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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

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

For the fiscal year ended December 31, 2021.

OR

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

OR

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

Date of event requiring this shell company report

For the transition period from                             to

Commission file number: 001-39147

OneConnect Financial Technology Co., Ltd.

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation)

55F, Ping An Financial Center, No. 5033 Yitian Road
Futian District
, Shenzhen, Guangdong, The People’s Republic of China

(Address of principal executive offices)

Mr. Yongtao Luo, Chief Financial Officer
Telephone: +(852) 3757 9718
Email: OCFT_IR@ocft.com
55F, Ping An Financial Center, No. 5033 Yitian Road
Futian District
. Shenzhen. Guangdong. The People’s Republic of China

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

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

Title of each class

    

Trading Symbol

    

Name of each exchange on which registered

American depositary shares, each ADS represents three ordinary shares, par value USS0.00001 per share

OCFT

The New York Stock Exchange

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

None

(Title of Class)

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

None

(Title of Class)

Indicate the number of issued and outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report 1,169,980,661 Ordinary Shares

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

Yes No

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

Yes No

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

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232A05 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

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

Large accelerated filer

   

Accelerated filer

   

Non-accelerated filer

   

Emerging growth company

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

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(6)) by the registered public accounting firm that prepared or issued its audit report.

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

U.S. GAAP

   

International Financial Reporting Standards as issued
by the International Accounting Standards Board

   

Other

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

Item 17 Item 18

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

Yes No

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

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

TABLE OF CONTENTS

Page

PART I

1

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

1

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

1

ITEM 3. KEY INFORMATION

1

ITEM 4. INFORMATION ON THE COMPANY

63

ITEM 4B. UNSOLVED STAFF COMMENTS

104

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

104

ITEM 6. DIRECTORS, SENIOR MANANGEMENT AND EMPLOYEES

129

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

141

ITEM 8. FINANCIAL INFORMATION

143

ITEM 9. THE OFFER AND LISTING

144

ITEM 10. ADDITIONAL INFORMATION

144

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

158

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

159

PART II

162

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

162

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

162

ITEM 15. CONTROLS AND PROCEDURES

162

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

163

ITEM 16B. CODE OF ETHICS

163

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

164

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

164

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

164

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

164

ITEM 16G. CORPORATE GOVERNANCE

164

ITEM 16H. MINE SAFETY DISCLOSURE

165

PART III

166

ITEM 17. FINANCIAL STATEMENTS

166

ITEM 18. FINANCIAL STATEMENTS

166

ITEM 19. EXHIBITS

166

i

CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F

Unless otherwise indicated or the context otherwise requires, and for purposes of this annual report on Form 20-F only:

“ADRs” refer to the American depositary receipts that evidence our ADSs;
“ADSs” refer to our American depositary shares, each of which represents three ordinary shares;
“AI” refers to artificial intelligence;
“basic customers” refer to our customers that contribute annual revenue of less than RMB100,000;
“China” or “the PRC” refers to the People’s Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan;
“IFRS” refers to International Financial Reporting Standards as issued by the International Accounting Standards Board;
“net expansion rate” is a numerical representation of the expansion of our customer relationships on a year-on-year basis, calculated as a fraction, the denominator of which is the revenue contribution from a particular group of customers in one year and the numerator of which is the contribution from the same group of customers in the following year, expressed as a percentage;
“OneConnect,” “we,” “us,” “our company” and “our” refer to OneConnect Financial Technology Co., Ltd., a Cayman Islands exempted company, and its subsidiaries and, in the context of describing our operations and consolidated financial information, also include our VIEs and their subsidiaries;
“Ping An Group” refers to Ping An Insurance (Group) Company of China, Ltd. and, unless the context requires otherwise, its subsidiaries;
“Premium customers” refers to our customers that contribute annual revenue of at least RMB100,000, excluding Ping An Group and its subsidiaries, although this category includes certain customers that we have direct contracts with, and provide direct services to, where payments for these services have been made through contractual arrangements that we have with others, including Ping An Group;
“Premium plus customers” refers to premium plus customers that contribute annual revenue of at least RMB1,000,000;
“RMB” or “Renminbi” refers to the legal currency of China;
“shares” or “ordinary shares” refer to our ordinary shares, par value US$0.00001 per share;
“SME” refers to small and medium enterprises;
“Third-party customer” refers to each customer with revenue contribution of less than 5% of our total revenue in the relevant period; and
“US$,” “U.S. dollars,” “$,” and “dollars” refer to the legal currency of the United States.

