0001104659-20-125780 | 6-K | XBRL Viewer

For the nine months ended September 30,

Services received from:

Tencent Group

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2020
Document and Entity Information
Document Type	6-K
Document Period End Date	Sep. 30, 2020
Entity Registrant Name	Pinduoduo Inc.
Entity Central Index Key	0001737806
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Current assets
Cash and cash equivalents	¥ 5,715,676	$ 841,828	¥ 5,768,186
Restricted cash	38,813,084	5,716,549	27,577,671
Receivables from online payment platforms	531,009	78,209	1,050,974
Short-term investments	39,859,089	5,870,609	35,288,827
Amounts due from related parties	3,449,126	508,001	2,365,528
Prepayments and other current assets	1,802,585	265,492	950,277
Total current assets	90,170,569	13,280,688	73,001,463
Non-current assets
Property, equipment and software, net	46,509	6,850	41,273
Intangible asset	1,486,959	219,005	1,994,292
Right-of-use assets	534,076	78,661	517,188
Other non-current assets	7,172,813	1,056,441	503,120
Total non-current assets	9,240,357	1,360,957	3,055,873
Total Assets	99,410,926	14,641,645	76,057,336
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 RMB1,502,892 and RMB3,298,767 (US$485,856) as of December 31, 2019 and September 30, 2020, respectively)	3,298,767	485,856	1,502,892
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 RMB605,969 and RMB1,041,935 (US$153,460) as of December 31, 2019 and September 30, 2020, respectively)	1,042,093	153,484	605,970
Payable to merchants (including payable to merchants of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB29,657,227 and RMB39,821,635 (US$5,865,093) as of December 31, 2019 and September 30, 2020, respectively)	40,299,835	5,935,524	29,926,488
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 RMB3,420,728 and RMB4,201,598 (US$618,829) as of December 31, 2019 and September 30, 2020, respectively)	6,904,953	1,016,988	4,877,062
Merchant deposits (including merchant deposits of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB7,840,912 and RMB10,574,449 (US$1,557,448) as of December 31, 2019 and September 30, 2020)	10,574,559	1,557,464	7,840,912
Short-term borrowings (including short-term borrowings of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB898,748 and RMB2,773,023 (US$408,422) as of December 31, 2019 and September 30, 2020, respectively)	2,773,023	408,422	898,748
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB90,523 and RMB129,106 (US$19,015) as of December 31, 2019 and September 30, 2020, respectively)	182,318	26,853	115,734
Total current liabilities	65,075,548	9,584,591	45,767,806
Convertible bonds	5,504,873	810,780	5,206,682
Lease liabilities (including lease liabilities of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB382,673 and RMB351,994 (US$51,843) as of December 31, 2019 and September 30, 2020, respectively)	390,803	57,559	428,593
Other non-current liabilities	36,040	5,308	7,389
Total non-current liabilities	5,931,716	873,647	5,642,664
Total Liabilities	71,007,264	10,458,238	51,410,470
Commitments and contingencies
Shareholders' equity
Additional paid-in capital	51,969,053	7,654,214	41,493,949
Accumulated other comprehensive income	533,303	78,547	1,448,230
Accumulated deficits	(24,098,847)	(3,549,377)	(18,295,461)
Total shareholders' equity	28,403,662	4,183,407	24,646,866
Total liabilities and shareholders' equity	99,410,926	14,641,645	76,057,336
Class A ordinary shares
Shareholders' equity
Common Shares	109	17	84
Class B ordinary shares
Shareholders' equity
Common Shares	¥ 44	$ 6	¥ 64

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Sep. 30, 2020 CNY (¥) shares	Sep. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 $ / shares
Amounts due to related parties	¥ 3,298,767	$ 485,856	¥ 1,502,892
Customer advances and deferred revenue	1,042,093	153,484	605,970
Payable to merchants	40,299,835	5,935,524	29,926,488
Accrued expenses and other liabilities	6,904,953	1,016,988	4,877,062
Merchant deposits	10,574,559	1,557,464	7,840,912
Short-term borrowings	2,773,023	408,422	898,748
Lease liabilities	182,318	26,853	115,734
Lease liabilities	¥ 390,803	$ 57,559	¥ 428,593
Class A ordinary shares
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	3,380,761,000	3,380,761,000	2,575,580,988
Ordinary shares, outstanding	3,380,761,000	3,380,761,000	2,575,580,988
Class B ordinary shares
Ordinary shares, par value \| $ / shares		$ 0.000005		$ 0.000005
Ordinary shares, shares authorized	2,200,000,000	2,200,000,000	2,200,000,000
Ordinary shares, issued	1,409,744,080	1,409,744,080	2,074,447,700
Ordinary shares, outstanding	1,409,744,080	1,409,744,080	2,074,447,700
Consolidated VIE
Amounts due to related parties	¥ 3,298,767	$ 485,856	¥ 1,502,892
Customer advances and deferred revenue	1,041,935	153,460	605,969
Payable to merchants	39,821,635	5,865,093	29,657,227
Accrued expenses and other liabilities	4,201,598	618,829	3,420,728
Merchant deposits	10,574,449	1,557,448	7,840,912
Short-term borrowings	2,773,023	408,422	898,748
Lease liabilities	129,106	19,015	90,523
Lease liabilities	¥ 351,994	$ 51,843	¥ 382,673

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020 CNY (¥) ¥ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2019 CNY (¥) ¥ / shares shares
Revenues	¥ 32,944,156	$ 4,852,150	¥ 19,349,160
Cost of revenues	(7,752,517)	(1,141,823)	(4,301,341)
Gross profit	25,191,639	3,710,327	15,047,819
Sales and marketing expenses	(26,482,073)	(3,900,388)	(17,901,713)
General and administrative expenses	(1,101,727)	(162,267)	(951,030)
Research and development expenses	(4,940,392)	(727,641)	(2,597,983)
Total operating expenses	(32,524,192)	(4,790,296)	(21,450,726)
Operating loss	(7,332,553)	(1,079,969)	(6,402,907)
Interest and investment income, net	1,783,971	262,751	1,069,285
Interest expense	(479,190)	(70,577)	(6,150)
Foreign exchange gain	76,191	11,222	76,416
Other income, net	112,553	16,577	55,608
Loss before income tax	(5,839,028)	(859,996)	(5,207,748)
Share of results of equity investees , net of tax	35,642	5,249	(8,218)
Income tax expenses	0	0	0
Net loss	(5,803,386)	(854,747)	(5,215,966)
Net loss attributable to ordinary shareholders	¥ (5,803,386)	$ (854,747)	¥ (5,215,966)
Loss per share:
Basic \| (per share)	¥ (1.22)	$ (0.18)	¥ (1.13)
Diluted \| (per share)	¥ (1.22)	$ (0.18)	¥ (1.13)
Shares used in loss per share computation
Basic	4,739,382	4,739,382	4,619,623
Diluted	4,739,382	4,739,382	4,619,623
Other comprehensive income, net of tax of nil:
Foreign currency translation difference, net of tax of nil	¥ (914,927)	$ (134,754)	¥ 768,892
Comprehensive loss	(6,718,313)	(989,501)	(4,447,074)
Costs of revenues
Share-based compensation expenses included in:
Share-based compensation expenses	22,368	3,294	16,579
Sales and marketing expenses
Share-based compensation expenses included in:
Share-based compensation expenses	816,672	120,283	623,508
General and administrative expenses
Share-based compensation expenses included in:
Share-based compensation expenses	714,515	105,237	562,118
Research and development
Share-based compensation expenses included in:
Share-based compensation expenses	¥ 1,126,258	$ 165,880	¥ 556,829

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Other comprehensive income, tax	¥ 0	¥ 0
Foreign currency translation difference, tax	¥ 0	¥ 0

