investments in convertible bonds	—	1,233,284	178,809
	86,516,618	115,112,554	16,689,751

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Prepayments and Other Current Assets

Schedule of components of prepayments and other current assets


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Prepayments	1,392,929	966,439	140,120
VAT recoverable	670,541	326,427	47,328
Interest receivables	364,594	119,564	17,335
Rental and other deposits	111,139	86,915	12,602
Others	885,484	799,034	115,850
	3,424,687	2,298,379	333,235

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Equipment and Software, Net

Schedule of property, equipment and software, net


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
At cost:
Computer equipment, office equipment and purchased software	3,135,385	3,591,861	520,771
Leasehold improvement	28,773	30,249	4,386
	3,164,158	3,622,110	525,157
Less: accumulated depreciation	(960,835)	(2,577,263)	(373,668)
	2,203,323	1,044,847	151,489

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Intangible Assets

Schedule of intangible asset


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Balance as of January 1	1,276,751	701,220	101,667
Addition	30,073	—	—
Amortization	(583,416)	(608,618)	(88,241)
Foreign currency translation difference	(22,188)	41,400	6,002
Balance as of December 31	701,220	134,002	19,428

Schedule of estimated annual amortization expense


	Amortization
	RMB	US$
2023	112,854	16,362
2024	3,007	436
2025	3,007	436
2026	3,007	436
2027 and after	12,127	1,758

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases

Summary of maturity analysis of the Company's operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities


	As of December 31, 2022
	RMB	US$

2023	650,617	94,331
2024	497,166	72,082
2025	274,728	39,832
2026	67,483	9,784
2027 and after	75,197	10,903
Total undiscounted cash flows	1,565,191	226,932
Less: imputed interest	(92,373)	(13,393)
Present value of lease liabilities	1,472,818	213,539

Summary of supplemental information related to leases


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Cash payments for operating leases	166,967	388,144	534,784	77,536
ROU assets obtained in exchange for new operating lease liabilities	265,821	704,142	1,068,063	154,855

Other Non-Current Asset (Tables)

12 Months Ended

Dec. 31, 2022

Other Non-current Assets

Schedule of long-term time deposits and held-to-maturity debt securities by contractual maturity date


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$

Due in 1 year through 2 years	8,936,424	5,536,768	802,756
Due in 2 years through 3 years	4,072,475	5,503,515	797,935
	13,008,899	11,040,283	1,600,691

Schedule of contractual maturity date of the investments


					Fair Value
		Gross	Gross	Fair Value	(Net
	Amortized	Unrealized	Unrealized	(Net Carrying	Carrying
	Cost	Gains	Losses	Amount)	Amount)
	RMB	RMB	RMB	RMB	US$

Due in 5 years through 10 years	3,596,846	4,626	(25,998)	3,575,474	518,395

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Expenses and Other Liabilities

Schedule of accrued expenses and other liabilities


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Accrued advertising and marketing expenses	3,652,648	5,850,125	848,188
VAT and other tax payable	5,734,281	6,970,790	1,010,670
Payroll payable	1,949,173	2,364,723	342,853
Accounts payable	1,951,681	3,978,818	576,874
Others	797,730	1,796,267	260,434
	14,085,513	20,960,723	3,039,019

Convertible Bonds (Tables)

12 Months Ended

Dec. 31, 2022

Convertible Bonds

Schedule of cumulative effects of changes to the Group's consolidated balance sheet


	Balance at		Balance at
	December		January
	31, 2021	Adjustment	1, 2022
	RMB	RMB	RMB
Liabilities
Convertible bonds	11,788,907	2,316,324	14,105,231
Equity
Additional paid-in capital	95,340,819	(3,818,926)	91,521,893
Accumulated other comprehensive loss	(2,519,900)	136,096	(2,383,804)
Accumulated deficits	(17,706,533)	1,366,506	(16,340,027)

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Measurement

Schedule of financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy


	Fair Value Measurements
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB

Recurring
As of December 31, 2021:
Short-term investments:
Trading securities	—	313,322	—
Other non-current assets:
Investments in convertible bonds	—	—	1,290,901
	—	313,322	1,290,901


	Fair Value Measurements
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB
Recurring
As of December 31, 2022:
Cash equivalents
Money market funds	7,791,628	—	—
Short-term investments:
Trading securities	6,917	—	—
Investments in convertible bonds	—	—	1,233,284
Other non-current assets:
Available-for-sale debt securities	—	3,575,474	—
	7,798,545	3,575,474	1,233,284

Schedule of reconciliations of assets categorized within level 3 under the fair value hierarchy


		Amounts
		RMB

Balance at December 31, 2020		1,388,916
Net unrealized fair value		(67,065)
Foreign currency translation adjustments		(30,950)
Balance at December 31, 2021		1,290,901
Net unrealized fair value		(221,640)
Foreign currency translation adjustments		164,023
Balance at December 31, 2022		1,233,284

Schedule of fair value instruments on unobservable input reconciliation


	Fair Value disclosure
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB
As of December 31, 2021:
Short-term investments:
Time deposits and held-to-maturity debt securities	—	86,203,296	—
Other non-current assets:
Time deposits and held-to-maturity debt securities	—	13,008,899	—
Convertible bonds	—	13,690,953	—
As of December 31, 2022:
Short-term investments:
Time deposits and held-to-maturity debt securities	—	113,872,353	—
Convertible bonds, current portion	—	13,093,448	—
Other non-current assets:
Time deposits and held-to-maturity debt securities	—	11,040,283	—
Convertible bonds	—	3,056,964	—

Accumulated other comprehensive (loss)/income (Tables)

12 Months Ended

Dec. 31, 2022

Accumulated other comprehensive (loss)/income

Schedule of accumulated other comprehensive (loss)/income


		Net change in
		unrealized
		losses on
	Foreign currency	available-for-
	translation	sale debt
	difference	securities	Total
	RMB	RMB	RMB
Balances as of January 1, 2020	1,448,230	—	1,448,230
Other comprehensive loss	(2,495,958)	—	(2,495,958)
Balances as of December 31, 2020	(1,047,728)	—	(1,047,728)
Other comprehensive loss	(1,472,172)	—	(1,472,172)
Balances as of December 31, 2021	(2,519,900)	—	(2,519,900)
Cumulative effect of accounting change	136,096	—	136,096
Balances as of January 1, 2022	(2,383,804)	—	(2,383,804)
Other comprehensive income/(loss)	5,724,208	(18,166)	5,842,138
Balances as of December 31, 2022	3,340,404	(18,166)	3,322,238
Balances as of December 31, 2022 (US$)	484,313	(2,634)	481,679

Revenues (Tables)

12 Months Ended

Dec. 31, 2022

Revenues

Schedule of revenues


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$

Online marketing services and others	47,953,779	72,563,402	102,721,924	14,893,279
Transaction services	5,787,415	14,140,449	27,626,494	4,005,465
Merchandise sales	5,750,671	7,246,088	209,171	30,327
	59,491,865	93,949,939	130,557,589	18,929,071

Schedule of information about contract liabilities, comprising customer advances, deferred revenues and portions of Payables to merchants


	As of
	December 31, 2021	December 31, 2022	December 31, 2022
	RMB	RMB	US$
Customer advances and deferred revenues	1,166,764	1,389,655	201,481
Payable to merchants	319,329	637,240	92,391

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of options


	For the years ended December 31,
	2020	2021	2022
Risk-free interest rates	0.62%-1.13%	1.31%-1.69%	1.52%-4.08%
Expected volatility	43.89%-46.68%	46.28%-46.87%	46.29%-50.26%
Expected dividend yield	0%	0%	0%
Exercise multiple	2.80	2.80	2.80
Post-vesting forfeit rate	0%	0%	0%
Fair value of underlying ordinary shares	$8.9450-$34.1350	$22.0375-$46.5375	$10.6625-$17.8550
Fair value of share option	$8.9385-$34.1285	$22.0310-$46.5310	$10.6560-$17.8485

Schedule of recognized share-based compensation expenses


	For the years ended
	December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Costs of revenues	32,291	26,624	33,788	4,899
Sales and marketing expenses	1,093,547	1,612,219	2,158,676	312,979
General and administrative expenses	966,985	792,421	3,004,327	435,586
Research and development expenses	1,520,220	2,343,466	2,521,574	365,594
	3,613,043	4,774,730	7,718,365	1,119,058

RSU

Share-Based Compensation

Schedule of Group's share-based compensation activities




		Weighted
	Number of	average grant
	RSUs	date fair value
		US$
Outstanding as of December 31, 2021	41,518,464	19.0563
Granted	59,628,020	13.0177
Vested	(15,453,196)	14.7922
Forfeited	(3,708,800)	18.1311
Outstanding as of December 31, 2022	81,984,488	15.5100

