Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-40541
Entity Registrant Name	DiDi Global Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	D
Entity Address, Address Line Two	DiDi Xinchenghai
Entity Address, Address Line Three	Building 1, Yard 6, North Ring Road, Tangjialing
Entity Address, City or Town	Beijing
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001764757
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Location	Beijing, the People’s Republic of China
Auditor Firm ID	1424
Entity Address, Country	CN
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	true
Document Shell Company Report	false
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	D
Entity Address, Address Line Two	DiDi Xinchenghai
Entity Address, Address Line Three	Building 1, Yard 6, North Ring Road, Tangjialing
Entity Address, City or Town	Beijing
City Area Code	86 10
Local Phone Number	8304-3181
Entity Address, Country	CN
Contact Personnel Name	Alan Yue Zhuo
Contact Personnel Email Address	ir@didiglobal.com
American depositary shares (four American depositary shares representing one Class A ordinary share, par value US$0.00002 per share)
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value US$0.00002 per share
Trading Symbol	DIDI
Class A ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1,214,505,793
Class B ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	117,335,836

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 20,855,252	$ 3,023,727	¥ 43,429,717
Restricted cash	803,956	116,563	443,758
Short-term investments	17,548,218	2,544,252	13,343,754
Accounts and notes receivable, net of allowance for credit losses of RMB650,888 and RMB692,722, respectively	2,251,633	326,456	2,831,123
Loans receivable, net of allowance for credit losses of RMB604,506 and RMB460,212, respectively	5,338,627	774,028	4,644,298
Amounts due from related parties, current portion	61,423	8,905	115,239
Prepayments, receivables and other current assets, net	4,192,952	607,922	3,957,975
Total current assets	51,052,061	7,401,853	68,765,864
Non-current assets:
Investment securities and other investments	18,010,307	2,611,249	18,634,493
Long-term investments, net	4,734,084	686,378	4,614,724
Operating lease right-of-use assets	1,392,917	201,954	1,287,550
Property and equipment, net	5,718,324	829,079	8,000,218
Intangible assets, net	1,724,141	249,977	3,286,145
Goodwill	46,377,583	6,724,117	46,377,583
Non-current restricted cash	17,333	2,513	107,597
Deferred tax assets, net	289,191	41,929	224,491
Amount due from related parties, non-current portion	36,466	5,287
Other non-current assets, net	1,860,865	269,800	1,699,470
Total non-current assets	80,161,211	11,622,283	84,232,271
Total assets	131,213,272	19,024,136	152,998,135
Current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB10,601,697 and RMB 7,666,369 as of December 31, 2021 and 2022, respectively):
Short-term borrowings	4,940,310	716,278	6,838,328
Accounts and notes payable	2,870,046	416,118	4,624,953
Deferred revenue and customer advances	565,058	81,926	546,003
Operating lease liabilities, current portion	523,020	75,831	516,877
Amounts due to related parties, current portion	200,115	29,014	249,402
Accrued expenses and other current liabilities	11,149,921	1,616,585	11,647,222
Total current liabilities	20,248,470	2,935,752	24,422,785
Non-current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB262,183 and RMB 215,955 as of December 31, 2021 and 2022, respectively):
Long-term borrowings	149,925	21,737	1,681,370
Operating lease liabilities, non-current portion	734,884	106,548	654,877
Deferred tax liabilities	359,668	52,147	485,778
Amount due to related parties, non-current portion	39,348	5,705
Other non-current liabilities	256,279	37,157	306,575
Total non-current liabilities	1,540,104	223,294	3,128,600
Total liabilities	21,788,574	3,159,046	27,551,385
Commitments and contingencies
Mezzanine equity
Convertible redeemable non-controlling interests	13,010,576	1,886,356	12,257,889
Convertible non-controlling interests	1,069,357	155,042	1,069,357
Total Mezzanine Equity	14,079,933	2,041,398	13,327,246
DiDi Global Inc. shareholders' equity:
Treasury shares	(4)	(1)	(3)
Additional paid-in capital	253,824,544	36,801,100	251,384,835
Statutory reserves	69,328	10,052	27,917
Accumulated other comprehensive income (loss)	973,143	141,092	(3,599,745)
Accumulated deficit	(159,590,989)	(23,138,518)	(135,766,257)
Total DiDi Global Inc. shareholders' equity	95,276,181	13,813,748	112,046,903
Non-controlling interests	68,584	9,944	72,601
Total shareholders' equity	95,344,765	13,823,692	112,119,504
Total liabilities, mezzanine equity and shareholders' equity	131,213,272	19,024,136	152,998,135
Class A ordinary shares
DiDi Global Inc. shareholders' equity:
Ordinary shares	144	21	141
Class B ordinary Shares
DiDi Global Inc. shareholders' equity:
Ordinary shares	¥ 15	$ 2	¥ 15

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares
Accounts and notes receivable, net of allowance for credit losses \| ¥	¥ 692,722		¥ 650,888
Loans receivable, net of allowance for credit losses \| ¥	460,212		604,506
Current liabilities	20,248,470	$ 2,935,752	24,422,785
Non-current liabilities	¥ 1,540,104	$ 223,294	3,128,600
Common stock, par value \| $ / shares		$ 0.00002
Common stock, shares authorized	5,000,000,000	5,000,000,000
VIE \| Nonrecourse
Current liabilities \| ¥	¥ 7,666,369		10,601,697
Non-current liabilities \| ¥	¥ 215,955		¥ 262,183
Class A ordinary shares
Common stock, par value \| $ / shares		$ 0.00002
Common stock, shares authorized	4,000,000,000	4,000,000,000	4,000,000,000
Common stock, shares issued	1,109,433,914	1,109,433,914	1,088,516,590
Common stock, shares outstanding	1,084,058,607	1,084,058,607	1,074,091,492
Class B ordinary Shares
Common stock, par value \| $ / shares		$ 0.00002
Common stock, shares authorized	500,000,000	500,000,000	500,000,000
Common stock, shares issued	117,335,863	117,335,863	117,335,836
Common stock, shares outstanding	112,895,380	112,895,380	108,542,356

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Revenues
Total revenues	¥ 140,791,683	$ 20,412,875	¥ 173,827,382	¥ 141,736,152
Costs and expenses
Cost of revenues	(115,799,896)	(16,789,407)	(156,863,229)	(125,824,104)
Operations and support	(6,519,542)	(945,245)	(7,525,398)	(4,695,716)
Sales and marketing	(9,756,241)	(1,414,522)	(16,961,328)	(11,136,486)
Research and development	(9,535,523)	(1,382,520)	(9,414,646)	(6,316,802)
General and administrative	(17,004,943)	(2,465,485)	(28,715,206)	(7,550,986)
Impairment of goodwill and intangible assets acquired from business combination \| ¥			(2,789,321)
Total costs and expenses	(158,616,145)	(22,997,179)	(222,269,128)	(155,524,094)
Loss from operations	(17,824,462)	(2,584,304)	(48,441,746)	(13,787,942)
Interest income	1,309,864	189,912	818,522	1,228,580
Interest expenses	(197,334)	(28,611)	(277,596)	(136,347)
Investment income (loss), net	(5,769,873)	(836,553)	(167,121)	2,833,334
Impairment loss for equity investments accounted for using Measurement Alternative	(18,540)	(2,688)		(1,022,098)
Income (loss) from equity method investments, net	35,854	5,198	(475,851)	(1,057,427)
Other income (loss), net	(1,314,105)	(190,526)	(624,466)	1,031,160
Loss before income taxes	(23,778,596)	(3,447,572)	(49,168,258)	(10,910,740)
Income tax benefits (expenses)	(3,915)	(568)	(166,320)	303,202
Net loss	(23,782,511)	(3,448,140)	(49,334,578)	(10,607,538)
Less: Net income (loss) attributable to non-controlling interest shareholders	810	118	9,086	(93,040)
Net loss attributable to DiDi Global Inc.	(23,783,321)	(3,448,258)	(49,343,664)	(10,514,498)
Accretion of convertible redeemable non-controlling interests to redemption value	(898,649)	(130,292)	(687,617)	(165,047)
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares \| ¥				(872)
Net loss attributable to ordinary shareholders of DiDi Global Inc.	(24,681,970)	(3,578,550)	(50,031,281)	(10,680,417)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of nil	4,585,505	664,835	(1,593,734)	(5,926,301)
Share of other comprehensive income (loss) of equity method investees	(12,617)	(1,829)	(4,811)	190
Total other comprehensive income (loss)	4,572,888	663,006	(1,598,545)	(5,926,111)
Total comprehensive loss	(19,209,623)	(2,785,134)	(50,933,123)	(16,533,649)
Less: comprehensive income (loss) attributable to non-controlling interest shareholders	810	118	9,086	(93,040)
Comprehensive loss attributable to DiDi Global Inc.	(19,210,433)	(2,785,252)	(50,942,209)	(16,440,609)
Accretion of convertible redeemable non-controlling interests to redemption value	(898,649)	(130,292)	(687,617)	(165,047)
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares \| ¥				(872)
Comprehensive loss attributable to ordinary shareholders of DiDi Global Inc.	¥ (20,109,082)	$ (2,915,544)	¥ (51,629,826)	¥ (16,606,528)
Weighted average number of shares
- Basic	1,210,979,609	1,210,979,609	657,996,437	106,694,420
- Diluted	1,210,979,609	1,210,979,609	657,996,437	106,694,420
Net loss per share
- Basic \| (per share)	¥ (20.38)	$ (2.96)	¥ (76.04)	¥ (100.10)
- Diluted \| (per share)	¥ (20.38)	$ (2.96)	¥ (76.04)	¥ (100.10)
ADS
Weighted average number of shares
- Basic	4,843,918,436	4,843,918,436	2,631,985,748	426,777,680
- Diluted	4,843,918,436	4,843,918,436	2,631,985,748	426,777,680
Net loss per share
- Basic \| (per share)	¥ (5.10)	$ (0.74)	¥ (19.01)	¥ (25.03)
- Diluted \| (per share)	¥ (5.10)	$ (0.74)	¥ (19.01)	¥ (25.03)
China Mobility
Revenues
Total revenues	¥ 125,930,620	$ 18,258,224	¥ 160,520,747	¥ 133,645,113
International
Revenues
Total revenues	5,863,123	850,073	3,622,366	2,333,113
Other Initiatives
Revenues
Total revenues	¥ 8,997,940	$ 1,304,578	¥ 9,684,269	¥ 5,757,926

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Foreign currency translation adjustments, tax	¥ 0	¥ 0	¥ 0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) ¥ in Thousands	Ordinary Shares CNY (¥) shares	Ordinary Shares USD ($) shares	Treasury Shares CNY (¥) shares	Treasury Shares USD ($) shares	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Statutory reserves CNY (¥)	Statutory reserves USD ($)	Accumulated Other Comprehensive (loss) income CNY (¥)	Accumulated Other Comprehensive (loss) income USD ($)	Accumulated deficit Impact of adoption of new accounting standards CNY (¥)	Accumulated deficit CNY (¥)	Accumulated deficit USD ($)	Non-controlling interests CNY (¥)	Non-controlling interests USD ($)	Impact of adoption of new accounting standards CNY (¥)	CNY (¥)	USD ($)
Balance, beginning of period at Dec. 31, 2019	¥ 13				¥ 8,944,586		¥ 7,344		¥ 3,924,911			¥ (75,742,871)		¥ 176,555			¥ (62,689,462)
Balance, beginning of period (in shares) at Dec. 31, 2019 \| shares	105,796,976	105,796,976
Treasury Shares, beginning balance (in shares) at Dec. 31, 2019 \| shares			(3,959,170)	(3,959,170)
Increase (Decrease) in Stockholders' Equity
Share based compensation					3,413,292												3,413,292
Issuance of shares to trusts upon exercise of share options	¥ 3		¥ (2)		2,170,238												2,170,239
Issuance of shares to trusts upon exercise of share options (in shares) \| shares	25,905,827	25,905,827	(13,379,655)	(13,379,655)
Settlement for net exercise of share options					(2,184,348)												(2,184,348)
Settlement for net exercise of share options (in shares) \| shares	(7,635,359)	(7,635,359)
Release of shares from trusts (in shares) \| shares			1,802,889	1,802,889
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares					(872)												(872)
Appropriation to statutory reserves							9,159					(9,159)
Share of other comprehensive income (loss) of equity method investees									190								190
Foreign currency translation adjustments									(5,926,301)								(5,926,301)
Accretion of convertible redeemable non-controlling interests to redemption value					(165,047)												(165,047)
Net loss												(10,514,498)		(93,040)			(10,607,538)
Balance, end of period at Dec. 31, 2020	¥ 16				12,177,849		16,503		(2,001,200)		¥ (144,651)	(86,411,179)		83,515		¥ (144,651)	(76,134,498)
Balance, end of period (in shares) at Dec. 31, 2020 \| shares	124,067,444	124,067,444
Treasury Shares, ending balance at Dec. 31, 2020			¥ (2)
Treasury Shares, ending balance (in shares) at Dec. 31, 2020 \| shares			(15,535,936)	(15,535,936)
Increase (Decrease) in Stockholders' Equity
Share based compensation					24,654,583												24,654,583
Share-based awards granted to employees of an equity investee					178,506												178,506
Issuance of ordinary shares in connection with initial public offering, net of issuance cost	¥ 10				28,033,096												28,033,106
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares) \| shares	79,200,000	79,200,000
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering	¥ 121			$ (42,057)	189,838,858												189,838,979
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering (in shares) \| shares	933,349,567	933,349,567
Issuance of shares to trusts upon exercise of share options	¥ 10		¥ (9)		91												92
Issuance of shares to trusts upon exercise of share options (in shares) \| shares	78,257,584	78,257,584	(68,616,887)	(68,616,887)
Settlement for net exercise of share options	¥ (1)				(2,591,520)												(2,591,521)
Settlement for net exercise of share options (in shares) \| shares	(8,324,699)	(8,324,699)
Release of shares from trusts			¥ 8		(8)
Release of shares from trusts (in shares) \| shares			60,976,302	60,976,302
Repurchase of ordinary shares					(219,003)												(219,003)
Repurchase of ordinary shares (in shares) \| shares	(697,470)	(697,470)
Appropriation to statutory reserves							11,414					(11,414)
Share of other comprehensive income (loss) of equity method investees									(4,811)								(4,811)
Foreign currency translation adjustments									(1,593,734)								(1,593,734)
Accretion of convertible redeemable non-controlling interests to redemption value					(687,617)												(687,617)
Repurchase of non-controlling interests														(20,000)			(20,000)
Net loss												(49,343,664)		9,086			(49,334,578)
Balance, end of period at Dec. 31, 2021	¥ 156				251,384,835		27,917		(3,599,745)			(135,766,257)		72,601			112,119,504
Balance, end of period (in shares) at Dec. 31, 2021 \| shares	1,205,852,426	1,205,852,426
Treasury Shares, ending balance at Dec. 31, 2021			¥ (3)														(3)
Treasury Shares, ending balance (in shares) at Dec. 31, 2021 \| shares			(23,218,578)	(23,218,578)
Increase (Decrease) in Stockholders' Equity
Share based compensation					3,424,049												3,424,049
Share-based awards granted to employees of an equity investee					47,421												47,421
Shares withheld related to net share settlement					(275,479)												(275,479)
Shares withheld related to net share settlement (in shares) \| shares			(2,756,641)	(2,756,641)
Release of shares from trusts			¥ 1		(1)
Release of shares from trusts (in shares) \| shares			6,937,306	6,937,306
Appropriation to statutory reserves							41,411					(41,411)
Share of other comprehensive income (loss) of equity method investees									(12,617)								(12,617)	$ (1,829,000)
Foreign currency translation adjustments									4,585,505								4,585,505	664,835,000
Accretion of convertible redeemable non-controlling interests to redemption value					(898,649)												(898,649)
Repurchase of non-controlling interests					(28,023)									(4,827)			(32,850)
Net loss												(23,783,321)		810			(23,782,511)	(3,448,140,000)
Issuances of ordinary shares pursuant to share incentive plan	¥ 3		¥ (3)
Issuances of ordinary shares pursuant to share incentive plan (in shares) \| shares	20,917,324	20,917,324	(20,917,324)	(20,917,324)
Issuance of ordinary shares in connection with exercise of share options and vesting of restricted shares and RSUs			¥ 1		7,525												7,526
Issuance of ordinary shares in connection with exercise of share options and vesting of restricted shares and RSUs (in shares) \| shares			8,695,424	8,695,424
Release of shares withheld					147,102												147,102
Release of shares withheld (in shares) \| shares			1,444,050	1,444,050
Repurchase of convertible redeemable non-controlling interests					15,764												15,764
Balance, end of period at Dec. 31, 2022	¥ 159	$ 23,000			¥ 253,824,544	$ 36,801,100,000	¥ 69,328	$ 10,052,000	¥ 973,143	$ 141,092,000		¥ (159,590,989)	$ (23,138,518,000)	¥ 68,584	$ 9,944,000		95,344,765	13,823,692,000
Balance, end of period (in shares) at Dec. 31, 2022 \| shares	1,226,769,750	1,226,769,750
Treasury Shares, ending balance at Dec. 31, 2022			¥ (4)	$ (1,000)													¥ (4)	$ (1,000)
Treasury Shares, ending balance (in shares) at Dec. 31, 2022 \| shares			(29,815,763)	(29,815,763)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (23,782,511)	$ (3,448,140)	¥ (49,334,578)	¥ (10,607,538)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Sharebased compensation	3,424,049	496,440	24,654,583	3,413,292
Depreciation and amortization	5,143,105	745,680	6,045,283	5,269,089
Allowances for credit losses	1,062,265	154,014	1,260,356	684,795
Interest income and investment loss (income), net	5,524,730	801,011	263,814	(2,634,106)
Impairment loss for equity investments accounted for using Measurement Alternative	18,540	2,688		1,022,098
Loss (income) from equity method investments, net	(35,854)	(5,198)	475,851	1,057,427
Loss (income) on disposal of property and equipment, net and other assets	(279,920)	(40,585)	289,677	81,780
Impairment of goodwill and intangible assets acquired from business combination			2,789,321
Impairment of property and equipment and other assets	26,801	3,886	2,303,403	896,071
Deferred income taxes, net	(166,176)	(24,093)	(391,477)	(473,704)
Foreign exchange loss (gain)	1,406,338	203,900	(116,289)	(1,055,139)
Accretion of discount on shortterm and longterm borrowings and others	83,677	12,132	114,864	52,759
Changes in operating assets and liabilities:
Accounts and notes receivable	(239,034)	(34,657)	(713,034)	(477,036)
Amounts due from related parties	53,184	7,711	68,372	(59,699)
Prepayments, receivables and other current assets	(33,803)	(4,901)	(777,739)	(903,360)
Operating lease right-of-use assets	(62,176)	(9,015)	96,318	(507,201)
Other noncurrent assets	356,352	51,666	(1,152,538)	112,286
Accounts and notes payable	(1,164,397)	(168,822)	(1,080,270)	1,225,952
Amounts due to related parties	(11,453)	(1,661)	(42,561)	194,498
Deferred revenue and customer advances	19,055	2,763	(366,141)	195,672
Accrued expenses and other current liabilities	(989,727)	(143,497)	2,343,141	3,141,307
Operating lease liabilities	45,468	6,592	(139,512)	484,165
Other noncurrent liabilities	47,178	6,840	(4,704)	24,214
Net cash provided by (used in) operating activities	(9,554,309)	(1,385,246)	(13,413,860)	1,137,622
Cash flows from investing activities:
Purchase of property and equipment and intangible assets	(2,553,788)	(370,264)	(6,620,191)	(5,799,097)
Proceeds from disposal of property and equipment and intangible assets	698,263	101,239	187,259	8,950
Purchase of longterm investments	(109,101)	(15,818)	(2,006,985)	(775,455)
Proceeds from disposal of longterm investments	84,865	12,304	3,381,019	45,828
Purchase of long-term time deposits and debt investments started as amortised cost	(7,752,153)	(1,123,957)	(1,105,400)	(2,974,779)
Purchase of other investment securities	(2,139,063)	(310,135)	(20,408,593)
Proceeds from disposal of investment securities and other investments	599,258	86,884	88,868	6,740,451
Purchase of shortterm investments	(25,689,003)	(3,724,555)	(12,945,705)	(68,645,911)
Proceeds from maturities of shortterm investments	25,165,694	3,648,683	37,778,943	71,021,617
Loan receivable originated from related parties	(34,500)	(5,002)	(389,988)
Cash received from loan repayments of related parties	1,515	220	6,106,358
Loan receivable originated from third parties	(14,683,006)	(2,128,836)	(15,063,874)	(6,496,009)
Cash received from loan repayments of third parties	13,568,733	1,967,281	12,736,307	4,928,082
De-consolidation of Chengxin			(593,334)
Cash proceeds from distribution of Chengxin	1,814,176	263,031
Net cash provided by (used in) investing activities	(11,028,110)	(1,598,925)	1,144,684	(1,946,323)
Cash flows from financing activities:
Proceeds from short-term borrowings and longterm borrowings	3,821,492	554,064	7,871,821	7,009,277
Repayments of short-term borrowings and longterm borrowings	(7,026,465)	(1,018,742)	(7,235,716)	(976,886)
Repurchase of non-controlling interest and convertible redeemable non-controlling interest	(141,889)	(20,572)	(20,000)
Proceeds from issuance of ordinary shares upon initial public offering, net of issuance cost			(28,033,106)
Proceeds from issuance of convertible redeemable noncontrolling interest and convertible noncontrolling interest, net of issuance cost			9,192,838	3,280,069
Repurchase of convertible preferred shares and ordinary shares			(206,169)	(12,389)
Taxes paid related to net exercise of share-based awards	(271,395)	(39,349)	(2,375,663)	(14,110)
Proceeds from release of shares withheld and exercise of share options	150,792	21,863
Other financing activities	(77,891)	(11,292)	(68,735)	(11,911)
Net cash provided by (used in) financing activities	(3,545,356)	(514,028)	35,191,482	9,274,050
Effect of exchange rate changes on cash and cash equivalents and restricted cash	1,823,244	264,346	(571,973)	(514,434)
Cash and cash equivalents at the beginning of the year	43,429,717	6,296,717	19,372,084	12,790,790
Restricted cash at the beginning of the year	551,355	79,939	2,258,655	889,034
Cash and cash equivalents and restricted cash at the beginning of the year	43,981,072	6,376,656	21,630,739	13,679,824
Cash and cash equivalents at the end of the year	20,855,252	3,023,727	43,429,717	19,372,084
Restricted cash at the end of the year	821,289	119,076	551,355	2,258,655
Cash and cash equivalents and restricted cash at the end of the year	21,676,541	3,142,803	43,981,072	21,630,739
Net increase (decrease) in cash and cash equivalents and restricted cash	(22,304,531)	(3,233,853)	22,350,333	7,950,915
Supplemental disclosure of cash flow information
Cash paid for interest expenses	(160,639)	(23,290)	(251,853)	(88,149)
Cash paid for income tax expenses	(484,790)	(70,288)	(331,488)	(158,082)
Supplemental schedule of noncash investing and financing activities
Changes in payables related to property and equipment and intangible assets	¥ 335,032	$ 48,575	¥ 1,048,022	¥ 1,732,222

Organization and principle activities

12 Months Ended

Dec. 31, 2022

Organization and principle activities

Organization and principle activities

1. Organization and principal activities

DiDi Global Inc. (the “Company”), previously named Xiaoju Science and Technology Limited, was incorporated under the laws of the Cayman Islands on January 11, 2013 and is primarily engaged in operating its global mobility technology platform that provides a range of mobility services as well as other services in the People’s Republic of China (“PRC” or “China”) and across overseas countries including Brazil, Mexico, etc. through its consolidated subsidiaries, variable interest entities (“VIE”s) and VIEs’ subsidiaries (collectively, the “Group”).

The Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are described as follows:


	Country/Place	Percentage of direct or
	and	indirect
	date of	economic benefits ownership
	incorporation/	December 31,
Companies	establishment	2021	2022
Major Subsidiaries
Marvelous Yarra Limited	BVI March 20, 2017	100%	100%
Holly Universal Limited	BVI, January 6, 2017	100%	100%
DiDi (HK) Science and Technology Limited	Hong Kong, August 2, 2013	100%	100%
Xiaoju Science and Technology (Hong Kong) Limited	Hong Kong, January 29, 2013	100%	100%
Beijing DiDi Infinity Technology and Development Co., Ltd.	PRC, May 6, 2013	100%	100%

Major VIEs (Including VIEs’ Subsidiaries)
Beijing Xiaoju Science and Technology Co., Ltd.	PRC, July 10, 2012	100%	100%
DiDi Chuxing Science and Technology Co., Ltd.	PRC, July 29, 2015	100%	100%
Beijing DiDi Chuxing Technology Co., Ltd.	PRC, December 5, 2018	100%	100%

Variable interest entities

12 Months Ended

Dec. 31, 2022

Variable interest entities

Variable interest entities

2. Variable interest entities

Due to the restrictions imposed by PRC laws and regulations on foreign ownership of companies engaged in value-added telecommunication services and certain other internet-based businesses, the Group operates its platforms and other restricted business in the PRC through certain PRC domestic companies, whose equity interests are held by nominee shareholders including certain management members of the Group (“Nominee Shareholders”). The Company and its subsidiaries enter into a series of contractual agreements, including power of attorney, exclusive option agreements, exclusive business cooperation agreements, equity pledge agreements, and other operating agreements, with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements can be extended at the relevant PRC subsidiaries’ options prior to the expiration date. As a result, the Company (i) has the power to direct activities of the VIEs that most significantly impact their economic performance, (ii) has the right to receive economic benefits from these PRC domestic companies that could potentially be significant to them. Management concluded that these PRC domestic companies are VIEs of the Company, of which certain PRC subsidiaries of the Company are considered the primary beneficiary for accounting purposes. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries in the Group’s consolidated financial statements under U.S. GAAP. Refer to Note 3.2 to the consolidated financial statements for the basis of consolidation.