All of our customer numbers in this annual report are exclusive of Ping An Group and its subsidiaries.

Our reporting currency is the Renminbi. This annual report also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at a rate of RMB6.3726 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System on December 30, 2021. We make no representation that any Renminbi or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, or at all. On March 25, 2022, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board was RMB6.3658 to US$1.

ii

FORWARD-LOOKING STATEMENTS

This annual report on Form 20-F contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These forward-looking statements are made under the “safe harbor” provision under Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:

our vision and strategies;

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

expected changes in our revenues, costs or expenditures;

expected growth of technology spending in the financial services industry in China;

our expectations regarding demand for and market acceptance of our services;

competition in our industry

government policies and regulations relating to our industry;

health epidemics, pandemics and similar outbreaks, including COVID-19;

the status of Sino-U.S relations and related regulatory and legislative developments; and

general economic, business and socio-political conditions globally, including recent Russia-Ukraine war.

We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Item 3. Key Information—3D. Risk Factors.” Other sections of this annual report include additional factors that could adversely affect our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

iii

PART I

ITEM 1.   IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2.   OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.   KEY INFORMATION

Implications of Being a Holding Company

Our investors hold securities of OneConnect Financial Technology Co., Ltd., which is not an operating company but a Cayman Islands holding company with operations primarily conducted by its subsidiaries and through contractual arrangements with its variable interest entities, or VIEs, and their respective subsidiaries based in China. As a holding company, we rely upon dividends paid to us by our subsidiaries in the PRC to pay dividends and to finance any debt we may incur. If our subsidiaries or any newly formed subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our subsidiaries are permitted to pay dividends to us only out of their accumulated profits, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC laws and regulations, each of our Chinese subsidiaries are required to set aside a portion of their net income each year to fund a statutory surplus reserve until such reserve reaches 50% of its registered capital. This reserve is not distributable as dividends. As a result, our Chinese subsidiaries are restricted in their ability to transfer a portion of its net assets to us in the form of dividends, loans or advances. As an offshore holding company, we will be permitted under PRC laws and regulations to provide funding from the proceeds of our offshore fund-raising activities to our subsidiaries in China only through loans or capital contributions, subject to the satisfaction of the applicable government registration and approval requirements. Before providing loans to our PRC subsidiaries, we will be required to make filings about details of the loans with the State Administration of Foreign Exchange of the PRC (the “SAFE”) in accordance with relevant PRC laws and regulations. Our PRC subsidiaries that receive the loans are only allowed to use the loans for the purposes set forth in these laws and regulations. Under regulations of the SAFE, Renminbi is not convertible into foreign currencies for capital account items, such as loans, repatriation of investments and investments outside of China, unless the prior approval of the SAFE is obtained and prior registration with the SAFE is made. See “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China” for more details.

Risks Associated with Operations in China

The majority of our operations are in China. We are exposed to legal and operational risks associated with our operations in China. We are subject to risks arising from China’s legal system, including the uncertainty in the interpretation and the enforcement of the PRC laws and regulations. In addition, rules and regulations in China can change quickly with little advance notice Recently, the PRC government initiated a series of regulatory actions and released guidelines to regulate business operations in China, including those related to data security or anti-monopoly concerns, which may have an impact on our ability to conduct certain business in China, accept foreign investments, or list on a U.S. or other exchange. If we are unable to address any data security or information protection concerns, any compromise of security that results unauthorized disclosure or transfer of personal information, or to comply with the then applicable laws and regulations, we may incur additional costs and liability and result in governmental enforcement actions, litigation, fines and penalties or adverse publicity and could cause our users and clients to lose trust in us, which could have a material adverse effect on our business, results of operations, financial condition and prospects. And if certain of our activities in Mainland China were deemed by relevant regulators as violation of the laws and regulations on anti-monopoly other matters, it may result in governmental investigations, fines and/or other sanctions against us.

The PRC government may also intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, including us, at any time, substantial intervention and influence over the manner our operations, which could result in a material change in our operations or the value of our ADSs. Any actions by the PRC government to exert more oversight and control over offerings that are conducted overseas or foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. Recently, the PRC government initiated a series of regulatory actions and

1

statements to regulate business operations in China with little advance notice or even no advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, adopting new laws and regulations related to data security, and expanding the efforts in anti-monopoly enforcement. While we do not believe that these regulatory changes would have any material impact on us, we cannot assure you that the regulators will agree with us or will not in the future adopt regulations that restrict our business operations or access to capital.