Stock option

Share-Based Compensation

Schedule of Group's share-based compensation activities


					Weighted
		Weighted	Weighted		average
		average	average	Aggregate	remaining
	Number of	exercise	grant date	intrinsic	contractual
	share options	price	fair value	value	term
		US$	US$	US$	Years
Outstanding as of December 31, 2021	720,003,536	0.0065	4.0216	10,489,372	6.07
Granted	23,652,900	0.0065	13.4311
Forfeited	(6,342,000)	0.0065	8.7834
Exercised	(225,682,548)	0.0065	2.1461
Outstanding as of December 31, 2022	511,631,888	0.0065	5.2248	10,427,570	15.44
Vested and expected to vest as of December 31, 2022	511,631,888	0.0065	5.2248	10,427,570	15.44
Exercisable as of December 31, 2022	442,371,733	0.0065	3.5480	9,015,978	15.03

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of Group's loss before income taxes


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Non-PRC	(3,763,962)	(5,633,012)	(7,839,712)	(1,136,651)
PRC	(3,415,780)	15,335,267	44,103,441	6,394,397
	(7,179,742)	9,702,255	36,263,729	5,257,746

Schedule of income taxes


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Current income tax	—	1,933,798	5,754,253	834,288
Deferred income tax benefit	—	(213)	(1,028,586)	(149,131)
	—	1,933,585	4,725,667	685,157

Schedule of reconciliations of the income tax expenses


	For the years ended December 31,
	2020		2021		2022		2022
	RMB		RMB		RMB		US$
(Loss)/profit before income tax expense	(7,179,742)		9,702,255		36,263,729		5,257,746
PRC statutory tax rate	25	%	25	%	25	%	25	%
Income tax (benefits)/expense at PRC statutory tax rate	(1,794,935)		2,425,564		9,065,932		1,314,437
International tax rate differential	1,077,383		1,522,480		2,013,305		291,902
Preferential tax rate differential	57,483		(1,439,100)		(4,442,822)		(644,149)
Non-deductible expenses	108		167,098		361,045		52,346
Non-taxable income	(164,120)		(139,417)		(122,067)		(17,698)
Deferred tax items tax rate differential	(110,821)		51,493		527,035		76,413
Additional deduction of research and development expenses	(124,858)		(223,591)		(444,071)		(64,384)
Change in valuation allowance	1,059,760		(430,942)		(2,232,690)		(323,710)
Income tax expenses	—		1,933,585		4,725,667		685,157

Schedule of significant components of the Group's deferred tax assets


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Deferred tax assets
Tax losses carried forward	1,432,514	1,472,388	213,476
Carryforwards of non-deductible advertising expenses and donations	1,331,067	79,608	11,542
Others	31,926	58,994	8,553
Less: valuation allowance	(2,764,003)	(531,313)	(77,033)
Total deferred tax assets	31,504	1,079,677	156,538
Total deferred tax liabilities	(31,291)	(47,672)	(6,911)

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Related Party Transactions

Schedule of relationship with related parties


Names of related parties		Relationship with the Group
Tencent and its affiliates (“Tencent Group”)		A shareholder of the Company
Ningbo Hexin Equity Investment Partnership		Company controlled by one of the executive officers of the Company
Shanghai Fufeitong Information Service Co., Ltd. and its affiliates (“Fufeitong Group”)		Company controlled by one of the executive officers of the Company

Schedule of significant related party transactions


	For the years ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Services provided to:
Fufeitong Group	—	—	10,765	1,561

Services received from:
Tencent Group	10,541,479	8,416,635	7,061,132	1,023,769
Fufeitong Group	45,364	211,414	653,972	94,817

Schedule of related party balances


	As of December 31,
	2021	2022	2022
	RMB	RMB	US$
Amounts due from related parties:
Current:
Tencent Group*	2,803,265	2,763,924	400,731
Ningbo Hexin Equity Investment Partnership **	697,632	697,632	101,147
Fufeitong Group***	748,875	2,856,856	414,205
Amounts due to related parties:
Current:
Tencent Group	1,916,482	1,539,694	223,235
Fufeitong Group	46,525	136,697	19,819

*The balance primarily represents receivables due from the online payment platform operated by Tencent Group.

**The balance represents loans to Ningbo Hexin Equity Investment Partnership, an entity controlled by one of the executive officers of the Company.

***The balance primarily represents receivables due from the online payment platform operated by Fufeitong Group.

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings/ (Loss) Per Share

Schedule of computation of basic and diluted net loss per share


	For the year ended December 31,
	2020	2021	2022	2022
	RMB	RMB	RMB	US$
Numerator:
Net (loss)/income	(7,179,742)	7,768,670	31,538,062	4,572,589
Net (loss)/income attributable to ordinary shareholders – basic	(7,179,742)	7,768,670	31,538,062	4,572,589
Dilution effect arising from convertible bonds	—	—	51,655	7,489
Net (loss)/income attributable to ordinary shareholders – diluted	(7,179,742)	7,768,670	31,589,717	4,580,078

Denominator (in thousands of shares):
Weighted-average number of ordinary shares outstanding – basic	4,768,343	5,012,651	5,057,540	5,057,540
Adjustments for dilutive RSUs and share options	—	701,113	640,545	640,545
Conversion of convertible bonds to Class A ordinary shares	—	—	63,206	63,206
Weighted-average number of ordinary shares outstanding – diluted	4,768,343	5,713,764	5,761,291	5,761,291

(Loss)/earnings per share – basic	(1.51)	1.55	6.24	0.90
(Loss)/earnings per share –diluted	(1.51)	1.36	5.48	0.79

Condensed Financial Information of the Company (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information of the Company

Condensed balance sheets of parent company


	As of December 31,
	2021	2022
	RMB	RMB	US$
ASSETS

Current assets
Cash and cash equivalents	2,269	61,553	8,924
Others	390	443	64
Total current assets	2,659	61,996	8,988
Non-current assets
Intangible asset	674,057	109,847	15,926
Investments in subsidiaries, the VIE and subsidiaries of the VIE	86,252,341	133,085,591	19,295,598
Total non-current assets	86,926,398	133,195,438	19,311,524
Total assets	86,929,057	133,257,434	19,320,512

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities
Accrued expenses and other liabilities	24,607	25,017	3,627
Convertible bonds, current portion	—	13,885,751	2,013,245
Total current liabilities	24,607	13,910,768	2,016,872

Convertible bonds	11,788,907	1,575,755	228,463
Other non-current liabilities	996	—	—
Total non-current liabilities	11,789,903	1,575,755	228,463
Total liabilities	11,814,510	15,486,523	2,245,335


Shareholders’ equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,057,542,676 and 5,278,348,396 shares issued and outstanding as of December 31, 2021 and 2022, respectively)	161	170	25
Additional paid-in capital	95,340,819	99,250,468	14,389,965
Statutory reserves	—	5,000	725
Accumulated other comprehensive (loss)/income	(2,519,900)	3,322,238	481,679
(Accumulated deficits)/retained earnings	(17,706,533)	15,193,035	2,202,783
Total shareholders’ equity	75,114,547	117,770,911	17,075,177
Total liabilities and shareholders’ equity	86,929,057	133,257,434	19,320,512

Condensed statements of comprehensive income of parent company


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$

Costs of revenues	(623,524)	(580,506)	(605,611)	(87,805)

Sales and marketing expenses	(36,940)	(27,839)	—	—
General and administrative expenses	(6,746)	(40,826)	(54,605)	(7,917)
Total operating expenses	(43,686)	(68,665)	(54,605)	(7,917)
Operating loss	(667,210)	(649,171)	(660,216)	(95,722)

Interest income	126,502	32,452	11,693	1,695
Interest expense	(695,794)	(1,221,846)	(51,655)	(7,489)
Other gain/(loss)	53,244	27,497	(14)	(2)
Share of results from subsidiaries, the VIE and subsidiaries of the VIE	(5,996,484)	9,579,738	32,238,254	4,674,107
(Loss)/profit before income tax	(7,179,742)	7,768,670	31,538,062	4,572,589
Income tax expenses	—	—	—	—
Net (loss)/income	(7,179,742)	7,768,670	31,538,062	4,572,589

Other comprehensive (loss)/income
Foreign currency translation difference, net of tax of nil	(2,495,958)	(1,472,172)	5,860,304	849,664
Unrealized losses on available-for-sale investments, net of tax	—	—	(18,166)	(2,634)
Total other comprehensive (loss)/income	(2,495,958)	(1,472,172)	5,842,138	847,030
Comprehensive (loss)/income	(9,675,700)	6,296,498	37,380,200	5,419,619

Condensed statement of cash flows of parent company


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$

Costs of revenues	(623,524)	(580,506)	(605,611)	(87,805)