The following is a summary of the major contractual agreements (collectively, “Contractual Agreements”) that the Company, through its subsidiaries, entered into with the PRC domestic companies and their respective Nominee Shareholders:

a Contractual agreements with VIEs

Power of Attorney

Pursuant to the power of attorney agreements among the Wholly Foreign Owned Enterprises (“WFOE”s), the VIEs and their respective Nominee Shareholders, each Nominee Shareholder of the VIEs irrevocably undertakes to appoint the WFOE, as the attorney-in-fact to exercise all of the rights as a shareholder of the VIEs, including, but not limited to, the right to convene and attend shareholders’ meeting, vote on any resolution that requires a shareholder vote, such as appoint or remove directors and other senior management, and other voting rights pursuant to the articles of association (subject to the amendments) of the VIEs. Each power of attorney agreement is irrevocable and remains in effect as long as the Nominee Shareholder continues to be a shareholder of the VIEs. Unless otherwise required by PRC Laws, none of the VIEs or their respective Nominee Shareholders can unilaterally terminate this agreement.

Exclusive Option Agreements

Pursuant to the exclusive option agreements among WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders granted WFOEs exclusive right to purchase, when and to the extent permitted under PRC law, all or part of the equity interests from shareholders of VIEs. The exercise price for the options to purchase all or part of the equity interests shall be the minimum amount of consideration permissible under then applicable PRC law. The agreements will remain effective until all the equity interest in VIEs held by their respective shareholders have been transferred or assigned to WFOEs and/or any other person designated by WFOEs, or remain effective for a specified period as agreed by the parties which can be extended unilaterally by WFOEs. Unless otherwise required by PRC Laws, the VIEs or their respective Nominee Shareholders shall not unilaterally terminate this agreement.

2. Variable interest entities (Continued)

Exclusive Business Corporation Agreement

Pursuant to the exclusive business cooperation agreements among the WFOEs and the VIEs, respectively, the WFOEs have the exclusive right to provide the VIEs with services related to, among other things, comprehensive technical support, professional training, consulting, marketing and promotional services. Without prior written consent of the WFOEs, the VIEs agree not to directly or indirectly accept the same or any similar services provided by any others regarding the matters ascribed by the exclusive business cooperation agreements. The VIEs agree to pay the WFOEs services fees, which shall be determined by the WFOEs. The WFOEs have the exclusive ownership of intellectual property rights created as a result of the performance of the agreements. The agreements shall remain effective except that the WFOEs are entitled to terminate the agreements in writing. Unless otherwise required by PRC Laws, the VIEs shall not unilaterally terminate this agreement.

Equity Pledge Agreements

Pursuant to the equity pledge agreements among the WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders of the VIEs pledged all of their respective equity interests in the VIEs to the WFOEs as collaterals for performance of the obligations of the VIEs and their Nominee Shareholders under the exclusive business cooperation agreements, the power of attorney agreements, and the exclusive option agreements. The Nominee Shareholders of the VIEs also undertake that, during the term of the equity pledge agreements, unless otherwise approved by the WFOEs in writing, they will not transfer the pledged equity interests or create or allow any new pledge or other encumbrance on the pledged equity interests. These equity pledge agreements remain in force until VIEs and their respective Nominee Shareholders discharge all their obligations under the contractual agreements.

Spousal Consent Letters

Pursuant to the spousal consent letters, the spouses of some of the individual Nominee Shareholders of the VIEs unconditionally and irrevocably agree that the equity interest in the VIEs held by and registered in the name of his or her respective spouse will be disposed of pursuant to the relevant exclusive business cooperation agreements, equity pledge agreements, the exclusive option agreements and the power of attorney agreements, without his or her consent. In addition, each of them agrees not to assert any rights over the equity interest in the VIEs held by their respective spouses.

b Risks in relation to the VIE structure

Part of the Group’s business is conducted through the VIEs of the Group, of which certain PRC subsidiaries of the Company are considered the primary beneficiary for accounting purposes. The Company has concluded that (i) the ownership structure of the VIEs is not in violation of any applicable PRC laws or regulations currently in effect and (ii) each of the VIE Contractual Agreements is valid, binding and enforceable in accordance with their terms and applicable PRC laws or regulations currently in effect, and does not result in any violation of the applicable PRC laws or regulations currently in effect. However, the Group has been further advised by its PRC legal counsel that uncertainty remains because current PRC laws and regulations were recently promulgated and how they will be interpreted or implemented depends on the implementation rules to be promulgated by the relevant regulators, and further, that there are uncertainties due to possible future changes in PRC laws and regulations. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements.

2. Variable interest entities (Continued)

On March 15, 2019, the National People’s Congress adopted the Foreign Investment Law of the PRC, which became effective on January 1, 2020, together with their implementation rules and ancillary regulations. The Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign investment, but it contains a catch-all provision under the definition of “foreign investment”, which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. It is unclear whether the Group’s corporate structure will be seen as violating the foreign investment rules as the Group is currently leveraging the contractual arrangements to operate certain business in which foreign investors are prohibited from or restricted to investing. If variable interest entities fall within the definition of foreign investment entities, the Group’s ability to use the contractual arrangements with its VIEs and the Group’s ability to conduct business through the VIEs could be severely limited.

If the PRC government otherwise finds that the Group in violation of any existing or future PRC laws or regulations or lacks the necessary permits or licenses to operate the business, the Group’s relevant PRC regulatory authorities could:

●

revoke the business licenses and/or operating licenses of the Group’s PRC entities;

●

impose fines;

●

confiscate any income that they deem to be obtained through illegal operations, or impose other requirements with which the Group may not be able to comply;

●

discontinue or place restrictions or onerous conditions on the Group’s operations;

●

place restrictions on the right to collect revenues;

●

shut down the Group’s servers or block the Group’s mobile app;

●

require the Group to restructure ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the ability to consolidate the financial results of and derive economic interests from the VIEs and their subsidiaries;

●

restrict or prohibit the use of the proceeds from financing activities to finance the business and operations of the VIEs and their subsidiaries; or

●

take other regulatory or enforcement actions that could be harmful to the Group’s business.

2. Variable interest entities (Continued)

The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs or the right to receive its economic benefits, the Group would no longer be able to consolidate the VIEs. The management believes that the likelihood for the Group to lose such ability is remote based on current facts and circumstances. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, it may lead to changes in PRC laws, regulations and policies or in the interpretation and application of existing laws, regulations and policies, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the Nominee Shareholders of the VIEs fail to perform their obligations under those arrangements. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIEs depend on Nominee Shareholders enforcing the contracts. There is a risk that Nominee shareholders of VIEs, who in some cases are also shareholders of the Company may have conflict of interests with the Company in the future or fail to perform their contractual obligations. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced.

The Group’s operations depend on the VIEs to honor their contractual agreements with the Group. The Company’s ability to direct activities of the VIEs that most significantly impact their economic performance and the Company’s right to receive the economic benefits that could potentially be significant to the VIEs depend on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are enforceable against each party thereto in accordance with their terms and applicable PRC laws or regulations currently in effect and the possibility that it will no longer be able to consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote.

c Summary financial information of the Group’s VIEs (inclusive of VIEs’ subsidiaries)

In accordance with VIE Contractual Agreements, the Company (1) has the power to direct activities of the VIEs that most significantly impact their economic performance, and (2) has the right to receive economic benefits from the VIEs that could potentially be significant to them. Accordingly, certain PRC subsidiaries of the Company are considered the primary beneficiaries of the VIEs and their subsidiaries for accounting purposes, and the Company has consolidated the financial results of these companies in its consolidated financial statements under U.S. GAAP. Therefore, the Company considers that there are no assets in the VIEs that can be used only to settle obligations of the VIEs, except for the registered capital of the VIEs amounting to approximately RMB13,444,434 and RMB14,357,869 as of December 31, 2021 and 2022, as well as certain non-distributable statutory reserves amounting to approximately RMB23,808 and RMB64,034 as of December 31, 2021 and 2022. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors normally do not have recourse to the general credit of the Company for the liabilities of the VIEs. There is currently no contractual arrangement that would force the Company to provide additional financial support to the VIEs. As the Group is conducting certain business in the PRC through the VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

The VIEs hold assets with no carrying value in the consolidated balance sheet that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIEs include online ride hailing operation permits for certain cities, Internet Content Provision License (“ICP licenses”), certain value-added telecommunications service licenses for internet data center services, etc, the domain names of didiglobal.com and so on. Recognized revenue-producing assets including non-compete agreements, patents and trademark which were acquired through the previous acquisitions are held by WFOEs or other subsidiaries.

2. Variable interest entities (Continued)

The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries included in the consolidated financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group.


	As of December 31
	2021	2022
	RMB	RMB
Cash and cash equivalents	18,499,058	5,558,835
Restricted cash	108,223	739,355
Short‑term investments	764,343	2,911,180
Accounts and notes receivable, net	1,622,379	1,353,038
Loans receivable, net	1,426,244	2,073,477
Amounts due from the Company and its subsidiaries	20,730,377	29,306,180
Investment securities and other investments	4,708,537	2,215,533
Long-term investments, net	3,064,399	3,225,203
Property and equipment, net	349,510	273,753
Intangible assets, net	514,838	462,485
Other assets, net	1,329,105	1,275,757
Total assets	53,117,013	49,394,796
Short‑term borrowings	824,964	199,807
Accounts and notes payable	3,706,079	2,672,716
Amounts due to the Company and its subsidiaries	58,675,506	63,721,620
Operating lease liabilities	238,261	274,150
Other liabilities	6,094,576	4,735,651
Total liabilities	69,539,386	71,603,944
Shareholders’ deficit of VIEs	(16,422,373)	(22,209,148)
Total liabilities and shareholders’ deficit of VIEs	53,117,013	49,394,796

2. Variable interest entities (Continued)


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Inter-company revenues	1,067,752	1,708,159	1,495,026
Third-party revenues	136,817,570	166,603,236	130,742,593
Total revenues	137,885,322	168,311,395	132,237,619
Inter-company costs and expenses	(12,895,784)	(15,320,699)	(16,377,269)
Third-party costs and expenses	(127,117,980)	(158,286,885)	(116,770,993)
Total costs and expenses	(140,013,764)	(173,607,584)	(133,148,262)
Loss from operations	(2,128,442)	(5,296,189)	(910,643)
Income (loss) from non-operations	1,652,386	(358,813)	698,053
Loss before income tax expenses	(476,056)	(5,655,002)	(212,590)
Income tax expenses	(66,808)	(302,047)	(84,799)
Net loss	(542,864)	(5,957,049)	(297,389)
Net loss attributable to DiDi Global Inc.	(542,864)	(5,957,049)	(297,389)

	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Net cash used in inter-company transactions	(13,313,253)	(1,212,002)	(7,569,411)
Net cash provided by operating activities with external parties	13,972,703	2,843,996	12,197,839
Net cash provided by operating activities	659,450	1,631,994	4,628,428
Net cash provided by investing activities with subsidiaries	2,785,392	—	—
Net cash provided by (used in) investing activities with external parties	(3,627,564)	2,688,546	(438,285)
Net cash provided by (used in) investing activities	(842,172)	2,688,546	(438,285)
Inter-company loans financing from subsidiaries	1,003,320	10,921,871	1,950,000
Inter-company loans repayments to subsidiaries	(1,000,000)	(3,000,000)	(17,812,066)
Net cash provided by (used in) financing activities with external parties	4,034,180	(3,416,265)	(637,168)
Net cash provided by (used in) financing activities	4,037,500	4,505,606	(16,499,234)

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2022

Summary of significant accounting policies

Summary of significant accounting policies

3. Summary of significant accounting policies

3.1 Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

3.2 Basis of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company is considered the ultimate primary beneficiary for accounting purposes.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A VIE is an entity in which the Company’s subsidiary, through contractual arrangements, has the power to direct activities of the VIEs that most significantly impact their economic performance, and has the right to receive economic benefits from the VIEs that could potentially be significant to them, and therefore the Company is considered the ultimate primary beneficiary of the entity for accounting purposes.

All transactions and balances among the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. The results of subsidiaries and VIEs acquired or disposed of during the year are recorded in the consolidated statements of comprehensive loss from the effective dates of acquisition or up to the effective dates of disposal, as appropriate.

3.3 Impact of the COVID-19 pandemic

The COVID-19 pandemic starting in January 2020 had an adverse impact on the Group’s business and operations including reduced demand for China Mobility and International business. During 2021, China also experienced upticks in cases that have prompted selective restrictions in the affected regions at various times. In 2022, there have been the resurgence of the COVID-19 pandemic, especially in the second and fourth quarter. As a result, the Group’s operating and financial performance for China Mobility have been adversely affected. Starting in December 2022, most of the travel restrictions and quarantine requirements in China were lifted.

The extent to which the COVID-19 pandemic impacts the Group’s future business, results of operations, financial position and cash flows will depend on future developments which are highly uncertain, unpredictable and beyond the Group’s control, including the severity of the disease, the duration of the outbreak, additional actions that may be taken by governmental authorities, the further impact on the business of drivers, riders, and business partners. The Group will continue to evaluate the nature and extent of the impact of the COVID-19 pandemic to its future business, results of operations, financial condition and liquidity.

As part of the Chinese government’s effort to ease the burden of business affected by the COVID-19 pandemic, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration temporarily reduced or exempted contributions to the government-mandated employee welfare benefit plans from February 2020 to December 2020. In addition, the Ministry of Finance and the State Taxation Administration temporarily exempted VAT on revenues derived from the provision of public transportation services in the PRC from January 2020 to March 2021 and from January 2022 to December 2022, respectively.

3. Summary of significant accounting policies (Continued)

3.4 Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods.

The Group believes that (i) revenue recognition, (ii) assessment for impairment of goodwill, long-lived assets, intangible assets, (iii) determination of the estimated useful lives of long-lived assets, (iv) fair value of short-term, long-term investments and other financial instruments, (v) provision for credit losses of time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables, (vi) determination of the fair value of ordinary shares, (vii) valuation and recognition of share based compensation expenses, (viii) provision for income tax and realization of deferred tax assets reflect the more significant judgments and estimates used in the preparation of its consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ from those estimates.

The Group considered the impacts of the COVID-19 pandemic on the assumptions and inputs supporting certain of these estimates, assumptions and judgments. The level of uncertainties and volatilities in the global financial markets and economies resulting from the pandemic related to the impacts of the COVID-19 pandemic means that these estimates may change in future periods, as new events occur and additional information is obtained.

Based on current assessment of these estimates, the Group did not identify additional impairment related to its goodwill or other long-lived assets except for the impairment charges described in Notes 11, 14 and 27 for the years ended December 31, 2020, 2021 and 2022, respectively.

3.5 Functional currency and foreign currency translation

The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands and BVI is United States dollars (“US$”). The functional currency of its subsidiaries incorporated in Hong Kong is HongKong dollar (“HK$”) or US$. The functional currency of the PRC entities in the Group is RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters.

Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as other income (loss), net in the consolidated statements of comprehensive loss. The foreign exchange gain amounted to RMB1,156,606 and RMB70,265 for the years ended December 31, 2020 and 2021, respectively; and the foreign exchange loss amounted to RMB1,387,541 for the year ended December 31, 2022, which was mainly caused by the depreciation of RMB against US$ or HK$ for the financial assets denominated in RMB held by the Company and its subsidiaries incorporated in the Cayman Islands, BVI and Hong Kong.

The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities are translated at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues and expenses, gains and losses are translated into RMB using the periodic average exchange rates. Translation adjustments are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income (loss) in the consolidated statements of comprehensive loss.

3. Summary of significant accounting policies (Continued)

3.6 Convenience translation

Translations of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2022 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8972, representing the index rates stipulated by the federal reserve board/the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 30, 2022, or at any other rate.

3.7 Fair value measurement

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

●

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities;

●

Level 2 — Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities;

●

Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

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

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based sourced market parameters, such as interest rates and currency exchange rates.

3. Summary of significant accounting policies (Continued)

3.8 Cash and cash equivalents

Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal for use, and which have original maturities less than three months. As of December 31, 2021 and 2022, cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay amounted to RMB2,212,704 and RMB971,925 respectively, which have been classified as cash and cash equivalents in the consolidated balance sheets.

3.9 Restricted cash and non-current restricted cash

Cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which have original maturities less than three months, and which are restricted as to withdrawal for use or pledged as security are reported separately as restricted cash. The Group’s restricted cash is classified into current and non-current based on the length of restricted period. The Group’s restricted cash primarily represents the deposits in banks which are restricted in use.

3.10 Short-term investments

Short-term investments mainly consist of time deposits, structured notes and other investments with maturities within 12 months. Time deposits include the balances placed with the banks with original maturities over three months, but less than one year and the long-term time deposits with a maturity date within one year. The investments that are expected to be realized in cash during the next twelve months are also included in short-term investments.

The Group elected the fair value option (“FVO”) at the date of initial recognition to measure structured notes and other debt investments with variable interest rates. Changes in the fair value are reflected in the consolidated statements of comprehensive loss as investment income (loss), net.

3.11 Accounts and notes receivable, net

Accounts receivable, net represent the amounts that the Group has an unconditional right to consideration from riders, other individual customers and enterprise customers, and primarily consist of (i) unpaid fare amounts from riders, (ii) fare amounts paid by riders but not yet received by the Group, (iii) fare amounts not yet paid by enterprise customers, (iv) unpaid amounts from individual customers and enterprise customers for other services completed.

Notes receivable, net represent short-term notes receivable issued by reputable financial institutions that entitle the Group to receive the full-face amount from the financial institutions at maturity, which generally range from one to twelve months from the date of issuance.

3.12 Loans receivable, net

Loans receivable, net primarily represent micro loans the Group offers to individual borrowers who are registered as riders, end-users or drivers via the Group’s platforms, mainly with terms of three to twelve months.

Measurement of loans receivable

Loans receivable are measured at amortized cost and reported on the consolidated balance sheets at outstanding principal and accrued interest receivable adjusted for allowances for credit losses as the Group undertakes substantially all the risks and rewards for such loans offered.

3. Summary of significant accounting policies (Continued)

Accrued interest receivable

Accrued interest income on loans receivable is calculated based on the contractual interest rate of the loan and recorded as revenue in Other Initiatives as earned in the consolidated statements of comprehensive loss. Generally, loans receivable are impaired and placed on non-accrual status upon reaching 90 days past due. When a loan receivable is placed on non-accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date. Cash payment received on non-accrual loans receivable would be first applied to any unpaid principal and late payment fees, if any, before recognizing interest income.

Allowance for credit losses

The provision for credit losses reflects the best estimate of the losses inherent in the outstanding portfolio of loans. The Group considers a loan receivable to be delinquent when a monthly payment is one day past due. The Group writes off the loan receivable against the related allowance when management determines that full repayment of a loan is not probable. Generally, write-off occurs after the 180th day of delinquency. The primary factor in making such determination is the assessment of potential recoverable amounts from the delinquent debtor.

3.13 Short-term and long-term finance lease receivables, net

The Group provides automobile finance lease services to individual customers and rental companies. The net investment of the lease is recorded as finance lease receivables upon the inception of the lease. The net investment in a lease consists of the minimum lease payments, net of executory costs plus the unguaranteed residual value, less the unearned interest income plus the unamortized initial direct costs related to the lease. The accrued interest is also included in the finance lease receivables balance. Over the period of a lease, each lease payment received is allocated between the repayment of the net investment in the lease and lease income based on the effective interest method so as to produce a constant rate of return on the net investment in the lease. The lease income is recorded as the Group’s revenues in the consolidated statements of comprehensive loss. Initial direct costs of the finance leases are amortized over the lease term by adjusting against the related lease income. The investment in the leases, net of allowance for credit losses, is presented as finance lease receivables and classified as current or non-current assets in the balance sheets based on the duration of the remaining lease terms.

Accrued lease income on finance lease receivables is calculated based on the effective interest rate of the net investment. Finance lease receivables are placed on non-accrual status upon reaching past due status for more than 90 days. When a finance lease receivable is placed on non-accrual status, the Group stopped accruing interest. Lease income is subsequently recognized only upon the receipt of cash payments.

3. Summary of significant accounting policies (Continued)

3.14 Expected credit losses

The Group adopted ASC 326 on January 1, 2020 using a modified retrospective approach which did not have a material impact on the opening balance of accumulated deficit.

The Group’s time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit losses experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit losses analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances.

All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Group’s control. The Group updated the model based on various macroeconomic and market data and took the latest available information into consideration.

3.15 Investment securities and other investments

Investment securities and other investments consist of equity securities with readily determinable fair value as well as other investments which primarily consist of debt investments.

Equity securities with readily determinable fair value

The Group invests in marketable equity securities, which are publicly traded stock.

The Group carries these equity securities at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss.

Debt investments

Debt investments are accounted for at amortized cost or under the fair value option. The Group has elected the fair value option for certain debt investments primarily consisting of convertible bonds and structured notes with maturities of over one year. 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 or unrealized gains (losses) recorded as investment income (loss), net in the consolidated statements of comprehensive loss.

Other debt investments, primarily consist of long term time deposits, which the balance placed with the bank with original maturities over 12 months, are measured at amortized cost. Interest income from debt investments is recognized using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows.

3. Summary of significant accounting policies (Continued)

3.16 Long-term investments

The Group’s long-term investments consist of equity investments without readily determinable fair value and equity investments over which the Group has ability to exercise significant influence.

Equity securities without readily determinable fair value measured at Measurement Alternative

Equity securities except for those over which the Group has the ability to exercise significant influence, are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss, according to ASC 321 “Investments — Equity Securities”, which the Group adopted beginning April 1, 2018. The Group elected to record the equity investments without readily determinable fair value using the Measurement Alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer, if any. All realized and unrealized gains (losses) on the investments, are recognized in investment income (loss), net or impairment loss for equity investments accounted for using Measurement Alternative in the consolidated statements of comprehensive loss.

For investments under the Measurement Alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date based on performance and financial position of the investee as well as other evidence of market value. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance, and other significant judgment in considering various factors and events.

If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net loss equal to the difference between the carrying value and fair value. Significant judgment is applied by the Group in estimating the fair value to determine if an impairment exists, and if so, to measure the impairment losses for these equity security investments. These judgments include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used in cash flow forecasts.

3. Summary of significant accounting policies (Continued)

Equity investments accounted for using the equity method

The Group applies the equity method to account for equity investments in common stock or in-substance common stock, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a majority equity interest or otherwise control, unless the fair value option is elected. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock.

Under the equity method, the Group initially records its investment at cost and subsequently records its share of the results of the equity investees within a one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee generally represents goodwill and intangible assets acquired. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statement of comprehensive loss and recognizes its share of post-acquisition movements in accumulated other comprehensive income (loss) as a component of shareholders’ equity (deficit). When the Group’s share of losses in the equity investees equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee.

The Group continuously reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If any impairment is considered other-than-temporary, the Group writes down the investment to its fair value and recognizes the impairment charge to the consolidated statements of comprehensive loss.

The Group elected to apply the fair value option to the investments in ordinary shares of Chengxin Technology Inc. (“Chengxin”) upon the closing of the deconsolidation of Chengxin,for which the equity method otherwise would be required. Refer to Note 4 Financing transaction of Chengxin for further information.

3. Summary of significant accounting policies (Continued)

3.17 Property and equipment, net

Property and equipment are stated at cost, net of accumulated depreciation and impairment, if any. Depreciation is primarily computed using the straight-line method over the estimated useful lives of the assets.

Bikes and e-bikes

Bikes and e-bikes are depreciated over the estimated useful lives on a straight-line basis. The initial estimated useful lives of such bikes and e-bikes are generally from 2 to 3 years.

Vehicles

Vehicles are depreciated over the estimated useful lives on a straight-line basis or accelerated basis. The initial estimated useful lives of such vehicles are 5 years. The Group also estimates the residual value of the vehicles at the expected time of disposal. The estimated residual values for vehicles are based on factors including model, age, and mileage. The Group makes annual assessments to the depreciation rates of vehicles in response to the latest market conditions and their effect on residual values as well as the estimated time of disposal. Changes made to estimates are reflected in vehicle-related depreciation expense on a prospective basis.

Other property and equipment

Other property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss.

Property and equipment have estimated useful lives as follows:


Categories		Estimated useful lives
Bikes and e‑bikes		2‑3 years
Vehicles		5 years
Computers and equipment		2‑5 years
Leasehold improvement		Lesser of estimated useful life or remaining lease terms
Others		5‑40 years

Construction in progress

Direct costs that are related to the construction of property and equipment and are incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property or equipment, which are primarily relating to vehicles and bikes and e-bikes which are not ready for lease or use, and the depreciation of these assets commences when the assets are ready for their intended use.

3. Summary of significant accounting policies (Continued)

3.18 Intangible assets, net

Intangible assets are primarily acquired through business combinations or purchased from third parties. Intangible assets arising from business combinations are recognized and measured at fair value upon acquisition. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives based upon the usage of the asset, which is approximated using a straight-line method as follows:


Categories		Estimated useful lives
Non‑compete agreements		6‑7 years
Trademark, patents and others		3‑20 years
Driver lists		5 years
Customer lists		5 years
Software		3-5 years
Online payment license*		Indefinite live
Others		Indefinite live

*

An acquired online payment license is considered to be an indefinite live and is carried at cost less any subsequent impairment loss. The Group is required to apply for the renewal of the license issued from government authorities each five years and the Group considered that, based on regulatory precedent, there were no practical difficulties in the renewal process according to the industry practice, thus providing the basis for the indefinite life assumption.

3.19 Impairment of long-lived assets other than goodwill

Long-lived assets including property and equipment, intangible assets and other non-current assets other than goodwill are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets that management expects to hold or use is based on the amount by which the carrying value exceeds the fair value of the asset. Judgment is used in estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the long-live assets’ fair value. Refer to Note 11- Property and equipment, net and Note 13-Intangible assets, net for further information.

3. Summary of significant accounting policies (Continued)

3.20 Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination.

Goodwill is not depreciated or amortized but is tested for impairment on an annual basis, and between annual tests when an event occurs, or circumstances change that could indicate that the asset might be impaired. The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. The Group performs goodwill impairment testing at the reporting unit level on December 31 annually and more frequently if indicators of impairment exist. Nil, RMB2,501,100 and nil of impairment loss of goodwill was recognized for the years ended December 31, 2020 and 2021 and 2022, respectively. Refer to Note 14- Goodwill for further information.