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Ordinary shares Private Placement CNY (¥) shares	Ordinary shares CNY (¥) shares	Ordinary shares USD ($) shares	Additional paid in capital Private Placement CNY (¥)	Additional paid in capital CNY (¥)	Additional paid in capital USD ($)	Accumulated other comprehensive income CNY (¥)	Accumulated other comprehensive income USD ($)	Accumulated Deficits CNY (¥)	Accumulated Deficits USD ($)	Private Placement CNY (¥)	CNY (¥)	USD ($)
Balance at beginning of the year at Dec. 31, 2018 \| ¥		¥ 142			¥ 29,114,527		¥ 1,035,783		¥ (11,327,858)			¥ 18,822,594
Balance (in shares) at Dec. 31, 2018 \| shares		4,455,688,688	4,455,688,688
Changes in equity
Net loss \| ¥									(5,215,966)			(5,215,966)
Foreign currency translation difference \| ¥							768,892					768,892
Issuance of ordinary shares \| ¥		¥ 6			7,993,822							7,993,828
Issuance of ordinary shares (in shares) \| shares		193,740,000	193,740,000
Issuance of ordinary shares reserved for ESOP (in shares) \| shares		600,000	600,000
Equity component of convertible bonds \| ¥					1,827,894							1,827,894
Share-based compensation \| ¥					1,759,034							1,759,034
Balance at end of the year at Sep. 30, 2019 \| ¥		¥ 148			40,695,277		1,804,675		(16,543,824)			25,956,276
Balance (in shares) at Sep. 30, 2019 \| shares		4,650,028,688	4,650,028,688
Balance at beginning of the year at Dec. 31, 2019 \| ¥		¥ 148			41,493,949		1,448,230		(18,295,461)			24,646,866
Balance (in shares) at Dec. 31, 2019 \| shares		4,650,028,688	4,650,028,688
Changes in equity
Net loss									(5,803,386)			(5,803,386)	$ (854,747)
Foreign currency translation difference							(914,927)					(914,927)	(134,754)
Issuance of ordinary shares \| ¥	¥ 5			¥ 7,795,285							¥ 7,795,290
Issuance of ordinary shares (in shares) \| shares	135,426,300
Issuance of ordinary shares reserved for ESOP (in shares) \| shares		5,050,000	5,050,000
Conversion of convertible bond \| ¥					6							6
Conversion of convertible bond (in shares) \| shares		92	92
Restricted share units vested \| shares		1,885,868	1,885,868
Settlement of share-based compensation with shares held by depository bank \| shares		(1,885,868)	(1,885,868)
Share-based compensation \| ¥					2,679,813							2,679,813
Balance at end of the year at Sep. 30, 2020		¥ 153	$ 23		¥ 51,969,053	$ 7,654,214	¥ 533,303	$ 78,547	¥ (24,098,847)	$ (3,549,377)		¥ 28,403,662	$ 4,183,407
Balance (in shares) at Sep. 30, 2020 \| shares		4,790,505,080	4,790,505,080

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 CNY (¥)
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	¥ (5,803,386)	$ (854,747)	¥ (5,215,966)
Interest expense	479,190	70,577	6,150
Depreciation and amortization	482,276	71,032	472,483
Lease expense to reduce right-of-use assets	95,730	14,100	39,655
Allowance for credit losses	27,380	4,033	9,331
Interest and investment gain, net	(534,918)	(78,785)	(43,598)
Loss on disposal of property and equipment	3		152
Share-based compensation	2,679,813	394,694	1,759,034
Foreign exchange gain	(76,191)	(11,222)	(31,150)
Share of results of equity investees	(35,642)	(5,249)	8,218
Fair value change of investments	(113,218)	(16,675)
Changes in operating assets and liabilities:
Receivables from online payment platforms	519,965	76,583	(276,850)
Amounts due from related parties	(1,083,598)	(159,597)	(234,457)
Prepayments and other current assets	(706,316)	(104,029)	21,335
Other non-current assets	(1,719)	(253)	(52,527)
Amounts due to related parties	1,795,876	264,504	1,607,491
Customer advances and deferred revenues	436,123	64,234	187,519
Payables to merchants	10,383,181	1,529,277	2,543,722
Accrued expenses and other liabilities	2,027,033	298,547	1,977,459
Merchant deposits	2,733,647	402,623	2,465,857
Other non-current liabilities	28,652	4,220	7,949
Lease liabilities	(83,823)	(12,346)	(28,844)
Net cash flow generated from operating activities	13,250,058	1,951,521	5,222,963
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sales of short-term investments	39,042,024	5,750,269	14,371,811
Purchase of short-term investments	(44,110,763)	(6,496,813)	(31,036,850)
Payments for long-term investments	(6,603,317)	(972,563)	(209,897)
Purchase of property, equipment and software and intangible assets	(18,059)	(2,660)	(18,339)
Proceeds from disposal of property and equipment	51	8	469
Repayment from / (loan to) third parties	(45,000)	(6,628)	35,000
Net cash flow used in investing activities	(11,735,064)	(1,728,387)	(16,857,806)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from follow-on offering			8,194,597
Proceeds from private placement	7,795,290	1,148,122
Proceeds from short-term borrowings	1,828,923	269,371
Proceeds from issuance of convertible bonds			7,073,101
Costs incurred for the follow-on offering			(200,769)
Issuance costs of convertible bonds			(106,097)
Net cash flow generated from financing activities	9,624,213	1,417,493	14,960,832
Exchange rate effect on cash, cash equivalents and restricted cash	43,696	6,436	500,402
Net increase in cash, cash equivalents and restricted cash	11,182,903	1,647,063	3,826,391
Cash, cash equivalents and restricted cash at beginning of period	33,345,857	4,911,314	30,539,686
Cash, cash equivalents and restricted cash at end of period	44,528,760	6,558,377	34,366,077
Supplement disclosure of non-cash operating activities :
Recognition of right-of-use assets and lease liabilities	¥ 118,144	$ 17,401	¥ 134,373

CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciliation of Cash, Cash Equivalents and Restricted Cash ¥ in Thousands, $ in Thousands	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	¥ 5,715,676	$ 841,828	¥ 5,768,186		¥ 15,694,045
Restricted cash	38,813,084	5,716,549	27,577,671		18,672,032
Total cash, cash equivalents and restricted cash in the statements of cash flows	¥ 44,528,760	$ 6,558,377	¥ 33,345,857	$ 4,911,314	¥ 34,366,077	¥ 30,539,686

Organization

9 Months Ended

Sep. 30, 2020

Organization

Organization

1. Organization

Pinduoduo Inc. (the ‘‘Company’’) 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 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 September 30, 2020, 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	April 28, 2015	Hong Kong	100	%	—		Holding company
Hangzhou Weimi Network Technology Co., Ltd.	May 28, 2015	PRC	100	%	—		Technology research and development
Walnut Street (Shanghai) Information Technology Co., Ltd.	January 25,2018	PRC	100	%			Technology research and development
Shenzhen Qianhai Xinzhijiang Information Technology Co., Ltd.	April 25, 2018	PRC	100	%	—		E-commerce platform

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

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

The VIE

The VIE and the subsidiaries of VIE contributed 60.0% and 61.2% of the Group’s consolidated revenues for the nine months ended September 30, 2019 and 2020 respectively. As of December 31, 2019 and September 30, 2020, the VIE accounted for an aggregate of 54.1% and 57.1%, respectively of the consolidated total assets, and 86.4% and 87.6%, respectively of the consolidated total liabilities.