Sales and marketing expenses	(36,940)	(27,839)	—	—
General and administrative expenses	(6,746)	(40,826)	(54,605)	(7,917)
Total operating expenses	(43,686)	(68,665)	(54,605)	(7,917)
Operating loss	(667,210)	(649,171)	(660,216)	(95,722)

Interest income	126,502	32,452	11,693	1,695
Interest expense	(695,794)	(1,221,846)	(51,655)	(7,489)
Other gain/(loss)	53,244	27,497	(14)	(2)
Share of results from subsidiaries, the VIE and subsidiaries of the VIE	(5,996,484)	9,579,738	32,238,254	4,674,107
(Loss)/profit before income tax	(7,179,742)	7,768,670	31,538,062	4,572,589
Income tax expenses	—	—	—	—
Net (loss)/income	(7,179,742)	7,768,670	31,538,062	4,572,589

Other comprehensive (loss)/income
Foreign currency translation difference, net of tax of nil	(2,495,958)	(1,472,172)	5,860,304	849,664
Unrealized losses on available-for-sale investments, net of tax	—	—	(18,166)	(2,634)
Total other comprehensive (loss)/income	(2,495,958)	(1,472,172)	5,842,138	847,030
Comprehensive (loss)/income	(9,675,700)	6,296,498	37,380,200	5,419,619


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	US$
Net cash generated from/(used in) operating activities	735,231	82,074	(24,202)	(3,509)
Cash flows from investing activities:
Proceeds from sales of short-term investments	6,034,863	5,764,134	—	—
Cash given to purchase of short-term investments	(6,250,248)	—	—	—
Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net	—	—	65,707	9,527
Cash given to subsidiaries, the VIE and subsidiaries of the VIE, net	(52,051,474)	(5,855,304)	—	—
Net cash (used in)/generated from investing activities	(52,266,859)	(91,170)	65,707	9,527
Cash flows from financing activities:
Proceeds from the private placements	11,063,339	—	—	—
Net proceeds from the follow-on offerings	26,805,438	—	—	—
Net proceeds from the issuance of convertible bonds	13,024,199	—	—	—
Others	(6)	318	10,079	1,461
Net cash generated from financing activities	50,892,970	318	10,079	1,461
Exchange rate effect on cash, cash equivalents and restricted cash	(16,490)	4,481	7,700	1,116
Net (decrease)/increase in cash, cash equivalents and restricted cash	(655,148)	(4,297)	59,284	8,595
Cash, cash equivalents and restricted cash at beginning of year	661,714	6,566	2,269	329
Cash, cash equivalents and restricted cash at end of year	6,566	2,269	61,553	8,924

Organization - Ownership interest (Details)	12 Months Ended
Organization - Ownership interest (Details)	Dec. 31, 2022
Hangzhou Aimi or VIE
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of direct or indirect ownership in VIEs	100.00%
Shanghai Xunmeng
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of direct or indirect ownership in VIEs	100.00%
Walnut HK
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of ownership by the Company	100.00%
Hangzhou Weimi or WFOE
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of ownership by the Company	100.00%
Walnut Street (Shanghai)
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of ownership by the Company	100.00%
Xinzhijiang
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of ownership by the Company	100.00%
Shanghai Yucan Information Technology Co., Ltd.
Major subsidiaries, consolidated VIE and the subsidiary of the VIE
Percentage of ownership by the Company	100.00%

Organization - The VIE agreements (Details) ¥ in Thousands	12 Months Ended
Organization - The VIE agreements (Details) ¥ in Thousands	Dec. 31, 2022 CNY (¥)
The VIE agreements
Registered capital	¥ 121,000
PRC statutory reserves	¥ 5,889
Exclusive Consulting and Services Agreement
The VIE agreements
Term of agreement (in years)	10 years
Automatic extended term of agreement (in years)	10 years
Notice period for termination of agreement (in months)	3 months

Organization - Financial information for the VIE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Current assets
Cash and cash equivalents	¥ 34,326,192		¥ 6,426,715	¥ 22,421,189	$ 4,976,830
Restricted cash	57,974,225		59,617,256	52,422,447	8,405,473
Receivables from online payment platforms	587,696		673,737		85,208
Short-term investments	115,112,554		86,516,618		16,689,751
Amounts due from related parties (i)	6,318,830		4,250,155		916,144
Prepayments and other current assets	2,298,379		3,424,687		333,235
Total current assets	216,617,876		160,909,168		31,406,641
Non-current assets
Property, equipment and software, net	1,044,847		2,203,323		151,489
Intangible asset	134,002		701,220		19,428
Right-of-use assets	1,416,081		938,537		205,312
Deferred tax assets	1,045,030		31,504		151,515
Other non-current assets	16,862,117		16,425,966		2,444,777
Total non-current assets	20,502,077		20,300,550		2,972,521
Total Assets	237,119,953		181,209,718		34,379,162
Current liabilities
Amounts due to related parties	1,676,391		1,963,007		243,054
Payable to merchants	63,316,695		62,509,714		9,180,058
Accrued expenses and other liabilities	20,960,723		14,085,513		3,039,019
Merchant deposits	15,058,229		13,577,552		2,183,238
Lease liabilities	602,036		427,164		87,287
Total current liabilities	116,889,480		93,729,714		16,947,382
Lease liabilities	870,782		544,263		126,252
Deferred tax liabilities	13,025		31,291		1,888
Total non-current liabilities	2,459,562		12,365,457		356,603
Total liabilities	119,349,042		106,095,171		17,303,985
Consolidated statement of income (loss)
Revenues	130,557,589	$ 18,929,071	93,949,939	59,491,865
Net income	31,538,062	4,572,589	7,768,670	(7,179,742)
Consolidated statement of cashflows
Net cash generated from operating activities	48,507,860	7,032,979	28,783,011	28,196,627
Net cash used in investing activities	(22,361,670)	(3,242,137)	(35,562,365)	(38,357,901)
Net cash generated from/(used in) financing activities	10,079	1,461	(1,875,154)	51,798,996
Net increase/(decrease) in cash, cash equivalents and restricted cash	26,256,446	$ 3,806,827	(8,799,665)	¥ 41,497,779
Consolidated VIEs
Current liabilities
Amounts due to related parties	1,671,246		1,962,029		242,308
Payable to merchants	62,006,946		61,947,517		8,990,162
Accrued expenses and other liabilities	11,817,208		9,360,166		1,713,334
Merchant deposits	14,681,913		13,360,409		2,128,677
Lease liabilities	156,776		138,667		22,730
Lease liabilities	290,412		305,068		42,106
Deferred tax liabilities	¥ 0		¥ 19,217
Consolidated VIEs \| Consolidated revenues \| VIE concentration risk
Financial information for the VIE
Concentration (as a percent)	56.20%	56.20%	59.30%	65.10%
Consolidated VIEs \| Consolidated total assets \| VIE concentration risk
Financial information for the VIE
Concentration (as a percent)	53.00%	53.00%	48.70%
Consolidated VIEs \| Consolidated total liabilities \| VIE concentration risk
Financial information for the VIE
Concentration (as a percent)	77.10%	77.10%	83.20%
Reportable legal entity \| Consolidated VIEs
Current assets
Cash and cash equivalents	¥ 2,725,249		¥ 2,430,440		395,124
Restricted cash	57,955,328		59,402,079		8,402,733
Receivables from online payment platforms	426,193		668,953		61,792
Short-term investments	45,273,907		12,306,340		6,564,099
Amounts due from related parties (i)	6,106,160		4,198,391		885,310
Amounts due from Group companies	34,810,132		40,425,872		5,046,995
Prepayments and other current assets	1,280,559		1,330,772		185,664
Total current assets	148,577,528		120,762,847		21,541,717
Non-current assets
Property, equipment and software, net	950,273		2,116,566		137,777
Intangible asset	24,155		27,163		3,502
Right-of-use assets	426,429		417,455		61,826
Deferred tax assets	14,556		19,908		2,110
Other non-current assets	10,444,964		5,300,938		1,514,377
Total non-current assets	11,860,377		7,882,030		1,719,592
Total Assets	160,437,905		128,644,877		23,261,309
Current liabilities
Amounts due to related parties	1,671,246		1,962,029		242,308
Amounts due to Group companies	22,452,033		27,978,153		3,255,239
Customer advances and deferred revenues	1,369,573		1,158,738		198,569
Payable to merchants	62,006,946		61,947,517		8,990,162
Accrued expenses and other liabilities	11,817,208		9,360,166		1,713,334
Merchant deposits	14,681,913		13,360,409		2,128,677
Lease liabilities	156,776		138,667		22,730
Total current liabilities	114,155,695		115,905,679		16,551,019
Lease liabilities	290,412		305,068		42,106
Deferred tax liabilities			19,217
Total non-current liabilities	290,412		324,285		42,106
Total liabilities	114,446,107		116,229,964		$ 16,593,125
Consolidated statement of income (loss)
Revenues	103,631,702	$ 15,025,184	77,877,339	¥ 51,351,861
Net income	33,595,051	4,870,825	15,169,180	2,552,665
Consolidated statement of cashflows
Net cash generated from operating activities	25,650,939	3,719,037	34,365,025	29,379,799
Net cash used in investing activities	(43,513,150)	(6,308,814)	(26,828,581)	(11,802,074)
Net cash generated from/(used in) financing activities	16,710,269	2,422,761	(1,445,969)	7,818,632
Net increase/(decrease) in cash, cash equivalents and restricted cash	(1,151,942)	(167,016)	6,090,475	25,396,357
Reportable legal entity \| Group companies \| Consolidated VIEs
Consolidated statement of income (loss)
Revenues	30,199,788	4,378,558	22,136,726	12,602,673
Reportable legal entity \| External \| Consolidated VIEs
Consolidated statement of income (loss)
Revenues	¥ 73,431,914	$ 10,646,626	¥ 55,740,613	¥ 38,749,188