3.21 Leases

The Group adopted ASC 842, “Leases” (“ASC 842”) on January 1, 2019, using the modified retrospective transition method through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedient. The Group categorized leases with contractual terms longer than twelve months as either operating or finance lease.

Right-of-use (“ROU’) assets represent the Group’s rights to use underlying assets for the lease terms and lease liabilities represent the Group’s obligation to make lease payments arising from the leases. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. If the implicit rate in lease is not readily determinable for the Group’s operating leases, the Group generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group elected not to separate non-lease components from lease components; therefore, it will account for lease components and the non-lease components as a single lease component when there is only one vendor in the lease contract for the office leases. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the lease liability calculation. Variable lease payments mainly include costs related to certain IDC facilities leases which are determined based on actual number of usages. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred.

For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense is recognized as depreciation on a straight-line basis over the lease term and interest using the effective interest method.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

3. Summary of significant accounting policies (Continued)

3.22 Short-term and long-term borrowings

Borrowings are initially recognized at fair value, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

3.23 Statutory reserves

In accordance with the relevant regulations and their articles of association, subsidiaries of the Group incorporated in the PRC are required to allocate at least 10% of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50% of the relevant subsidiary’s registered capital. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the respective company. These reserves can only be used for specific purposes and are not transferable to the Group in the form of loans, advances or cash dividends. For the years ended December 31, 2020, 2021 and 2022, appropriations to the general reserve amounted to RMB9,159, RMB11,414 and RMB41,411, respectively. No appropriations to the enterprise expansion fund or staff welfare and bonus fund have been made by the Group.

3.24 Revenue recognition

The Group adopted ASC 606 — “Revenue from Contracts with Customers” for all periods presented. According to ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering allowances for refund, price concession, discount and value added tax (“VAT”).

China Mobility

The Group generates revenues from providing a variety of mobility services through its mobility platform in the PRC (“China Mobility Platform”). The Group’s revenues from its ride hailing services in the PRC presented on a gross basis accounted for more than 97% of the total revenues from China Mobility for the years ended December 31, 2020, 2021, and 2022, respectively. The Group also generates revenues from providing other mobility services such as taxi hailing, chauffeur and other services in the PRC.

●

Ride hailing services in the PRC

The Group provides a variety of ride hailing services on its China Mobility Platform, mainly including Express, Premium, Luxe, Select, Piggy Express and Carpooling service lines in the PRC, and considers itself as the ride service provider according to the relevant regulations in the PRC and the ride service agreements entered into with riders. For all ride hailing services offered, names of the services and the service providers with the corresponding service agreements are displayed on the Group’s China Mobility Platform. Riders can choose ride hailing services from the Group’s China Mobility Platform based on their mobility needs and preferences. When a rider selects and initiates a ride service request, an estimated service fee is displayed and the rider can further decide whether to place the service request or not. Once the rider places the ride service request and the Group accepts the service request, a ride service agreement is entered into between the rider and the Group. Upon completion of the ride services, the Group recognizes ride hailing services revenues on a gross basis.

3. Summary of significant accounting policies (Continued)

●

Principal versus agent considerations of ride hailing services in the PRC

According to the relevant regulations in the PRC, online ride hailing services platforms are required to obtain licenses and take full responsibility of the ride services. The relevant regulations also require the licensed platforms to ensure that the drivers and cars engaged in providing ride services meet the requirements stipulated by the regulations. Accordingly, the Group as an online ride hailing services platform considers itself as the principal for its ride services because it controls the services provided to riders. The control over the services provided to riders is demonstrated through: a) the Group is able to direct registered drivers to deliver ride services on its behalf based on the ride service agreement it entered into with riders. If the assigned driver is not able to deliver the service in limited circumstances, the Group will assign another registered driver to deliver the service; b) in accordance with the agreements entered into between the Group and the drivers, the drivers are obligated to comply with service standards and implementation rules set by the Group when providing the ride services on behalf of the Group; c) the Group evaluates drivers’ performance regularly in accordance with standards set by the Group. Other indicators of the Group being the principal are demonstrated by: a) the Group is obligated to fulfill the promise to provide the ride hailing services to riders in accordance with the above regulations in the PRC and the above service agreements; b) according to applicable necessary procedures, the Group has the discretion in setting the prices for the services.

●

Taxi hailing and chauffeur services in the PRC

The Group provides a variety of other services on its China Mobility Platform, mainly including taxi hailing and chauffeur services. The Group considers itself as the agent for taxi hailing and chauffeur services and recognizes agency revenue earned from the service providers such as taxi drivers and chauffeur service providers.

International

The Group derives its international revenues principally from ride hailing services in overseas countries, including Brazil and Mexico. The Group also generates revenues from food delivery services in overseas countries.

●

Ride hailing services in overseas countries

The Group contracts with individual drivers to offer ride services on the Group’s mobility platform in overseas countries (“Overseas Mobility Platform”). When a rider raises a ride service request through the Group’s Overseas Mobility Platform, an estimated service fee is displayed and the rider can further decide whether to place the service request or not. Once the rider places the ride service request and a driver accepts the service request, a ride service agreement is entered into between the rider and the driver. The Group’s performance obligation is to facilitate and arrange the ride services between riders and drivers. The Group recognizes revenues from its service contracts with drivers upon completion of the ride services provided by drivers. In addition, in most overseas countries riders access the Group’s Overseas Mobility Platform for free and the Group has no performance obligation to the riders. As a result, in general, drivers are the Group’s customers, while riders are not.

●

Principal versus agent considerations of ride hailing services in overseas countries

The Group considers itself as an agent for ride hailing services provided through its Overseas Mobility Platform because the Group does not control the services provided by drivers to riders as 1) the Group does not obtain control of the drivers’ services prior to its transfer to the riders; 2) the Group does not have the power to direct drivers to perform the service on its behalf; and 3) the Group does not integrate services provided by drivers with the Group’s other services and then provide them to riders. Another indicator of the Group being the agent is that the drivers are obligated to fulfill the promise to provide the ride services according to the service agreements entered into between drivers and riders.

3. Summary of significant accounting policies (Continued)

●

Food delivery services in overseas countries

The Group derives its food delivery revenue primarily from service fees paid by merchants and delivery persons for use of the platform and related services to successfully complete the services on the platform. The Group recognizes revenue when services provided to merchants and delivery persons are completed.

Other Initiatives

●

Bike and e-bike sharing

The Group enters into rental agreements with the users at the inception of each trip. The Group is responsible for providing access to the bikes and e-bikes over the user’s desired period of use. The Group derives a majority of the revenues from rental agreements, which are classified as operating leases as defined within ASC 842, and records the rental payments received as revenues upon the completion of each trip.

●

Certain energy and vehicle services

Certain energy and vehicle services mainly include leasing business that the Group carries out itself, refueling and charging businesses.

The Group mainly provides operating lease services by leasing self-owned vehicles to drivers through its platform. The Group generally considers itself to be the accounting lessor, as applicable, in these arrangements in accordance with ASC 842. Revenues from these services is recognized on a straight line basis over the lease period.

The Group considers itself as the agent for refueling and charging services and recognizes agency revenue primarily from its services contracts with gas stations or charging stations upon the completion of a refueling or charging order.

●

Financial services

The financial services revenues mainly include interest income from micro loans services and loan intermediary services fees. The Group generates interest income from its loan receivables by applying the effective interest method in accordance with ASC 310 in micro loans services. When a loan receivable is placed on non accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date, as detailed in 3.12. The Group also matches the borrowers and the lenders and earns loan intermediary service fees directly from the lenders based on the contractual agreements. A majority of the revenue derived from loan intermediary services is recognized at a point in time upon the successful matching of the borrowing requests from the borrowers with the lenders.

●

Others

The Group provides a variety of other initiatives services on its platform, including intra-city freight and other services. The Group generally recognizes revenues when services are provided to its customers.

3. Summary of significant accounting policies (Continued)

Contract balances

The Group classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of receiving consideration and it has the unconditional right to receive consideration. A contract asset is recorded when the Group has transferred services to the customer before payment is received or is due, and the Group’s right to consideration is conditional on future performance or other factors in the contract. Contract assets amounting to RMB242,231 and RMB299,095 were recorded in accounts and notes receivable, net in the consolidated balance sheets as of December 31, 2021 and 2022 respectively.

Contract liabilities are recognized if the Group receives consideration prior to satisfying the performance obligations, which typically include advance payments from ride hailing services in the PRC. Contract liabilities as of December 31, 2021 and 2022 were RMB546,003 and RMB565,058, respectively, recognized as deferred revenue and customer advances in the consolidated balance sheets. Substantially all of contract liabilities at each reporting period end are expected to be recognized as revenues during the following year. The differences between the opening and closing balances of the Group’s contract liabilities primarily result from the timing difference between the Group’s satisfaction of the performance obligation and the customer’s payment.

Incentive Programs

●

Incentives to consumers considered as customers from an accounting perspective

For China Mobility segment, riders using ride haling service, taxi drivers and chauffeur service providers are considered as the customers of the Group. For International segment, drivers providing ride hailing services, merchants and delivery persons in food delivery service are considered as the customers of the Group. For Other Initiatives segment, users in bike and e-bike sharing, lessees in leasing business that the Group carries out itself, gas stations and charging stations in energy services, borrowers in micro loans services, lenders in loan intermediary services and drivers providing intra-city freight service are generally considered as the customers of the Group.

●

Customer incentives

The Group offers various incentive programs to the Group’s customers, including fixed amount discounts, performance-based bonus payment, etc. Incentives provided to customers are recorded as a reduction of revenue if the Group does not receive a distinct good or service or cannot reasonably estimate the fair value of the good or service received. Incentives to customers that are not provided in exchange for a distinct good or service are evaluated as variable consideration, in the most likely amount to be earned by the customers at the time or as they are earned by customers, depending on the type of incentives. Since incentives are earned over a short period of time, there is limited uncertainty when estimating variable consideration.

●

Referring new customers

Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Group expenses such referral payments as incurred in sales and marketing expenses in the consolidated statements of comprehensive loss. The Group applies the practical expedient under ASC 340-40-25-4 and expenses costs to acquire new customer contracts as incurred because the amortization period would be one year or less. The amount recorded as an expense is the lesser of the amount of the incentive paid or the established fair value of the service received. Fair value of the service is established using amounts paid to vendors for similar services.

3. Summary of significant accounting policies (Continued)

●

Customer loyalty program

The Group’s riders participate in a reward program, which provides service discount vouchers and other gifts based on accumulated membership points that vary depending on the services received and fees paid, timing, and distances of each trip taken by the riders. The riders may redeem the amount of points in their membership points accounts in vouchers or other physical products via Didi Online Mall. Because the Group has an obligation to provide such vouchers and other gifts, the Group recognizes liabilities and accounts for the estimated cost of future usage of vouchers as contra-revenues when the membership points are awarded. As members redeem their points or their entitlements expire, the accrued liability is reduced correspondingly. The Group estimates the liabilities under customer loyalty program based on accumulated membership points and management’s estimate of probability of redemption in accordance with the historical redemption pattern. If actual redemption differs significantly from the estimate, it will result in an adjustment to the liability and the corresponding revenue.

●

Incentives to consumers not considered as customers from an accounting perspective

For the China Mobility segment, the end-users of taxi hailing and chauffeur service are not considered to be the customers of the Group from an accounting perspective. For International segment, in general, the riders using ride hailing services and end-users in food delivery services are not considered to be the customers of the Group from an accounting perspective. For Other Initiatives, end-users of intra-city freight services are generally not considered to be the customers of the Group from an accounting perspective.

The Group at its own discretion offers incentives to such consumers to encourage their uses of its platform. These are offered in various forms that include:

●

Customized consumer discounts and promotions

These discounts and promotions are offered to some consumers in a market to acquire, re-engage or generally increase the uses of the Group’s platform by such consumers, and are akin to a coupon. An example is an offer providing a discount on a limited number of rides during a limited time period. The Group records the cost of these discounts and promotions to such consumers as sales and marketing expenses at the time they are redeemed by the consumers.

●

Consumer referrals

These referrals are earned when an existing consumer (“the referring consumer”) refers a new consumer (“the referred consumer”) to the Group and the referred consumer uses services offered by the Group’s platform. These consumer referrals incentives are typically paid in the form of a credit given to the referring consumer. These referrals are offered to attract new consumer to the Group. The Group records the liability for these referrals and corresponding expenses as sales and marketing expenses at the time the referral is earned by the referring consumer.

Practical Expedients

The Group utilizes the practical expedient available under ASC 606-10-50-14 and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

The effect of a significant financing component has not been adjusted for contracts when the Group expects, at contract inception, that the period between when the Group transfers a promised good or service to the customer and the collection of the payments from the customers will be one year or less.

3. Summary of significant accounting policies (Continued)

3.25 Cost of revenues

Cost of revenues, which are directly related to revenue generating transactions on the Group’s platform, primarily consists of driver earnings and driver incentives in ride hailing services of China Mobility segment, depreciation and impairment of bikes and e-bikes, vehicles, insurance cost related to service offering, payment processing charges, and bandwidth and server related costs.

3.26 Operations and support

Operations and support expenses consist primarily of personnel-related compensation expenses, including share-based compensation for the Group’s operations and support personnel, third party customer service fees, driver operation fees, other outsourcing fees and expenses related to general operations.

3.27 Sales and marketing expenses

Sales and marketing expenses consist primarily of advertising and promotion expenses, certain incentives paid to consumers not considered as customers from an accounting perspective, amortization of acquired intangible assets utilized by sales and marketing functions, and personnel related compensation expenses, including share-based compensation for the Group’s sales and marketing staff. Advertising and promotion expenses are recorded as sales and marketing expenses when incurred, and totaled RMB5,088,880, RMB5,401,408 and RMB3,297,560 for the years ended December 31, 2020, 2021 and 2022, respectively. Incentives provided to consumers amounted to RMB2,100,671, RMB7,465,226 and RMB2,778,465 for the years ended December 31, 2020, 2021 and 2022, respectively.

3.28 Research and development expenses

Research and development expenses consist primarily of personnel-related compensation expenses, including share-based compensation for employees in engineering, design and product development, depreciation of property and equipment utilized by research and development functions, and bandwidth and server related costs incurred by research and development functions. The Group expenses all research and development expenses as incurred.

3.29 General and administrative expenses

General and administrative expenses consist primarily of personnel-related compensation expenses, including share-based compensation for the Group’s managerial and administrative staff, allowances for doubtful accounts, office rental and property management fees, professional services fees, depreciation and amortization related to assets used for managerial functions, fines and miscellaneous administrative expenses.

3.30 Government grants

Government grants are generally financial grants received from provincial and local governments for operating a business in their jurisdictions or compliance with specific policies promoted by the local governments. These grants are recognized as a reduction of specific costs and expenses for which the grants are intended to compensate. Such amounts are recognized in the consolidated statements of comprehensive loss upon receipt and when all conditions attached to the grants are fulfilled. For the years ended December 31, 2020, 2021 and 2022, government grants amounted to RMB884,102, RMB990,038 and RMB458,141 are recognized as reduction of specific costs and expenses.

3. Summary of significant accounting policies (Continued)

3.31 Share-based compensation

The Group accounts for share-based compensation issued to employees and non-employees in accordance with ASC 718 Compensation-Stock compensation (“ASC 718”). Generally, share-based awards are recognized as costs and expenses, except to the extent the share-based compensation is recognized in the Group’s investment income (loss), net as certain share-based awards are issued to the employees of the certain equity investee.

Share-based awards with service conditions only are measured at the grant date fair value of the awards and recognized as expenses using the graded-vesting method, net of estimated forfeitures, if any, over the requisite service period. Share-based awards that are subject to both service conditions and the occurrence of an initial public offering (“IPO”) or deemed liquidation events as performance condition are measured at the grant date fair value. Cumulative share-based compensation expenses for the awards that have satisfied the service condition were recorded on June 30, 2021, which was very close to the completion of the Group’s IPO, using the graded-vesting method. Forfeitures are estimated based on historical experience and are periodically reviewed.

The Group, with the assistance of an independent third-party valuation firm, determined fair value of share-based awards granted to employees and non-employees. Prior to the IPO, the fair value of the restricted share units (“RSUs”) was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment requires complex and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. The fair value of share options is estimated on the grant date using the Binomial option pricing model. The assumptions used in share-based compensation expenses recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. Subsequent to the completion of the Group’s IPO, the fair value of share-based awards were determined based on the market price of the Group’s publicly traded ADSs on the NYSE before its delisting in June 2022 and the Group’s ADSs have been quoted on OTC Pink under the symbol “DIDIY” thereafter, as detailed in Note 23.

According to ASC 718, a change in any of the terms or conditions of share-based awards shall be accounted for as a modification of the plan. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the fair value and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period the modification occurs. For unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.

3.32 Segment reporting

Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance.

The Group’s internal organizational structure and business segments are more fully described in Note 18.

3. Summary of significant accounting policies (Continued)

3.33 Taxation

Income taxes

Current income tax is recorded in accordance with the laws of the relevant tax jurisdictions.

The Group applies the liability method of recording income taxes in accordance of ASC Topic 740, Income Taxes (“ASC 740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are provided based on temporary differences arising between the tax bases of assets and liabilities and the financial statements, using enacted tax rates that will be in effect in the period in which the differences are expected to reverse.

Deferred tax assets are recognized to the extent that such assets are more-likely-than-not to be realized. In making such a determination, the Group considers all positive and negative evidences, including results of recent operations and expected reversals of taxable income. Valuation allowances are provided to offset deferred tax assets if it is considered more-likely-than-not that amount of the deferred tax assets will not be realized.

Uncertain tax positions

The Group applies the provisions of ASC 740 in accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Group has elected to classify interest and penalties related to an uncertain tax position (if and when required) as part of “income tax expenses” in the consolidated statements of comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities as of December 31, 2021 and 2022. The Group did not have any interest or penalties associated with unrecognized tax benefit for the years ended December 31, 2020, 2021 and 2022.

3.34 Employee benefits

Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefits and housing fund plans through a PRC government-mandated multiemployer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees, and the Group’s obligations are limited to the amounts contributed with no legal obligation beyond the contributions made. Total amounts for such employee benefits, which were expensed as incurred, were RMB1,030,111, RMB1,808,321 and RMB1,940,168 for the years ended December 31, 2020, 2021 and 2022, respectively. The Group also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of the PRC, and such amounts contributed for the years ended December 31, 2020, 2021 and 2022 were insignificant.

3.35 Comprehensive income (loss)

Comprehensive income (loss) is defined to include all changes in equity (deficit) of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income (loss) includes net loss and currency translation adjustments of the Group and share of other comprehensive income (loss) of equity method investees.

3. Summary of significant accounting policies (Continued)

3.36 Net loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss.

Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted shares and RSUs, ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method, and ordinary shares issuable upon the conversion of preferred shares using the if-converted method, for periods prior to the completion of the IPO. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be antidilutive. After the completion of the IPO, net loss per ordinary share is computed on Class A Ordinary Shares and Class B Ordinary Shares on the combined basis, because both classes have the same dividend rights in the Company’s undistributed net income.

3.37 Treasury shares

The Group accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account in shareholders’ equity (deficit). The ordinary shares with future service conditions are deemed as treasury stock and also recorded in the treasury shares account in shareholders’ equity (deficit).

3.38 Business combinations and non-controlling interests

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Group and equity instruments issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss. During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments are recorded in the consolidated statements of comprehensive loss.

In a business combination achieved in stages, the Group re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive loss.

For the Group’s majority-owned subsidiaries, non-controlling interests are recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group.

When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Group deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.

3. Summary of significant accounting policies (Continued)

The Group allocates the acquisition cost to the assets and liabilities of the Group acquired, including separately identifiable intangible assets, based on their estimated fair values. The Group makes estimates and judgments in determining the fair value of acquired assets and liabilities, with the assistance of an independent valuation firm and management’s experience with similar assets and liabilities. In performing the purchase price allocation, the Group considers the analyses of historical financial performance and estimates of future performance of these companies acquired.

3.39 Convertible redeemable non-controlling interests and convertible non-controlling interests

Convertible redeemable non-controlling interests represent preferred shares financing by subsidiaries of the Group from preferred shareholders. As the preferred shares could be redeemed by such shareholders upon the occurrence of certain events that are not solely within the control of the Group, these preferred shares are accounted for as redeemable non-controlling interests. The Group accounts for the changes in accretion to the redemption value in accordance with ASC topic 480, Distinguishing Liabilities from Equity. The Group elects to use the effective interest method to account for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the non-controlling interests. The Group determined that the redemption features embedded in the convertible redeemable non-controlling interests do not meet the definition of a derivative as they cannot be net settled. Therefore, such feature was not bifurcated from the mezzanine classified as non-controlling interests.

Convertible non-controlling interests represent preferred share financing by subsidiaries of the Group from preferred shareholders, which are contingently redeemable upon certain deemed liquidation events occur. Such deemed liquidation events require the redemption of those preferred shares and cause them being classified outside of permanent equity.

3.40 Commitments and contingencies

In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters. The Group assesses these contingent liabilities, which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Group or unasserted claims that may result in legal proceedings, the Group, in consultation with its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. An accrual for a loss contingency is recognized if it is probable that a liability has been incurred and the amount of liability can be reasonably estimated. If a potential loss is not probable, but reasonably possible, or is probable but the amount of liability cannot be reasonably estimated, then the nature of contingent liability, together with an estimate of the range of the reasonably possible loss, if determinable and material, is disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of guarantee would be disclosed.

3. Summary of significant accounting policies (Continued)

3.41 Significant risks and uncertainties

Cybersecurity review and apps takedown in China

On July 2, 2021, the Cybersecurity Review Office posted an announcement that the Group was subject to a cybersecurity review and that it required the Group to suspend new user registration in China during the review. On July 4 and July 9, 2021, the CAC posted announcements to state that 26 apps that the Group operates in China violated relevant PRC laws and regulations in collecting personal information. Pursuant to the PRC Cybersecurity Law, relevant app stores were notified to take down these apps in China. An administrative fine of RMB8.026 billion was imposed for the violation of the Cybersecurity Law, Data Security Law and Personal Information Protection Law and was paid in the year ended December 31, 2022. On January 16, 2023, as approved by the Cybersecurity Review Office, the Group has resumed DiDi Chuxing’s registration of new users. The Group’s active apps have been restored to app stores.

The Group fully cooperated with the PRC government authorities on the cybersecurity review and rectification measures. The Group conducted a series of rectification measures under the supervision of the PRC regulatory authorities. In addition, the Group has formulated an internal management mechanism for data security and storage, algorithm transparency and users’ right of free choice, so as to enhance employees’ attention to and awareness of these matters. The Group has organized and conducted education and training programs for employees regarding such matters as information network security, data security and storage, and user personal information protection, and strengthened employees’ awareness of legal compliance with respect to the information network security and application. However, there are uncertainties with respect to whether the Group might become subject to new cybersecurity review in the future. If the Group is unable to complete such new review and the relevant rectification, the growth and the usage of the Group’s platform in China may decline, which could materially and adversely affect the Group’s business, financial condition, results of operations and prospects.

Concentration of customers and suppliers

There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended December 31, 2020, 2021 and 2022.

Concentration of credit risk

Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, other receivables and time deposits. As of December 31, 2021 and 2022, substantially all of the Group’s cash and cash equivalents, restricted cash and time deposits were held by major financial institutions located in the Mainland of China and Hong Kong, which the management believes are of high credit quality. In addition, the Group held its cash and cash equivalents, restricted cash, and time deposits in different financial institutions and held no more than approximately 6% and 5% of its total assets at any single institution as of December 31, 2021 and 2022, respectively.

The Group expects that there is no significant credit risk associated with such assets aforementioned which are held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. The Group has no significant concentrations of credit risk with respect to the assets mentioned above.

The Group relies on a limited number of third parties to provide payment processing services (“payment service providers”) to collect amounts due from customers. Payment service providers are financial institutions, credit card companies and mobile payment platforms such as Alipay and WeChat Pay, which the Company believes are of high credit quality.

3. Summary of significant accounting policies (Continued)

Accounts receivables are typically unsecured and are primarily derived from revenues earned from customers in the PRC. The credit risk with respect to accounts receivable is mitigated by credit control policies the Group carries out on its customers and its ongoing monitoring process of outstanding balances.

Foreign currency exchange rate risks

The conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the People’s Bank of China. The Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. The value of Renminbi against the U.S. dollar and other currencies is affected by changes in China’s political and economic conditions and by China’s foreign exchange policies, among other things. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between Renminbi and the U.S. dollar in the future.

The Group is also exposed to foreign currency risk because of its international operations, particularly in Brazil and Mexico. While the Group generally expects to use any cash from operations in the same country where the Group receives that cash, fluctuations in the exchange rate between the currency of that country and the Renminbi will be recorded as foreign currency translation adjustments in the Group’s consolidated statements of comprehensive loss.

Currency convertibility risk

The PRC government imposes controls on the convertibility of RMB into foreign currencies. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.

Operation and compliance risk

On July 27, 2016, the Ministry of Transport, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Commerce, the State Administration for Market Regulation and the CAC jointly promulgated the Interim Measures for the Management of Online Ride Hailing Operation and Service (“Interim Measures”), which took effect on November 1, 2016 and was last amended on November 30, 2022, to regulate the business activities of online ride hailing services and to ensure the safety of passengers by establishing a regulatory system for the platforms, vehicles and drivers engaged in online ride hailing services. In accordance with the Interim Measures, the platform that conducts the online ride hailing services is subject to obtain the necessary permit. The vehicles used for online ride hailing services must also obtain the transportation permit for vehicles, and the drivers engaged in online ride hailing services are required to meet certain requirements and pass the relevant exams.

The Group has not obtained the required permits for certain cities when the Group is required to do so, and not all drivers or vehicles on the platforms have the required licenses or permits. Therefore, the Group had been and may continue to be subject to fines as a result. If the Group fails to remediate the non-compliance with relevant law and regulation requirements, the Group could be subject to penalties and/or an order of correction, and as a result, the Group’s business, financial condition, and results of operations could be materially and adversely affected.