1. Organization (Continued)

The following tables represent the financial information for the VIE as of December 31, 2019 and September 30, 2020 and for the nine months ended September 30, 2019 and 2020 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, 2019	September 30, 2020
	RMB	RMB	US$
ASSETS
Current assets
Cash and cash equivalents	2,816,894	3,402,797	501,178
Restricted cash	27,528,793	38,561,984	5,679,566
Receivables from online payment platforms	1,050,974	528,810	77,885
Short-term investments	6,560,665	5,557,631	818,551
Amounts due from related parties ⁽ⁱ⁾	2,360,267	2,909,207	428,480
Amounts due from Group companies	3,337,273	12,373,526	1,822,423
Prepayments and other current assets	295,377	991,944	146,098
Total current assets	43,950,243	64,325,899	9,474,181

Non-current assets
Property, equipment and software, net	27,719	31,488	4,638
Right-of-use assets	452,883	450,047	66,285
Other non-current assets	60,306	4,345,756	640,061
Total non-current assets	540,908	4,827,291	710,984
Total assets	44,491,151	69,153,190	10,185,165


	As of
	December 31, 2019	September 30, 2020
	RMB	RMB	US$
LIABILITIES
Current liabilities
Amounts due to Group companies	5,393,858	13,028,708	1,918,921
Amounts due to related parties ⁽ⁱ⁾	1,502,892	3,298,767	485,856
Customer advances and deferred revenues	605,969	1,041,935	153,460
Payable to merchants	29,657,227	39,821,635	5,865,093
Accrued expenses and other liabilities	3,420,728	4,201,598	618,829
Merchant deposits	7,840,912	10,574,449	1,557,448
Short term borrowings	898,748	2,773,023	408,422
Lease liabilities	90,523	129,106	19,015
Total current liabilities	49,410,857	74,869,221	11,027,044

Lease liabilities	382,673	351,994	51,843
Total non-current liabilities	382,673	351,994	51,843
Total liabilities	49,793,530	75,221,215	11,078,887

i) Information with respect to related parties is discussed in Note 11.

1. Organization (Continued)


	For the nine months ended September 30,
	2019	2020
	RMB	RMB	US$
Revenues from
Group companies	1,197,820	7,865,481	1,158,460
External	11,605,365	20,147,444	2,967,398
Total revenues	12,803,185	28,012,925	4,125,858

Net loss	3,266,608	761,093	112,097


	For the nine months ended September 30,
	2019	2020
	RMB	RMB	US$
Net cash generated from operating activities	3,494,022	5,691,071	838,205
Net cash used in investing activities	(3,612,197)	(3,334,574)	(491,130)
Net cash provided by financing activities	2,332,838	9,262,597	1,364,232
Net increase in cash, cash equivalents and restricted cash	2,214,663	11,619,094	1,711,307
Cash, cash equivalents and restricted cash at beginning of period	19,908,680	30,345,687	4,469,437
Cash, cash equivalents and restricted cash at end of period	22,123,343	41,964,781	6,180,744

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	3,499,188	3,402,797	501,178
Restricted cash	18,624,155	38,561,984	5,679,566
Total cash, cash equivalents and restricted cash in the statements of cash flows	22,123,343	41,964,781	6,180,744

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

(a) Use of estimates

The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“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 not limited to allowance for credit loss, 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.

(b) Concentration of credit risk

Financial instruments that potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, receivables from online payment platforms, short-term investments and held-to-maturity debt securities. As of December 31, 2019 and September 30, 2020, all of the Group’s cash and cash equivalents, restricted cash, short-term investments and held-to-maturity debt securities 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 and there has been no recent history of default in relation to these financial institutions. Receivables from online payment platforms including amounts due from related parties (Note 11), unsecured and denominated in RMB, are derived from merchandise sales on the Group’s online marketplace to consumers, and 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.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with US GAAP and applicable rules and regulations of the Securities and Exchange Commission regarding financial reporting and include all normal and recurring adjustments that management of the Group considers necessary for a fair presentation of its financial position and operation results. Certain information and footnote disclosures normally included in financial statements prepared in conformity with US GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the Group's audited consolidated financial statements as of and for the years ended December 31, 2018 and 2019.

(d) Convenience translation

Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.7896 on September 30, 2020, the last business day in September 2020, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

2. Summary of Significant Accounting Policies (Continued)

(e) Revenue recognition

The Group through its platform primarily offers online marketplace services that enable third-party merchants to sell their products to consumers in China. Revenues from marketplace services consist of online marketing services revenue and transaction services fees. Payments for services are generally received before deliveries.

Revenues are recognized when control of the promised services are transferred to the Group’s customers in amounts that reflect the consideration the Group expects to be entitled to in exchange for those services. 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.

The Group presents value added taxes (“VAT”) as reductions of revenues.

Online marketplace services

The Group charges fees for transaction services to merchants for sales transactions completed on the Group’s online marketplace, where the Group does not take control of the products provided by the merchants at any point in the time during the transactions and does not have latitude over pricing of the merchandise. Transaction services fee is determined as a percentage based on the value of merchandise being sold by the merchants. Revenues related to transaction services are recognized in the unaudited interim condensed consolidated statements of comprehensive loss at the time when the Group’s service obligations to the merchants are determined to have been completed under each sales transaction upon the consumers confirming the receipts of goods. Fees charged for transaction services are not refundable if and when consumers return the merchandise to merchants.

The Group also 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. Online marketing services mainly allow merchants to bid for keywords that match product listings appearing in search or browser results on the Group’s online marketplace. Merchants prepay for online marketing services that are 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 when 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.

In order to promote its online marketplace and attract more registered consumers, the Group at its own discretion offers incentives such as coupons, credits and discounts to consumers. Consumers are not customers of the Group, therefore incentives offered to consumers are not considered payments to customers. Coupons and credits redeemable for coupons can only be used in future purchases of eligible merchandise offered on the Group’s online marketplace to reduce purchase price that are not specific to any merchant. As the consumers are required to make future purchases of the merchants’ merchandise to redeem these coupons, the Group recognizes the amounts of redeemed coupons as marketing expenses when future purchases are made. Discounts provided to consumers are not specific to any merchant and the associated costs to the Group are recognized as marketing expenses when the related transaction services revenues are recognized.

2. Summary of Significant Accounting Policies (Continued)

(e) Revenue recognition (Continued)

During the nine months periods ended September 30, 2019 and 2020, the Group also issued to consumers at its discretion, cash redeemable credits upon their completion of certain actions unrelated to the purchases of merchant products on the Group’s online marketplace. As the credits were redeemable for cash, the Group accrued for the related costs in marketing expenses based on the cash redemption value of each credit as it is issued, assuming all credits will be redeemed. As of December 31, 2019 and September 30, 2020, the amount of outstanding credits was immaterial.

(f) Advertising expenditures

Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amounts of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB16,985,999 and RMB25,213,427 (US$3,713,536) for the nine months ended September 30, 2019 and 2020, respectively.

(g) Credit loss

On January 1, 2020, the Group adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using the modified retrospective transition method. Upon adoption, the Group changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost, including the short-term investments and other non-current assets categorized as “held to maturity” and payments made on behalf of merchants. CECL estimates are recorded as general and administrative expenses in the unaudited interim condensed consolidated statements of comprehensive loss. The cumulative effect adjustment from adoption as of January 1, 2020 was immaterial. As a result of the adoption of the Topic 326, the Group’s allowance for credit losses as of September 30, 2020 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.

(h) Investment in convertible bonds

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 Group has elected the fair value option for certain investments including convertible bonds subscribed. 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 the condensed consolidated statements of comprehensive loss.

2. Summary of Significant Accounting Policies (Continued)

(i) 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.

(j) Recent accounting pronouncements

In June 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). For convertible instruments, the new guidance simplifies an issuer’s accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separate accounting for embedded conversion features. As a result, more convertible instruments will be reported as single units of account. This standard is effective for the Company beginning January 1, 2022 including interim periods within the fiscal year. Early adoption is permitted. The Company is still evaluating the impact on its consolidated financial statements.

Prepayments and Other Current Assets

9 Months Ended

Sep. 30, 2020

Prepayments and Other Current Assets

Prepayments and Other Current Assets

3. Prepayments and Other Current Assets

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


	As of
	December 31, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	US$
Prepayments	645,169	570,658	84,049
VAT recoverable	102,426	371,127	54,661
Inventory	—	345,299	50,857
Interest receivables	146,294	249,146	36,695
Rental and other deposits	12,060	138,909	20,459
Loan to a third party	—	45,000	6,628
Others	44,328	82,446	12,143
	950,277	1,802,585	265,492

The prepayments primarily consist of advertising fees paid in advance.

Intangible Asset

9 Months Ended

Sep. 30, 2020

Intangible Asset

Intangible Asset

4. Intangible Asset

Intangible asset consisted of the following:


		Total
		RMB
Balance as of January 1, 2019		2,579,338
Amortization		(619,733)
Foreign currency translation difference		34,687
Balance as of December 31, 2019		1,994,292
Amortization		(472,564)
Foreign currency translation difference		(34,769)
Balance as of September 30, 2020		1,486,959

No impairment charges were recognized on the intangible asset for the nine months ended September 30, 2019 and 2020.