Summary of Significant Accounting Policies - Convenience translation (Details)	Dec. 31, 2022
US$
Convenience translation rate (USD to RMB)	1.00
RMB
Convenience translation rate (USD to RMB)	6.8972

Summary of Significant Accounting Policies - Property, equipment and software (Details)	12 Months Ended
	Dec. 31, 2022
Computer equipment \| Minimum
Property, equipment and software
Estimated useful life	1 year
Computer equipment \| Maximum
Property, equipment and software
Estimated useful life	3 years
Office equipment
Property, equipment and software
Estimated useful life	3 years
Purchased software \| Minimum
Property, equipment and software
Estimated useful life	3 years
Purchased software \| Maximum
Property, equipment and software
Estimated useful life	5 years

Summary of Significant Accounting Policies - Impairment of long-lived assets other than goodwill and Advertising expenditures (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Summary of Significant Accounting Policies
Impairment of any long-lived assets	¥ 0		¥ 0	¥ 0
Advertising expenditures recognized in sales and marketing expenses	¥ 49,971,418	$ 7,245,175	¥ 41,456,838	¥ 39,297,890

Summary of Significant Accounting Policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2022 segment
Summary of Significant Accounting Policies
Number of reportable segment	1

Concentration of Risks (Details)	12 Months Ended
Concentration of Risks (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk
Percentage of appreciation (depreciation) of US dollar against RMB	9.20%	(2.30%)	(6.50%)
Business supplier risk \| Total cost \| Tencent \| Minimum
Concentration Risk
Concentration risk percentage	10.00%	10.00%	10.00%
Customer risk \| Total revenue \| Maximum
Concentration Risk
Concentration risk percentage	10.00%	10.00%	10.00%

Short-term Investments - Classification (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Short-term Investments
Time deposits and held-to-maturity debt securities	¥ 113,872,353	$ 16,509,939	¥ 86,203,296
Trading securities	6,917	1,003	313,322
Investments in convertible bonds	1,233,284	178,809
Short-term investments, Total	¥ 115,112,554	$ 16,689,751	¥ 86,516,618

Short-term Investments - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Short-term Investments
Gross unrecognized holding gain of the held-to-maturity debt securities	¥ 0		¥ 0
Cost of trading securities	6,828		300,000		$ 990
Net unrealized gain on debt trading securities	89	$ 13	13,322
Interest income related to time deposits and held-to-maturity debt securities	2,442,413	354,117	1,093,654	¥ 1,175,842
Short-term investments, fair value	1,233,284		1,290,901		$ 178,809
Unrealized gains recorded in the consolidated statements of comprehensive income/(loss)				¥ 88,928
Unrealized loss	¥ 221,640	$ 32,135	¥ 67,065

Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Prepayments and Other Current Assets
Prepayments	¥ 966,439	$ 140,120	¥ 1,392,929
VAT recoverable	326,427	47,328	670,541
Interest receivables	119,564	17,335	364,594
Rental and other deposits	86,915	12,602	111,139
Others	799,034	115,850	885,484
Total	¥ 2,298,379	$ 333,235	¥ 3,424,687

Property, Equipment and Software, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Property, equipment and software
At cost	¥ 3,622,110	$ 525,157	¥ 3,164,158
Less: accumulated depreciation	(2,577,263)	(373,668)	(960,835)
Property, equipment and software, net	1,044,847	151,489	2,203,323
Computer equipment, office equipment and purchased software
Property, equipment and software
At cost	3,591,861	520,771	3,135,385
Leasehold improvement
Property, equipment and software
At cost	¥ 30,249	$ 4,386	¥ 28,773

Property, Equipment and Software, Net - Depreciation expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Property, Equipment and Software, Net
Depreciation expenses	¥ 1,615,551	$ 234,233	¥ 911,964	¥ 27,999

Intangible Assets (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
Intangible Assets (Details) ¥ in Thousands, $ in Thousands	Feb. 28, 2019 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Intangible Asset
Beginning balance		¥ 701,220	$ 101,667	¥ 1,276,751
Addition				30,073
Amortization		(608,618)	(88,241)	(583,416)	¥ (623,524)
Foreign currency translation difference		41,400	6,002	(22,188)
Ending balance		134,002	$ 19,428	701,220	1,276,751
Impairment charges		¥ 0		¥ 0	¥ 0
Convertible preferred shares
Intangible Asset
Addition	¥ 2,852,000

Intangible Assets - Estimated annual amortization expense (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Intangible Assets
2023	¥ 112,854	$ 16,362
2024	3,007	436
2025	3,007	436
2026	3,007	436
2027 and after	¥ 12,127	$ 1,758

Leases - Maturity analysis of the Company's (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Future minimum lease payments
2023	¥ 650,617	$ 94,331
2024	497,166	72,082
2025	274,728	39,832
2026	67,483	9,784
2027 and after	75,197	10,903
Total undiscounted cash flows	1,565,191	226,932
Less: imputed interest	(92,373)	(13,393)
Present value of lease liabilities	¥ 1,472,818	$ 213,539

Leases - Other supplemental (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Leases
Cash payments for operating leases	¥ 534,784	$ 77,536	¥ 388,144	¥ 166,967
ROU assets obtained in exchange for new operating lease liabilities	¥ 1,068,063	$ 154,855	¥ 704,142	¥ 265,821

Leases - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Leases
Operating lease costs	¥ 557,477	$ 80,827	¥ 385,377	¥ 177,976
Short-term lease	174,402	$ 25,286	141,507	31,394
Leasing cost other than operating lease costs and short-term lease costs	¥ 0		¥ 0	¥ 0
Operating leases	0	0
Weighted average remaining lease terms of the right-of-use assets	2 years 10 months 13 days	2 years 10 months 13 days	2 years 8 months 26 days	3 years 4 months 20 days
Weighted average incremental borrowing rate	4.05%	4.05%	4.38%	4.90%

Other Non-Current Asset - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Other Non-current Assets
Carrying amount for the investments, net of allowance for credit losses	¥ 11,040,283		¥ 13,008,899		$ 1,600,691
Allowance for credit losses	12,873		14,378		1,866
Gross unrecognized holding gain or loss on the investments	0		0
Interest income recorded on time deposits	151,299	$ 21,936	83,728	¥ 66,602
Allowance for credit loss	0
Investment in convertible bonds measured at fair value	1,290,901
Impairment on investments	0		0	¥ 0
Limited partnership funds
Other Non-current Assets
Carrying amount for the investments	2,049,616		1,968,156		$ 297,166
Equity method investments	¥ 0		¥ 0

Other Non-Current Asset - Maturity debt securities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Other Non-Current Asset
Total	¥ 11,040,283	$ 1,600,691	¥ 13,008,899
Debt Securities Contractual Maturity
Other Non-Current Asset
Due in 1 year through 2 years	5,536,768	802,756	8,936,424
Due in 2 years through 3 years	5,503,515	797,935	4,072,475
Total	¥ 11,040,283	$ 1,600,691	¥ 13,008,899

Other Non-Current Asset - Maturity date of the investments (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Other Non-current Assets
Amortized Cost	¥ 3,596,846
Gross Unrealized Gains	4,626
Gross Unrealized Losses	(25,998)
Fair Value (Net Carrying Amount)	¥ 3,575,474	$ 518,395

Accrued Expenses and Other Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Accrued Expenses and Other Liabilities
Accrued advertising and marketing expenses	¥ 5,850,125	$ 848,188	¥ 3,652,648
VAT and other tax payable	6,970,790	1,010,670	5,734,281
Payroll payable	2,364,723	342,853	1,949,173
Accounts payable	3,978,818	576,874	1,951,681
Others	1,796,267	260,434	797,730
Total	¥ 20,960,723	$ 3,039,019	¥ 14,085,513