For example, on July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Severe and Lawful Crackdown on Illegal Securities Activities. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. These opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed companies and the demand for cybersecurity and data privacy protection. These opinions and any related implementation rules to be enacted may subject us to additional compliance requirement in the future.

Cybersecurity and data privacy and security issues are subject to increasing legislative and regulatory focus in China. For example, the State Council of the PRC promulgated the Regulations on the Protection of the Security of Critical Information Infrastructure on July 30, 2021, which took effect on September 1, 2021. This regulations require, among others, certain competent authorities to identify critical information infrastructures. The Cybersecurity Administration of China, or the CAC and a number of other departments under the State Council promulgated the Measures for Cybersecurity Review on December 28, 2021, which became effective on February 15, 2022. According to this regulation, critical information infrastructure operators purchasing network products and services and data processors carrying out data processing activities, which affect or may affect national security, are required to conduct cybersecurity review. This regulation further stipulates that an online platform operator who possesses personal information of more than one million users and is seeking for listing in a foreign country will be subject to the cybersecurity review as well. On November 14, 2021, the CAC, published the Regulations on Cyber Data Security Management (Draft for Comments), which specifies that data processor who seeks to list in Hong Kong, which affects or may affect the national security, should apply for cybersecurity review. Although several PRC laws and regulations have provided the definition of “critical information infrastructure,” the exact scope of “critical information infrastructure operators” under the current regulatory regime remains unclear, and the identification of any specific critical information infrastructure is subject to industry-specific identification rules promulgated by relevant regulators and the notice from the relevant regulators. The distinction made under Article 13 of the Regulations on Network Data Security Management (Consultation Draft) between “listing in Hong Kong” and “listing in a foreign country” further clarifies that the obligations to proactively apply for cybersecurity review by an entity seeking listing in a foreign country shall not be applicable to the proposed listing in Hong Kong. However, the Measures for Cybersecurity Review does not provide further explanation or interpretation for “listing in a foreign country”. In addition, neither the Measures for Cybersecurity Review nor the Regulations on Cyber Data Security Management (Draft for Comments) provides further explanation or interpretation for the scope of activities of data processing that “affects or may affect national security.” If our business activities are deemed to “affect or may affect national security,” we may be required to apply for cybersecurity review, but there can be no assurance that we will be able to obtain approval from the regulatory authorities in a timely manner, or at all.

On September 1, 2021, the PRC Data Security Law became effective, which imposes data security and privacy obligations on entities and individuals conducting data-related activities, and introduces a data classification and hierarchical protection system. In addition, the Standing Committee of PRC National People’s Congress promulgated the Personal Information Protection Law (the “PIPL”) on August 20, 2021, which took effect on November 1, 2021. The PIPL further emphasizes processors’ obligations and responsibilities for personal information protection and sets out the basic rules for processing personal information and the rules for cross-border transfer of personal information. However, we cannot guarantee that the regulators will agree with us or will not in the future adopt new regulations that restrict our business operations.

Since these regulatory actions are relatively new, it is uncertain how soon legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, or the potential impact such modified or new laws and regulations will have on our daily business operation, our ability to accept foreign investments and listing on a U.S. or other foreign exchanges. PRC laws and their interpretations and enforcement continue to develop and are subject to change, and the PRC government may adopt other rules and restrictions in the future.

2

Our VIE Structure

PRC laws and regulations restrict and impose conditions on foreign investment in internet-based businesses, including online information, internet data center services and other value-added telecommunication services. Furthermore, our electronic certification service business is subject to foreign investment restrictions in practice under the regulatory requirements. Accordingly, we operate these businesses in China through OneConnect Smart Technology Co., Ltd., (Shenzhen), or Shenzhen OneConnect, and Shenzhen Digital Certificate Authority Center Co., Ltd., or Shenzhen CA, which we refer to as our VIEs in this annual report, and their subsidiaries, and rely on contractual arrangements among our PRC subsidiary, our VIEs and their respective nominee shareholders to control the business operations of our VIEs and their subsidiaries. We are the primary beneficiary of these VIEs for accounting purposes because of these contractual arrangements. Accordingly, under IFRS, the financial statements of our VIEs are consolidated as part of our financial statements. Although these VIE agreements have been widely adopted by PRC companies seeking to list overseas, such agreements have not been tested in a court of law.