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


	Amortization
	RMB	US$
For three months ending December 31, 2020	154,402	22,741
For the years ending December 31,
2021	612,573	90,222
2022	612,573	90,222
2023	107,411	15,820

Leases

9 Months Ended

Sep. 30, 2020

Leases

Leases

5. Leases

The Company has operating leases mainly for offices in China. For the nine months ended September 30, 2019 and 2020, operating lease costs were RMB67,196 and RMB116,869 (US$17,213); and short-term lease costs were RMB26,031 and RMB14,451 (US$2,128), respectively. There were no leasing costs other than the operating lease costs and short-term lease costs for the nine months ended September 30, 2019 and 2020.

A maturity analysis of the Company's operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities recognized as of September 30, 2020 was as below:


	Rental
	RMB	US$

The remainder of 2020	50,644	7,459
2021	199,556	29,391
2022	148,340	21,848
2023	112,914	16,630
2024 and after	117,932	17,371
Total undiscounted cash flows	629,386	92,699
Less: imputed interest	(56,265)	(8,287)
Present value of lease liabilities	573,121	84,412

5. Leases (Continued)

As of December 31, 2019 and September 30, 2020, the Company had no material operating leases that had not yet commenced.

As of December 31, 2019, the weighted average remaining lease term was 4.37 years and weighted average discount rate was 5.36% for the Company’s operating leases.

As of September 30, 2020, the weighted average remaining lease term was 3.65 years and weighted average discount rate was 5.11% for the Company’s operating leases.

Other supplemental information related to leases is summarized below:


	For the nine months ended September 30,
	2019	2020	2020
	RMB	RMB	US$

Operating cash flows for operating leases	57,060	104,962	15,459
Right-of-use assets obtained in exchange for new operating lease liabilities	134,373	118,144	17,401

Other Non-current Asset

9 Months Ended

Sep. 30, 2020

Other Non-current Assets

Other Non-current Assets

6. Other Non-current Assets

Other Non-Current Assets mainly include held-to-maturity debt securities, convertible bonds, and investment in equity method investments.

Held-to-maturity debt securities represent time deposits in financial institutions that the Group has positive intent and ability to hold to maturity. As of December 31, 2019 and September 30, 2020, the carrying amount for the investments, net of allowance for credit losses, was nil and RMB4,282,558 (US$630,752), respectively. As of September 30, 2020, the allowance for credit losses was RMB6,936 (US$1,022). Gains recorded on these time deposits in the condensed consolidated statements of comprehensive loss were nil and RMB28,604 (US$4,213) for the nine months ended September 30, 2019 and 2020, respectively.

Investment in convertible bonds is accounted for under the fair value option, for which the fair value as of December 31, 2019 and September 30, 2020 were nil and RMB1,450,333 (US$213,611), respectively. Unrealized gains recorded on these convertible bonds in the condensed consolidated statements of comprehensive loss were nil and RMB90,755 (US$13,367) for the nine months ended September 30, 2019 and 2020, respectively.

Equity method investments are included in other non-current assets on the Company's consolidated balance sheets. Equity method investments consist of the Company'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, 2019 and September 30, 2020, the carrying amount for the investments was RMB433,649 and RMB1,015,231 (US$149,527), respectively. No equity method investments were considered, individually or in aggregate, material as of December 31, 2019 and September 30, 2020. For the nine months ended September 30, 2019 and 2020, the Group shared results of equity investees of RMB8,218 loss and RMB35,642 (US$5,249) gain in the condensed consolidated statements of comprehensive loss. There was no impairment on these investments during the nine months ended September 30, 2019 and 2020.

Accrued Expenses and Other Liabilities

9 Months Ended

Sep. 30, 2020

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

7. Accrued Expenses and Other Liabilities

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


	As of
	December 31, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	US$
Accrued expenses	2,727,273	3,653,380	538,083
VAT and other tax payable	1,045,796	1,809,374	266,492
Payroll payable	1,061,228	1,340,438	197,425
Others	42,765	101,761	14,988
	4,877,062	6,904,953	1,016,988

Accrued expenses primarily consisted of accrued advertising and marketing expenses.

Revenues

9 Months Ended

Sep. 30, 2020

Revenues

Revenues

8. Revenues

The components of revenues were as follows:


	For the nine months ended September 30,
	2019	2020	2020
	RMB	RMB	US$
Online marketing services and others	17,126,942	29,424,626	4,333,779
Transaction services	2,222,218	3,519,530	518,371
	19,349,160	32,944,156	4,852,150

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


	As of
	December 31, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	US$
Customer advances and deferred revenues	605,970	1,042,093	153,484
Payable to merchants	116,557	152,158	22,410

Customer advances and deferred revenues and payable to merchants relate to considerations received in advance for online marketing services and transaction services, for which control of the services occur at a later point in time. During the nine months ended September 30, 2020, revenues of RMB645,022 were recognized from the carrying value of contract liabilities as of December 31, 2019. During the nine months ended September 30, 2019, revenues of RMB217,715 were recognized from the carrying value of contract liabilities as of December 31, 2018.

- 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 http://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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Measurements

Fair Value Measurements

9. Fair Value Measurement

In accordance with ASC 820, the Company measures investments 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, 2019:
Short-term investments:

Trading debt securities	—	795,849	—
Equity securities:
Marketable	11,925	—	—
	11,925	795,849	—


	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 September 30, 2020:
Short-term investments:
Trading debt securities	—	988,499	—
Other non-current assets:
Investment in convertible bonds	—	—	1,450,333
	—	988,499	1,450,333

Investment in convertible bonds is classified under level 3 in the fair value hierarchy, with the fair value estimated based on the third-party appraisal report using 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 wealth management products classified as trading securities is classified under level 2 in the fair value hierarchy, with the fair value determined based on quoted prices of similar assets.

9. Fair Value Measurement (continued)

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


	Amortization
	RMB	US$
Balance at December 31, 2019	—	—
Additions	1,414,200	208,289
Net unrealized fair value	90,755	13,367
Foreign currency translation adjustments	(54,622)	(8,045)
Balance at September 30, 2020	1,450,333	213,611

As of December 31, 2019 and September 30, 2020, 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 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 Measurements
	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, 2019:
Short-term investments:
Held-to-maturity debt securities	—	34,481,053	—
Convertible bonds	—	8,037,280	—
As of September 30, 2020:
Short-term investments:
Held-to-maturity debt securities	—	38,870,590	—
Other non-current assets:
Held-to-maturity debt securities	—	4,282,558	—
Convertible bonds	—	12,374,633	—

- 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

9 Months Ended

Sep. 30, 2020

Ordinary Shares

Ordinary Shares

10. Ordinary Shares

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 (RMB7,795,290), among which there were 6,155,740 Class A Ordinary Shares issued to a related party, Tencent and its affiliates (“Tencent Group”), representing total proceeds of US$50,000 (RMB354,975).

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.

Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions

Related Party Transactions

11. Related Party Transactions

(a)

Major related parties:

Names of related parties		Relationship with the Group
Tencent Group		A shareholder and its affiliates of the Company
Ningbo Hexin Equity Investment Partnership		Company controlled by one of the executive officers of the Company

(b)

Other than those disclosed elsewhere, the Group had the following significant related party transactions for the nine months ended September 30, 2019 and 2020, respectively:

(c)

The Group had the following major related party balances as of December 31, 2019 and September 30, 2020, respectively:


	As of
	December 31, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	US$
Amounts due from related parties:
Current:
Tencent Group*	1,905,793	2,959,416	435,875
Ningbo Hexin Equity Investment Partnership **	459,632	459,632	67,696
Amounts due to related parties:
Current:
Tencent Group	1,502,892	3,295,768	485,414

* The balances mainly represented receivables due from the online payment platform operated by Tencent Group.