Convertible Bonds - Accounting Convertible Bonds (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2020 USD ($) D $ / shares	Sep. 30, 2020 USD ($) $ / shares	Dec. 31, 2022 CNY (¥) D ¥ / shares shares	Dec. 31, 2022 USD ($) D $ / shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Apr. 30, 2020 shares	Sep. 30, 2019 USD ($)
Convertible Bonds
Ordinary shares, par value \| $ / shares						$ 0.000005
Interest expense			¥ 1,268,792	$ 183,958
Basic earnings per share \| (per share)			¥ 0.25	$ 0.04
Diluted earnings per share \| (per share)			¥ 0.17	$ 0.02
2024 Convertible Bonds
Convertible Bonds
Principal amount						$ 226,252			$ 1,000,000
Coupon Rate									0.00%
Debt instrument purchasers over-allotment option									$ 125,000
Principal amount per conversion rate		$ 1,000
Initial conversion rate (ADS per US$1,000 principal amount)		23.4680
Initial conversion price (per ADS) \| $ / shares		$ 42.61
Effective interest rate			0.53%			0.53%
Gross proceeds from the issuance of the Notes				$ 1,000,000
Debt issuance costs				$ 15,680
Principal amount of the liability							$ 656,771
Principal amount over a remaining period			11 months 1 day	11 months 1 day
Ordinary shares, issued \| shares			62,732,708			62,732,708
Converted value				$ 431,757
2024 Convertible Bonds \| Redemption one
Convertible Bonds
Ordinary shares, par value \| $ / shares						$ 0.000005
Trading days \| D			20	20
Consecutive trading day \| D			30	30
Percentage of conversion price			130.00%	130.00%
2024 Convertible Bonds \| Redemption two
Convertible Bonds
Principal amount						$ 1,000
Trading days \| D			5	5
Consecutive trading day \| D			10	10
Percentage of conversion price			98.00%	98.00%
2025 Convertible Bonds
Convertible Bonds
Principal amount	$ 2,000,000
Coupon Rate	0.00%
Debt instrument purchasers over-allotment option	$ 250,000
Principal amount per conversion rate	$ 1,000
Initial conversion rate (ADS per US$1,000 principal amount)	5.2459
Initial conversion price (per ADS) \| $ / shares	$ 190.63
Effective interest rate			0.34%			0.34%
Gross proceeds from the issuance of the Notes				$ 2,000,000
Debt issuance costs				$ 20,607
2025 Convertible Bonds \| Redemption one
Convertible Bonds
Ordinary shares, par value \| $ / shares	$ 0.000005
Trading days \| D	20		20	20
Consecutive trading day \| D	30		30	30
Percentage of conversion price	130.00%		130.00%	130.00%
2025 Convertible Bonds \| Redemption two
Convertible Bonds
Principal amount	$ 1,000
Trading days \| D	5
Consecutive trading day \| D	10
Percentage of conversion price	98.00%
Accounting for Convertible Bonds
Convertible Bonds
Principal amount of the liability						$ 2,226,252	2,226,253
Unamortized debt discount						$ 6,239	$ 377,216
Net carrying amount of the liability \| ¥			¥ 11,788,907
Carrying amount of the equity component \| ¥			15,461,506
Amortization of the discount			¥ 51,655	$ 7,489	¥ 1,221,846
Class A ordinary shares
Convertible Bonds
Ordinary shares, par value \| $ / shares						$ 0.000005	$ 0.000005
Ordinary shares, issued \| shares			5,278,348,396			5,278,348,396	5,057,542,676	135,426,300

Convertible Bonds - Cumulative effect of change in balance sheet (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Jan. 01, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Equity
Additional paid-in capital	¥ 99,250,468	$ 14,389,965		¥ 95,340,819
Accumulated other comprehensive (loss)/income	3,322,238	481,679		(2,519,900)
Accumulated deficit	¥ 15,193,035	$ 2,202,783		(17,706,533)
ASU 2020-06
Liabilities
Convertible bonds				11,788,907
Equity
Additional paid-in capital				95,340,819
Accumulated other comprehensive (loss)/income				(2,519,900)
Accumulated deficit				¥ (17,706,533)
Adjustment \| ASU 2020-06
Liabilities
Convertible bonds			¥ 2,316,324
Equity
Additional paid-in capital			(3,818,926)
Accumulated other comprehensive (loss)/income			136,096
Accumulated deficit			1,366,506
Balance at January 1, 2022 \| ASU 2020-06
Liabilities
Convertible bonds			14,105,231
Equity
Additional paid-in capital			91,521,893
Accumulated other comprehensive (loss)/income			(2,383,804)
Accumulated deficit			¥ (16,340,027)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Fair Value Measurement - Fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Non-recurring
Fair Value Measurements
Liabilities fair value	¥ 0	¥ 0
Assets fair value	0	0
Impairment charge	0	0
Level 1 \| Recurring
Fair Value Measurements
Assets fair value	7,798,545
Level 1 \| Recurring \| Money Market Funds
Fair Value Measurements
Assets fair value	7,791,628
Level 1 \| Recurring \| Trading securities
Fair Value Measurements
Assets fair value	6,917
Level 2 \| Recurring
Fair Value Measurements
Assets fair value	3,575,474	313,322
Level 2 \| Recurring \| Trading securities
Fair Value Measurements
Assets fair value		313,322
Level 2 \| Recurring \| Debt Securities, Available for Sale
Fair Value Measurements
Assets fair value	3,575,474
Level 3 \| Recurring
Fair Value Measurements
Assets fair value	1,233,284	1,290,901
Level 3 \| Recurring \| Investment in convertible bonds
Fair Value Measurements
Assets fair value	¥ 1,233,284	¥ 1,290,901

Fair Value Measurement - Reconciliations of assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement
Balance at Beginning	¥ 1,290,901	¥ 1,388,916
Net unrealized fair value	(221,640)	(67,065)
Foreign currency translation adjustments	164,023	(30,950)
Balance at Ending	¥ 1,233,284	¥ 1,290,901

Fair Value Measurement - Fair value measurements (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Fair Value Measurements
Time deposits and held-to-maturity debt securities	¥ 113,872,353	$ 16,509,939	¥ 86,203,296
Convertible bonds, current portion	13,885,751	$ 2,013,245
Level 2
Fair Value Measurements
Time deposits and held-to-maturity debt securities	113,872,353		86,203,296
Time deposits and held-to-maturity debt securities	11,040,283		13,008,899
Convertible bonds, current portion	13,093,448
Convertible bonds	¥ 3,056,964		¥ 13,690,953

Ordinary Shares (Details) ¥ in Thousands, $ in Thousands	1 Months Ended						12 Months Ended
Ordinary Shares (Details) ¥ in Thousands, $ in Thousands	Mar. 31, 2021 shares	Dec. 31, 2020 USD ($) shares	Nov. 30, 2020 USD ($) shares	Jun. 30, 2020 shares	Apr. 30, 2020 USD ($) shares	Feb. 28, 2019 USD ($) shares	Dec. 31, 2022 Vote shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2021 shares
Proceeds from private placements \| ¥								¥ 11,063,339
Follow-on offering
Total Proceeds, net of issuance cost \| $						$ 1,181,209
ADSs \| Follow-on offering
Number of ordinary shares issued			33,005,000			48,435,000
Class A ordinary shares
Number of votes entitled for each share \| Vote							1
Ordinary shares, outstanding							5,278,348,396		5,057,542,676
Ordinary shares, issued					135,426,300		5,278,348,396		5,057,542,676
Proceeds from private placements \| $		$ 500,000			$ 1,100,000
Stock split ratio of Convertible Preferred Shares	1
Class A ordinary shares \| Private Placement
Ordinary shares, issued		15,384,612						15,384,612
Class A ordinary shares \| Follow-on offering
Number of ordinary shares issued			132,020,000			193,740,000
Total Proceeds, net of issuance cost \| $			$ 4,074,642
Class B ordinary shares
Number of votes entitled for each share \| Vote							10
Ordinary shares, outstanding							0		0
Number of shares converted	1,409,744,080			664,703,620
Stock split ratio of Convertible Preferred Shares				1