In an effort to ensure compliance with applicable Interim Measures, the Group has continuously conducted the process to obtain the necessary licenses or permits in different cities. The Group is continuously making efforts to obtain necessary licenses or permits to mitigate the relevant compliance risk.

3. Summary of significant accounting policies (Continued)

3.42 Recently adopted and issued accounting pronouncements

On January 1, 2022, the Group adopted ASU No. 2021-10, Government Assistance (Topic 832): This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. The Group adopted the ASU prospectively on January 1, 2022. Adoption of this ASU did not have a material impact on our consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Group beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

Financing transaction of Chengxin

12 Months Ended

Dec. 31, 2022

Financing transaction of Chengxin

Financing transaction of Chengxin

4. Financing transaction of Chengxin

In March 2021, Chengxin, the Group’s subsidiary engaged in community group buying business, entered into a series of agreements (“Agreements”) with external investors and the Group, pursuant to which:

a) Chengxin issued 92,367,521 number of Series A-1 Preferred Shares for a total consideration of US$923,675 to certain external investors, including an entity controlled by Softbank Group Corp., (“Softbank”) of US$43,162.

b) Chengxin issued 20,000,000 number of Series A-2 preferred shares to certain senior management of the Group and Chengxin, for a total consideration of US$200,000. To finance the purchase of Chengxin A-2 preferred shares, the senior management investment entity entered into secured term loans with Chengxin’s A-1-round investors for an aggregate amount of US$160,000.

c) Chengxin issued a zero-coupon seven-year convertible note due 2028 (“Convertible Note”) for an aggregate principal amount of US$3,000,000 to the Group.

The rights, preferences and privileges of the Chengxin’s holders of ordinary shares, preferred shares and Convertible Note are as follows:

Conversion right

All of the preferred shares are convertible, at the option of the holders at any time after the original issue date of the relevant series of preferred shares into such number of ordinary shares of Chengxin. Each preferred share shall automatically be converted into ordinary shares at the then effective conversion price upon the closing of a qualified IPO. The initial conversion ratio of preferred shares to ordinary shares shall be 1:1 and shall be subject to certain adjustments. The Group, as the holder of the Convertible Note, has the right to convert the outstanding principal amount under the Convertible Note to Series A-2 preferred shares at a conversion price of US$10.00 per share during the period commencing on the first anniversary of closing of issuance of Series A-1 and A-2 preferred shares to the maturity date of the Convertible Note. Furthermore, the Convertible Note will be automatically converted to the number of Series A-2 Preferred Shares at a conversion price of US$10.00 per share upon the occurrence of certain events including change of control, liquidation or the consummation of a qualified IPO of Chengxin.

Liquidation rights

Upon the occurrence of any liquidation event, whether voluntary or involuntary, all assets and funds of Chengxin legally available for distribution shall be distributed to the shareholders in the following order and manner:

Holders of preferred shares have preference over holder of ordinary shares on the distribution of assets or funds in the following sequence: Series A-1 preferred shares, Series A-2 preferred shares. The amount of preference will be equal to 100% of the deemed or original issuance price, plus any and all declared but unpaid dividends. After distribution of the preferred shares, all remaining assets and funds of Chengxin available for distribution to the shareholders shall be distributed ratably among all the shareholders on a fully diluted basis.

Exchange rights

The Series A preferred shareholders have the options to exchange part or all of outstanding preferred shares of Chengxin into the shares of the Group provided that these preferred shareholders do not breach its non-competing undertakings, at any time after the fifth anniversary date of closing date of Series A preferred shares and as long as no qualified IPO of Chengxin has been consummated. The exchange ratio will be determined according to the respective fair market value of the Group’s ordinary shares and Chengxin preferred shares as of the date that the preferred shareholders exercise the exchange right, which shall be determined by an independent third-party valuation firm mutually agreed upon by all parties.

4. Financing transaction of Chengxin (Continued)

Call option

The Group was granted a call option to purchase part or all of the outstanding Series A-1 and A-2 preferred shares held by preferred shareholders. At any time between the third anniversary and fifth anniversary of the closing of the Series A-1 and A-2 preferred shares, the Group may exercise the call option to purchase up to all of the outstanding preferred shares based on the greater of (i) the price determined according to pre-agreed pricing formula, and (ii) the fair market value of such preferred shares.

Accounting for the financing transaction of Chengxin

Pursuant to the Agreements and upon the completion of the above transaction on March 30, 2021 (“closing date”), the Group no longer held the controlling financial interest in Chengxin. Accordingly, Chengxin was deconsolidated from the Group after March 30, 2021.

The financing transaction for Chengxin did not meet the discontinued operation criteria as it did not represent a strategic shift that has a major effect on the Group’s financial results. Upon the completion of the financing transaction of Chengxin, an unrealized gain of RMB9,058,144 was recognized in the investment income (loss), net on the consolidated statement of comprehensive loss for year ended December 31, 2021, measured as the difference between the fair value of its retained non-controlling equity investment in ordinary shares in Chengxin in the amount of RMB2,628,520, and the carrying amount of net liabilities of Chengxin of RMB6,429,624 as of March 30, 2021.

Given the Group’s investment in Chengxin’s ordinary shares and right to nominate three board members out of six, the Group had the ability to exercise significant influence over Chengxin. The Group elected to apply the fair value option to the Group’s investments in ordinary shares (Note 10). The Group also applies fair value accounting to the Group’s investments on the Convertible Note (Note 9), thereby providing consistency of accounting treatment. The investments in ordinary shares and in Convertible Note (collectively, the “Investment in Chengxin”) are measured at fair value on a recurring basis with changes in fair value reflected in earnings.

Given the exchange right has a fair value exercise price and the call option has an exercise price that is equal to or higher than the fair market value of underlying preferred shares of Chengxin, both financial instruments are generally considered to have little economic value. Therefore, the Group determined that the fair value of exchange feature and call option aforementioned respectively were not significant to the consolidated financial statements.

The fair value of the Investments in Chengxin upon the closing of the deconsolidation of RMB16,428,250 was determined by the Group with assistance of a third-party independent appraiser, using option-pricing model (“OPM”) and back-solve method.

As a result of the intense competition and tightening regulatory environment, Chengxin experienced an adverse change in its operating and financial performance during the third quarter of 2021. In light of the further adverse change during the fourth quarter of 2021 and challenges of obtaining additional financing, Chengxin revised its business plan to scale down significantly and undertake a strategic business model transition, aiming for a more sustainable operation in the near future. The fair value of the Group’s total investment in Chengxin was reduced to RMB 686,124 at December 31, 2021 due to the above reason. The fair value of the investments in Chengxin on December 31, 2021 was determined by the Group with the assistance of a third-party independent appraiser, using scenario-based model. Accordingly, the Group recognized the downward fair value changes of RMB21,259,814 in Investments in Chengxin. Refer to Note 27 - Fair value measurement for the valuation approach and key inputs for the determination of the fair value of the Group’s Investments in Chengxin.

4. Financing transaction of Chengxin (Continued)

Considering continuous adverse impact on Chengxin’s operating and financial performance in 2022, the shareholders of Chengxin decided that it would be in the best interests of Chengxin and its shareholders not to continue to operate the community group buying business. Therefore, Chengxin’s shareholders and board resolved to distribute all of its available assets to its shareholders, in accordance with the distribution sequences outlined in the Agreements. As a shareholder of Chengxin, the Group received its share of Chengxin’s assets of RMB1,935,171 upon the completion of the distribution in July 2022. The difference of RMB1,172,541 between the distributions received and the investment balance at December 31, 2021 was recorded in investment income (loss), net in the consolidated statement of comprehensive loss in 2022.

Short-term investments

12 Months Ended

Dec. 31, 2022

Short-term investments

Short-term investments

5. Short-term investments

The following is a summary of short-term investments:


	As of December 31
	2021	2022
	RMB	RMB

Time deposits stated at amortized cost	13,154,020	16,965,708
Structured notes under fair value option	4,622	—
Other debt investments under fair value option	—	563,799
Other debt investments stated at amortized cost	185,112	18,711
Total	13,343,754	17,548,218

Accounts and notes receivable, net

12 Months Ended

Dec. 31, 2022

Accounts and notes receivable, net

Accounts and notes receivable, net

6. Accounts and notes receivable, net

Accounts and notes receivable, net consist of the following:


	As of December 31
	2021	2022
	RMB	RMB

Accounts and notes receivable	3,482,011	2,944,355
Allowance for credit losses	(650,888)	(692,722)
Accounts and notes receivable, net	2,831,123	2,251,633

The operating lease receivable generated from lease vehicles to drivers and end-users, is recorded as accounts and notes receivable, net in the consolidated balance sheets. The operating lease receivable is subject to ASC 842 mentioned in Note 3.21. The movement of the allowances for credit losses is as follows:



	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Beginning balance prior to ASC 326	(437,266)	(556,360)	(650,888)
Impact of adoption of ASC 326	(71,498)	—	—
Balance at beginning of the year	(508,764)	(556,360)	(650,888)
Provision	(448,720)	(596,908)	(454,168)
Write-offs	401,124	502,380	412,334
Balance at end of the year	(556,360)	(650,888)	(692,722)

Loans receivable, net

12 Months Ended

Dec. 31, 2022

Loans receivable, net

Loans receivable, net

7. Loans receivable, net

Loans receivable, net consists of the following:


	As of December 31
	2021	2022
	RMB	RMB

Loans receivable	5,248,804	5,798,839
Allowance for credit losses	(604,506)	(460,212)
Loans receivable, net	4,644,298	5,338,627

The movement of the allowances for credit losses is as follows:



	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Beginning balance prior to ASC 326	(100,643)	(146,432)	(604,506)
Impact of adoption of ASC 326	(50,569)	—	—
Balance at beginning of the year	(151,212)	(146,432)	(604,506)
Foreign currency translation adjustments	—	—	(3,979)
Provision	(153,560)	(557,129)	(523,863)
Write‑offs	158,340	99,055	672,136
Balance at end of the year	(146,432)	(604,506)	(460,212)

The aging analysis of loans receivable by due date as of December 31, 2021 and 2022 is as follows:


	Past Due
				91 Days
				or	Total Past
	1‑30 Days	31‑60 Days	61‑90 Days	Greater	Due	Current	Total
As of December 31, 2021	75,785	59,394	51,035	200,759	386,973	4,861,831	5,248,804
As of December 31, 2022	70,990	42,495	38,340	95,028	246,853	5,551,986	5,798,839

Prepayments, receivables and other current assets, net and other non-current assets, net

12 Months Ended

Dec. 31, 2022

Prepayments, receivables and other current assets, net and other non-current assets, net

Prepayments, receivables and other current assets, net and other non-current assets, net

8. Prepayments, receivables and other current assets, net and other non-current assets, net

Prepayments, receivables and other current assets, net consist of the following:


	As of December 31
	2021	2022
	RMB	RMB

Deductible VAT-input	1,553,800	1,533,722
Rental deposits and other deposits, net	189,840	424,492
Prepayments for promotion and advertising expenses and other operation expenses	371,149	388,284
Advances to employees	303,050	375,468
Payments to drivers and partners on behalf of end-users	148,971	308,627
Prepayments for insurance costs	239,417	204,915
Inventories, net	197,957	135,480
Interest receivables	13,293	74,126
Short-term finance lease receivables, net	44,020	21,616
Others, net	896,478	726,222
Total	3,957,975	4,192,952

Other non-current assets, net consist of the following:


	As of December 31
	2021	2022
	RMB	RMB


Deductible VAT-input	1,070,370	864,319
Prepayments for purchase of property and equipment and other non‑current assets	166,425	570,639
Prepayments for long-term investments	200,000	252,995
Rental deposits and other deposits	203,154	153,240
Long-term finance lease receivables, net	41,579	14,261
Others	17,942	5,411
Total	1,699,470	1,860,865

The movement of the allowances for credit losses of short-term and long-term finance lease receivables is as follows:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Balance at beginning of the year	(3,871)	(72,167)	(11,405)
Reversal/(Provision)	(73,004)	12,757	(892)
Write‑offs	4,708	48,005	11,382
Balance at end of the year	(72,167)	(11,405)	(915)

Investment securities and other investments

12 Months Ended

Dec. 31, 2022

Investment securities and other investments

Investment securities and other investments

9. Investment securities and other investments

The following is a summary of investment securities and other investments:


	As of December 31
	2021	2022
	RMB	RMB

Debt investments stated at amortized cost	3,878,744	8,706,590
Listed equity securities	13,342,946	6,725,766
Other investments under fair value option	1,412,803	2,577,951
Total	18,634,493	18,010,307

As of December 31, 2021 and 2022, the Group’s investment securities and other investments comprised of i) debt investments, which are accounted for at amortized cost, ii) listed equity securities, which are publicly traded stocks or funds measured at fair value, iii) other investments, which the fair value option was selected.

The following table summarizes the debt investments stated at amortized cost:


	As of December 31
	2021	2022
	RMB	RMB

Time deposits stated at amortized cost	3,722,640	8,444,793
Other debt investments stated at amortized cost	156,104	261,797
Total	3,878,744	8,706,590

The carrying values of time deposits stated at amortized cost and other debt investments stated at amortized cost approximate their fair value.

The following table summarizes debt investments stated at amortized cost classified by the contractual maturity date of the investments:


		As of December 31
		2022
		RMB
Due in 1 year through 2 years		6,627,563
Due in 2 years through 3 years		1,950,866
Thereafter		128,161
Total		8,706,590

9. Investment securities and other investments (Continued)

The following table summarizes the listed equity securities and other investments under fair value option:


	As of December 31, 2021
		Cumulative	Cumulative	Foreign
		gross	gross	currency
		unrealized	unrealized	translation	Fair
	Cost	gains	losses	adjustments	Value
	RMB	RMB	RMB	RMB	RMB
Listed equity securities	7,661,212	6,300,946	(394,796)	(224,416)	13,342,946
— Investee A	600,000	—	(254,758)	—	345,242
— Investee B (i)	6,751,890	5,573,162	—	(225,456)	12,099,596
— Others	309,322	727,784	(140,038)	1,040	898,108
Other investments under fair value option	20,323,739	14,383	(18,722,033)	(203,286)	1,412,803
— Convertible Note of Chengxin (Note 4)	19,563,591	—	(18,691,719)	(198,515)	673,357
— Other investments under fair value option	760,148	14,383	(30,314)	(4,771)	739,446
Total	27,984,951	6,315,329	(19,116,829)	(427,702)	14,755,749


	As of December 31, 2022
		Cumulative	Cumulative	Foreign
		gross	gross	currency
		unrealized	unrealized	translation	Fair
	Cost	gains	losses	adjustments	Value
	RMB	RMB	RMB	RMB	RMB
Listed equity securities	7,561,289	—	(1,067,079)	231,556	6,725,766
— Investee A	600,000	—	(206,442)	—	393,558
— Investee B (i)	6,518,202	—	(648,302)	198,536	6,068,436
— Others	443,087	—	(212,335)	33,020	263,772
Other investments under fair value option	2,580,786	31,583	—	(34,418)	2,577,951
— Structured notes under fair value option	1,769,255	13,973	—	(28,219)	1,755,009
— Other investments under fair value option	811,531	17,610	—	(6,199)	822,942
Total	10,142,075	31,583	(1,067,079)	197,138	9,303,717

(i) Investment in Investee B

As of January 1, 2020 the Group held certain percentage of ordinary shares and preferred shares from Investee B, which were purchased in prior years. The investment in Investee B was accounted for Measurement Alternative as the Group could not impose significant influence in Investment B. For the year ended December 31, 2021, the Investee B completed its initial public offering in NASDAQ Stock Exchange. As a result, the investment in Investee B was transferred from investments accounted for using the Measurement Alternative method to Investment securities and other investments, with the fair value determined based on the quoted price in the active market, adjusted by a discount for lack of marketability due to restrictions on trading the shares. During the year of 2022, the restriction on trading shares was removed and the fair value was determined based on the market price of the Investee B’s publicly traded shares directly.

As of December 31, 2021 and 2022, the fair value of the Investment in Investee B was RMB12,099,596 and RMB6,068,436, respectively. The Group recognized unrealized gain of RMB8,351,108 recorded in investment income (loss), net for year ended December 31, 2021. The Group recognized unrealized loss of RMB6,221,463 and realized gain of RMB5,998, recorded in investment income (loss), net for year ended December 31, 2022.

Long-term investments, net

12 Months Ended

Dec. 31, 2022

Long-term investments, net

Long-term investments, net

10. Long-term investments, net


	As of December 31
	2021	2022
	RMB	RMB

Measurement Alternative method	568,555	580,152
Equity investments accounted for using equity method	4,033,402	4,153,932
Equity investment in Chengxin under fair value option (Note 4)	12,767	—
Total	4,614,724	4,734,084

a Measurement Alternative Method

The Group invested in multiple private companies which may have operational synergy with the Group’s core business. The Group’s equity investments without readily determinable fair value were accounted for using the Measurement Alternative method.

Impairment charges in connection with the Measurement Alternative investments of RMB1,022,098, nil and RMB18,540 were recorded in the consolidated statements of comprehensive loss for the years ended December 31, 2020, 2021 and 2022, respectively, resulting from impairment assessments, considering various factors and events including adverse performance of investees, adverse industry conditions affecting investees, etc. The Group recognized a disposal gain of RMB40,613, RMB2,493,381 and nil for the years ended December 31, 2020, 2021 and 2022, respectively.

b Equity method

The Group recorded proportionate share of losses of RMB977,552, RMB211,559 and income of RMB95,505 from equity investments accounted for using equity method for the years ended December 31, 2020, 2021 and 2022, respectively. The Group also recognized impairment losses of RMB79,875, RMB264,292 and RMB59,651 for the years ended December 31, 2020, 2021 and 2022, respectively. The Group records both proportionate share of losses or income and impairment losses of its equity method investments as income (loss) from equity method investments, net in the consolidated statements of comprehensive loss.

During the year ended December 31, 2021, the Group and SoftBank each made an additional investment amounted to RMB161,720 (JPY2,600,000) in Didi Mobility Japan Corporation (“Didi Japan”), an equity method investee of the Group established in 2018. Upon the closing of this transaction, the Group’s accumulated investment in Didi Japan increased to RMB433,950 (JPY6,950,000).

During the year ended December 31, 2022, the equity investments made under equity method were insignificant.

10. Long-term investments, net (Continued)

The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule 4-08 of Regulation S-X:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Results of operations:
Revenue	9,721,658	7,549,918	8,906,174
Gross profit (loss)	3,819,309	(4,257,022)	1,712,738
Income (loss) from operations	2,880,369	(16,489,595)	(1,248,914)
Net income (loss), net	2,881,779	1,999,569	(2,468,292)
Balance sheet data:
Current assets	14,591,256	54,810,598	52,797,753
Non‑current assets	16,999,044	17,656,885	14,891,760
Current liabilities	2,158,751	31,611,814	38,391,255
Non‑current liabilities	6,696,509	5,536,458	3,308,611
Convertible redeemable preferred shares and non‑controlling interests	2,703,764	7,160,924	—

The condensed financial information of the Group’s equity investments under equity method or under fair value option, for which the equity method otherwise would be required was summarized in the aggregate amount. As the Group’s shareholding interests in these investees vary among different equity method investees, which includes 3% to 5% interests in certain funds in the form of partnership, the Group recognized small proportionate share of gain or loss accordingly from these entities. In addition, the Group did not recognize the proportionate share of loss from Chengxin as the fair value option was selected for the equity investment of Chengxin before the completion of its distribution of the available assets to its shareholders in July 2022 (Note 4). As a result, the income (loss) from equity method investments, net in the consolidated statement of comprehensive loss is not comparable with the above table.

Property and equipment, net

12 Months Ended

Dec. 31, 2022

Property and equipment, net

Property and equipment, net

11. Property and equipment, net

Property and equipment, net consist of the following:


	As of December 31
	2021	2022
	RMB	RMB

Bikes and e-bikes	11,774,212	9,966,031
Vehicles	3,538,274	3,022,763
Computers and equipment	3,723,744	4,145,016
Leasehold improvement	644,251	707,947
Construction in progress	393,540	170,785
Others	35,057	35,173
Total	20,109,078	18,047,715
Less: Accumulated depreciation	(8,960,129)	(10,305,649)
Less: Accumulated impairment loss	(3,148,731)	(2,023,742)
Property and equipment, net	8,000,218	5,718,324

Depreciation expenses recognized for the years ended December 31, 2020, 2021 and 2022 were RMB3,275,144, RMB4,220,521, and RMB3,511,825, respectively.

For the years ended December 31, 2020, 2021 and 2022, the impairment losses for property and equipment were RMB855,988, RMB2,247,738 and nil respectively. For the year ended December 31, 2020, the impairment charge of RMB751,065 on the vehicles leased to drivers in the PRC was mainly caused by the adverse impact of the COVID-19 pandemic on the Group’s China Mobility business. For the year ended December 31, 2021, the impairment charge of RMB2,164,409 on bikes and e-bikes was mainly caused by the adverse change in the operating and financial performance of the Group’s bike and e-bike sharing business during the third quarter of 2021.

Operating leases

12 Months Ended

Dec. 31, 2022

Operating leases

Operating leases

12. Operating leases

Operating leases of the Group primarily consist of leases of offices and data centers. The recognition of whether a contract arrangement contains a lease is made by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all the economic benefits from and has the ability to direct the use of the asset.

Operating lease assets and liabilities are included in the items of operating lease right-of-use assets, operating lease liabilities, current portion, and operating lease liabilities, non-current portion on the consolidated balance sheets.

The components of lease expenses for the years ended December 31, 2020, 2021 and 2022 are as follows:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Operating lease cost	681,841	726,359	729,038
Short‑term lease cost	128,865	467,384	416,215
Variable lease cost	80,015	121,353	150,994
Total lease cost	890,721	1,315,096	1,296,247

12. Operating leases (Continued)

Supplemental cash flows information related to leases is as follows:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Cash payments for operating leases	707,140	761,352	783,337
ROU assets obtained in exchange for operating lease liabilities	1,158,347	910,144	978,608

As of December 31, 2022, the Company’s operating leases had a weighted average remaining lease term of 2.84 years and a weighted average discount rate of 4.77%.

Maturities of lease liabilities are as follows:


		As of December 31
		2022
		RMB

2023		582,029
2024		363,989
2025		238,767
2026		94,642
Thereafter		110,167
Total undiscounted lease payments		1,389,594
Less: imputed interest		(131,690)
Total lease liabilities		1,257,904

Intangible assets, net

12 Months Ended

Dec. 31, 2022

Intangible assets, net

Intangible assets, net

13. Intangible assets, net

The Group’s intangible assets, net consist of following:


	As of December 31
	2021	2022
	RMB	RMB
Finite‑lived intangible assets
Non‑compete agreements	7,183,773	7,183,773
Trademarks, patents, software and others	5,268,168	5,413,444
Customer lists	1,553,507	1,563,680
Driver lists	296,332	301,641
Total	14,301,780	14,462,538
Less: accumulated amortization	(11,182,929)	(12,846,495)
Less: accumulated impairment loss	(287,270)	(346,466)
Net book value	2,831,581	1,269,577
Indefinite‑lived intangible assets
Online payment license	398,085	398,085
Others	56,479	56,479
Total	454,564	454,564
Finite and indefinite‑lived intangible assets	3,286,145	1,724,141

13. Intangible assets, net (Continued)

For the years ended December 31, 2020, 2021 and 2022, amortization expenses amounted to RMB1,993,945, RMB1,824,762 and RMB1,631,280, respectively.

For the years ended December 31, 2020, 2021 and 2022, the impairment losses for intangible assets were nil, RMB288,221 and RMB17,736, respectively. For the year ended December 31, 2021, the impairment charge was recorded for the intangible assets generated from the acquisition of 99 Taxis. Refer to Note 14 Goodwill for further information.

As of December 31, 2022, amortization expenses related to finite-lived intangible assets for future periods are estimated to be as follows:


		Amortization Expenses
		RMB
2023		1,000,676
2024		133,845
2025		54,985
2026		38,321
Thereafter		41,750
Total expected amortization expenses		1,269,577

Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill

Goodwill

14. Goodwill

For the years ended December 31, 2020, 2021 and 2022, the changes in the carrying value of goodwill by segment are as follows:


	China		Other
	Mobility⁽ⁱ⁾	International⁽ⁱⁱ⁾	Initiatives	Total
	RMB	RMB	RMB	RMB
Balance as of January 1, 2020	46,283,879	3,785,659	93,704	50,163,242
Foreign currency translation adjustments	—	(1,039,070)	—	(1,039,070)
Balance as of December 31, 2020	46,283,879	2,746,589	93,704	49,124,172
Less: accumulated impairment loss	—	(2,492,826)	—	(2,492,826)
Foreign currency translation adjustments	—	(253,763)	—	(253,763)
Balance as of December 31, 2021	46,283,879	—	93,704	46,377,583
Balance as of December 31, 2022	46,283,879	—	93,704	46,377,583

(i)	Considering similar economic characteristics shared among different components within China Mobility, the Group determined that China mobility is a single reporting unit in goodwill impairment analysis.

The Group performed qualitative impairment assessments for the goodwill arising from the acquisition of Kuaidi and Uber China in China Mobility and concluded that there was no impairment for the goodwill as of December 31, 2020.

14. Goodwill (Continued)

Considering the adverse change in the operating and financial performance of China Mobility, the Group determined that a quantitative assessment was required at December 31, 2021. The Group compared the fair value to the carrying amount of China Mobility in the impairment test. The Group estimated the fair value by using the income approach, which considered a number of factors, including expected future cash flows and discount rate. Expected future cash flows are dependent on certain key assumptions including compound annual growth rate of revenue. These factors are subject to high degree of judgment and complexity. Based on the quantitative assessment results, the fair value of China Mobility exceeded its carrying amount by more than 30% as of December 31, 2021. In order to assess the impact of changes in certain significant inputs, the Group performed a sensitivity analysis decreasing the annual growth rate and increasing the discount rate by 1%. This analysis still resulted in the fair value of China Mobility exceeding its carrying amount by a sufficient amount. Therefore, the Group concluded that there was no impairment of goodwill as of December 31, 2021.