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

Loss Per Share

9 Months Ended

Sep. 30, 2020

Loss Per Share

Loss Per Share

12. Loss Per Share

Basic and diluted 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.

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


	For the nine months ended September 30,
	2019	2020	2020
	RMB	RMB	US$
Numerator:
Net loss	(5,215,966)	(5,803,386)	(854,747)
Net loss attributable to ordinary shareholders	(5,215,966)	(5,803,386)	(854,747)

Denominator: (in thousands of shares)
Weighted-average number of ordinary shares outstanding – basic and diluted	4,619,623	4,739,382	4,739,382

Loss per share – basic and diluted	(1.13)	(1.22)	(0.18)

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies.

Commitments and Contingencies

13. Commitments and Contingencies

(a) Operating lease commitments

The Group’s rents are operating leases. Future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year are included in Note 5.

(b) Contingencies

Between August and December 2018, several putative shareholder class action lawsuits were filed against the Group and certain of its officers and directors in the U.S. District Court for the Southern District of New York (“SDNY”) and the Superior Court of the State of California. In March 2020, the court granted the Group's motion to dismiss the claims in the consolidated action in the SDNY. The California action was stayed by the court pending further instruction hence the Group cannot reliably estimate the likelihood of an unfavorable outcome or any estimate of the amounts or range of any potential loss. As of September 30, 2020, the Group did not consider an unfavorable outcome in any material respects in the outstanding legal proceedings and litigations to be probable.

The Group's investment commitments primarily relate to capital contributions obligation under certain arrangements which do not have contractual maturity date. The total investment commitments contracted but not yet reflected in the financial statements amounted to approximately RMB582,657(US$85,816).

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Summary of Significant Accounting Policies
Use of estimates	(a) Use of estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“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 not limited to allowance for credit loss, 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.
Concentration of credit risk	(b) Concentration of credit risk Financial instruments that potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, receivables from online payment platforms, short-term investments and held-to-maturity debt securities. As of December 31, 2019 and September 30, 2020, all of the Group’s cash and cash equivalents, restricted cash, short-term investments and held-to-maturity debt securities 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 and there has been no recent history of default in relation to these financial institutions. Receivables from online payment platforms including amounts due from related parties (Note 11), unsecured and denominated in RMB, are derived from merchandise sales on the Group’s online marketplace to consumers, and 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.
Basis of presentation	(c) Basis of presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with US GAAP and applicable rules and regulations of the Securities and Exchange Commission regarding financial reporting and include all normal and recurring adjustments that management of the Group considers necessary for a fair presentation of its financial position and operation results. Certain information and footnote disclosures normally included in financial statements prepared in conformity with US GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the Group's audited consolidated financial statements as of and for the years ended December 31, 2018 and 2019.
Convenience translation	(d) Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.7896 on September 30, 2020, the last business day in September 2020, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
Revenue recognition	(e) Revenue recognition The Group through its platform primarily offers online marketplace services that enable third-party merchants to sell their products to consumers in China. Revenues from marketplace services consist of online marketing services revenue and transaction services fees. Payments for services are generally received before deliveries. Revenues are recognized when control of the promised services are transferred to the Group’s customers in amounts that reflect the consideration the Group expects to be entitled to in exchange for those services. 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. The Group presents value added taxes (“VAT”) as reductions of revenues. Online marketplace services The Group charges fees for transaction services to merchants for sales transactions completed on the Group’s online marketplace, where the Group does not take control of the products provided by the merchants at any point in the time during the transactions and does not have latitude over pricing of the merchandise. Transaction services fee is determined as a percentage based on the value of merchandise being sold by the merchants. Revenues related to transaction services are recognized in the unaudited interim condensed consolidated statements of comprehensive loss at the time when the Group’s service obligations to the merchants are determined to have been completed under each sales transaction upon the consumers confirming the receipts of goods. Fees charged for transaction services are not refundable if and when consumers return the merchandise to merchants. The Group also 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. Online marketing services mainly allow merchants to bid for keywords that match product listings appearing in search or browser results on the Group’s online marketplace. Merchants prepay for online marketing services that are 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 when 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. In order to promote its online marketplace and attract more registered consumers, the Group at its own discretion offers incentives such as coupons, credits and discounts to consumers. Consumers are not customers of the Group, therefore incentives offered to consumers are not considered payments to customers. Coupons and credits redeemable for coupons can only be used in future purchases of eligible merchandise offered on the Group’s online marketplace to reduce purchase price that are not specific to any merchant. As the consumers are required to make future purchases of the merchants’ merchandise to redeem these coupons, the Group recognizes the amounts of redeemed coupons as marketing expenses when future purchases are made. Discounts provided to consumers are not specific to any merchant and the associated costs to the Group are recognized as marketing expenses when the related transaction services revenues are recognized. 2. Summary of Significant Accounting Policies (Continued) (e) Revenue recognition (Continued) During the nine months periods ended September 30, 2019 and 2020, the Group also issued to consumers at its discretion, cash redeemable credits upon their completion of certain actions unrelated to the purchases of merchant products on the Group’s online marketplace. As the credits were redeemable for cash, the Group accrued for the related costs in marketing expenses based on the cash redemption value of each credit as it is issued, assuming all credits will be redeemed. As of December 31, 2019 and September 30, 2020, the amount of outstanding credits was immaterial.
Advertising expenditures	(f) Advertising expenditures Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amounts of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB16,985,999 and RMB25,213,427 (US$3,713,536) for the nine months ended September 30, 2019 and 2020, respectively.
Credit loss	(g) Credit loss On January 1, 2020, the Group adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using the modified retrospective transition method. Upon adoption, the Group changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost, including the short-term investments and other non-current assets categorized as “held to maturity” and payments made on behalf of merchants. CECL estimates are recorded as general and administrative expenses in the unaudited interim condensed consolidated statements of comprehensive loss. The cumulative effect adjustment from adoption as of January 1, 2020 was immaterial. As a result of the adoption of the Topic 326, the Group’s allowance for credit losses as of September 30, 2020 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.
Investment in convertible bonds	(h) Investment in convertible bonds 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 Group has elected the fair value option for certain investments including convertible bonds subscribed. 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 the condensed consolidated statements of comprehensive loss.
Segment reporting	(i) 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.
Recent accounting pronouncements	(j) Recent accounting pronouncements In June 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). For convertible instruments, the new guidance simplifies an issuer’s accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separate accounting for embedded conversion features. As a result, more convertible instruments will be reported as single units of account. This standard is effective for the Company beginning January 1, 2022 including interim periods within the fiscal year. Early adoption is permitted. The Company is still evaluating the impact on its consolidated financial statements.

Organization (Tables)

9 Months Ended

Sep. 30, 2020

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	April 28, 2015	Hong Kong	100	%	—		Holding company
Hangzhou Weimi Network Technology Co., Ltd.	May 28, 2015	PRC	100	%	—		Technology research and development
Walnut Street (Shanghai) Information Technology Co., Ltd.	January 25,2018	PRC	100	%			Technology research and development
Shenzhen Qianhai Xinzhijiang Information Technology Co., Ltd.	April 25, 2018	PRC	100	%	—		E-commerce platform

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

VIE’s subsidiary:
Shanghai Xunmeng Information Technology Co., Ltd.	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, the subsidiaries of the VIE and other entities within the Group


	As of
	December 31, 2019	September 30, 2020
	RMB	RMB	US$
ASSETS
Current assets
Cash and cash equivalents	2,816,894	3,402,797	501,178
Restricted cash	27,528,793	38,561,984	5,679,566
Receivables from online payment platforms	1,050,974	528,810	77,885
Short-term investments	6,560,665	5,557,631	818,551
Amounts due from related parties ⁽ⁱ⁾	2,360,267	2,909,207	428,480
Amounts due from Group companies	3,337,273	12,373,526	1,822,423
Prepayments and other current assets	295,377	991,944	146,098
Total current assets	43,950,243	64,325,899	9,474,181

Non-current assets
Property, equipment and software, net	27,719	31,488	4,638
Right-of-use assets	452,883	450,047	66,285
Other non-current assets	60,306	4,345,756	640,061
Total non-current assets	540,908	4,827,291	710,984
Total assets	44,491,151	69,153,190	10,185,165


	As of
	December 31, 2019	September 30, 2020
	RMB	RMB	US$
LIABILITIES
Current liabilities
Amounts due to Group companies	5,393,858	13,028,708	1,918,921
Amounts due to related parties ⁽ⁱ⁾	1,502,892	3,298,767	485,856
Customer advances and deferred revenues	605,969	1,041,935	153,460
Payable to merchants	29,657,227	39,821,635	5,865,093
Accrued expenses and other liabilities	3,420,728	4,201,598	618,829
Merchant deposits	7,840,912	10,574,449	1,557,448
Short term borrowings	898,748	2,773,023	408,422
Lease liabilities	90,523	129,106	19,015
Total current liabilities	49,410,857	74,869,221	11,027,044

Lease liabilities	382,673	351,994	51,843
Total non-current liabilities	382,673	351,994	51,843
Total liabilities	49,793,530	75,221,215	11,078,887

i) Information with respect to related parties is discussed in Note 11.