Accumulated other comprehensive (loss)/income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Accumulated other comprehensive (loss)/income
Balance at beginning of the year	¥ 75,114,547		¥ 60,175,888	¥ 24,646,866
Balance at end of the year	117,770,911	$ 17,075,177	75,114,547	60,175,888
Cumulative effect of change in accounting principle
Accumulated other comprehensive (loss)/income
Balance at beginning of the year	(2,316,324)
Balance at end of the year			(2,316,324)
Balance
Accumulated other comprehensive (loss)/income
Balance at beginning of the year	72,798,223
Balance at end of the year			72,798,223
Accumulated other comprehensive income
Accumulated other comprehensive (loss)/income
Balance at beginning of the year	(2,519,900)		(1,047,728)	1,448,230
Other comprehensive loss	5,842,138		(1,472,172)	(2,495,958)
Balance at end of the year	3,322,238	481,679	(2,519,900)	(1,047,728)
Accumulated other comprehensive income \| Cumulative effect of change in accounting principle
Accumulated other comprehensive (loss)/income
Balance at beginning of the year	136,096
Balance at end of the year			136,096
Accumulated other comprehensive income \| Balance
Accumulated other comprehensive (loss)/income
Balance at beginning of the year	(2,383,804)
Balance at end of the year			(2,383,804)
Foreign currency translation difference
Accumulated other comprehensive (loss)/income
Balance at beginning of the year	(2,519,900)		(1,047,728)	1,448,230
Other comprehensive loss	5,724,208		(1,472,172)	(2,495,958)
Balance at end of the year	3,340,404	484,313	(2,519,900)	¥ (1,047,728)
Foreign currency translation difference \| Cumulative effect of change in accounting principle
Accumulated other comprehensive (loss)/income
Balance at beginning of the year	136,096
Balance at end of the year			136,096
Foreign currency translation difference \| Balance
Accumulated other comprehensive (loss)/income
Balance at beginning of the year	(2,383,804)
Balance at end of the year			¥ (2,383,804)
Net change in unrealized losses on available-for- sale debt securities
Accumulated other comprehensive (loss)/income
Other comprehensive loss	(18,166)
Balance at end of the year	¥ (18,166)	$ (2,634)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Revenues (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Revenues
Revenues	¥ 130,557,589	$ 18,929,071	¥ 93,949,939	¥ 59,491,865
Online marketing services and others
Revenues
Revenues	102,721,924	14,893,279	72,563,402	47,953,779
Transaction services
Revenues
Revenues	27,626,494	4,005,465	14,140,449	5,787,415
Merchandise sales
Revenues
Revenues	¥ 209,171	$ 30,327	¥ 7,246,088	¥ 5,750,671

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues- Contract balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Revenues
Customer advances and deferred revenues	¥ 1,389,655	$ 201,481	¥ 1,166,764
Payable to merchants	637,240	92,391	319,329
Customer liability	¥ 1,356,566	$ 196,684	¥ 2,487,806

Share-Based Compensation - Summary (Details) - shares	1 Months Ended		12 Months Ended
Share-Based Compensation - Summary (Details) - shares	Mar. 31, 2021	Jul. 31, 2018	Dec. 31, 2022
2015 Plan and the 2018 Plan \| Stock Options
Share-Based Compensation
Required Service period (in years)			4 years
Annual vesting percentage			25.00%
Restricted period of holding after exercise (in years)			3 years
Additional implicit service period (in years)			3 years
Vesting period (in years)			7 years
2015 Plan \| Stock Options
Share-Based Compensation
Number of shares authorized			581,972,860
Term of the options (in years)			20 years
2018 Plan \| RSU
Share-Based Compensation
Number of shares authorized		363,130,400
Term of the options (in years)			4 years
Percentage of annual increase on shares issued	3.00%	1.00%
Annual vesting percentage			25.00%
Vesting percentage on 2nd anniversary of the grant date			50.00%
Vesting percentage on 3rd and 4th anniversary of the grant date			25.00%

Share-Based Compensation - Summary of Group's option activities (Details) - 2015 Plan and the 2018 Plan $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 $ / shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of share options
Outstanding at beginning of the year (in shares) \| shares	720,003,536	720,003,536
Granted (in shares) \| shares	23,652,900	23,652,900
Forfeited (in shares) \| shares	(6,342,000)	(6,342,000)
Exercised (in shares) \| shares	(225,682,548)	(225,682,548)
Outstanding at end of the year (in shares) \| shares	511,631,888	511,631,888	720,003,536	720,003,536
Vested and expected to vest at end of the year (in shares) \| shares	511,631,888						511,631,888
Exercisable at end of the year (in shares) \| shares	442,371,733						442,371,733
Weighted average exercise price
Outstanding at beginning of the year (in dollars per share)		$ 0.0065
Granted (in dollars per share)		0.0065
Forfeited (in dollars per share)		0.0065
Exercised (in dollars per share)		0.0065
Outstanding at end of the year (in dollars per share)		0.0065		$ 0.0065
Vested and expected to vest at end of the year (in dollars per share)							$ 0.0065
Exercisable at end of the year (in dollars per share)							0.0065
Weighted average grant date fair value
Outstanding at beginning of the year		4.0216
Granted		13.4311		32.0457		$ 14.5801
Forfeited		8.7834
Exercised		2.1461
Outstanding at end of the year		$ 5.2248		$ 4.0216
Vested and expected to vest at end of the year							5.2248
Exercisable at end of the year							$ 3.5480
Aggregate intrinsic value
Outstanding at beginning of the year (in dollars) \| $		$ 10,489,372
Exercised (in dollars)	¥ 32,530,282	4,716,448	¥ 1,252,115		¥ 0
Outstanding at end of the year (in dollars) \| $		$ 10,427,570		$ 10,489,372
Vested and expected to vest at end of the year (in dollars) \| $							$ 10,427,570
Exercisable at end of the year (in dollars) \| $							9,015,978
Weighted average remaining contractual term
Outstanding (in years)	15 years 5 months 8 days	15 years 5 months 8 days	6 years 25 days	6 years 25 days
Vested and expected to vest at end of the year (in years)	15 years 5 months 8 days	15 years 5 months 8 days
Exercisable at end of the year (in years)	15 years 10 days	15 years 10 days
Fair value of vested options	¥ 4,770,523	$ 691,661	¥ 3,949,471		¥ 3,237,924
Unrecognized share-based compensation expense relating to unvested options	¥ 8,579,593						$ 1,243,924
Weighted-average period for recognition of share-based compensation expense relating to unvested options	2 years 5 months 8 days	2 years 5 months 8 days

Share-Based Compensation - Assumptions to estimate the fair value of options (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation
Risk-free interest rate, minimum (in percent)	1.52%	1.31%	0.62%
Risk-free interest rate, maximum (in percent)	4.08%	1.69%	1.13%
Expected volatility, minimum (in percent)	46.29%	46.28%	43.89%
Expected volatility, maximum (in percent)	50.26%	46.87%	46.68%
Expected dividend yield (in percent)	0.00%	0.00%	0.00%
Exercise multiple	2.80	2.80	2.80
Post-vesting forfeit rate	0.00%	0.00%	0.00%
Fair value of underlying Ordinary Share, minimum (in dollars per share)	$ 10.6625	$ 22.0375	$ 8.9450
Fair value of underlying Ordinary Share, maximum (in dollars per share)	17.8550	46.5375	34.1350
Fair value of share option, minimum	10.6560	22.0310	8.9385
Fair value of share option, maximum	$ 17.8485	$ 46.5310	$ 34.1285

Share-Based Compensation - Summary of RSU activities (Details) - 2018 Plan - RSU $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 $ / shares	Dec. 31, 2022 USD ($)
Number of RSUs
Outstanding at beginning of the year (in shares) \| shares	41,518,464	41,518,464
Granted (in shares) \| shares	59,628,020	59,628,020
Vested \| shares	(15,453,196)	(15,453,196)
Forfeited (in shares) \| shares	(3,708,800)	(3,708,800)
Outstanding at end of the year (in shares) \| shares	81,984,488	81,984,488	41,518,464
Weighted average grand date fair value
Outstanding at beginning of the year \| $ / shares		$ 19.0563
Granted \| $ / shares		13.0177		$ 32.4843		$ 16.6133
Vested \| $ / shares		14.7922
Forfeited \| $ / shares		18.1311
Outstanding at end of the year \| $ / shares		$ 15.5100		$ 19.0563
Restricted share units vested	¥ 1,539,004	$ 223,135	¥ 675,837		¥ 178,855
Unrecognized share-based compensation expenses	¥ 4,459,730						$ 646,600
Weighted-average period for recognition of share-based compensation expense relating to unvested options	2 years 9 months 10 days	2 years 9 months 10 days

Share-Based Compensation - Recognized share-based compensation expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Recognized share-based compensation expenses
Share-based compensation expense recognized	¥ 7,718,365	$ 1,119,058	¥ 4,774,730	¥ 3,613,043
Costs of revenues
Recognized share-based compensation expenses
Share-based compensation expense recognized	33,788	4,899	26,624	32,291
Sales and marketing expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized	2,158,676	312,979	1,612,219	1,093,547
General and administrative expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized	3,004,327	435,586	792,421	966,985
Research and development expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized	¥ 2,521,574	$ 365,594	¥ 2,343,466	¥ 1,520,220