A sustained decrease in ADSs price quoted in OTC Pink was considered an indicator requiring an interim goodwill quantitative impairment test on the reporting unit of China Mobility as of September 30, 2022. The Group compared the fair value to the carrying amount of China Mobility in the impairment test. The Group estimated the fair value by using the income approach, which considered a number of factors, including expected future cash flows and discount rate. Expected future cash flows are dependent on certain key assumptions including compound annual growth rate of revenue and profit margins. Based on the quantitative assessment results, the fair value of China Mobility exceeded its carrying amount as of September 30, 2022. In order to assess the impact of changes in certain significant inputs, the Group performed a sensitivity analysis decreasing the annual growth rate and increasing the discount rate by 1%. This analysis still resulted in the fair value of China Mobility exceeding its carrying amount. Therefore, the Group concluded that there was no impairment of goodwill as of September 30, 2022.

The Group performed a qualitative impairment assessment for the goodwill in China Mobility at the year end of 2022 and concluded that there was no impairment for the goodwill as of December 31, 2022.

(ii)

The Group performed a qualitative impairment assessment for the goodwill arising from the acquisition of 99 Taxis in International. As the global COVID-19 pandemic has increased the uncertainty on the ride hailing services in overseas countries, the Group performed a quantitative analysis on the reporting unit of 99 Taxis and concluded that there was no impairment of goodwill based on the quantitative assessment results as of December 31, 2020.

Due to the longer-term trajectory of COVID-19 pandemic and complex and volatile market environment in Brazil, the Group performed a quantitative analysis on 99 Taxis as of December 31, 2021. The Group estimated the fair value by using the income approach, which considered a number of factors, including expected future cash flows and discount rate. Expected future cash flows are dependent on certain key assumptions including compound annual growth rate of revenue. Based on the quantitative assessment results, the fair value of the reporting unit was below its carrying amount as of December 31, 2021. Therefore, the Group fully impaired goodwill and intangible assets with the amount of RMB2,501,100 and RMB288,221, respectively for the year ended December 31, 2021.

Borrowings

12 Months Ended

Dec. 31, 2022

Borrowings

Borrowings

15. Borrowings

Short-term and long-term borrowings consist of the followings:


	As of December 31
	2021	2022
	RMB	RMB

Short‑term borrowings	6,838,328	4,940,310
Long‑term borrowings	1,681,370	149,925
Total	8,519,698	5,090,235

15. Borrowings (Continued)

Short-term borrowings

For the year ended December 31, 2021, the Group, through its subsidiary, issued three one-year asset-backed securitized debts, totalling RMB1,275,000 via certain securitization vehicles in the forms of asset backed security arrangement (the “ABSs”) established by the Group. The ABSs vehicle is considered as variable interest entities under ASC 810. As the Group has power to direct the activities that most significantly impact economic performance of the ABSs vehicle by providing the loan servicing and default loan collection services, and the Group has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE as the Group purchased all subordinated tranche securities, and the Group is obligated to bear the risk arising from any loans that are delinquent for more than certain days, accordingly, the Group is considered the primary beneficiary of the ABSs and has consolidated the ABSs’ assets, liabilities, results of operations, and cash flows in the Group’s consolidated financial statements in accordance with ASC 810. Therefore, loans funded by the asset-backed securitized debts remain at the Group and are recorded as “loans receivable, net” on the consolidated balance sheets. As of December 31, 2021 and 2022, the balance of the ABSs amounted to RMB629,013 and nil respectively.

Other short-term borrowings were RMB dominated borrowings by the Group’s subsidiaries from financial institutions in the PRC and were pledged by vehicles and short-term investments or guaranteed by the subsidiaries of the Group. The weighted average interest rate for short-term borrowings as of December 31, 2021 and 2022 were approximately 3% and 3%, respectively.

Long-term borrowings

The Group entered several borrowing agreements with credit facilities with banks, which allowed the Group to draw borrowings up to RMB 11,616,192 and RMB171,161 from these facilities as of December 31, 2021 and 2022. The borrowings drawn from these facilities bear annual interest rate of Loan Prime Rate (“LPR”) plus 30 to 180 points and were guaranteed by certain subsidiaries of the Group. The unused credit limits under these facilities was RMB60,448 as of December 31, 2022. In March 2022, the facilities amount of RMB11,380,380 under a revolving credit facility agreement was cancelled without any previous drawn down.

The Group also entered into several borrowing agreements with certain banks and financial institutions pursuant to which the outstanding borrowings balance was RMB585,814 and RMB39,212 as of December 31, 2021 and 2022, respectively. These borrowings are guaranteed by certain subsidiaries of the Group or pledged by vehicles owned by the Group’s subsidiaries and bear interest at a range of 4%-7% per annum.

The Group’s short-term and long-term borrowings will be due according to the following schedule:


	As of December 31
	2021	2022
	RMB	RMB

Within 1 year	6,838,328	4,940,310
Between 1 to 2 years	1,567,890	142,625
Between 2 to 3 years	113,480	7,300
Total	8,519,698	5,090,235

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Accounts and notes payable

12 Months Ended

Dec. 31, 2022

Accounts and notes payable

Accounts and notes payable

16. Accounts and notes payable

Accounts and notes payable consist of the following:


	As of December 31
	2021	2022
	RMB	RMB

Payables related to service fees and incentives to drivers	3,306,362	2,465,919
Payables related to driver management fees	157,421	155,279
Other accounts payable	439,707	204,124
Notes payable	721,463	44,724
Total	4,624,953	2,870,046

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2022

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

17. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	As of December 31
	2021	2022
	RMB	RMB

Payables to merchants and other partners	1,664,684	2,319,245
Employee compensation and welfare payables	2,253,437	1,821,969
Deposits	1,422,300	1,385,424
Tax payables	1,645,335	1,127,818
Payables related to property and equipment	358,464	298,550
Payables related to service fees	883,770	803,267
Payables related to market and promotion expenses	842,558	814,186
Payables and accruals for other costs and expenses	1,347,077	1,420,875
Others	1,229,597	1,158,587
Total	11,647,222	11,149,921

Segment reporting

12 Months Ended

Dec. 31, 2022

Segment reporting

Segment reporting

18. Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (“CODM”). The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as certain members of the Group’s management team, including the chief executive officer (“CEO”).

The Group operates in three operating segments: (i) China Mobility; (ii) International; (iii) Other Initiatives. The following summary describes the operations in each of the Group’s reportable segments:

●

China Mobility: China Mobility segment mainly includes (i) The Group acts as the principal in providing ride hailing services to riders; (ii) The Group acts as an agent by connecting end-users to service providers who provide taxi hailing, chauffeur and other services.

●

International: International segment includes ride hailing services and food delivery services offered in international markets.

18. Segment reporting (Continued)

●

Other Initiatives: Other Initiatives mainly consist of bike and e-bike sharing, certain energy and vehicle services, intra-city freight, autonomous driving, financial services, etc.

The Group does not include inter-company transactions between segments for management reporting purposes. In general, revenues, cost of revenues and operating expenses are directly attributable, or are allocated, to each segment. The Group allocates costs and expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage or headcount, depending on the nature of the relevant costs and expenses. The Group currently does not allocate the assets to its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments. The Group currently does not allocate other long-lived assets to the geographic operations as substantially all of the Group’s long-lived assets are located in the PRC. In addition, substantially all of the Group’s revenue is derived from the PRC, therefore, no geographical information is presented.

The Group’s segment operating performance measure is segment Adjusted EBITA, which represents net income or loss before (a) certain non-cash expenses, consisting of share-based compensation expenses, amortization of intangible assets, and impairment of goodwill and intangible assets acquired from business combination, which are not reflective of the Group’s core operating performance, and (b) interest income, interest expenses, investment income (loss), net, impairment loss for equity investments accounted for using Measurement Alternative, income (loss) from equity method investments, net, other income (loss), net, and income tax benefits (expenses). The following table presents information about Adjusted EBITA and a reconciliation from the segment Adjusted EBITA to total consolidated loss from operations for the years ended December 31, 2020, 2021 and 2022:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Revenues:
China Mobility	133,645,113	160,520,747	125,930,620
International	2,333,113	3,622,366	5,863,123
Other Initiatives	5,757,926	9,684,269	8,997,940
Total segment revenues	141,736,152	173,827,382	140,791,683
Adjusted EBITA:
China Mobility	3,959,902	6,129,122	(1,449,926)
International	(3,533,836)	(5,787,976)	(4,024,455)
Other Initiatives	(8,806,771)	(19,514,226)	(7,294,752)
Total Adjusted EBITA	(8,380,705)	(19,173,080)	(12,769,133)
Share‑based compensation expenses	(3,413,292)	(24,654,583)	(3,424,049)
Amortization of intangible assets⁽ⁱ⁾	(1,993,945)	(1,824,762)	(1,631,280)
Impairment of goodwill and intangible assets acquired from business combination (Note 14)	—	(2,789,321)	—
Total consolidated loss from operations	(13,787,942)	(48,441,746)	(17,824,462)

(i)	Amortization expenses in connection with business combinations were RMB1,977,400, RMB1,799,508 and RMB1,561,239 for the years ended December 31, 2020, 2021 and 2022, respectively.

18. Segment reporting (Continued)

The following table presents the total depreciation expenses of property and equipment by segment for the years ended December 31, 2020, 2021 and 2022:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

China Mobility	260,179	306,382	360,612
International	63,025	124,633	92,903
Other Initiatives	2,951,940	3,789,506	3,058,310
Total depreciation of property and equipment	3,275,144	4,220,521	3,511,825

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Income taxes

12 Months Ended

Dec. 31, 2022

Income taxes

Income taxes

19. Income taxes

Cayman Islands (“Cayman”)

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance or estate duty. There are no other taxes likely to be material to the Group levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments.

British Virgin Islands (“BVI”)

Under the current laws of the British Virgin Islands, entities incorporated in British Virgin Islands are not subject to tax on their income or capital gains. In addition, payment of dividends by the British Virgin Islands subsidiaries to their respective shareholders who are not resident in the British Virgin Islands, if any, is not subject to withholding tax in the British Virgin Islands.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Group’s subsidiaries in Hong Kong are subject to 16.5% Hong Kong profit tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

PRC

The Company’s subsidiaries and VIEs in the PRC are governed by the Enterprise Income Tax Law (“EIT Law”), which became effective on January 1, 2008. Pursuant to the EIT Law and its implementation rules, enterprises in the PRC are generally subject to tax at a statutory rate of 25%. Certified High and New Technology Enterprises (“HNTE”) are entitled to a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. One of the Group’s subsidiary is qualified the HNTE certificate and enjoyed a reduced rate of 15% for the years presented, which will expire in 2025.

According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities were entitled to claim 150% of their research and development expenses incurred as tax deductible expenses when determining their assessable profits for that year (the “R&D Deduction”). The State Taxation Administration of the PRC announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as R&D Deduction from January 1, 2018 to December 31, 2023.

19. Income taxes (Continued)

The EIT Law also provides that enterprises established under the laws of foreign countries or regions and whose “place of effective management” is located within the PRC are considered PRC tax resident enterprises and subject to the PRC income tax at the rate of 25% on worldwide income. The definition of “place of effective management” refers to an establishment that exercises, in substance, overall management and control over the production and business, personnel, accounting, properties, and other aspects of an enterprise. If the Company is deemed as a PRC tax resident, it would be subject to the PRC tax under the EIT Law. The Company has analyzed the applicability of this law and believes that the chance of being recognized as a tax resident enterprise is remote for the PRC tax purposes.

The Company’s subsidiaries incorporated in other jurisdictions were subject to income tax charges calculated according to the tax laws enacted or substantially enacted in the countries where they operate and generate income.

Withholding tax on undistributed dividends

According to the current EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in China but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in China or which have an establishment or place in China but the aforementioned incomes are not connected with the establishment or place shall be subject to the PRC withholding tax (“WHT”) at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement provided that the foreign enterprise is the tax resident of the jurisdiction where it is located and it is the beneficial owner of the dividends, interest and royalties income).

The Group did not record any dividend withholding tax, as there were no taxable outside basis differences noted as of the end of the periods presented.

Income (loss) before income taxes consists of:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Income (loss) from overseas entities	3,020,403	(7,665,988)	(17,271,251)
Loss from PRC entities	(13,931,143)	(41,502,270)	(6,507,345)
Loss before income taxes	(10,910,740)	(49,168,258)	(23,778,596)

Income tax expenses (benefits) consists of:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Current income tax expenses	170,502	557,797	170,091
Deferred tax benefits	(473,704)	(391,477)	(166,176)
Total income tax expenses (benefits)	(303,202)	166,320	3,915

19. Income taxes (Continued)

Reconciliation of the differences between the PRC statutory tax rate and the Group’s effective tax rate is as below:


	For the Year Ended December 31
	2020		2021		2022
	RMB		RMB		RMB

PRC statutory tax rate	25.00	%	25.00	%	25.00	%
Tax effect of preferential tax treatments	(2.53)	%	(0.38)	%	(0.72)	%
Tax effect of permanent difference	(9.03)	%	(15.54)	%	(2.06)	%
Effect on tax rates in different tax jurisdiction	5.18	%	(0.50)	%	(12.15)	%
Changes in valuation allowance and others	(15.84)	%	(8.92)	%	(10.09)	%
Effective tax rate	2.78	%	(0.34)	%	(0.02)	%

The permanent differences mainly arose from share-based compensation expenses, R&D Deduction, and non-taxable interest income etc.

Significant components of the Group’s deferred tax balances are as follows:


	As of December 31
	2021	2022
	RMB	RMB
Deferred tax assets
Tax losses carryforwards	8,528,736	14,026,637
Advertising expenses in excess of deduct limit	1,830,543	3,093,464
Asset impairment and allowances for credit losses	1,575,404	1,303,029
Accrued expenses and others	1,732,080	1,513,483
Total deferred tax assets	13,666,763	19,936,613
Less: valuation allowance	(13,065,611)	(19,539,116)
Deferred tax assets, net	601,152	397,497
Deferred tax liabilities
Amortization expense of intangible assets	659,926	263,031
Depreciation expense of property and equipment, and others	202,513	204,943
Deferred tax liabilities	862,439	467,974

As of December 2022, the deferred tax asset, net, recognized from tax losses carryforwards was RMB33,278. The Group has tax losses in mainland China of RMB55,695,178 that will expire in one to ten years for deduction against future taxable profits:


		As of December 31,
		2022
		RMB
Loss expiring in 2023		1,926,709
Loss expiring in 2024		1,104,342
Loss expiring in 2025		7,656,285
Loss expiring in 2026		20,987,210
Loss expiring in 2027 and thereafter		24,020,632
Total		55,695,178

As of December 31, 2022, the accumulated tax losses carryforwards of subsidiaries incorporated in Brazil of RMB3,022,881 are allowed to be carried forward to offset against future taxable profits. The tax losses carryforwards in Brazil generally have no time limit.

19. Income taxes (Continued)

The Group offsets deferred tax assets and liabilities pertaining to a particular tax-paying component of the Group within a particular jurisdiction.


	As of December 31
	2021	2022
	RMB	RMB

Classification in the consolidated balance sheets:
Deferred tax assets, net	224,491	289,191
Deferred tax liabilities	485,778	359,668

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Share-based compensation

12 Months Ended

Dec. 31, 2022

Share-based compensation

Share-based compensation

20. Share-based compensation

The table below presents a summary of the Group’s share-based compensation for the years ended December 31, 2020, 2021 and 2022:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Operations and support	80,139	193,552	143,588
Sales and marketing	210,513	326,332	264,572
Research and development	777,888	2,258,705	1,183,306
General and administrative	2,344,752	21,875,994	1,832,583
Total share-based compensation expenses	3,413,292	24,654,583	3,424,049
Investment income (loss), net*	—	178,506	47,421
Total share-based compensation	3,413,292	24,833,089	3,471,470

* The Company granted share-based awards under the 2017 Plan and 2021 Plan (as defined below) to the employees of an equity investee with no increase in the relative ownership percentage of the investee and no proportionate funding by other investors. Accordingly, the Company recognized the entire cost of the share-based awards as incurred, amounting to RMB178,506 and RMB47,421 in investment income (loss), net in the consolidated statements of comprehensive loss for the years ended December 31, 2021 and 2022.

(a)	Share Incentive Plan

In December 2017, the Company adopted the Equity Incentive Plan (the “2017 Plan”), approved by the Board of Directors, which was subsequently amended. Share options, restricted shares and restricted share units (“RSUs”) under 2017 Plan may be granted to employees, directors and consultants of the Group and other related entities stipulated in the 2017 Plan. As of December 31, 2022, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards under the 2017 Plan was 195,127,549 shares.

In June 2021, the Company adopted the 2021 Share Incentive Plan (the “2021 Plan”), approved by the Board of Directors under which share options, restricted shares and RSUs may be granted to its employees, directors and consultants of the Group and other related entities stipulated in the 2021 Plan. As of December 31, 2022, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards under the 2021 Plan was 116,906,908 shares.

20. Share-based compensation (Continued)

Share-based awards granted under the 2017 Plan and the 2021 Plan have a contractual term of seven years from the stated grant date and are generally subject to a four-year vesting schedule as determined by the administrator of the plans. Depending on the nature and the purpose of the grant, share-based awards generally vest 15% upon the first anniversary of the vesting commencement date, and 25%, 25% and 35% in following years thereafter. In January 2022, the Company extended the contractual term for share options from seven years to ten years, effective as January 2022.

In April 2021, the Company approved granting 66,711,066 share options under the 2017 Plan to certain then directors and executive officers with a nominal exercise price per share, of which 63,501,066 share options granted to certain senior management were fully vested as the result of accelerated vesting. This resulted in share-based compensation expenses of RMB19,572,000 recognised in general and administrative expenses in the consolidated financial statements for the year ended December 31, 2021.

(b)Modification

For the years ended December 31, 2020 and 2021, 20,280,382 and 1,020,551 existing share options were exchanged for 25,905,827 and 688,826 new options, respectively, with different exercise prices, leading to incremental costs of RMB98,153 and RMB5,678 on the respective modification dates. In January 2022, the Company extended the contractual term for share options from seven years to ten years as aforementioned, leading to incremental costs of RMB153,139 on the respective modification date.

(c)Share Options

A summary of activities of the share options for the years ended December 31, 2020 and 2021 and 2022 is presented as follows:


			Weighted
		Weighted	Average		Weighted
		Average	Remaining	Aggregate	Average
	Number of	Exercise	Contractual	Intrinsic	Grant Date
	Options	Price	Life	Value	Fair Value
		US$	In Years	US$	US$
Outstanding as of January 1, 2020	58,401,190	5.45	4.54	2,010,425	27.59
Granted	12,981,876	0.62			38.30
Modification	5,625,445	11.80			28.45
Exercise of share options with shares issued to trusts	(13,379,655)	11.80		405,191	28.45
Exercise of share options	(12,526,172)	11.80		379,344	28.45
Forfeited/cancelled	(4,304,441)	5.86			34.20
Outstanding as of December 31, 2020	46,798,243	6.04	3.74	1,686,640	26.16
Granted	88,434,809	0.0001823			47.47
Modification	(331,725)	0.0001823			47.71
Exercise of share options with shares issued to trusts	(68,616,887)	0.0001823		1,366,836	47.71
Exercise of share options	(9,640,697)	0.0001823		192,041	47.71
Forfeited/cancelled	(4,067,894)	2.44			41.29
Outstanding as of December 31, 2021	52,575,849	4.90	3.40	789,898	30.18
Granted	18,459,565	0.0001823			11.80
Exercise of share options	(2,749,909)	0.42		33,819	24.22
Forfeited/cancelled	(4,552,050)	1.00			36.86
Outstanding as of December 31, 2022	63,733,455	3.94	6.39	559,325	24.62
Exercisable as of December 31, 2022	34,881,339	7.03	4.47	198,497	24.94
Vested and Expected to Vest as of December 31,2022	56,489,339	4.45	6.06	467,150	25.13

20. Share-based compensation (Continued)

The Group uses the binomial option pricing model to determine fair value of the share-based awards. The estimated fair value of each option granted is estimated on the date of grant using the binomial option-pricing model with the following assumptions:


	For the Year Ended December 31
	2020	2021	2022
Fair value of ordinary shares (US$)	37.65 ‑ 42.08	30.32 – 65.60	7.34-19.92
Expected volatility	31.0% ‑ 34.8%	33.6% - 37.8%	35.27%-40.34%
Risk‑free interest rate (per annum)	1.16% ‑ 1.69%	0.94% - 1.26%	1.52%-3.83%
Expected dividend yield	0%	0%	0%
Expected term (in years)	7	7	10

Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options.

(d) Restricted shares and RSUs

A summary of activities of restricted shares and RSUs for the years ended December 31, 2020, 2021 and 2022 is presented as follows:


			Weighted
		Weighted	Average
		Average	Remaining
	Number of	Grant Date	Contractual
	Shares	Fair Value	Life
		US$	In Years
Unvested at January 1, 2020	7,726,671	36.64	4.82
Granted	1,249,178	38.74
Vested	(1,802,889)	39.14
Exercise of share options with shares issued to trusts	13,379,655	39.87
Forfeited/cancelled	(1,790,178)	39.05
Unvested at December 31, 2020	18,762,437	38.60	4.60
Granted	3,137,540	48.47
Vested	(64,990,673)	45.36
Exercise of share options with shares issued to trusts	68,616,887	47.71
Forfeited/cancelled	(2,248,496)	48.40
Unvested at December 31, 2021	23,277,695	41.21	5.28
Granted	1,714,158	12.47
Vested	(7,947,817)	34.14
Forfeited/cancelled	(2,446,370)	40.84
Unvested at December 31, 2022	14,597,666	40.97	7.47
Expected to vest at December 31, 2022	11,686,346	41.52	7.54

The share-based awards granted have 1) only service condition; 2) both service and performance conditions, where awards granted are only vested or exercisable upon the occurrence of an IPO or deemed liquidation events by the Group.

The Group recognized share-based compensation, net of estimated forfeitures, using the graded vesting attribution method over the vesting term of the awards for the service condition awards.

20. Share-based compensation (Continued)

The Group considered it is improbable that the IPO or deemed liquidation events performance conditions would be satisfied until the event occurred. As a result, the share-based compensation expenses of RMB1,235,497 for these awards were not recognized until June 30, 2021, which was near the completion of the Group’s IPO by using the graded-vesting method.

As of December 31, 2022, there were RMB1,649,071 of unrecognized compensation expenses related to the share options expected to be recognized over a weighted average period of 2.51 years.

As of December 31, 2022, there were RMB1,157,782 of unrecognized compensation expenses related to restricted shares and RSUs, expected to be recognized over a weighted average period of 2.12 years.

(e) Voyager’s share-based awards

In the first quarter of 2021, Voyager Group Inc. (“Voyager”), a subsidiary of the Group, adopted 2020 Equity Incentive Plan (“Voyager Incentive Plan”) under which share options, restricted shares and RSUs may be granted to employees, directors and consultants of Voyager, its subsidiaries, the VIEs and VIEs’ subsidiaries and other related entities stipulated in the Voyager Incentive Plan. As of December 31, 2022, the maximum aggregate number of ordinary shares which could be issued pursuant to all awards under the Plan was 16,666,667 shares. The share-based compensation expenses of RMB221,178 and RMB 181,379 were recognized in the consolidated financial statements for the years ended December 31, 2021 and 2022.

Share-based awards granted under the Voyager Incentive Plan have a contractual term of seven years from the stated grant date and are generally subject to a four-year or five-year vesting schedule as determined by the administrator of the plans. Depending on the nature, share-based awards generally vest 25% or 20% upon the first anniversary of the vesting commencement date, and 25% or 20% every year thereafter. Furthermore, certain share-based awards are both service and performance condition, where awards granted are only vested upon the occurrence of an IPO or deemed liquidation events by Voyager.

Convertible redeemable non-controlling interests and convertible non-controlling interests

12 Months Ended

Dec. 31, 2022

Convertible redeemable non-controlling interests and convertible non-controlling interests

Convertible redeemable non-controlling interests and convertible non-controlling interests

21. Convertible redeemable non-controlling interests and convertible non-controlling interests

Financing transaction of Soda Technology Inc.

For the years ended December 31, 2020 and 2021, Soda Technology Inc. (“Soda”), the Group’s subsidiary, issued Series A preferred shares and B preferred shares (collectively as the “Soda Preferred Shares”) to external investors, including an entity controlled by Softbank (Note 25) and the Group with an aggregate cash consideration of US$1,264,000. Soda, through its subsidiaries and VIE, primarily engages in bike and e-bike sharing business. As of December 31, 2022, the Group continued to hold the majority of total equity interests in Soda on a fully-diluted basis.

Financing transaction of Voyager Group Inc.

For the years ended December 31, 2020 and 2021, Voyager, the Group’s subsidiary, issued Series A preferred shares and Series B preferred shares (the “Voyager Preferred Shares”) to external investors, including an entity controlled by Softbank (Note 25) and the Group with an aggregate cash consideration of an aggregate amount of US$825,000. Voyager, through its subsidiaries and VIE, primarily engages in the development and commercialization of autonomous vehicles. As of December 31, 2022, the Group continued to hold the majority of total equity interests on a fully diluted basis.

21. Convertible redeemable non-controlling interests and convertible non-controlling interests (Continued)

Financing transaction of City Puzzle Holding Limited

For the year ended December 31, 2021, City Puzzle Holdings Limited (“City Puzzle”), the Group’s subsidiary, issued Series A and Series A+ preferred shares (collectively as the “City Puzzle Preferred Shares”) to external investors and the Group with an aggregate cash consideration of US$1,340,000. City Puzzle primarily engages in providing intra-city freight services. As of December 31, 2022, the Group continued to hold the majority of total equity interests on a fully diluted basis.