1. Organization (Continued)


	For the nine months ended September 30,
	2019	2020
	RMB	RMB	US$
Revenues from
Group companies	1,197,820	7,865,481	1,158,460
External	11,605,365	20,147,444	2,967,398
Total revenues	12,803,185	28,012,925	4,125,858

Net loss	3,266,608	761,093	112,097


	For the nine months ended September 30,
	2019	2020
	RMB	RMB	US$
Net cash generated from operating activities	3,494,022	5,691,071	838,205
Net cash used in investing activities	(3,612,197)	(3,334,574)	(491,130)
Net cash provided by financing activities	2,332,838	9,262,597	1,364,232
Net increase in cash, cash equivalents and restricted cash	2,214,663	11,619,094	1,711,307
Cash, cash equivalents and restricted cash at beginning of period	19,908,680	30,345,687	4,469,437
Cash, cash equivalents and restricted cash at end of period	22,123,343	41,964,781	6,180,744

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	3,499,188	3,402,797	501,178
Restricted cash	18,624,155	38,561,984	5,679,566
Total cash, cash equivalents and restricted cash in the statements of cash flows	22,123,343	41,964,781	6,180,744

- 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

Prepayments and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2020

Prepayments and Other Current Assets

Schedule of components of prepayments and other current assets


	As of
	December 31, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	US$
Prepayments	645,169	570,658	84,049
VAT recoverable	102,426	371,127	54,661
Inventory	—	345,299	50,857
Interest receivables	146,294	249,146	36,695
Rental and other deposits	12,060	138,909	20,459
Loan to a third party	—	45,000	6,628
Others	44,328	82,446	12,143
	950,277	1,802,585	265,492

Intangible Asset (Tables)

9 Months Ended

Sep. 30, 2020

Intangible Asset

Schedule of intangible asset


		Total
		RMB
Balance as of January 1, 2019		2,579,338
Amortization		(619,733)
Foreign currency translation difference		34,687
Balance as of December 31, 2019		1,994,292
Amortization		(472,564)
Foreign currency translation difference		(34,769)
Balance as of September 30, 2020		1,486,959

Schedule of estimated annual amortization expense


	Amortization
	RMB	US$
For three months ending December 31, 2020	154,402	22,741
For the years ending December 31,
2021	612,573	90,222
2022	612,573	90,222
2023	107,411	15,820

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases

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


	Rental
	RMB	US$

The remainder of 2020	50,644	7,459
2021	199,556	29,391
2022	148,340	21,848
2023	112,914	16,630
2024 and after	117,932	17,371
Total undiscounted cash flows	629,386	92,699
Less: imputed interest	(56,265)	(8,287)
Present value of lease liabilities	573,121	84,412

Summary of supplemental information related to leases


	For the nine months ended September 30,
	2019	2020	2020
	RMB	RMB	US$

Operating cash flows for operating leases	57,060	104,962	15,459
Right-of-use assets obtained in exchange for new operating lease liabilities	134,373	118,144	17,401

Accrued Expenses and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Accrued Expenses and Other Liabilities

Schedule of accrued expenses and other liabilities


	As of
	December 31, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	US$
Accrued expenses	2,727,273	3,653,380	538,083
VAT and other tax payable	1,045,796	1,809,374	266,492
Payroll payable	1,061,228	1,340,438	197,425
Others	42,765	101,761	14,988
	4,877,062	6,904,953	1,016,988

Revenues (Tables)

9 Months Ended

Sep. 30, 2020

Revenues

Schedule of revenues


	For the nine months ended September 30,
	2019	2020	2020
	RMB	RMB	US$
Online marketing services and others	17,126,942	29,424,626	4,333,779
Transaction services	2,222,218	3,519,530	518,371
	19,349,160	32,944,156	4,852,150

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


	As of
	December 31, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	US$
Customer advances and deferred revenues	605,970	1,042,093	153,484
Payable to merchants	116,557	152,158	22,410

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Measurements

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, 2019:
Short-term investments:

Trading debt securities	—	795,849	—
Equity securities:
Marketable	11,925	—	—
	11,925	795,849	—


	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 September 30, 2020:
Short-term investments:
Trading debt securities	—	988,499	—
Other non-current assets:
Investment in convertible bonds	—	—	1,450,333
	—	988,499	1,450,333

Schedule of Reconciliations of assets categorized within Level 3


	Amortization
	RMB	US$
Balance at December 31, 2019	—	—
Additions	1,414,200	208,289
Net unrealized fair value	90,755	13,367
Foreign currency translation adjustments	(54,622)	(8,045)
Balance at September 30, 2020	1,450,333	213,611

Schedule of fair value instruments on unobservable input reconciliation


	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

As of December 31, 2019:
Short-term investments:
Held-to-maturity debt securities	—	34,481,053	—
Convertible bonds	—	8,037,280	—
As of September 30, 2020:
Short-term investments:
Held-to-maturity debt securities	—	38,870,590	—
Other non-current assets:
Held-to-maturity debt securities	—	4,282,558	—
Convertible bonds	—	12,374,633	—

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2020

Related Party Transactions

Schedule of relationship with related parties

Names of related parties		Relationship with the Group
Tencent Group		A shareholder and its affiliates of the Company
Ningbo Hexin Equity Investment Partnership		Company controlled by one of the executive officers of the Company

Schedule of significant related party transactions

Schedule of major related party balances


	As of
	December 31, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	US$
Amounts due from related parties:
Current:
Tencent Group*	1,905,793	2,959,416	435,875
Ningbo Hexin Equity Investment Partnership **	459,632	459,632	67,696
Amounts due to related parties:
Current:
Tencent Group	1,502,892	3,295,768	485,414

* The balances mainly represented receivables due from the online payment platform operated by Tencent Group.

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

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Loss Per Share

Schedule of computation of basic and diluted net loss per share


	For the nine months ended September 30,
	2019	2020	2020
	RMB	RMB	US$
Numerator:
Net loss	(5,215,966)	(5,803,386)	(854,747)
Net loss attributable to ordinary shareholders	(5,215,966)	(5,803,386)	(854,747)

Denominator: (in thousands of shares)
Weighted-average number of ordinary shares outstanding – basic and diluted	4,619,623	4,739,382	4,739,382

Loss per share – basic and diluted	(1.13)	(1.22)	(0.18)

Organization - Ownership interest (Details)	9 Months Ended
Organization - Ownership interest (Details)	Sep. 30, 2020
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%