Our corporate structure is subject to risks associated with our contractual arrangements with our VIEs. The company that investors will own may never have a direct equity ownership interest in the businesses that are conducted by the VIEs. If the PRC government disallow our VIE structure or deems that our contractual arrangements with our VIEs do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we and our VIEs could be subject to severe penalties or be forced to relinquish our interests in those operations. This would result in the VIEs being deconsolidated. The majority of our assets, including the necessary licenses to conduct business in China, are held by the VIEs. A significant part of our revenues are generated by the VIEs. An event that results in the deconsolidation of the VIEs would have a material effect on our operations and result in the value of the securities diminish substantially or even become worthless. Our holding company, our PRC subsidiaries and VIEs and their subsidiaries, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with our VIEs and, consequently, significantly affect the financial performance of our VIEs and their subsidiaries and our company as a whole. Our ordinary shares or our ADSs may decline in value or become worthless, if we are unable to assert our contractual control rights over the assets of our VIEs that conduct some or all of our operations. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Item 3.D. Key Information—Risk Factors—Risks Relating to Our Corporate Structure”.

We believe that our corporate structure and contractual arrangements with our VIEs are not in violation of the current applicable PRC laws and regulations. As of the date of this annual report, we believe that our PRC subsidiaries and VIEs are not required to obtain permission or approval from the Chinese Securities Regulatory Commission, or the CSRC, or the CAC, on our contractual arrangements with the VIE and its shareholders. However, PRC laws and regulations governing the conditions and the requirements of such approval are uncertain and the relevant government authorities have broad discretion in interpreting these laws and regulations. Accordingly, the PRC regulatory authorities may take a different view. There can be no assurance that the PRC government authorities such as the Ministry of Commerce, or the MOFCOM, the Ministry of Industry and Information Technology, or the MIIT, or other authorities that regulate our business and other participants in the telecommunications industry, would agree that our corporate structure or any of the above contractual arrangements comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or policies that may be adopted in the future. As of the date of this annual report, we have not received any inquiry, notice, warning, or sanctions regarding our corporate structure and contractual arrangements from the CSRC, CAC or any other PRC governmental agency. If we, our subsidiaries or VIEs inadvertently conclude that approvals are not required, or if these regulations change or are interpreted differently and we are required to obtain approval in the future, our ADSs may significantly decline in value or become worthless if we are unable to assert our contractual control rights over the economic benefits and assets of our VIEs and their subsidiaries.

3

Cash Transfer between our Company, Subsidiaries and VIEs

The following table presents the cash flows among the Company, its subsidiaries, its VIEs and the VIEs’ subsidiaries for the periods indicated:

    

For the Year Ended December 31,

  

2019

2020

2021

Cash flows through intercompany transfer

(RMB in thousands)

    

    

Cash paid by VIE to subsidiaries for technical service fee

 

(3,300)

 

(53,766)

 

(26,649)

Cash paid by subsidiaries to the VIE for technical service fee

 

10,859

 

31,288

 

1,562

Advances from subsidiaries to the VIE

 

2,952,516

 

5,740,508

 

6,830,573

Repayment of advances to Group companies by the VIE

 

(2,964,950)

 

(4,065,767)

 

(4,864,186)

During 2019, 2020 and 2021, the VIEs earned inter-company revenues in the amounts of RMB58,078 thousand, RMB44,790 thousand and RMB697 thousand by providing application and platform implementation to Hong Kong subsidiaries.

In addition, our WOFEs and VIEs, on a consolidated basis, has been loss making and therefore, and therefore, they have not made any dividend or distribution to the Company. Pursuant to the PRC Enterprise Income Tax Law, a withholding tax rate of 10% currently would apply to any dividends paid by a PRC “resident enterprise” to a foreign enterprise investor, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with China that provides for preferential tax treatment. Pursuant to the Arrangement between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation on Income, such withholding tax rate may be lowered to 5% if a Hong Kong resident enterprise owns no less than 25% of a PRC enterprise at all times during the twelve-month period immediately prior to obtaining a dividend from such enterprise. According to the Announcement of the State Administration of Taxation on Issues concerning the “Beneficial Owner” in Tax Treaties, which became effective in April 2018, whether a resident enterprise is a “beneficial owner” that can apply for a low tax rate under tax treaties depends on an overall assessment of several factors, which may bring uncertainties to the applicability of preferential tax treatment under the tax treaties. Furthermore, the Administrative Measures for Non-Resident Enterprises to Enjoy Treatments under Treaties, which became effective in January 2020, requires non-resident enterprises to determine whether they are qualified to enjoy the preferential tax treatment under the tax treaties and file relevant report and materials with the tax authorities. There are also other conditions for enjoying the reduced withholding tax rate according to other relevant tax rules and regulations. In the future we intend to re-invest all earnings, if any, generated from our PRC subsidiaries for the operation and expansion of our business in China. Should our tax policy change to allow for offshore distribution of our earnings, we would be subject to a significant withholding tax. We cannot assure you that we are qualified to enjoy the preferential tax treatment and the relevant tax authority will not challenge us or we will be able to complete the necessary filings with the relevant tax authority and enjoy the preferential withholding tax rate of 5% under the arrangement with respect to dividends to be paid by our PRC subsidiaries to our Hong Kong subsidiary.