The Group determined that the Preferred Shares issued from the financing transactions aforementioned should be classified as mezzanine equity since they are contingently redeemable upon certain events. The convertible redeemable non-controlling interests and convertible non-controlling interests consist of the following:


	Convertible redeemable	Convertible non‑
	non‑controlling interests	controlling interests
	RMB	RMB
Balance as of January 1, 2020	—	—
Issuance of convertible redeemable non-controlling interests and convertible non-controlling interests, net of issuance costs	3,180,218	99,851
Accretion of convertible redeemable non-controlling interests to redemption value	165,047	—
Balance as of December 31, 2020	3,345,265	99,851
Issuance of convertible redeemable non-controlling interests and convertible non-controlling interests, net of issuance costs	8,225,007	969,506
Accretion of convertible redeemable non-controlling interests to redemption value	687,617	—
Balance as of December 31, 2021	12,257,889	1,069,357
Accretion of convertible redeemable non-controlling interests to redemption value	898,649	—
Repurchase of convertible redeemable non-controlling interests	(145,962)	—
Balance as of December 31, 2022	13,010,576	1,069,357

The Group accounted for the difference between the repurchase price and the carrying value of the repurchased convertible redeemable non-controlling interests pursuant to ASC 810-10-45-21A through 45-24 and recorded the difference of RMB15,764 in additional paid-in capital.

Convertible preferred shares

12 Months Ended

Dec. 31, 2022

Convertible preferred shares

Convertible preferred shares

22. Convertible preferred shares

The following table summarizes the issuances of convertible preferred shares immediately before the conversion upon the Group’s IPO.


		Issuance	Total
		price	number of
Series	Issuance date	per share	shares issued
		US$
Series A-1 convertible preferred shares	February 2015	11.3970	12,180,250
Series A-2 convertible preferred shares	February 2015	11.4423	9,145,501
Series A-3 convertible preferred shares	February 2015	11.4423	10,668,684
Series A-4 convertible preferred shares	February 2015	11.6866	33,711,135
Series A-5 convertible preferred shares	February 2015	12.0325	21,161,516
Series A-6 convertible preferred shares	February 2015	12.7193	41,028,543
Series A-7 convertible preferred shares	March 2013	0.0080	20,000,000
Series A-8 convertible preferred shares	April 2013	0.1600	12,500,000
Series A-9 convertible preferred shares	May 2013	0.9600	3,125,000
Series A-10 convertible preferred shares	May 2013	0.9600	15,625,000
Series A-11 convertible preferred shares	January 2014	2.9160	21,654,327	⁽ⁱ⁾
Series A-12 convertible preferred shares	January 2014	3.2400	10,956,791
Series A-13 convertible preferred shares	April 2014	3.8250	20,915,034
Series A-14 convertible preferred shares	July 2014	7.3125	17,777,778
Series A-15 convertible preferred shares	December 2014 to January 2015	12.2727	54,592,596
Series A-16 convertible preferred shares	May 2015	18.9705	12,756,674
Series A-17 convertible preferred shares	July 2015 to March 2016	27.4262	116,312,175
Series A-18 convertible preferred shares	April 2016 to August 2017	38.2271	111,432,959
Series B-1 convertible preferred shares	August 2016 to October 2017	119.0705	58,530,879
Series B-2 convertible preferred shares	April 2017 to August 2019	50.9321	212,683,291

(i)	Including 4,507,550 Series A-11 preferred shares legally issued in 2018 upon the exercise of the warrant.

22. Convertible preferred shares (Continued)

The major rights, preferences and privileges of the preferred shares are as follows:

Conversion rights

All series except for Series B-1 preferred shares

Each of the preferred shares is convertible, at the option of the holder, into the Company’s ordinary shares at an initial conversion ratio of 1:1 at any time after the date of issuance of such preferred shares.

The preferred shares shall be automatically converted into ordinary shares (i) immediately prior to the consummation of a Qualified IPO or (ii) specified by written consent of Series A-1 to A-15 preferred shares holders, and at least 75% of voting power of the outstanding Series A-16 preferred shares holders, at least 75% of voting power of the outstanding Series A-17 preferred shares holders, at least 75% of voting power of the outstanding Series A-18 preferred shares holders, and at least 75% of voting power of the outstanding Series B-2 preferred shares holders.

Series B-1 preferred shares

Each of the preferred shares is convertible, at the option of the holder, into the 3 ordinary shares at the option of the Series B-1 preferred shares holders upon: 1) the consummation of an Qualified IPO, 2) the transfer of Such Series B-1 preferred shares pursuant to the certain agreement; 3) liquidation, dissolution or winding up of Company; 4) other extraordinary corporate transaction for which the Series B-1 preferred shareholders receive different treatment relative to the treatment applicable to Series A-18 preferred shareholders as if each Series B-1 Preferred Share shall have been converted into three Series A-18 Preferred Shares.

Dividend rights

The holders of preferred shares are entitled to receive non-cumulative dividends at a simple rate of 8% of original issuance price of preferred shares per annum as and when declared by the Board of Directors.

No dividends on preferred shares and ordinary shares have been declared for the years ended December 31, 2020 and 2021.

Liquidation preferences

In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of preferred shares have preference over holders of ordinary shares with respect to payment dividends and distribution of assets. Upon liquidation, each preferred shareholder is entitled to be on parity with each other, and prior and in preference to any distribution of any of assets or funds of the Company to the ordinary shareholders.

The holders of Series A-4 to A-18 and B-1 to B-2 preferred shares shall receive an amount equal to 100% of original issuance price with respect to Series A-4 to A-18 and B-1 to B-2 preferred shares on an as-converted basis, plus all dividends declared and unpaid with respect thereto per share, then held by holders. The holders of Series A-1 to A-3 preferred shares shall receive an amount equal to 140% of the original issuance price with respect to Series A-1 to A-3 preferred shares on an as-converted basis, plus all dividends declared and unpaid with respect thereto per share, then held by holders.

22. Convertible preferred shares (Continued)

Voting rights

The holder of each ordinary share issued and outstanding has one vote for each ordinary share held and the holder of each preferred shares (except for Series B-1 preferred shares) has the number of votes as equals to the number of ordinary shares then issuable upon their conversion into ordinary shares. The holder of each Series B-1 preferred shares has the number of votes as equal to one-third of the whole number of ordinary shares then issuable upon their conversion into ordinary shares except some specific matters.

Conversion upon IPO

In July, 2021, upon the completion of the Company’s IPO, all the issued and outstanding preferred shares were automatically converted into ordinary shares based on aforementioned conversion price.

Accounting for preferred shares

The Group has classified the preferred shares in the mezzanine equity of the consolidated balance sheets as they are considered as contingently redeemable upon a deemed liquidation event occurs in accordance with ASC 480-10-S99-3A (f).

The Group has determined that there was no beneficial conversion feature attributable to the preferred shares because the initial effective conversion prices of these preferred shares were higher than the fair value of the Company’s ordinary shares determined by the Company taking into account independent valuations.

The movement of preferred shares for the years ended December 31, 2020, 2021 and 2022 is as follows:


	Total
	number of	Total
	shares	amount
		RMB
Balance as of January, 2020	816,287,809	189,847,244
Repurchase of Series A‑17 convertible preferred shares	(29,842)	(5,198)
Repurchase of Series A‑18 convertible preferred shares	(12,215)	(3,067)
Balance as of December 31, 2020	816,245,752	189,838,979
Conversion of preferred shares to ordinary shares	(816,245,752)	(189,838,979)
Balance as of December 31, 2021	—	—
Balance as of December 31, 2022	—	—

The Group accounted for repurchases of preferred shares as retirements of treasury shares whereby the difference between the repurchase price and the carrying value of the repurchased preferred shares is accounted for as deemed dividend to the holders of preferred shares which were recorded against additional paid-in capital. The deemed dividend resulting from repurchases of preferred shares was RMB872, and nil for the years ended December 31, 2020 and 2021, respectively.

Ordinary shares

12 Months Ended

Dec. 31, 2022

Ordinary shares

Ordinary shares

23. Ordinary shares

As of December 31, 2022, the authorised share capital of the Company is US$100,000 divided into 5,000,000,000 shares, comprising of (i) 4,000,000,000 Class A ordinary shares with a par value of US$0.00002 each, (ii) 500,000,000 Class B ordinary shares with a par value of US$0.00002 each, and (iii) 500,000,000 shares with a par value of US$0.00002 each of such class or classes (however designated) as the board of directors may determine in accordance with the post-offering memorandum and articles of association. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote, and is not convertible into Class B ordinary shares under any circumstances. Each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof.

In July 2021, the Company completed its IPO and 79,200,000 Class A ordinary shares were issued, with proceeds of RMB28,033,106 (US$4,331,978), net of underwriter commissions and relevant offering expenses. All of the preferred shares were automatically converted into 933,307,510 Class A ordinary shares immediately upon the completion of IPO.

In January 2022, the Company issued 20,917,324 Class A ordinary shares and deposited the shares in its depositary bank pursuant to share incentive plans. The shares are subject to future exercise of options or vesting of RSUs pursuant to share incentive plans and deemed as treasury shares.

In June 2022, the Company filed a Form 25 with the SEC, in order to delist its ADSs from the New York Stock Exchange (“NYSE”). As a result, the Group’s ADSs were delisted from the NYSE on June 13, 2022. The Group’s ADSs have been quoted on OTC Pink under the symbol “DIDIY” thereafter.

As of December 31, 2022, 1,084,058,607 Class A ordinary shares and 112,895,380 Class B ordinary shares were issued and outstanding by the Company.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Loss per share

12 Months Ended

Dec. 31, 2022

Loss per share

Loss per share

24. Loss per share

Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 for the years ended December 31, 2020, 2021 and 2022 as follows:


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Numerator:
Net loss attributable to DiDi Global Inc.	(10,514,498)	(49,343,664)	(23,783,321)
Accretion of convertible redeemable non-controlling interests to redemption value	(165,047)	(687,617)	(898,649)
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares	(872)	—	—
Net loss attributable to ordinary shareholders of DiDi Global Inc.	(10,680,417)	(50,031,281)	(24,681,970)
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding*	106,694,420	657,996,437	1,210,979,609
Net loss per share attributable to ordinary shareholders
— Basic	(100.10)	(76.04)	(20.38)
— Diluted	(100.10)	(76.04)	(20.38)

*	Vested restricted shares and RSUs and vested share options with minimal exercise price are considered outstanding in the computation of basic loss per share.

24. Loss per share (Continued)

For the years ended December 31, 2020, 2021 and 2022, the Company had ordinary equivalent shares, including preferred shares, share options, restricted shares and RSUs granted. As the Group incurred loss for the years ended December 31, 2020, 2021 and 2022, these ordinary equivalent shares were antidilutive and excluded from the calculation of diluted loss per share of the Company. The weighted average numbers of preferred shares using the if converted method excluded from the calculation of diluted loss per share of the Company were 933,318,197 and 467,932,258 for the years ended December 31, 2020 and 2021, respectively. The weighted average numbers of share options, restricted shares and RSUs granted using the treasury stock method excluded from the calculation of diluted loss per share of the Company were 34,318,101, 68,967,807 and 49,167,693 for the years ended December 31, 2020, 2021 and 2022, respectively.

Related party transactions

12 Months Ended

Dec. 31, 2022

Related party transactions

Related party transactions

25. Related party transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities.

Transactions with certain shareholders

The Group has commercial arrangements with two of the Group’s shareholders in the ordinary course of business, namely Alibaba and its subsidiaries (“Alibaba Group”), and Tencent and its subsidiaries (“Tencent Group”).

●

Transactions with Alibaba Group

The Group has commercial arrangements with Alibaba Group primarily related to ride hailing and enterprise solutions services within the China Mobility segment. The ride hailing and enterprise solutions services provided to Alibaba Group are conducted on an arm’s length basis compared with similar unrelated parties. All the revenues generated from Alibaba Group accounted for less than 0.2% of the Group’s total revenues for the years ended December 31, 2020, 2021 and 2022, respectively.

The Group also has commercial arrangement with Alibaba Group primarily related to cloud communication services and information technology platform services. The costs and expenses related to these services that were provided by Alibaba Group accounted for less than 0.3% of the Group’s total costs and expenses for the years ended December 31, 2020, 2021 and 2022, respectively.

●

Transactions with Tencent Group

The Group has commercial arrangements with Tencent Group primarily related to ride hailing and enterprise solutions services, online advertising services as well as licensing services. The services provided to Tencent Group are conducted on an arm’s length basis compared with similar unrelated parties. All the revenues generated from Tencent Group accounted for less than 0.5% of the Group’s total revenues for the years ended December 31, 2020, 2021 and 2022, respectively.

The Group also has commercial arrangements with Tencent Group primarily related to payment processing services, colocation services and cloud communication services. The costs and expenses related to these services that were provided by Tencent Group accounted for less than 0.7% of the Group’s total costs and expenses for the years ended December 31, 2020, 2021 and 2022, respectively.

Amounts due from Alibaba Group and Tencent Group related to the above services were RMB66,641 and RMB45,162 as of December 31, 2021 and 2022, respectively.

25. Related party transactions (Continued)

Amounts due to the Alibaba Group and Tencent Group related to the above services were RMB140,557 and RMB198,102 as of December 31, 2021 and 2022, respectively.

In addition, the Group has made certain financing transactions and an equity investment together with Softbank. The agreements for Softbank’s investments in those financing transactions and the equity investment were conducted on fair value basis and are disclosed in Note 4, Note 10 and Note 21.

Transactions with Chengxin

Revenues generated from intra-city freight and ride hailing services provided to Chengxin were RMB277,350 for the year ended December 31, 2021 subsequent to Chengxin’s deconsolidation from the Group. The amount due from Chengxin relating to such services was RMB7,363 as of December 31, 2021.

The Group has a commercial framework arrangement with Chengxin under which the Group procured certain services from third vendors on behalf of Chengxin and charged Chengxin based on the actual cost of services provided by third party vendors, and shared a series of services with Chengxin, including services for middle and back offices, based on reasonable actual cost of the service agreed by both the Group and Chengxin. The procurement was accounted for as a settlement of liabilities by the Group on behalf of Chengxin. The share of services was accounted for as an allocation of costs and expenses from the Group to Chengxin. The amount due from Chengxin and advance payment made by Chengxin under the commercial framework arrangement above amounted to RMB10,750 and RMB87,961 as of December 31, 2021, respectively.

As described in Notes 4 and 27, Chengxin’s shareholders and board resolved to distribute all of its available assets to its shareholders, in accordance with the distribution sequences outlined in the Agreements. As a shareholder of Chengxin, the Group received its share of Chengxin’s assets of RMB1,935,171 upon the completion of the distribution in July 2022. Prior to the distribution, the Group’s transactions with Chengxin were insignificant.

Transactions with other investees

Other than the transactions disclosed above or elsewhere in the consolidated financial statements, the Group has commercial arrangements with certain of its investees to provide or receive technical support and other services. The amounts relating to these services provided or received represented less than 0.2% of the Group’s revenues or total costs and expenses for the years ended December 31, 2020, 2021 and 2022, respectively.

Commitments and contingencies

12 Months Ended

Dec. 31, 2022

Commitments and contingencies

Commitments and contingencies

26. Commitments and contingencies

a Operating lease commitments

The Group has outstanding commitments on non-cancelable operating lease agreements which are expected to commence after December 31, 2022. Operating lease commitments contracted but not yet reflected in the consolidated financial statements as of December 31, 2022 are as follows:


		Less than			Over 5
	Total	1 year	1-3 Years	3-5 Years	Years
Operating lease commitments	79,158	29,318	45,408	3,854	578

These operating leases will commence after December 31, 2022 with lease terms from 1 year to 7 years.

26. Commitments and contingencies (Continued)

b Litigation and other contingencies

From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, the Group does not believe that the ultimate outcome of any unresolved matters, individually and in the aggregate, is reasonably possible to have a material adverse effect on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis.

Starting in July 2021, the Company and certain of its officers and directors were named as defendants in several putative securities class actions filed in federal court and state court in the United States. These actions alleged, in sum and substance, that the registration statement and prospectus the Group prepared for its initial public offering contained material misstatements and omissions. Upon the issuance date of the consolidated financial statements for the year ended December 31, 2022, both the consolidated federal action and the state court action remain in their preliminary stages. The Group intends to vigorously defend itself against these claims and is currently unable to predict the timing, outcome or consequences of these actions, or estimate the possible loss or possible range of loss, if any, associated with the resolution of these lawsuits. The results from the lawsuits could have an adverse effect on the Group’s consolidated financial position, results of operations, or cash flows in the future.

After our initial public offering in the United States, the SEC contacted the Company and made inquiries in relation to the offering. The Company is cooperating with the investigation, subject to strict compliance with applicable PRC laws and regulations. The Group is currently unable to predict the timing, outcome or consequences of such an investigation.

Fair value measurement

12 Months Ended

Dec. 31, 2022

Fair value measurement

Fair value measurement

27. Fair value measurement

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2021 and 2022.


		Fair value measurement at reporting date using
		Quoted Prices
		in Active
		Markets for		Significant
		Identical	Significant Other	Unobservable
	December 31	Assets	Observable Inputs	Inputs
Items	2021	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
Structured notes under fair value option	4,622	—	4,622	—
Listed equity securities	13,342,946	451,679	12,891,267	—
Equity investments in Chengxin	12,767	—	—	12,767
Convertible Note of Chengxin	673,357	—	—	673,357
Other investments under fair value option	739,446	—	739,446	—
Total	14,773,138	451,679	13,635,335	686,124

27. Fair value measurement (Continued)


		Fair value measurement at reporting date using
		Quoted Prices
		in Active
		Markets for		Significant
		Identical	Significant Other	Unobservable
	December 31	Assets	Observable Inputs	Inputs
Items	2022	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
Structured notes under fair value option	1,755,009	—	1,755,009	—
Listed equity securities	6,725,766	6,725,766	—	—
Other investments under fair value option	1,386,741	—	1,386,741	—
Total	9,867,516	6,725,766	3,141,750	—

Recurring

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Company uses to measure the fair value of assets that the Group reports in its consolidated balance sheets at fair value on a recurring basis.

Short-term investments

As there are no quoted prices in active markets for the investment at the reporting date, the Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurement to estimate the fair value of investments in short-term investments with variable interest rates indexed to the performance of underlying assets.

Investments in Chengxin

The Group applies fair value accounting to both equity investment and investment in Convertible Note (Level 3) with assistance of a third-party independent appraiser. The Group applies significant judgments in estimating fair values of Chengxin including selection of valuation methods and significant assumptions used in valuation. The fair value of the Investments in Chengxin upon the deconsolidation was determined by referencing the most recent financing transaction in preferred shares aforementioned in Note 4 and used as an input to an OPM. Other key inputs to the OPM were discounts for lack of marketability(DLOM) relating to the ordinary shares and preferred shares of Chengxin ranging from 12% to 25%, volatility of 55% and time to liquidity of 5.0 years.

At December 31, 2021, the Group, with the assistance of third-party independent appraiser, remeasured the fair value of the Investment in Chengxin by using scenario-based model, which incorporates various estimates, including scenario probability estimates, projected cash flow for each scenario, discount rates and other factors. Two scenarios were considered, including a scenario in which Chengxin will continue to operate normally and complete an initial public offering (“Scenario I”) and a scenario in which Chengxin remains private with limited operating period (“Scenario II”), which were determined by the Company based on an analysis of performance and market conditions at the time. Under both scenarios, the total equity value was determined by using the income approach, specifically a discounted cash flow analysis with unobservable inputs including the discount rates of 22% and 20% respectively for Scenario I and Scenario II. The equity value under Scenario I was allocated on an as-if-fully-converted basis whereas under Scenario II equity value was allocated to each class of shares according to their seniority. As described in Note 4, Chengxin’s shareholders and board resolved to distribute all of its available assets to its shareholders, in accordance with the distribution sequences outlined in the Agreements. As a shareholder of Chengxin, the Group received its share of Chengxin’s assets of RMB1,935,171 upon the completion of distribution in July 2022. The difference amounting to RMB1,172,541 between the distributions received and the investment balance at December 31, 2021 was recorded in investment income (loss), net in the consolidated statement of comprehensive loss in 2022.

27. Fair value measurement (Continued)

Other investment securities

The Group values its listed equity securities in active markets using quoted prices for the underlying securities, the Group classifies the valuation techniques that use these inputs as Level 1. The Group values its listed equity securities under restrictions for trading based on quoted prices for the underlying securities, adjusted by a discount for lack of marketability, the Group classifies the valuation techniques that uses these inputs as Level 2. The fair value of the Group’s investments in convertible bonds is measured based on quoted market interest rates of similar instruments and other significant inputs derived from or corroborated by observable market data. The Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurement.

Cash equivalent, restricted cash, time deposits, short-term receivables and payables

Cash equivalent, restricted cash, time deposits, accounts and notes receivable, prepayments, receivables and other current assets are financial assets with carrying values that approximate fair value due to their short-term nature. Accounts and notes payables, customer advances and deferred revenue, accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value due to their short-term nature.

Non-recurring

The Group measures equity investments without readily determinable fair values at fair value on a nonrecurring basis when an impairment charge is to be recognized. As of December 31, 2021 and 2022, certain investments were measured using significant unobservable inputs (Level 3) and written down from their respective carrying values to fair values, considering the stage of development, the business plan, the financial condition, the sufficiency of funding and the operating performance of the investee companies, with impairment charges incurred and recorded in earnings for the years ended December 31, 2020, 2021 and 2022. The Group recognized impairment charges of RMB1,022,098, nil and RMB18,540 for those investments without readily determinable fair values for the years ended December 31, 2020, 2021 and 2022, respectively, as well as impairment loss of RMB79,875, RMB264,292 and RMB59,651 for equity method investments, for the years ended December 31, 2020, 2021 and 2022, respectively. The fair value of the privately held investments is valued based on the discount cash flow model with unobservable inputs including the discount rate from 15% to 20%, or valued based on market approach with unobservable inputs including selection of comparable companies and multiples and estimated discount for lack of marketability.

The Group’s non-financial assets, such as intangible assets, goodwill and property and equipment, would be measured at fair value only if they were determined to be impaired. The Group reviews the long-lived assets and identifiable intangible assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. For the years ended December 31, 2020, 2021 and 2022, the Group recognized RMB891,180, RMB2,535,959 and RMB17,736 of impairment loss on the long-lived assets other than goodwill based on management’s assessment (Level 3). In accordance with the Group policy to perform an impairment assessment of its goodwill on an annual basis as of the balance sheet date or when facts and circumstances warrant a review, the Group performed an impairment assessment for the goodwill of reporting units annually. The Group concluded that no write down was warranted for the years ended December 31, 2020 and 2022. For the year ended December 31, 2021, impairment loss with the amount of RMB2,501,100 was recorded for goodwill generated from the acquisition of 99 Taxis. The inputs used to measure the estimated fair value of the long-lived assets and goodwill are classified as Level 3 fair value measurement due to the significance of unobservable inputs using company-specific information. The valuation methodology used to estimate the fair value of the long-lived assets is discussed in Note 14 Goodwill for further information.

As a result of the adverse change in the operating and financial performance of the Group’s bike and e-bike sharing business during the third quarter of 2021, a quantitative impairment assessment was first performed based on the undiscounted future cash flows for each identifiable asset group within bike and e-bike sharing business with unobservable inputs. The impairment was measured using the discount curve of discount rate of 16% for asset groups that failed the first step impairment test.

- 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

Restricted net assets

12 Months Ended

Dec. 31, 2022

Restricted net assets

Restricted net assets

28. Restricted net assets

PRC laws and regulations permit payments of dividends by the Group’s subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group’s subsidiaries incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any dividends, unless the reserve has reached 50% of their respective registered capital. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of the restrictions described above and elsewhere under PRC laws and regulations, the Group’s subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Group in the form of dividends. Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may temporarily delay the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. The restriction amounted to RMB 15,258,904 as of December 31, 2022. Except for the above or disclosed elsewhere, there is no other restriction on the use of proceeds generated by the Group’s subsidiaries to satisfy any obligations of the Group.

The Group performed a test on the restricted net assets of its subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the restricted net assets do not exceed 25% of the consolidated net assets of the Group as of December 31, 2022 and the condensed financial information of the parent company are not required to be presented.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2022

Summary of significant accounting policies

Basis of presentation

3.1 Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

Basis of consolidation

3.2 Basis of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company is considered the ultimate primary beneficiary for accounting purposes.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A VIE is an entity in which the Company’s subsidiary, through contractual arrangements, has the power to direct activities of the VIEs that most significantly impact their economic performance, and has the right to receive economic benefits from the VIEs that could potentially be significant to them, and therefore the Company is considered the ultimate primary beneficiary of the entity for accounting purposes.

All transactions and balances among the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. The results of subsidiaries and VIEs acquired or disposed of during the year are recorded in the consolidated statements of comprehensive loss from the effective dates of acquisition or up to the effective dates of disposal, as appropriate.

Impact of the COVID-19 pandemic

3.3 Impact of the COVID-19 pandemic

The COVID-19 pandemic starting in January 2020 had an adverse impact on the Group’s business and operations including reduced demand for China Mobility and International business. During 2021, China also experienced upticks in cases that have prompted selective restrictions in the affected regions at various times. In 2022, there have been the resurgence of the COVID-19 pandemic, especially in the second and fourth quarter. As a result, the Group’s operating and financial performance for China Mobility have been adversely affected. Starting in December 2022, most of the travel restrictions and quarantine requirements in China were lifted.

The extent to which the COVID-19 pandemic impacts the Group’s future business, results of operations, financial position and cash flows will depend on future developments which are highly uncertain, unpredictable and beyond the Group’s control, including the severity of the disease, the duration of the outbreak, additional actions that may be taken by governmental authorities, the further impact on the business of drivers, riders, and business partners. The Group will continue to evaluate the nature and extent of the impact of the COVID-19 pandemic to its future business, results of operations, financial condition and liquidity.

As part of the Chinese government’s effort to ease the burden of business affected by the COVID-19 pandemic, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration temporarily reduced or exempted contributions to the government-mandated employee welfare benefit plans from February 2020 to December 2020. In addition, the Ministry of Finance and the State Taxation Administration temporarily exempted VAT on revenues derived from the provision of public transportation services in the PRC from January 2020 to March 2021 and from January 2022 to December 2022, respectively.

Use of estimates

3.4 Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods.