Organization - Financial information for the VIE (Details) ¥ in Thousands, $ in Thousands	9 Months Ended			12 Months Ended
	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Sep. 30, 2019 CNY (¥)
Current assets
Cash and cash equivalents						¥ 5,715,676	$ 841,828	¥ 5,768,186	¥ 15,694,045
Restricted cash						38,813,084	5,716,549	27,577,671	18,672,032
Receivables from online payment platforms						531,009	78,209	1,050,974
Short-term investments						39,859,089	5,870,609	35,288,827
Amounts due from related parties (i)						3,449,126	508,001	2,365,528
Prepayments and other current assets						1,802,585	265,492	950,277
Total current assets						90,170,569	13,280,688	73,001,463
Non-current assets
Property, equipment and software, net						46,509	6,850	41,273
Right-of-use assets						534,076	78,661	517,188
Other non-current assets						7,172,813	1,056,441	503,120
Total non-current assets						9,240,357	1,360,957	3,055,873
Total Assets						99,410,926	14,641,645	76,057,336
Current liabilities
Amounts due to related parties						3,298,767	485,856	1,502,892
Payable to merchants						40,299,835	5,935,524	29,926,488
Accrued expenses and other liabilities						6,904,953	1,016,988	4,877,062
Merchant deposits						10,574,559	1,557,464	7,840,912
Short-term borrowings						2,773,023	408,422	898,748
Lease liabilities						182,318	26,853	115,734
Total current liabilities						65,075,548	9,584,591	45,767,806
Lease liabilities						390,803	57,559	428,593
Total non-current liabilities						5,931,716	873,647	5,642,664
Total Liabilities						71,007,264	10,458,238	51,410,470
Consolidated statement of income (loss)
Net revenues	¥ 32,944,156	$ 4,852,150	¥ 19,349,160
Net loss	(5,803,386)	(854,747)	(5,215,966)
Consolidated statement of cashflows
Net cash generated from operating activities	13,250,058	1,951,521	5,222,963
Net cash used in investing activities	(11,735,064)	(1,728,387)	(16,857,806)
Net cash provided by financing activities	9,624,213	1,417,493	14,960,832
Net increase in cash, cash equivalents and restricted cash	11,182,903	1,647,063	3,826,391
Cash, cash equivalents and restricted cash at beginning of period	33,345,857	4,911,314	30,539,686	¥ 30,539,686
Cash, cash equivalents and restricted cash at end of period	44,528,760	6,558,377	34,366,077	33,345,857	$ 4,911,314
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents						5,715,676	841,828	5,768,186	15,694,045
Restricted cash						38,813,084	5,716,549	27,577,671	18,672,032
Total cash, cash equivalents and restricted cash in the statements of cash flows	¥ 44,528,760	$ 6,558,377	¥ 34,366,077	¥ 33,345,857	$ 4,911,314	44,528,760	6,558,377	33,345,857	34,366,077
Consolidated VIE
Current liabilities
Amounts due to related parties						3,298,767	485,856	1,502,892
Payable to merchants						39,821,635	5,865,093	29,657,227
Accrued expenses and other liabilities						4,201,598	618,829	3,420,728
Merchant deposits						10,574,449	1,557,448	7,840,912
Short-term borrowings						2,773,023	408,422	898,748
Lease liabilities						129,106	19,015	90,523
Lease liabilities						351,994	51,843	382,673
Consolidated VIE \| Consolidated revenues
Financial information for the VIE
Concentration (as a percent)	61.20%	61.20%	60.00%
Consolidated VIE \| Consolidated total assets
Financial information for the VIE
Concentration (as a percent)	57.10%	57.10%		54.10%	54.10%
Consolidated VIE \| Consolidated total liabilities
Financial information for the VIE
Concentration (as a percent)	87.60%	87.60%		86.40%	86.40%
Reportable legal entity \| Consolidated VIE
Current assets
Cash and cash equivalents						3,402,797	501,178	2,816,894	3,499,188
Restricted cash						38,561,984	5,679,566	27,528,793	18,624,155
Receivables from online payment platforms						528,810	77,885	1,050,974
Short-term investments						5,557,631	818,551	6,560,665
Amounts due from related parties (i)						2,909,207	428,480	2,360,267
Amounts due from Group companies						12,373,526	1,822,423	3,337,273
Prepayments and other current assets						991,944	146,098	295,377
Total current assets						64,325,899	9,474,181	43,950,243
Non-current assets
Property, equipment and software, net						31,488	4,638	27,719
Right-of-use assets						450,047	66,285	452,883
Other non-current assets						4,345,756	640,061	60,306
Total non-current assets						4,827,291	710,984	540,908
Total Assets						69,153,190	10,185,165	44,491,151
Current liabilities
Amounts due to Group companies						13,028,708	1,918,921	5,393,858
Amounts due to related parties						3,298,767	485,856	1,502,892
Customer advances and deferred revenues						1,041,935	153,460	605,969
Payable to merchants						39,821,635	5,865,093	29,657,227
Accrued expenses and other liabilities						4,201,598	618,829	3,420,728
Merchant deposits						10,574,449	1,557,448	7,840,912
Short-term borrowings						2,773,023	408,422	898,748
Lease liabilities						129,106	19,015	90,523
Total current liabilities						74,869,221	11,027,044	49,410,857
Lease liabilities						351,994	51,843	382,673
Total non-current liabilities						351,994	51,843	382,673
Total Liabilities						75,221,215	11,078,887	49,793,530
Consolidated statement of income (loss)
Net revenues	¥ 28,012,925	$ 4,125,858	¥ 12,803,185
Net loss	761,093	112,097	3,266,608
Consolidated statement of cashflows
Net cash generated from operating activities	5,691,071	838,205	3,494,022
Net cash used in investing activities	(3,334,574)	(491,130)	(3,612,197)
Net cash provided by financing activities	9,262,597	1,364,232	2,332,838
Net increase in cash, cash equivalents and restricted cash	11,619,094	1,711,307	2,214,663
Cash, cash equivalents and restricted cash at beginning of period	30,345,687	4,469,437	19,908,680	¥ 19,908,680
Cash, cash equivalents and restricted cash at end of period	41,964,781	6,180,744	22,123,343	30,345,687	$ 4,469,437
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents						3,402,797	501,178	2,816,894	3,499,188
Restricted cash						38,561,984	5,679,566	27,528,793	18,624,155
Total cash, cash equivalents and restricted cash in the statements of cash flows	41,964,781	6,180,744	22,123,343	¥ 30,345,687	$ 4,469,437	¥ 41,964,781	$ 6,180,744	¥ 30,345,687	¥ 22,123,343
Reportable legal entity \| Group companies \| Consolidated VIE
Consolidated statement of income (loss)
Net revenues	7,865,481	1,158,460	1,197,820
Reportable legal entity \| External \| Consolidated VIE
Consolidated statement of income (loss)
Net revenues	¥ 20,147,444	$ 2,967,398	¥ 11,605,365

Summary of Significant Accounting Policies - Convenience translation (Details)	Sep. 30, 2020
Summary of Significant Accounting Policies
Convenience translation rate (USD to RMB)	6.7896

Summary of Significant Accounting Policies - Advertising expenditures (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 CNY (¥)
Summary of Significant Accounting Policies
Advertising expenditures recognized in sales and marketing expenses	¥ 25,213,427	$ 3,713,536	¥ 16,985,999

Summary of Significant Accounting Policies - Segment reporting (Details)	9 Months Ended
	Sep. 30, 2020 segment
Summary of Significant Accounting Policies
Number of reportable segment	1

Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Prepayments and Other Current Assets
Prepayments	¥ 570,658	$ 84,049	¥ 645,169
VAT recoverable	371,127	54,661	102,426
Inventory	345,299	50,857
Interest receivables	249,146	36,695	146,294
Rental and other deposits	138,909	20,459	12,060
Loan to a third party	45,000	6,628
Others	82,446	12,143	44,328
Total	¥ 1,802,585	$ 265,492	¥ 950,277

Intangible Asset (Details) - CNY (¥) ¥ in Thousands	9 Months Ended		12 Months Ended
Intangible Asset (Details) - CNY (¥) ¥ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Intangible Asset
Beginning balance	¥ 1,994,292	¥ 2,579,338	¥ 2,579,338
Amortization	(472,564)		(619,733)
Foreign currency translation difference	(34,769)		34,687
Ending balance	1,486,959		¥ 1,994,292
Impairment charges	¥ 0	¥ 0

Intangible Asset - Estimated annual amortization expense (Details) - Sep. 30, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Intangible Asset
For three months ending December 31, 2020	¥ 154,402	$ 22,741
2021	612,573	90,222
2022	612,573	90,222
2023	¥ 107,411	$ 15,820