We have not made any dividend or distribution to any U.S. investor. As a holding company, our ability to pay dividends depends upon dividends paid by our PRC subsidiaries. If our existing PRC subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our wholly foreign-owned subsidiary in China is permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries, our consolidated VIEs and their subsidiaries in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. Furthermore, our subsidiaries, our consolidated VIEs and their subsidiaries may allocate a portion of their after-tax profits based on PRC accounting standards to a discretionary surplus fund at their discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Our PRC subsidiaries have not paid dividends and will not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds. We do not have any present plan to declare or pay any dividends on our ordinary shares or ADSs in the foreseeable future. We intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business. We are not aware of any material regulatory restrictions limiting our non-PRC subsidiaries to make dividends to us. Subject to the passive foreign investment company rules, the gross amount of any distribution that we make to investor with respect to the ADSs or ordinary shares (including any amounts withheld to reflect PRC withholding taxes) will be taxable as a dividend, to the extent paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax.

4

The PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. To the extent that our income is received in Renminbi, shortages in foreign currencies may restrict our ability to pay dividends or other payments, or otherwise satisfy our foreign currency denominated obligations, if any. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from the State Administration of Foreign Exchange, or SAFE, as long as certain procedural requirements are met. Approval from or registration with appropriate government authorities is required if Renminbi is converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions.

Implications of HFCA Act

The Holding Foreign Companies Accountable Act, or the HFCA Act, was enacted on December 18, 2020. The HFCA Act states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit such ordinary shares from being traded on a national securities exchange or in the over the counter trading market in the U.S. The SEC has adopted rules to implement the HFCA Act and, pursuant to the HFCA Act, the PCAOB has issued a report notifying the Securities and Exchange Commission of its determination that it is currently unable to inspect or investigation completely accounting firms headquartered in mainland China or Hong Kong. Our auditor is subject to the determinations announced by the PCAOB on December 16, 2021. Further, the United States Senate has passed the Accelerating Holding Foreign Companies Accountable Act, or the AHFCA Act. In February, 2022, the U.S. House of Representatives passed the America Competes Act of 2022, which includes the same amendments as the bill passed by the Senate. However, the America Competes Act includes a broader range of legislation not related to the HFCA Act in response to the U.S. Innovation and Competition Act passed by the Senate in 2021. It is unclear when the U.S. Senate and U.S. House of Representatives will resolve the differences and this bill amending the HFCA Act is approved by both houses of Congress and signed by the President. If AHFCA Act is enacted, it would decrease the number of “non-inspection years” from three years to two years, and thus, would reduce the time before our securities may be prohibited from trading or delisted. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections deprives our investors with the benefits of such inspections.

Financial Information Related to the VIEs

The following tables present the condensed consolidating schedules depicting the financial position, cash flows and results of operations for the Company, the consolidated VIEs, our consolidated subsidiaries and any eliminating adjustments as of December 31, 2020 and 2021 and for the years ended December 31, 2019, 2020 and 2021. This table follows the line item disclosures with respect to the variable interest entity in Note 1.2 to the consolidated financial statements included elsewhere in this annual report.