The Group believes that (i) revenue recognition, (ii) assessment for impairment of goodwill, long-lived assets, intangible assets, (iii) determination of the estimated useful lives of long-lived assets, (iv) fair value of short-term, long-term investments and other financial instruments, (v) provision for credit losses of time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables, (vi) determination of the fair value of ordinary shares, (vii) valuation and recognition of share based compensation expenses, (viii) provision for income tax and realization of deferred tax assets reflect the more significant judgments and estimates used in the preparation of its consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ from those estimates.

The Group considered the impacts of the COVID-19 pandemic on the assumptions and inputs supporting certain of these estimates, assumptions and judgments. The level of uncertainties and volatilities in the global financial markets and economies resulting from the pandemic related to the impacts of the COVID-19 pandemic means that these estimates may change in future periods, as new events occur and additional information is obtained.

Based on current assessment of these estimates, the Group did not identify additional impairment related to its goodwill or other long-lived assets except for the impairment charges described in Notes 11, 14 and 27 for the years ended December 31, 2020, 2021 and 2022, respectively.

Functional currency and foreign currency translation

3.5 Functional currency and foreign currency translation

The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands and BVI is United States dollars (“US$”). The functional currency of its subsidiaries incorporated in Hong Kong is HongKong dollar (“HK$”) or US$. The functional currency of the PRC entities in the Group is RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters.

Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as other income (loss), net in the consolidated statements of comprehensive loss. The foreign exchange gain amounted to RMB1,156,606 and RMB70,265 for the years ended December 31, 2020 and 2021, respectively; and the foreign exchange loss amounted to RMB1,387,541 for the year ended December 31, 2022, which was mainly caused by the depreciation of RMB against US$ or HK$ for the financial assets denominated in RMB held by the Company and its subsidiaries incorporated in the Cayman Islands, BVI and Hong Kong.

The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities are translated at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues and expenses, gains and losses are translated into RMB using the periodic average exchange rates. Translation adjustments are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income (loss) in the consolidated statements of comprehensive loss.

Convenience translation

3.6 Convenience translation

Translations of the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2022 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8972, representing the index rates stipulated by the federal reserve board/the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 30, 2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 30, 2022, or at any other rate.

Fair value measurement

3.7 Fair value measurement

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

●

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities;

●

Level 2 — Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities;

●

Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

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

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based sourced market parameters, such as interest rates and currency exchange rates.

Cash and cash equivalents

3.8 Cash and cash equivalents

Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal for use, and which have original maturities less than three months. As of December 31, 2021 and 2022, cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay amounted to RMB2,212,704 and RMB971,925 respectively, which have been classified as cash and cash equivalents in the consolidated balance sheets.

Restricted cash and non-current restricted cash

3.9 Restricted cash and non-current restricted cash

Cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which have original maturities less than three months, and which are restricted as to withdrawal for use or pledged as security are reported separately as restricted cash. The Group’s restricted cash is classified into current and non-current based on the length of restricted period. The Group’s restricted cash primarily represents the deposits in banks which are restricted in use.

Short-term investments

3.10 Short-term investments

Short-term investments mainly consist of time deposits, structured notes and other investments with maturities within 12 months. Time deposits include the balances placed with the banks with original maturities over three months, but less than one year and the long-term time deposits with a maturity date within one year. The investments that are expected to be realized in cash during the next twelve months are also included in short-term investments.

The Group elected the fair value option (“FVO”) at the date of initial recognition to measure structured notes and other debt investments with variable interest rates. Changes in the fair value are reflected in the consolidated statements of comprehensive loss as investment income (loss), net.

Accounts and notes receivable, net

3.11 Accounts and notes receivable, net

Accounts receivable, net represent the amounts that the Group has an unconditional right to consideration from riders, other individual customers and enterprise customers, and primarily consist of (i) unpaid fare amounts from riders, (ii) fare amounts paid by riders but not yet received by the Group, (iii) fare amounts not yet paid by enterprise customers, (iv) unpaid amounts from individual customers and enterprise customers for other services completed.

Notes receivable, net represent short-term notes receivable issued by reputable financial institutions that entitle the Group to receive the full-face amount from the financial institutions at maturity, which generally range from one to twelve months from the date of issuance.

Loans receivable, net

3.12 Loans receivable, net

Loans receivable, net primarily represent micro loans the Group offers to individual borrowers who are registered as riders, end-users or drivers via the Group’s platforms, mainly with terms of three to twelve months.

Measurement of loans receivable

Loans receivable are measured at amortized cost and reported on the consolidated balance sheets at outstanding principal and accrued interest receivable adjusted for allowances for credit losses as the Group undertakes substantially all the risks and rewards for such loans offered.

Accrued interest receivable

Accrued interest income on loans receivable is calculated based on the contractual interest rate of the loan and recorded as revenue in Other Initiatives as earned in the consolidated statements of comprehensive loss. Generally, loans receivable are impaired and placed on non-accrual status upon reaching 90 days past due. When a loan receivable is placed on non-accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date. Cash payment received on non-accrual loans receivable would be first applied to any unpaid principal and late payment fees, if any, before recognizing interest income.

Allowance for credit losses

The provision for credit losses reflects the best estimate of the losses inherent in the outstanding portfolio of loans. The Group considers a loan receivable to be delinquent when a monthly payment is one day past due. The Group writes off the loan receivable against the related allowance when management determines that full repayment of a loan is not probable. Generally, write-off occurs after the 180th day of delinquency. The primary factor in making such determination is the assessment of potential recoverable amounts from the delinquent debtor.

Short-term and long-term finance lease receivables, net

3.13 Short-term and long-term finance lease receivables, net

The Group provides automobile finance lease services to individual customers and rental companies. The net investment of the lease is recorded as finance lease receivables upon the inception of the lease. The net investment in a lease consists of the minimum lease payments, net of executory costs plus the unguaranteed residual value, less the unearned interest income plus the unamortized initial direct costs related to the lease. The accrued interest is also included in the finance lease receivables balance. Over the period of a lease, each lease payment received is allocated between the repayment of the net investment in the lease and lease income based on the effective interest method so as to produce a constant rate of return on the net investment in the lease. The lease income is recorded as the Group’s revenues in the consolidated statements of comprehensive loss. Initial direct costs of the finance leases are amortized over the lease term by adjusting against the related lease income. The investment in the leases, net of allowance for credit losses, is presented as finance lease receivables and classified as current or non-current assets in the balance sheets based on the duration of the remaining lease terms.

Accrued lease income on finance lease receivables is calculated based on the effective interest rate of the net investment. Finance lease receivables are placed on non-accrual status upon reaching past due status for more than 90 days. When a finance lease receivable is placed on non-accrual status, the Group stopped accruing interest. Lease income is subsequently recognized only upon the receipt of cash payments.

Expected credit losses

3.14 Expected credit losses

The Group adopted ASC 326 on January 1, 2020 using a modified retrospective approach which did not have a material impact on the opening balance of accumulated deficit.

The Group’s time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit losses experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit losses analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances.

All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Group’s control. The Group updated the model based on various macroeconomic and market data and took the latest available information into consideration.

Investment securities and other investments

3.15 Investment securities and other investments

Investment securities and other investments consist of equity securities with readily determinable fair value as well as other investments which primarily consist of debt investments.

Equity securities with readily determinable fair value

The Group invests in marketable equity securities, which are publicly traded stock.

The Group carries these equity securities at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss.

Debt investments

Debt investments are accounted for at amortized cost or under the fair value option. The Group has elected the fair value option for certain debt investments primarily consisting of convertible bonds and structured notes with maturities of over one year. 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 or unrealized gains (losses) recorded as investment income (loss), net in the consolidated statements of comprehensive loss.

Other debt investments, primarily consist of long term time deposits, which the balance placed with the bank with original maturities over 12 months, are measured at amortized cost. Interest income from debt investments is recognized using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows.

Long-term investments

3.16 Long-term investments

The Group’s long-term investments consist of equity investments without readily determinable fair value and equity investments over which the Group has ability to exercise significant influence.

Equity securities without readily determinable fair value measured at Measurement Alternative

Equity securities except for those over which the Group has the ability to exercise significant influence, are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss, according to ASC 321 “Investments — Equity Securities”, which the Group adopted beginning April 1, 2018. The Group elected to record the equity investments without readily determinable fair value using the Measurement Alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer, if any. All realized and unrealized gains (losses) on the investments, are recognized in investment income (loss), net or impairment loss for equity investments accounted for using Measurement Alternative in the consolidated statements of comprehensive loss.

For investments under the Measurement Alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date based on performance and financial position of the investee as well as other evidence of market value. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing, as well as the financial and business performance, and other significant judgment in considering various factors and events.

If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net loss equal to the difference between the carrying value and fair value. Significant judgment is applied by the Group in estimating the fair value to determine if an impairment exists, and if so, to measure the impairment losses for these equity security investments. These judgments include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used in cash flow forecasts.

Equity investments accounted for using the equity method

The Group applies the equity method to account for equity investments in common stock or in-substance common stock, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a majority equity interest or otherwise control, unless the fair value option is elected. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock.

Under the equity method, the Group initially records its investment at cost and subsequently records its share of the results of the equity investees within a one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee generally represents goodwill and intangible assets acquired. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statement of comprehensive loss and recognizes its share of post-acquisition movements in accumulated other comprehensive income (loss) as a component of shareholders’ equity (deficit). When the Group’s share of losses in the equity investees equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee.

The Group continuously reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If any impairment is considered other-than-temporary, the Group writes down the investment to its fair value and recognizes the impairment charge to the consolidated statements of comprehensive loss.

The Group elected to apply the fair value option to the investments in ordinary shares of Chengxin Technology Inc. (“Chengxin”) upon the closing of the deconsolidation of Chengxin,for which the equity method otherwise would be required. Refer to Note 4 Financing transaction of Chengxin for further information.

Property and equipment, net

3.17 Property and equipment, net

Property and equipment are stated at cost, net of accumulated depreciation and impairment, if any. Depreciation is primarily computed using the straight-line method over the estimated useful lives of the assets.

Bikes and e-bikes

Bikes and e-bikes are depreciated over the estimated useful lives on a straight-line basis. The initial estimated useful lives of such bikes and e-bikes are generally from 2 to 3 years.

Vehicles

Vehicles are depreciated over the estimated useful lives on a straight-line basis or accelerated basis. The initial estimated useful lives of such vehicles are 5 years. The Group also estimates the residual value of the vehicles at the expected time of disposal. The estimated residual values for vehicles are based on factors including model, age, and mileage. The Group makes annual assessments to the depreciation rates of vehicles in response to the latest market conditions and their effect on residual values as well as the estimated time of disposal. Changes made to estimates are reflected in vehicle-related depreciation expense on a prospective basis.

Other property and equipment

Other property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss.

Property and equipment have estimated useful lives as follows:


Categories		Estimated useful lives
Bikes and e‑bikes		2‑3 years
Vehicles		5 years
Computers and equipment		2‑5 years
Leasehold improvement		Lesser of estimated useful life or remaining lease terms
Others		5‑40 years

Construction in progress

Direct costs that are related to the construction of property and equipment and are incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property or equipment, which are primarily relating to vehicles and bikes and e-bikes which are not ready for lease or use, and the depreciation of these assets commences when the assets are ready for their intended use.

Intangible assets, net

3.18 Intangible assets, net

Intangible assets are primarily acquired through business combinations or purchased from third parties. Intangible assets arising from business combinations are recognized and measured at fair value upon acquisition. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives based upon the usage of the asset, which is approximated using a straight-line method as follows:


Categories		Estimated useful lives
Non‑compete agreements		6‑7 years
Trademark, patents and others		3‑20 years
Driver lists		5 years
Customer lists		5 years
Software		3-5 years
Online payment license*		Indefinite live
Others		Indefinite live

*

An acquired online payment license is considered to be an indefinite live and is carried at cost less any subsequent impairment loss. The Group is required to apply for the renewal of the license issued from government authorities each five years and the Group considered that, based on regulatory precedent, there were no practical difficulties in the renewal process according to the industry practice, thus providing the basis for the indefinite life assumption.

Impairment of long-lived assets other than goodwill

3.19 Impairment of long-lived assets other than goodwill

Long-lived assets including property and equipment, intangible assets and other non-current assets other than goodwill are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets that management expects to hold or use is based on the amount by which the carrying value exceeds the fair value of the asset. Judgment is used in estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the long-live assets’ fair value. Refer to Note 11- Property and equipment, net and Note 13-Intangible assets, net for further information.

Goodwill

3.20 Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination.

Goodwill is not depreciated or amortized but is tested for impairment on an annual basis, and between annual tests when an event occurs, or circumstances change that could indicate that the asset might be impaired. The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. The Group performs goodwill impairment testing at the reporting unit level on December 31 annually and more frequently if indicators of impairment exist. Nil, RMB2,501,100 and nil of impairment loss of goodwill was recognized for the years ended December 31, 2020 and 2021 and 2022, respectively. Refer to Note 14- Goodwill for further information.

Leases

3.21 Leases

The Group adopted ASC 842, “Leases” (“ASC 842”) on January 1, 2019, using the modified retrospective transition method through a cumulative-effect adjustment in the period of adoption rather than retrospectively adjusting prior periods and the package of practical expedient. The Group categorized leases with contractual terms longer than twelve months as either operating or finance lease.

Right-of-use (“ROU’) assets represent the Group’s rights to use underlying assets for the lease terms and lease liabilities represent the Group’s obligation to make lease payments arising from the leases. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. If the implicit rate in lease is not readily determinable for the Group’s operating leases, the Group generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group elected not to separate non-lease components from lease components; therefore, it will account for lease components and the non-lease components as a single lease component when there is only one vendor in the lease contract for the office leases. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the lease liability calculation. Variable lease payments mainly include costs related to certain IDC facilities leases which are determined based on actual number of usages. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred.

For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense is recognized as depreciation on a straight-line basis over the lease term and interest using the effective interest method.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

Short-term and long-term borrowings

3. Summary of significant accounting policies (Continued)

3.22 Short-term and long-term borrowings

Borrowings are initially recognized at fair value, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

Statutory reserves

3.23 Statutory reserves

In accordance with the relevant regulations and their articles of association, subsidiaries of the Group incorporated in the PRC are required to allocate at least 10% of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50% of the relevant subsidiary’s registered capital. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the respective company. These reserves can only be used for specific purposes and are not transferable to the Group in the form of loans, advances or cash dividends. For the years ended December 31, 2020, 2021 and 2022, appropriations to the general reserve amounted to RMB9,159, RMB11,414 and RMB41,411, respectively. No appropriations to the enterprise expansion fund or staff welfare and bonus fund have been made by the Group.

Revenue recognition

3.24 Revenue recognition

The Group adopted ASC 606 — “Revenue from Contracts with Customers” for all periods presented. According to ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering allowances for refund, price concession, discount and value added tax (“VAT”).

China Mobility

The Group generates revenues from providing a variety of mobility services through its mobility platform in the PRC (“China Mobility Platform”). The Group’s revenues from its ride hailing services in the PRC presented on a gross basis accounted for more than 97% of the total revenues from China Mobility for the years ended December 31, 2020, 2021, and 2022, respectively. The Group also generates revenues from providing other mobility services such as taxi hailing, chauffeur and other services in the PRC.

●

Ride hailing services in the PRC

The Group provides a variety of ride hailing services on its China Mobility Platform, mainly including Express, Premium, Luxe, Select, Piggy Express and Carpooling service lines in the PRC, and considers itself as the ride service provider according to the relevant regulations in the PRC and the ride service agreements entered into with riders. For all ride hailing services offered, names of the services and the service providers with the corresponding service agreements are displayed on the Group’s China Mobility Platform. Riders can choose ride hailing services from the Group’s China Mobility Platform based on their mobility needs and preferences. When a rider selects and initiates a ride service request, an estimated service fee is displayed and the rider can further decide whether to place the service request or not. Once the rider places the ride service request and the Group accepts the service request, a ride service agreement is entered into between the rider and the Group. Upon completion of the ride services, the Group recognizes ride hailing services revenues on a gross basis.

3. Summary of significant accounting policies (Continued)

●

Principal versus agent considerations of ride hailing services in the PRC

According to the relevant regulations in the PRC, online ride hailing services platforms are required to obtain licenses and take full responsibility of the ride services. The relevant regulations also require the licensed platforms to ensure that the drivers and cars engaged in providing ride services meet the requirements stipulated by the regulations. Accordingly, the Group as an online ride hailing services platform considers itself as the principal for its ride services because it controls the services provided to riders. The control over the services provided to riders is demonstrated through: a) the Group is able to direct registered drivers to deliver ride services on its behalf based on the ride service agreement it entered into with riders. If the assigned driver is not able to deliver the service in limited circumstances, the Group will assign another registered driver to deliver the service; b) in accordance with the agreements entered into between the Group and the drivers, the drivers are obligated to comply with service standards and implementation rules set by the Group when providing the ride services on behalf of the Group; c) the Group evaluates drivers’ performance regularly in accordance with standards set by the Group. Other indicators of the Group being the principal are demonstrated by: a) the Group is obligated to fulfill the promise to provide the ride hailing services to riders in accordance with the above regulations in the PRC and the above service agreements; b) according to applicable necessary procedures, the Group has the discretion in setting the prices for the services.

●

Taxi hailing and chauffeur services in the PRC

The Group provides a variety of other services on its China Mobility Platform, mainly including taxi hailing and chauffeur services. The Group considers itself as the agent for taxi hailing and chauffeur services and recognizes agency revenue earned from the service providers such as taxi drivers and chauffeur service providers.

International

The Group derives its international revenues principally from ride hailing services in overseas countries, including Brazil and Mexico. The Group also generates revenues from food delivery services in overseas countries.

●

Ride hailing services in overseas countries

The Group contracts with individual drivers to offer ride services on the Group’s mobility platform in overseas countries (“Overseas Mobility Platform”). When a rider raises a ride service request through the Group’s Overseas Mobility Platform, an estimated service fee is displayed and the rider can further decide whether to place the service request or not. Once the rider places the ride service request and a driver accepts the service request, a ride service agreement is entered into between the rider and the driver. The Group’s performance obligation is to facilitate and arrange the ride services between riders and drivers. The Group recognizes revenues from its service contracts with drivers upon completion of the ride services provided by drivers. In addition, in most overseas countries riders access the Group’s Overseas Mobility Platform for free and the Group has no performance obligation to the riders. As a result, in general, drivers are the Group’s customers, while riders are not.

●

Principal versus agent considerations of ride hailing services in overseas countries

The Group considers itself as an agent for ride hailing services provided through its Overseas Mobility Platform because the Group does not control the services provided by drivers to riders as 1) the Group does not obtain control of the drivers’ services prior to its transfer to the riders; 2) the Group does not have the power to direct drivers to perform the service on its behalf; and 3) the Group does not integrate services provided by drivers with the Group’s other services and then provide them to riders. Another indicator of the Group being the agent is that the drivers are obligated to fulfill the promise to provide the ride services according to the service agreements entered into between drivers and riders.

3. Summary of significant accounting policies (Continued)

●

Food delivery services in overseas countries

The Group derives its food delivery revenue primarily from service fees paid by merchants and delivery persons for use of the platform and related services to successfully complete the services on the platform. The Group recognizes revenue when services provided to merchants and delivery persons are completed.

Other Initiatives

●

Bike and e-bike sharing

The Group enters into rental agreements with the users at the inception of each trip. The Group is responsible for providing access to the bikes and e-bikes over the user’s desired period of use. The Group derives a majority of the revenues from rental agreements, which are classified as operating leases as defined within ASC 842, and records the rental payments received as revenues upon the completion of each trip.

●

Certain energy and vehicle services

Certain energy and vehicle services mainly include leasing business that the Group carries out itself, refueling and charging businesses.

The Group mainly provides operating lease services by leasing self-owned vehicles to drivers through its platform. The Group generally considers itself to be the accounting lessor, as applicable, in these arrangements in accordance with ASC 842. Revenues from these services is recognized on a straight line basis over the lease period.

The Group considers itself as the agent for refueling and charging services and recognizes agency revenue primarily from its services contracts with gas stations or charging stations upon the completion of a refueling or charging order.

●

Financial services

The financial services revenues mainly include interest income from micro loans services and loan intermediary services fees. The Group generates interest income from its loan receivables by applying the effective interest method in accordance with ASC 310 in micro loans services. When a loan receivable is placed on non accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date, as detailed in 3.12. The Group also matches the borrowers and the lenders and earns loan intermediary service fees directly from the lenders based on the contractual agreements. A majority of the revenue derived from loan intermediary services is recognized at a point in time upon the successful matching of the borrowing requests from the borrowers with the lenders.

●

Others

The Group provides a variety of other initiatives services on its platform, including intra-city freight and other services. The Group generally recognizes revenues when services are provided to its customers.

3. Summary of significant accounting policies (Continued)

Contract balances

The Group classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of receiving consideration and it has the unconditional right to receive consideration. A contract asset is recorded when the Group has transferred services to the customer before payment is received or is due, and the Group’s right to consideration is conditional on future performance or other factors in the contract. Contract assets amounting to RMB242,231 and RMB299,095 were recorded in accounts and notes receivable, net in the consolidated balance sheets as of December 31, 2021 and 2022 respectively.

Contract liabilities are recognized if the Group receives consideration prior to satisfying the performance obligations, which typically include advance payments from ride hailing services in the PRC. Contract liabilities as of December 31, 2021 and 2022 were RMB546,003 and RMB565,058, respectively, recognized as deferred revenue and customer advances in the consolidated balance sheets. Substantially all of contract liabilities at each reporting period end are expected to be recognized as revenues during the following year. The differences between the opening and closing balances of the Group’s contract liabilities primarily result from the timing difference between the Group’s satisfaction of the performance obligation and the customer’s payment.

Incentive Programs

●

Incentives to consumers considered as customers from an accounting perspective

For China Mobility segment, riders using ride haling service, taxi drivers and chauffeur service providers are considered as the customers of the Group. For International segment, drivers providing ride hailing services, merchants and delivery persons in food delivery service are considered as the customers of the Group. For Other Initiatives segment, users in bike and e-bike sharing, lessees in leasing business that the Group carries out itself, gas stations and charging stations in energy services, borrowers in micro loans services, lenders in loan intermediary services and drivers providing intra-city freight service are generally considered as the customers of the Group.

●

Customer incentives

The Group offers various incentive programs to the Group’s customers, including fixed amount discounts, performance-based bonus payment, etc. Incentives provided to customers are recorded as a reduction of revenue if the Group does not receive a distinct good or service or cannot reasonably estimate the fair value of the good or service received. Incentives to customers that are not provided in exchange for a distinct good or service are evaluated as variable consideration, in the most likely amount to be earned by the customers at the time or as they are earned by customers, depending on the type of incentives. Since incentives are earned over a short period of time, there is limited uncertainty when estimating variable consideration.

●

Referring new customers

Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Group expenses such referral payments as incurred in sales and marketing expenses in the consolidated statements of comprehensive loss. The Group applies the practical expedient under ASC 340-40-25-4 and expenses costs to acquire new customer contracts as incurred because the amortization period would be one year or less. The amount recorded as an expense is the lesser of the amount of the incentive paid or the established fair value of the service received. Fair value of the service is established using amounts paid to vendors for similar services.

3. Summary of significant accounting policies (Continued)

●

Customer loyalty program

The Group’s riders participate in a reward program, which provides service discount vouchers and other gifts based on accumulated membership points that vary depending on the services received and fees paid, timing, and distances of each trip taken by the riders. The riders may redeem the amount of points in their membership points accounts in vouchers or other physical products via Didi Online Mall. Because the Group has an obligation to provide such vouchers and other gifts, the Group recognizes liabilities and accounts for the estimated cost of future usage of vouchers as contra-revenues when the membership points are awarded. As members redeem their points or their entitlements expire, the accrued liability is reduced correspondingly. The Group estimates the liabilities under customer loyalty program based on accumulated membership points and management’s estimate of probability of redemption in accordance with the historical redemption pattern. If actual redemption differs significantly from the estimate, it will result in an adjustment to the liability and the corresponding revenue.

●

Incentives to consumers not considered as customers from an accounting perspective

For the China Mobility segment, the end-users of taxi hailing and chauffeur service are not considered to be the customers of the Group from an accounting perspective. For International segment, in general, the riders using ride hailing services and end-users in food delivery services are not considered to be the customers of the Group from an accounting perspective. For Other Initiatives, end-users of intra-city freight services are generally not considered to be the customers of the Group from an accounting perspective.

The Group at its own discretion offers incentives to such consumers to encourage their uses of its platform. These are offered in various forms that include:

●

Customized consumer discounts and promotions

These discounts and promotions are offered to some consumers in a market to acquire, re-engage or generally increase the uses of the Group’s platform by such consumers, and are akin to a coupon. An example is an offer providing a discount on a limited number of rides during a limited time period. The Group records the cost of these discounts and promotions to such consumers as sales and marketing expenses at the time they are redeemed by the consumers.

●

Consumer referrals

These referrals are earned when an existing consumer (“the referring consumer”) refers a new consumer (“the referred consumer”) to the Group and the referred consumer uses services offered by the Group’s platform. These consumer referrals incentives are typically paid in the form of a credit given to the referring consumer. These referrals are offered to attract new consumer to the Group. The Group records the liability for these referrals and corresponding expenses as sales and marketing expenses at the time the referral is earned by the referring consumer.

Practical Expedients

The Group utilizes the practical expedient available under ASC 606-10-50-14 and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

The effect of a significant financing component has not been adjusted for contracts when the Group expects, at contract inception, that the period between when the Group transfers a promised good or service to the customer and the collection of the payments from the customers will be one year or less.

Cost of revenues

3.25 Cost of revenues

Cost of revenues, which are directly related to revenue generating transactions on the Group’s platform, primarily consists of driver earnings and driver incentives in ride hailing services of China Mobility segment, depreciation and impairment of bikes and e-bikes, vehicles, insurance cost related to service offering, payment processing charges, and bandwidth and server related costs.

Operations and support

3.26 Operations and support

Operations and support expenses consist primarily of personnel-related compensation expenses, including share-based compensation for the Group’s operations and support personnel, third party customer service fees, driver operation fees, other outsourcing fees and expenses related to general operations.