Leases - Maturity analysis of the Company's (Details) - Sep. 30, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
The remainder of 2020	¥ 50,644	$ 7,459
2021	199,556	29,391
2022	148,340	21,848
2023	112,914	16,630
2024 and after	117,932	17,371
Total undiscounted cash flows	629,386	92,699
Less: imputed interest	(56,265)	(8,287)
Present value of lease liabilities	¥ 573,121	$ 84,412

Leases - Other supplemental (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 CNY (¥)
Leases
Operating cash flows for operating leases	¥ 104,962	$ 15,459	¥ 57,060
Right-of-use assets obtained in exchange for new operating lease liabilities	¥ 118,144	$ 17,401	¥ 134,373

Leases - Additional Information (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 CNY (¥)	Dec. 31, 2019
Leases
Operating Lease, Cost	¥ 116,869	$ 17,213	¥ 67,196
Short-term Lease, Cost	¥ 14,451	$ 2,128	¥ 26,031
Weighted average remaining lease terms of the right-of-use assets	3 years 7 months 24 days	3 years 7 months 24 days		4 years 4 months 13 days
Weighted average incremental borrowing rate	5.11%	5.11%		5.36%

Other Non-current Asset (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 CNY (¥)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Schedule of Investments [Line Items]
Held-to-maturity securities	¥ 4,282,558			$ 630,752	¥ 0
Held-to-maturity securities, allowance	6,936			1,022
Unrealized Gain (Loss) On Time Deposits	28,604	$ 4,213	¥ 0
Investments In Convertible Bonds Fair Value Disclosure	1,450,333			213,611	0
Unrealized Gain (Loss) On Convertible Bonds	90,755	13,367	0
Share of profits or losses of the equity investees	35,642	5,249	(8,218)
Limited partnership funds
Schedule of Investments [Line Items]
Carrying amount for the investments	1,015,231			$ 149,527	433,649
Equity Method Investments not Considered as Material	0				¥ 0
Share of profits or losses of the equity investees	¥ 35,642	$ 5,249	¥ 8,218

Accrued Expenses and Other Liabilities (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Accrued Expenses and Other Liabilities
Accrued expenses	¥ 3,653,380	$ 538,083	¥ 2,727,273
VAT and other tax payable	1,809,374	266,492	1,045,796
Payroll payable	1,340,438	197,425	1,061,228
Others	101,761	14,988	42,765
Total	¥ 6,904,953	$ 1,016,988	¥ 4,877,062

Revenues (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
Revenues (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 CNY (¥)
Revenues
Revenues	¥ 32,944,156	$ 4,852,150	¥ 19,349,160
Online marketing services and others
Revenues
Revenues	29,424,626	4,333,779	17,126,942
Transaction services
Revenues
Revenues	¥ 3,519,530	$ 518,371	¥ 2,222,218

- 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.

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+ Details

Revenues- Contract balances (Details) $ in Thousands	9 Months Ended
Revenues- Contract balances (Details) $ in Thousands	Sep. 30, 2020 CNY (¥)	Sep. 30, 2019 CNY (¥)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Revenues
Customer advances and deferred revenues	¥ 1,042,093,000		$ 153,484	$ 605,970
Payable to merchants	152,158,000		$ 22,410	$ 116,557
Revenue recognized from the carrying value of contract liabilities	¥ 645,022,000	¥ 217,715

Fair Value Measurements - Fair value hierarchy (Details) ¥ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Sep. 30, 2020 USD ($)
Fair Value Measurements
Investment in convertible bonds	¥ 1,450,333	¥ 0	$ 213,611
Impairment charge	0	0
Non-recurring
Fair Value Measurements
Liabilities fair value	0	0
Assets fair value	0	0
Quoted Price in Active Market for Identical Assets (Level 1) \| Recurring \| Short-term investments
Fair Value Measurements
Assets fair value		11,925
Quoted Price in Active Market for Identical Assets (Level 1) \| Recurring \| Marketable equity securities
Fair Value Measurements
Assets fair value		11,925
Significant Other Observable Inputs (Level 2) \| Recurring
Fair Value Measurements
Assets fair value	988,499
Significant Other Observable Inputs (Level 2) \| Recurring \| Short-term investments
Fair Value Measurements
Assets fair value		795,849
Significant Other Observable Inputs (Level 2) \| Recurring \| Trading debt securities
Fair Value Measurements
Assets fair value	988,499	¥ 795,849
Unobservable Inputs (Level 3) \| Recurring
Fair Value Measurements
Assets fair value	1,450,333
Unobservable Inputs (Level 3) \| Recurring \| Other non-current assets
Fair Value Measurements
Investment in convertible bonds	¥ 1,450,333

Fair Value Measurements - Reconciliations of assets categorized within Level 3 (Details) - 9 months ended Sep. 30, 2020 - Unobservable Inputs (Level 3) ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	¥ 0	$ 0
Additions	1,414,200	208,289
Net unrealized fair value	90,755	13,367
Foreign currency translation adjustments	(54,622)	(8,045)
Balance at end of period	¥ 1,450,333	$ 213,611

Fair Value Measurements - Fair value measurements (Details) - Significant Other Observable Inputs (Level 2) - CNY (¥) ¥ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Short-term investments
Fair Value Measurements
Held-to-maturity investments	¥ 38,870,590	¥ 34,481,053
Convertible bonds		¥ 8,037,280
Other non-current assets
Fair Value Measurements
Held-to-maturity investments	4,282,558
Convertible bonds	¥ 12,374,633

Ordinary Shares (Details) ¥ in Thousands, $ in Thousands	1 Months Ended			9 Months Ended
Ordinary Shares (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2020 shares	Apr. 30, 2020 CNY (¥) shares	Apr. 30, 2020 USD ($) shares	Sep. 30, 2020 CNY (¥) shares	Sep. 30, 2020 USD ($) shares	Dec. 31, 2019 shares
Proceeds from private placement				¥ 7,795,290	$ 1,148,122
Tencent Group
Proceeds from private placement		¥ 354,975	$ 50,000
Class A ordinary shares
Ordinary shares, issued		135,426,300	135,426,300	3,380,761,000	3,380,761,000	2,575,580,988
Issuance of ordinary shares (in shares)		6,155,740	6,155,740
Proceeds from private placement		¥ 7,795,290	$ 1,100,000
Class B ordinary shares
Ordinary shares, issued				1,409,744,080	1,409,744,080	2,074,447,700
Number of shares converted	664,703,620
Stock split ratio of Convertible Preferred Shares	1

Related Party Transactions - Significant related party transactions (Details) ¥ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 CNY (¥)
Tencent Group
Related Party Transactions
Services received from related party	¥ 7,032,370	$ 1,035,756	¥ 1,977,867

Related Party Transactions - Related party balances (Details) ¥ in Thousands, $ in Thousands	Sep. 30, 2020 CNY (¥)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Sep. 30, 2019 CNY (¥)
Related Party Transactions
Amounts due from related parties	¥ 3,449,126	$ 508,001	¥ 2,365,528
Amounts due to related parties	3,298,767	485,856	¥ 1,502,892
Tencent Group
Related Party Transactions
Amounts due from related parties	2,959,416	435,875		¥ 1,905,793
Amounts due to related parties	3,295,768	485,414		1,502,892
Ningbo Hexin Equity Investment Partnership
Related Party Transactions
Amounts due from related parties	¥ 459,632	$ 67,696		¥ 459,632

Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020 CNY (¥) ¥ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2019 CNY (¥) ¥ / shares shares
Numerator:
Net loss	¥ (5,803,386)	$ (854,747)	¥ (5,215,966)
Net loss attributable to ordinary shareholders	¥ (5,803,386)	$ (854,747)	¥ (5,215,966)
Denominator:
Weighted-average number of ordinary shares outstanding-basic and diluted	4,739,382	4,739,382	4,619,623
Loss per share-basic and diluted \| (per share)	¥ (1.22)	$ (0.18)	¥ (1.13)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Commitments and Contingencies (Details) - Sep. 30, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Commitments and Contingencies.
Total investment commitments	¥ 582,657	$ 85,816