Income Taxes - Tax rates (Details)		12 Months Ended
Income Taxes - Tax rates (Details)	Apr. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Statutory tax rate (as a percent)		25.00%	25.00%	25.00%
Hong Kong
Income Taxes
Statutory tax rate (as a percent)		16.50%
Withholding tax rate (as a percent)		0.00%
PRC
Income Taxes
Statutory tax rate (as a percent)		25.00%
Withholding tax rate (as a percent)		10.00%
Xinzhijiang \| PRC
Income Taxes
Preferential tax rate (as a percent)	15.00%
Shanghai Xunmeng \| PRC
Income Taxes
Preferential tax rate (as a percent)		15.00%
Walnut Shanghai \| PRC
Income Taxes
Preferential tax rate (as a percent)		15.00%

Income Taxes - Group's loss before income taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Income Taxes
(Loss)/ profit before income tax expense	¥ 36,263,729	$ 5,257,746	¥ 9,702,255	¥ (7,179,742)
Non-PRC
Income Taxes
(Loss)/ profit before income tax expense	(7,839,712)	(1,136,651)	(5,633,012)	(3,763,962)
PRC
Income Taxes
(Loss)/ profit before income tax expense	¥ 44,103,441	$ 6,394,397	¥ 15,335,267	¥ (3,415,780)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes - Schedule of income taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Income Taxes
Current income tax	¥ 5,754,253	$ 834,288	¥ 1,933,798	¥ 0
Deferred income tax benefit	(1,028,586)	(149,131)	(213)	0
Income tax expenses	¥ 4,725,667	$ 685,157	¥ 1,933,585	¥ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Components and reconciliation of the income tax expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Reconciliations of the income tax expenses
(Loss)/ profit before income tax expense	¥ 36,263,729	$ 5,257,746	¥ 9,702,255	¥ (7,179,742)
PRC statutory tax rate (in percent)	25.00%	25.00%	25.00%	25.00%
Income tax (benefits)/ expense at PRC statutory tax rate	¥ 9,065,932	$ 1,314,437	¥ 2,425,564	¥ (1,794,935)
International tax rate differential	2,013,305	291,902	1,522,480	1,077,383
Preferential tax rate differential	(4,442,822)	(644,149)	(1,439,100)	57,483
Non-deductible expenses	361,045	52,346	167,098	108
Non-taxable income	(122,067)	(17,698)	(139,417)	(164,120)
Deferred tax items tax rate differential	527,035	76,413	51,493	(110,821)
Additional deduction of research and development expenses	(444,071)	(64,384)	(223,591)	(124,858)
Change in valuation allowance	(2,232,690)	(323,710)	(430,942)	1,059,760
Income tax expenses	¥ 4,725,667	$ 685,157	¥ 1,933,585	¥ 0

Income Taxes - Components of deferred tax assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)
Deferred tax assets
Tax losses carried forward	¥ 1,472,388				$ 213,476	¥ 1,432,514
Carryforwards of non-deductible advertising expenses and donations	79,608				11,542	1,331,067
Others	58,994				8,553	31,926
Less: valuation allowance	(531,313)				(77,033)	(2,764,003)
Total deferred tax assets	1,079,677				156,538	31,504
Deferred tax liabilities
Total deferred tax liabilities	(47,672)				(6,911)	(31,291)
Unrecognized tax benefit on interest expense		$ 0	$ 0	$ 0
Unrecognized tax benefit on accumulated interest expense					0		$ 0
PRC
Deferred tax liabilities
Taxable losses	5,744,189				$ 832,829	¥ 5,881,960
Accrued withholding tax on earnings of subsidiaries \| ¥	¥ 0
Minimum
Deferred tax liabilities
Period for extension	5 years
Maximum
Deferred tax liabilities
Period for extension	10 years

Related Party Transactions - Significant related party transactions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Related Party Transactions
Services provided to related party	¥ 10,765	$ 1,561	¥ 0	¥ 0
Tencent Group
Related Party Transactions
Services received from related party	7,061,132	1,023,769	8,416,635	10,541,479
Tencent Group \| Computer equipment
Related Party Transactions
Services received from related party			1,833,495
Shanghai Fufeitong
Related Party Transactions
Services received from related party	653,972	94,817	¥ 211,414	¥ 45,364
Services provided to related party	¥ 10,765	$ 1,561

- Definition

+ References

+ Details

Related Party Transactions - Related party balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Related Party Transactions
Amounts due from related parties (i)	¥ 6,318,830	$ 916,144	¥ 4,250,155
Amounts due to related parties	1,676,391	243,054	1,963,007
Tencent Group
Related Party Transactions
Amounts due from related parties (i)	2,763,924	400,731	2,803,265
Amounts due to related parties	1,539,694	223,235	1,916,482
Ningbo Hexin Equity Investment Partnership
Related Party Transactions
Amounts due from related parties (i)	697,632	101,147	697,632
Shanghai Fufeitong
Related Party Transactions
Amounts due from related parties (i)	2,856,856	414,205	748,875
Amounts due to related parties	¥ 136,697	$ 19,819	¥ 46,525

- Definition

The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).

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- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

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-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

Earnings (Loss) Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Numerator:
Net (loss)/income	¥ 31,538,062	$ 4,572,589	¥ 7,768,670	¥ (7,179,742)
Net (loss)/income attributable to ordinary shareholders	31,538,062	4,572,589	7,768,670	(7,179,742)
Conversion of convertible bonds to Class A ordinary shares	51,655	7,489
Net (loss)/income attributable to ordinary shareholders - diluted	¥ 31,589,717	$ 4,580,078	¥ 7,768,670	¥ (7,179,742)
Denominator (in thousands of shares):
Weighted-average number of ordinary shares outstanding - basic	5,057,540	5,057,540	5,012,651	4,768,343
Adjustments for dilutive RSUs and share options	640,545	640,545	701,113
Dilution effect arising from convertible bonds	63,206,000	63,206,000
Weighted-average number of ordinary shares outstanding - diluted	5,761,291	5,761,291	5,713,764	4,768,343
Basic net income (loss) per share \| (per share)	¥ 6.24	$ 0.90	¥ 1.55	¥ (1.51)
Diluted net income (loss) per share \| (per share)	¥ 5.48	$ 0.79	¥ 1.36	¥ (1.51)
Shares issued to depository bank (in shares)	273,455,720	273,455,720
Shares settled	271,049,824	271,049,824
Escrow Shares Settled	2,405,896	2,405,896
Common share
Denominator (in thousands of shares):
Shares issued to depository bank (in shares)	220,805,720	220,805,720	40,000,000	12,050,000

Restricted Net Assets (Details) - 12 months ended Dec. 31, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Restricted Net Assets
Minimum percentage of after tax profit to be allocated to general reserve	10.00%
Limit of general reserve fund as a percentage of registered capital, after which allocations to general reserve fund are no longer required	50.00%
Restricted net assets of Company's PRC subsidiaries, the VIE and subsidiaries of the VIE	¥ 57,000,116	$ 8,264,240

Mainland China Employee Contribution Plan (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Mainland China Employee Contribution Plan
Total expenses incurred for government statutory employee benefit plans	¥ 1,131,829	$ 164,100	¥ 829,440	¥ 277,429

Commitments and Contingencies (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Commitments and Contingencies.
Total investment commitments	¥ 80,000	$ 11,599

Commitments and Contingencies (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Future minimum lease payments
2022	¥ 650,617	$ 94,331
2023	497,166	72,082
2024	274,728	39,832
2025	67,483	9,784
Total undiscounted cash flows	¥ 1,565,191	$ 226,932