5

(i)Selected Condensed Consolidated Statements of Operations Data

    

For the year ended December 31, 2021

  

    

    

    

VIE and

    

    

 

Other

VIE’s

Eliminating

Consolidated

 

Parent

Subsidiaries

WFOE

subsidiaries

Adjustments

Totals

 

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

 

Condensed Consolidating Schedule of Results of Operations

 

  

 

  

 

  

 

  

 

  

 

  

Third- party revenues

 

 

134,064

 

275,684

 

3,722,609

 

 

4,132,357

Inter- company revenues(3)

 

 

 

134,072

 

697

 

(134,769)

 

Third- party cost

(333,873)

(214,633)

(2,147,200)

(2,695,706)

Inter- company cost for technology service(3)

(134,072)

(697)

134,769

Total expenses

 

(54,060)

 

(158,802)

 

(156,852)

 

(2,413,369)

 

 

(2,783,083)

Third- party net finance cost

(32)

14,250

(36,036)

(25,996)

(47,814)

Inter- company net finance income/(cost)(4)

22,502

4,636

(27,138)

Share of loss of subsidiaries and VIEs(1)

 

(1,225,545)

 

(808,093)

 

(708,699)

 

 

2,742,337

 

Others, net

 

(2,062)

 

(93,141)

 

(31,945)

 

78,786

 

 

(48,362)

Loss before income tax

 

(1,281,699)

 

(1,223,093)

 

(867,845)

 

(812,308)

 

2,742,337

 

(1,442,608)

Income tax (expense)/benefit

 

 

(1,731)

 

10,217

 

103,609

 

 

112,095

Loss for the year

 

(1,281,699)

 

(1,224,824)

 

(857,628)

 

(708,699)

 

2,742,337

 

(1,330,513)

    

For the year ended December 31, 2020

 

    

VIE and

 

Other

VIE’s

Eliminating

Consolidated

 

Parent

Subsidiaries

WFOE

subsidiaries

Adjustments

Totals

 

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

  

Condensed Consolidating Schedule of Results of Operations

  

 

  

 

  

 

  

 

  

 

  

Third- party revenues

 

83,666

 

230,417

 

2,998,207

 

 

3,312,290

Inter- company revenues(3)

 

 

62,404

 

44,790

 

(107,194)

 

Third- party cost

(31,678)

(244,937)

(1,792,219)

(2,068,834)

Inter- company cost for technology service(3)

(62,404)

(44,790)

107,194

Total expenses

(48,029)

 

(358,585)

 

(105,386)

 

(2,125,695)

 

 

(2,637,695)

Third- party net finance cost

4,564

65,461

(14,997)

(128,154)

(73,126)

Inter- company net finance income/(cost)(4)

49,982

(97,342)

47,360

Share of loss of subsidiaries and VIEs(1)

(1,314,998)

 

(1,165,419)

 

(989,704)

 

 

3,470,121

 

Others, net

5,497

 

41,724

 

(33,975)

 

(97,135)

 

 

(83,889)

Loss before income tax

(1,352,966)

 

(1,314,849)

 

(1,255,924)

 

(1,097,636)

 

3,470,121

 

(1,551,254)

Income tax (expense)/benefit

(642)

 

(97)

 

29,938

 

107,932

 

 

137,131

Loss for the year

(1,353,608)

 

(1,314,946)

 

(1,225,986)

 

(989,704)

 

3,470,121

 

(1,414,123)

6

    

For the year ended December 31, 2019

 

VIE and

 

Other

VIE’s

Eliminating

Consolidated

 

Parent

Subsidiaries

WFOE

subsidiaries

Adjustments

Totals

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

  

Condensed Consolidating Schedule of Results of Operations

 

  

 

  

 

  

 

  

 

  

 

  

Third- party revenues

 

 

9,134

 

238,900

 

2,079,812

 

 

2,327,846

Inter- company revenues(3)

 

 

 

22,551

 

58,078

 

(80,629)

 

Third- party cost

(3,195)

(303,121)

(1,254,672)

(1,560,988)

Inter- company cost for technology service(3)

(22,551)

(58,078)

80,629

Total expenses

 

(54,685)

 

(279,972)

 

(138,797)

 

(1,874,995)

 

 

(2,348,449)

Third- party net finance cost

2,981

95,875

(42,036)

(103,390)

(46,570)

Inter- company net finance income/(cost)(4)

3,446

71,918

(25,391)

(49,973)

Share of loss of subsidiaries and VIEs(1)

 

(1,616,566)

 

(1,585,158)

 

(1,284,223)

 

 

4,485,947

 

Others, net

 

4,258

 

18,040

 

(9,058)

 

(147,515)

 

 

(134,275)

Loss before income tax

 

(1,660,566)

 

(1,673,358)

 

(1,563,726)

 

(1,350,733)

 

4,485,947

 