Condensed Financial Information of the Company - Balance sheets (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 CNY (¥)	Apr. 30, 2020 shares	Dec. 31, 2019 CNY (¥)
Current assets
Cash and cash equivalents	¥ 34,326,192	$ 4,976,830	¥ 6,426,715		¥ 22,421,189
Short-term investments	115,112,554	16,689,751	86,516,618
Prepayments and other current assets	2,298,379	333,235	3,424,687
Total current assets	216,617,876	31,406,641	160,909,168
Non-current assets
Intangible assets	134,002	19,428	701,220
Total non-current assets	20,502,077	2,972,521	20,300,550
Total Assets	237,119,953	34,379,162	181,209,718
Current liabilities
Accrued expenses and other liabilities	20,960,723	3,039,019	14,085,513
Convertible bonds, current portion	13,885,751	2,013,245
Total current liabilities	116,889,480	16,947,382	93,729,714
Other non-current liabilities \| ¥			996
Total non-current liabilities	2,459,562	356,603	12,365,457
Total liabilities	119,349,042	$ 17,303,985	106,095,171
Shareholders' equity
Ordinary shares, par value \| $ / shares		$ 0.000005
Equity
Additional paid-in capital	99,250,468	$ 14,389,965	95,340,819
Statutory reserves	5,000	725
Accumulated other comprehensive income	3,322,238	481,679	(2,519,900)
(Accumulated deficits)/retained earnings	15,193,035	2,202,783	(17,706,533)
Total shareholders' equity	117,770,911	17,075,177	75,114,547		¥ 60,175,888		¥ 24,646,866
Total liabilities and shareholders' equity	¥ 237,119,953	$ 34,379,162	¥ 181,209,718
Class A ordinary shares
Shareholders' equity
Ordinary shares, par value \| $ / shares		$ 0.000005		$ 0.000005
Ordinary shares, shares authorized	77,300,000,000	77,300,000,000	77,300,000,000
Ordinary shares, issued	5,278,348,396	5,278,348,396	5,057,542,676			135,426,300
Ordinary shares, outstanding	5,278,348,396	5,278,348,396	5,057,542,676
Equity
Common Shares	¥ 170	$ 25	¥ 161
Class B ordinary shares
Shareholders' equity
Ordinary shares, outstanding	0	0	0
Parent Company \| Reportable legal entity
Current assets
Cash and cash equivalents	¥ 61,553	$ 8,924	¥ 2,269
Prepayments and other current assets	443	64	390
Total current assets	61,996	8,988	2,659
Non-current assets
Intangible assets	109,847	15,926	674,057
Investments in subsidiaries, the VIE and subsidiaries of the VIE	133,085,591	19,295,598	86,252,341
Total non-current assets	133,195,438	19,311,524	86,926,398
Total Assets	133,257,434	19,320,512	86,929,057
Current liabilities
Accrued expenses and other liabilities	25,017	3,627	24,607
Convertible bonds, current portion	13,885,751	2,013,245
Total current liabilities	13,910,768	2,016,872	24,607
Convertible bonds	1,575,755	228,463	11,788,907
Other non-current liabilities \| ¥			996
Total non-current liabilities	1,575,755	228,463	11,789,903
Total liabilities	15,486,523	2,245,335	11,814,510
Equity
Additional paid-in capital	99,250,468	14,389,965	95,340,819
Statutory reserves	5,000	725
Accumulated other comprehensive income	3,322,238	481,679	(2,519,900)
(Accumulated deficits)/retained earnings	15,193,035	2,202,783	(17,706,533)
Total shareholders' equity	117,770,911	17,075,177	75,114,547
Total liabilities and shareholders' equity	¥ 133,257,434	$ 19,320,512	¥ 86,929,057
Parent Company \| Reportable legal entity \| Class A ordinary shares
Shareholders' equity
Ordinary shares, shares authorized	77,300,000,000	77,300,000,000	77,300,000,000
Equity
Common Shares	¥ 170	$ 25	¥ 161

Condensed Financial Information of the Company - Statements of comprehensive income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Costs of revenues
Total costs of revenues	¥ (31,462,298)	$ (4,561,604)	¥ (31,718,093)	¥ (19,278,641)
Sales and marketing expenses	(54,343,719)	(7,879,099)	(44,801,720)	(41,194,599)
General and administrative expenses	(3,964,935)	(574,862)	(1,540,774)	(1,507,297)
Total operating expenses	(68,693,370)	(9,959,603)	(55,335,084)	(49,593,549)
Operating (loss)/profit	30,401,921	4,407,864	6,896,762	(9,380,325)
Interest income	3,997,100	579,525	3,061,662	2,455,366
Interest expense	(51,655)	(7,489)	(1,231,002)	(757,336)
Foreign exchange gain	(149,710)	(21,706)	71,750	225,197
Other loss	2,221,358	322,066	656,255	193,702
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	(155,285)	(22,514)	246,828	83,654
Loss before income tax	36,263,729	5,257,746	9,702,255	(7,179,742)
Income tax expenses	4,725,667	685,157	1,933,585	0
Net (loss)/income	31,538,062	4,572,589	7,768,670	(7,179,742)
Other comprehensive income net of tax of nil
Foreign currency translation difference, net of tax of nil	5,860,304	849,664	(1,472,172)	(2,495,958)
Unrealized losses on available-for-sale investments, net of tax	(18,166)	(2,634)
Total other comprehensive (loss)/income	5,842,138	847,030	(1,472,172)	(2,495,958)
Comprehensive loss	37,380,200	5,419,619	6,296,498	(9,675,700)
Foreign currency translation difference, tax	0		0	0
Parent Company \| Reportable legal entity
Costs of revenues
Total costs of revenues	(605,611)	(87,805)	(580,506)	(623,524)
Sales and marketing expenses			(27,839)	(36,940)
General and administrative expenses	(54,605)	(7,917)	(40,826)	(6,746)
Total operating expenses	(54,605)	(7,917)	(68,665)	(43,686)
Operating (loss)/profit	(660,216)	(95,722)	(649,171)	(667,210)
Interest income	11,693	1,695	32,452	126,502
Interest expense	(51,655)	(7,489)	(1,221,846)	(695,794)
Other loss	(14)	(2)	27,497	53,244
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	32,238,254	4,674,107	9,579,738	(5,996,484)
Loss before income tax	31,538,062	4,572,589	7,768,670	(7,179,742)
Income tax expenses	0	0	0	0
Net (loss)/income	31,538,062	4,572,589	7,768,670	(7,179,742)
Other comprehensive income net of tax of nil
Foreign currency translation difference, net of tax of nil	5,860,304	849,664	(1,472,172)	(2,495,958)
Unrealized losses on available-for-sale investments, net of tax	(18,166)	(2,634)
Total other comprehensive (loss)/income	5,842,138	847,030	(1,472,172)	(2,495,958)
Comprehensive loss	37,380,200	$ 5,419,619	6,296,498	(9,675,700)
Other comprehensive income/(loss), net of tax	¥ 0		¥ 0	¥ 0

Condensed Financial Information of the Company - Statement of cash flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Statement of cash flows
Net cash generated from operating activities	¥ 48,507,860	$ 7,032,979	¥ 28,783,011	¥ 28,196,627
Cash flows from investing activities:
Proceeds from sales of short-term investments	141,928,351	20,577,677	97,547,038	55,083,390
Purchase of short-term time deposits, held to maturities and other investments	(160,414,453)	(23,257,909)	(116,639,550)	(86,438,068)
Net cash used in investing activities	(22,361,670)	(3,242,137)	(35,562,365)	(38,357,901)
Cash flows from financing activities:
Proceeds from the private placements				11,063,339
Proceeds from follow-on offering				26,805,438
Net proceeds from the issuance of convertible bonds				13,024,199
Proceeds from (Payments for) Other Financing Activities	10,079	1,461	318	(6)
Net cash generated from/(used in) financing activities	10,079	1,461	(1,875,154)	51,798,996
Effect of exchange rate changes on cash, cash equivalents and restricted cash	100,177	14,524	(145,157)	(139,943)
Increase/(decrease) in cash, cash equivalents and restricted cash	26,256,446	3,806,827	(8,799,665)	41,497,779
Cash, cash equivalents and restricted cash at beginning of the year	66,043,971	9,575,476	74,843,636	33,345,857
Cash, cash equivalents and restricted cash at end of the year	92,300,417	13,382,303	66,043,971	74,843,636
Parent Company \| Reportable legal entity
Statement of cash flows
Net cash generated from operating activities	(24,202)	(3,509)	82,074	735,231
Cash flows from investing activities:
Proceeds from sales of short-term investments			5,764,134	6,034,863
Purchase of short-term time deposits, held to maturities and other investments				(6,250,248)
Funding provided to subsidiary, the VIE and subsidiary of the VIE			(5,855,304)	(52,051,474)
Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net	65,707	9,527
Net cash used in investing activities	65,707	9,527	(91,170)	(52,266,859)
Cash flows from financing activities:
Proceeds from the initial public offering				11,063,339
Proceeds from follow-on offering				26,805,438
Net proceeds from the issuance of convertible bonds				13,024,199
Proceeds from (Payments for) Other Financing Activities	10,079	1,461	318	(6)
Net cash generated from/(used in) financing activities	10,079	1,461	318	50,892,970
Effect of exchange rate changes on cash, cash equivalents and restricted cash	7,700	1,116	4,481	(16,490)
Increase/(decrease) in cash, cash equivalents and restricted cash	59,284	8,595	(4,297)	(655,148)
Cash, cash equivalents and restricted cash at beginning of the year	2,269	329	6,566	661,714
Cash, cash equivalents and restricted cash at end of the year	¥ 61,553	$ 8,924	¥ 2,269	¥ 6,566