(1,762,436)

Income tax (expense)/benefit

 

 

56,702

 

(48,288)

 

66,510

 

 

74,924

Loss for the year

 

(1,660,566)

 

(1,616,656)

 

(1,612,014)

 

(1,284,223)

 

4,485,947

 

(1,687,512)

7

(ii)Selected Condensed Consolidated Balance Sheets Data

    

As of December 31, 2021

 

Other

VIE and

Eliminating

Consolidated

 

Parent

Subsidiaries

WFOE

VIE’s subsidiaries

Adjustments

Totals

 

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

  

Condensed Consolidating Schedule of Financial Position

 

  

 

  

 

  

 

  

 

  

 

  

Assets

 

  

 

  

 

  

 

  

 

  

 

  

Non-current assets

 

  

 

  

 

  

 

  

 

  

 

  

Investment in subsidiaries(1,2)

1,280,946

(1,280,946)

Intangible assets

 

 

310,640

 

187,458

 

189,096

 

 

687,194

Deferred tax assets

 

 

 

270,875

 

412,343

 

 

683,218

Other non-current assets

 

 

671,161

 

5,207

 

395,433

 

 

1,071,801

Total non-current assets

 

1,280,946

 

981,801

 

463,540

 

996,872

 

(1,280,946)

 

2,442,213

Current assets

 

  

 

  

 

  

 

  

 

  

 

  

Trade receivables(3)

 

 

27,860

 

93,979

 

843,240

 

(73,905)

 

891,174

Prepayments and other receivables(3)

 

246

 

21,953

 

56,321

 

795,410

 

(121,263)

 

752,667

Amount due from Group companies(2)

 

2,662,705

 

3,444,960

 

1,350,000

 

163,749

 

(7,621,414)

 

Financial assets at fair value through profit or loss

 

 

240,725

 

99,252

 

1,731,676

 

 

2,071,653

Restricted cash

 

 

1,045,333

 

3,129

 

11,965

 

 

1,060,427

Cash and cash equivalents

 

6,454

 

843,843

 

311,523

 

237,550

 

 

1,399,370

Other current assets

544,987

141,484

36,632

723,103

Total current assets

 

2,669,405

 

6,169,661

 

2,055,688

 

3,820,222

 

(7,816,582)

 

6,898,394

Total assets

 

3,950,351

 

7,151,462

 

2,519,228

 

4,817,094

 

(9,097,528)

 

9,340,607

Liabilities

 

  

 

  

 

  

 

  

 

  

 

  

Non-current liabilities

 

  

 

  

 

  

 

  

 

  

 

  

Amount due to Group companies(2)

 

 

2,221,051

 

 

 

(2,221,051)

 

Trade and other payables-Non Current

14,281

133,182

78,091

225,554

Other non-current liabilities

88,280

8,620

1,241

19,418

117,559

Total non-current liabilities

 

88,280

 

2,243,952

 

134,423

 

97,509

 

(2,221,051)

 

343,113

Current liabilities

 

  

 

  

 

  

 

  

 

  

 

  

Trade and other payables

 

68,089

 

174,587

 

312,269

 

1,777,322

 

(195,168)

 

2,137,099

Amount due to Group companies(2)

 

 

2,986,273

 

640,207

 

4,318,502

 

(7,944,982)

 

Deficit in subsidiaries and VIEs(1)

 

 

1,415,162

 

2,708,395

 

 

(4,123,557)

 

Short-term borrowings

 

 

4,331

 

45,329

 

765,600

 

 

815,260

Payroll and welfare payables

47,425

46,542

421,100

515,067

Other current liabilities

1,541,142

8,388

145,456

1,694,986

Total current liabilities

 

68,089

 

6,168,920

 

3,761,130

 

7,427,980

 

(12,263,707)

 

5,162,412

Total liabilities

 

156,369

 

8,412,872

 

3,895,553

 

7,525,489

 

(14,484,758)

 

5,505,525

Total shareholders’ equity(1)

 

3,793,982

 

(1,261,410)

 

(1,376,325)

 

(2,708,395)

 

5,387,230

 

3,835,082

8

    

As of December 31, 2020

 

Other

VIE and

Eliminating

Consolidated

 

Parent

Subsidiaries

WFOE

VIE’s subsidiaries

Adjustments

Totals

 

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

  

Condensed Consolidating Schedule of Financial Position

 

  

 

  

 

  

 

  

 

  

 

  

Assets