Sales and marketing expenses

3.27 Sales and marketing expenses

Sales and marketing expenses consist primarily of advertising and promotion expenses, certain incentives paid to consumers not considered as customers from an accounting perspective, amortization of acquired intangible assets utilized by sales and marketing functions, and personnel related compensation expenses, including share-based compensation for the Group’s sales and marketing staff. Advertising and promotion expenses are recorded as sales and marketing expenses when incurred, and totaled RMB5,088,880, RMB5,401,408 and RMB3,297,560 for the years ended December 31, 2020, 2021 and 2022, respectively. Incentives provided to consumers amounted to RMB2,100,671, RMB7,465,226 and RMB2,778,465 for the years ended December 31, 2020, 2021 and 2022, respectively.

Research and development expenses

3.28 Research and development expenses

Research and development expenses consist primarily of personnel-related compensation expenses, including share-based compensation for employees in engineering, design and product development, depreciation of property and equipment utilized by research and development functions, and bandwidth and server related costs incurred by research and development functions. The Group expenses all research and development expenses as incurred.

General and administrative expenses

3.29 General and administrative expenses

General and administrative expenses consist primarily of personnel-related compensation expenses, including share-based compensation for the Group’s managerial and administrative staff, allowances for doubtful accounts, office rental and property management fees, professional services fees, depreciation and amortization related to assets used for managerial functions, fines and miscellaneous administrative expenses.

Government grants

3.30 Government grants

Government grants are generally financial grants received from provincial and local governments for operating a business in their jurisdictions or compliance with specific policies promoted by the local governments. These grants are recognized as a reduction of specific costs and expenses for which the grants are intended to compensate. Such amounts are recognized in the consolidated statements of comprehensive loss upon receipt and when all conditions attached to the grants are fulfilled. For the years ended December 31, 2020, 2021 and 2022, government grants amounted to RMB884,102, RMB990,038 and RMB458,141 are recognized as reduction of specific costs and expenses.

Share-based compensation

3.31 Share-based compensation

The Group accounts for share-based compensation issued to employees and non-employees in accordance with ASC 718 Compensation-Stock compensation (“ASC 718”). Generally, share-based awards are recognized as costs and expenses, except to the extent the share-based compensation is recognized in the Group’s investment income (loss), net as certain share-based awards are issued to the employees of the certain equity investee.

Share-based awards with service conditions only are measured at the grant date fair value of the awards and recognized as expenses using the graded-vesting method, net of estimated forfeitures, if any, over the requisite service period. Share-based awards that are subject to both service conditions and the occurrence of an initial public offering (“IPO”) or deemed liquidation events as performance condition are measured at the grant date fair value. Cumulative share-based compensation expenses for the awards that have satisfied the service condition were recorded on June 30, 2021, which was very close to the completion of the Group’s IPO, using the graded-vesting method. Forfeitures are estimated based on historical experience and are periodically reviewed.

The Group, with the assistance of an independent third-party valuation firm, determined fair value of share-based awards granted to employees and non-employees. Prior to the IPO, the fair value of the restricted share units (“RSUs”) was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment requires complex and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. The fair value of share options is estimated on the grant date using the Binomial option pricing model. The assumptions used in share-based compensation expenses recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. Subsequent to the completion of the Group’s IPO, the fair value of share-based awards were determined based on the market price of the Group’s publicly traded ADSs on the NYSE before its delisting in June 2022 and the Group’s ADSs have been quoted on OTC Pink under the symbol “DIDIY” thereafter, as detailed in Note 23.

Segment reporting

According to ASC 718, a change in any of the terms or conditions of share-based awards shall be accounted for as a modification of the plan. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the fair value and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period the modification occurs. For unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.

3.32 Segment reporting

Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance.

The Group’s internal organizational structure and business segments are more fully described in Note 18.

Taxation

3.33 Taxation

Income taxes

Current income tax is recorded in accordance with the laws of the relevant tax jurisdictions.

The Group applies the liability method of recording income taxes in accordance of ASC Topic 740, Income Taxes (“ASC 740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are provided based on temporary differences arising between the tax bases of assets and liabilities and the financial statements, using enacted tax rates that will be in effect in the period in which the differences are expected to reverse.

Deferred tax assets are recognized to the extent that such assets are more-likely-than-not to be realized. In making such a determination, the Group considers all positive and negative evidences, including results of recent operations and expected reversals of taxable income. Valuation allowances are provided to offset deferred tax assets if it is considered more-likely-than-not that amount of the deferred tax assets will not be realized.

Uncertain tax positions

The Group applies the provisions of ASC 740 in accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Group has elected to classify interest and penalties related to an uncertain tax position (if and when required) as part of “income tax expenses” in the consolidated statements of comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities as of December 31, 2021 and 2022. The Group did not have any interest or penalties associated with unrecognized tax benefit for the years ended December 31, 2020, 2021 and 2022.

Employee benefits

3.34 Employee benefits

Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefits and housing fund plans through a PRC government-mandated multiemployer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees, and the Group’s obligations are limited to the amounts contributed with no legal obligation beyond the contributions made. Total amounts for such employee benefits, which were expensed as incurred, were RMB1,030,111, RMB1,808,321 and RMB1,940,168 for the years ended December 31, 2020, 2021 and 2022, respectively. The Group also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of the PRC, and such amounts contributed for the years ended December 31, 2020, 2021 and 2022 were insignificant.

Comprehensive income (loss)

3.35 Comprehensive income (loss)

Comprehensive income (loss) is defined to include all changes in equity (deficit) of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income (loss) includes net loss and currency translation adjustments of the Group and share of other comprehensive income (loss) of equity method investees.

Net loss per share

3.36 Net loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss.

Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted shares and RSUs, ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method, and ordinary shares issuable upon the conversion of preferred shares using the if-converted method, for periods prior to the completion of the IPO. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be antidilutive. After the completion of the IPO, net loss per ordinary share is computed on Class A Ordinary Shares and Class B Ordinary Shares on the combined basis, because both classes have the same dividend rights in the Company’s undistributed net income.

Treasury shares

3.37 Treasury shares

The Group accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account in shareholders’ equity (deficit). The ordinary shares with future service conditions are deemed as treasury stock and also recorded in the treasury shares account in shareholders’ equity (deficit).

Business combinations and non-controlling interests

3.38 Business combinations and non-controlling interests

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Group and equity instruments issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss. During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments are recorded in the consolidated statements of comprehensive loss.

In a business combination achieved in stages, the Group re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive loss.

For the Group’s majority-owned subsidiaries, non-controlling interests are recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group.

When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Group deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.

The Group allocates the acquisition cost to the assets and liabilities of the Group acquired, including separately identifiable intangible assets, based on their estimated fair values. The Group makes estimates and judgments in determining the fair value of acquired assets and liabilities, with the assistance of an independent valuation firm and management’s experience with similar assets and liabilities. In performing the purchase price allocation, the Group considers the analyses of historical financial performance and estimates of future performance of these companies acquired.

Convertible redeemable non-controlling interests and convertible non-controlling interests

3.39 Convertible redeemable non-controlling interests and convertible non-controlling interests

Convertible redeemable non-controlling interests represent preferred shares financing by subsidiaries of the Group from preferred shareholders. As the preferred shares could be redeemed by such shareholders upon the occurrence of certain events that are not solely within the control of the Group, these preferred shares are accounted for as redeemable non-controlling interests. The Group accounts for the changes in accretion to the redemption value in accordance with ASC topic 480, Distinguishing Liabilities from Equity. The Group elects to use the effective interest method to account for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the non-controlling interests. The Group determined that the redemption features embedded in the convertible redeemable non-controlling interests do not meet the definition of a derivative as they cannot be net settled. Therefore, such feature was not bifurcated from the mezzanine classified as non-controlling interests.

Convertible non-controlling interests represent preferred share financing by subsidiaries of the Group from preferred shareholders, which are contingently redeemable upon certain deemed liquidation events occur. Such deemed liquidation events require the redemption of those preferred shares and cause them being classified outside of permanent equity.

Commitments and contingencies

3.40 Commitments and contingencies

In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters. The Group assesses these contingent liabilities, which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Group or unasserted claims that may result in legal proceedings, the Group, in consultation with its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. An accrual for a loss contingency is recognized if it is probable that a liability has been incurred and the amount of liability can be reasonably estimated. If a potential loss is not probable, but reasonably possible, or is probable but the amount of liability cannot be reasonably estimated, then the nature of contingent liability, together with an estimate of the range of the reasonably possible loss, if determinable and material, is disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of guarantee would be disclosed.

Significant risks and uncertainties

3.41 Significant risks and uncertainties

Cybersecurity review and apps takedown in China

On July 2, 2021, the Cybersecurity Review Office posted an announcement that the Group was subject to a cybersecurity review and that it required the Group to suspend new user registration in China during the review. On July 4 and July 9, 2021, the CAC posted announcements to state that 26 apps that the Group operates in China violated relevant PRC laws and regulations in collecting personal information. Pursuant to the PRC Cybersecurity Law, relevant app stores were notified to take down these apps in China. An administrative fine of RMB8.026 billion was imposed for the violation of the Cybersecurity Law, Data Security Law and Personal Information Protection Law and was paid in the year ended December 31, 2022. On January 16, 2023, as approved by the Cybersecurity Review Office, the Group has resumed DiDi Chuxing’s registration of new users. The Group’s active apps have been restored to app stores.

The Group fully cooperated with the PRC government authorities on the cybersecurity review and rectification measures. The Group conducted a series of rectification measures under the supervision of the PRC regulatory authorities. In addition, the Group has formulated an internal management mechanism for data security and storage, algorithm transparency and users’ right of free choice, so as to enhance employees’ attention to and awareness of these matters. The Group has organized and conducted education and training programs for employees regarding such matters as information network security, data security and storage, and user personal information protection, and strengthened employees’ awareness of legal compliance with respect to the information network security and application. However, there are uncertainties with respect to whether the Group might become subject to new cybersecurity review in the future. If the Group is unable to complete such new review and the relevant rectification, the growth and the usage of the Group’s platform in China may decline, which could materially and adversely affect the Group’s business, financial condition, results of operations and prospects.

Concentration of customers and suppliers

There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended December 31, 2020, 2021 and 2022.

Concentration of credit risk

Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, other receivables and time deposits. As of December 31, 2021 and 2022, substantially all of the Group’s cash and cash equivalents, restricted cash and time deposits were held by major financial institutions located in the Mainland of China and Hong Kong, which the management believes are of high credit quality. In addition, the Group held its cash and cash equivalents, restricted cash, and time deposits in different financial institutions and held no more than approximately 6% and 5% of its total assets at any single institution as of December 31, 2021 and 2022, respectively.

The Group expects that there is no significant credit risk associated with such assets aforementioned which are held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. The Group has no significant concentrations of credit risk with respect to the assets mentioned above.

The Group relies on a limited number of third parties to provide payment processing services (“payment service providers”) to collect amounts due from customers. Payment service providers are financial institutions, credit card companies and mobile payment platforms such as Alipay and WeChat Pay, which the Company believes are of high credit quality.

3. Summary of significant accounting policies (Continued)

Accounts receivables are typically unsecured and are primarily derived from revenues earned from customers in the PRC. The credit risk with respect to accounts receivable is mitigated by credit control policies the Group carries out on its customers and its ongoing monitoring process of outstanding balances.

Foreign currency exchange rate risks

The conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the People’s Bank of China. The Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. The value of Renminbi against the U.S. dollar and other currencies is affected by changes in China’s political and economic conditions and by China’s foreign exchange policies, among other things. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between Renminbi and the U.S. dollar in the future.

The Group is also exposed to foreign currency risk because of its international operations, particularly in Brazil and Mexico. While the Group generally expects to use any cash from operations in the same country where the Group receives that cash, fluctuations in the exchange rate between the currency of that country and the Renminbi will be recorded as foreign currency translation adjustments in the Group’s consolidated statements of comprehensive loss.

Currency convertibility risk

The PRC government imposes controls on the convertibility of RMB into foreign currencies. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.

Operation and compliance risk

On July 27, 2016, the Ministry of Transport, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Commerce, the State Administration for Market Regulation and the CAC jointly promulgated the Interim Measures for the Management of Online Ride Hailing Operation and Service (“Interim Measures”), which took effect on November 1, 2016 and was last amended on November 30, 2022, to regulate the business activities of online ride hailing services and to ensure the safety of passengers by establishing a regulatory system for the platforms, vehicles and drivers engaged in online ride hailing services. In accordance with the Interim Measures, the platform that conducts the online ride hailing services is subject to obtain the necessary permit. The vehicles used for online ride hailing services must also obtain the transportation permit for vehicles, and the drivers engaged in online ride hailing services are required to meet certain requirements and pass the relevant exams.

The Group has not obtained the required permits for certain cities when the Group is required to do so, and not all drivers or vehicles on the platforms have the required licenses or permits. Therefore, the Group had been and may continue to be subject to fines as a result. If the Group fails to remediate the non-compliance with relevant law and regulation requirements, the Group could be subject to penalties and/or an order of correction, and as a result, the Group’s business, financial condition, and results of operations could be materially and adversely affected.

In an effort to ensure compliance with applicable Interim Measures, the Group has continuously conducted the process to obtain the necessary licenses or permits in different cities. The Group is continuously making efforts to obtain necessary licenses or permits to mitigate the relevant compliance risk.

Recently adopted accounting pronouncements

3. Summary of significant accounting policies (Continued)

3.42 Recently adopted and issued accounting pronouncements

On January 1, 2022, the Group adopted ASU No. 2021-10, Government Assistance (Topic 832): This ASU requires business entities to disclose information about government assistance they receive if the transactions were accounted for by analogy to either a grant or a contribution accounting model. The disclosure requirements include the nature of the transaction and the related accounting policy used, the line items on the balance sheets and statements of operations that are affected and the amounts applicable to each financial statement line item and the significant terms and conditions of the transactions. The ASU is effective for annual periods beginning after December 15, 2021. The disclosure requirements can be applied either retrospectively or prospectively to all transactions in the scope of the amendments that are reflected in the financial statements at the date of initial application and new transactions that are entered into after the date of initial application. The Group adopted the ASU prospectively on January 1, 2022. Adoption of this ASU did not have a material impact on our consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Group beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

Organization and principle activities (Tables)

12 Months Ended

Dec. 31, 2022

Organization and principle activities

Schedule of the Company's major subsidiaries and VIEs


	Country/Place	Percentage of direct or
	and	indirect
	date of	economic benefits ownership
	incorporation/	December 31,
Companies	establishment	2021	2022
Major Subsidiaries
Marvelous Yarra Limited	BVI March 20, 2017	100%	100%
Holly Universal Limited	BVI, January 6, 2017	100%	100%
DiDi (HK) Science and Technology Limited	Hong Kong, August 2, 2013	100%	100%
Xiaoju Science and Technology (Hong Kong) Limited	Hong Kong, January 29, 2013	100%	100%
Beijing DiDi Infinity Technology and Development Co., Ltd.	PRC, May 6, 2013	100%	100%

Major VIEs (Including VIEs’ Subsidiaries)
Beijing Xiaoju Science and Technology Co., Ltd.	PRC, July 10, 2012	100%	100%
DiDi Chuxing Science and Technology Co., Ltd.	PRC, July 29, 2015	100%	100%
Beijing DiDi Chuxing Technology Co., Ltd.	PRC, December 5, 2018	100%	100%

Variable interest entities (Tables)

12 Months Ended

Dec. 31, 2022

Variable interest entities

Schedule of financial positions and operation results of the VIEs


	As of December 31
	2021	2022
	RMB	RMB
Cash and cash equivalents	18,499,058	5,558,835
Restricted cash	108,223	739,355
Short‑term investments	764,343	2,911,180
Accounts and notes receivable, net	1,622,379	1,353,038
Loans receivable, net	1,426,244	2,073,477
Amounts due from the Company and its subsidiaries	20,730,377	29,306,180
Investment securities and other investments	4,708,537	2,215,533
Long-term investments, net	3,064,399	3,225,203
Property and equipment, net	349,510	273,753
Intangible assets, net	514,838	462,485
Other assets, net	1,329,105	1,275,757
Total assets	53,117,013	49,394,796
Short‑term borrowings	824,964	199,807
Accounts and notes payable	3,706,079	2,672,716
Amounts due to the Company and its subsidiaries	58,675,506	63,721,620
Operating lease liabilities	238,261	274,150
Other liabilities	6,094,576	4,735,651
Total liabilities	69,539,386	71,603,944
Shareholders’ deficit of VIEs	(16,422,373)	(22,209,148)
Total liabilities and shareholders’ deficit of VIEs	53,117,013	49,394,796


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Inter-company revenues	1,067,752	1,708,159	1,495,026
Third-party revenues	136,817,570	166,603,236	130,742,593
Total revenues	137,885,322	168,311,395	132,237,619
Inter-company costs and expenses	(12,895,784)	(15,320,699)	(16,377,269)
Third-party costs and expenses	(127,117,980)	(158,286,885)	(116,770,993)
Total costs and expenses	(140,013,764)	(173,607,584)	(133,148,262)
Loss from operations	(2,128,442)	(5,296,189)	(910,643)
Income (loss) from non-operations	1,652,386	(358,813)	698,053
Loss before income tax expenses	(476,056)	(5,655,002)	(212,590)
Income tax expenses	(66,808)	(302,047)	(84,799)
Net loss	(542,864)	(5,957,049)	(297,389)
Net loss attributable to DiDi Global Inc.	(542,864)	(5,957,049)	(297,389)

	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Net cash used in inter-company transactions	(13,313,253)	(1,212,002)	(7,569,411)
Net cash provided by operating activities with external parties	13,972,703	2,843,996	12,197,839
Net cash provided by operating activities	659,450	1,631,994	4,628,428
Net cash provided by investing activities with subsidiaries	2,785,392	—	—
Net cash provided by (used in) investing activities with external parties	(3,627,564)	2,688,546	(438,285)
Net cash provided by (used in) investing activities	(842,172)	2,688,546	(438,285)
Inter-company loans financing from subsidiaries	1,003,320	10,921,871	1,950,000
Inter-company loans repayments to subsidiaries	(1,000,000)	(3,000,000)	(17,812,066)
Net cash provided by (used in) financing activities with external parties	4,034,180	(3,416,265)	(637,168)
Net cash provided by (used in) financing activities	4,037,500	4,505,606	(16,499,234)

- Definition

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

+ References + Details

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of significant accounting policies

Schedule of estimated useful lives of property and equipment


Categories		Estimated useful lives
Bikes and e‑bikes		2‑3 years
Vehicles		5 years
Computers and equipment		2‑5 years
Leasehold improvement		Lesser of estimated useful life or remaining lease terms
Others		5‑40 years

Schedule of estimated useful lives of identifiable intangible assets


Categories		Estimated useful lives
Non‑compete agreements		6‑7 years
Trademark, patents and others		3‑20 years
Driver lists		5 years
Customer lists		5 years
Software		3-5 years
Online payment license*		Indefinite live
Others		Indefinite live

*

An acquired online payment license is considered to be an indefinite live and is carried at cost less any subsequent impairment loss. The Group is required to apply for the renewal of the license issued from government authorities each five years and the Group considered that, based on regulatory precedent, there were no practical difficulties in the renewal process according to the industry practice, thus providing the basis for the indefinite life assumption.

Short-term investments (Tables)

12 Months Ended

Dec. 31, 2022

Short-term investments

Schedule of short-term investments


	As of December 31
	2021	2022
	RMB	RMB

Time deposits stated at amortized cost	13,154,020	16,965,708
Structured notes under fair value option	4,622	—
Other debt investments under fair value option	—	563,799
Other debt investments stated at amortized cost	185,112	18,711
Total	13,343,754	17,548,218

Accounts and notes receivable, net (Tables)

12 Months Ended

Dec. 31, 2022

Accounts and notes receivable, net

Schedule of accounts and notes receivable, net


	As of December 31
	2021	2022
	RMB	RMB

Accounts and notes receivable	3,482,011	2,944,355
Allowance for credit losses	(650,888)	(692,722)
Accounts and notes receivable, net	2,831,123	2,251,633

Schedule of movement of the allowances for credit losses



	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Beginning balance prior to ASC 326	(437,266)	(556,360)	(650,888)
Impact of adoption of ASC 326	(71,498)	—	—
Balance at beginning of the year	(508,764)	(556,360)	(650,888)
Provision	(448,720)	(596,908)	(454,168)
Write-offs	401,124	502,380	412,334
Balance at end of the year	(556,360)	(650,888)	(692,722)

Loans receivable, net (Tables)

12 Months Ended

Dec. 31, 2022

Loans receivable, net

Schedule of loans receivable, net


	As of December 31
	2021	2022
	RMB	RMB

Loans receivable	5,248,804	5,798,839
Allowance for credit losses	(604,506)	(460,212)
Loans receivable, net	4,644,298	5,338,627

Schedule of movement of the allowances for credit losses



	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Beginning balance prior to ASC 326	(100,643)	(146,432)	(604,506)
Impact of adoption of ASC 326	(50,569)	—	—
Balance at beginning of the year	(151,212)	(146,432)	(604,506)
Foreign currency translation adjustments	—	—	(3,979)
Provision	(153,560)	(557,129)	(523,863)
Write‑offs	158,340	99,055	672,136
Balance at end of the year	(146,432)	(604,506)	(460,212)

Schedule of aging analysis of loans receivable by due date


	Past Due
				91 Days
				or	Total Past
	1‑30 Days	31‑60 Days	61‑90 Days	Greater	Due	Current	Total
As of December 31, 2021	75,785	59,394	51,035	200,759	386,973	4,861,831	5,248,804
As of December 31, 2022	70,990	42,495	38,340	95,028	246,853	5,551,986	5,798,839

Prepayments, receivables and other current assets, net and other non-current assets, net (Tables)

12 Months Ended

Dec. 31, 2022

Prepayments, receivables and other current assets, net and other non-current assets, net

Schedule of prepayments, receivables and other current assets, net


	As of December 31
	2021	2022
	RMB	RMB

Deductible VAT-input	1,553,800	1,533,722
Rental deposits and other deposits, net	189,840	424,492
Prepayments for promotion and advertising expenses and other operation expenses	371,149	388,284
Advances to employees	303,050	375,468
Payments to drivers and partners on behalf of end-users	148,971	308,627
Prepayments for insurance costs	239,417	204,915
Inventories, net	197,957	135,480
Interest receivables	13,293	74,126
Short-term finance lease receivables, net	44,020	21,616
Others, net	896,478	726,222
Total	3,957,975	4,192,952

Schedule of other non-current assets, net


	As of December 31
	2021	2022
	RMB	RMB


Deductible VAT-input	1,070,370	864,319
Prepayments for purchase of property and equipment and other non‑current assets	166,425	570,639
Prepayments for long-term investments	200,000	252,995
Rental deposits and other deposits	203,154	153,240
Long-term finance lease receivables, net	41,579	14,261
Others	17,942	5,411
Total	1,699,470	1,860,865

Schedule of movement of the allowances for credit losses of short-term and long-term finance lease receivables


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Balance at beginning of the year	(3,871)	(72,167)	(11,405)
Reversal/(Provision)	(73,004)	12,757	(892)
Write‑offs	4,708	48,005	11,382
Balance at end of the year	(72,167)	(11,405)	(915)

Investment securities and other investments (Tables)

12 Months Ended

Dec. 31, 2022

Investment securities and other investments

Summary of investment securities and other investments


	As of December 31
	2021	2022
	RMB	RMB

Debt investments stated at amortized cost	3,878,744	8,706,590
Listed equity securities	13,342,946	6,725,766
Other investments under fair value option	1,412,803	2,577,951
Total	18,634,493	18,010,307

Schedule of debt investments at amortized cost


	As of December 31
	2021	2022
	RMB	RMB

Time deposits stated at amortized cost	3,722,640	8,444,793
Other debt investments stated at amortized cost	156,104	261,797
Total	3,878,744	8,706,590

Schedule of debt investments stated at amortized cost, classified by the contractual maturity date of the investments


		As of December 31
		2022
		RMB
Due in 1 year through 2 years		6,627,563
Due in 2 years through 3 years		1,950,866
Thereafter		128,161
Total		8,706,590

Summary of listed equity securities and other investments under fair value option


	As of December 31, 2021
		Cumulative	Cumulative	Foreign
		gross	gross	currency
		unrealized	unrealized	translation	Fair
	Cost	gains	losses	adjustments	Value
	RMB	RMB	RMB	RMB	RMB
Listed equity securities	7,661,212	6,300,946	(394,796)	(224,416)	13,342,946
— Investee A	600,000	—	(254,758)	—	345,242
— Investee B (i)	6,751,890	5,573,162	—	(225,456)	12,099,596
— Others	309,322	727,784	(140,038)	1,040	898,108
Other investments under fair value option	20,323,739	14,383	(18,722,033)	(203,286)	1,412,803
— Convertible Note of Chengxin (Note 4)	19,563,591	—	(18,691,719)	(198,515)	673,357
— Other investments under fair value option	760,148	14,383	(30,314)	(4,771)	739,446
Total	27,984,951	6,315,329	(19,116,829)	(427,702)	14,755,749


	As of December 31, 2022
		Cumulative	Cumulative	Foreign
		gross	gross	currency
		unrealized	unrealized	translation	Fair
	Cost	gains	losses	adjustments	Value
	RMB	RMB	RMB	RMB	RMB
Listed equity securities	7,561,289	—	(1,067,079)	231,556	6,725,766
— Investee A	600,000	—	(206,442)	—	393,558
— Investee B (i)	6,518,202	—	(648,302)	198,536	6,068,436
— Others	443,087	—	(212,335)	33,020	263,772
Other investments under fair value option	2,580,786	31,583	—	(34,418)	2,577,951
— Structured notes under fair value option	1,769,255	13,973	—	(28,219)	1,755,009
— Other investments under fair value option	811,531	17,610	—	(6,199)	822,942
Total	10,142,075	31,583	(1,067,079)	197,138	9,303,717

(i) Investment in Investee B

Long-term investments, net (Tables)

12 Months Ended

Dec. 31, 2022

Long-term investments, net

Schedule of long-term investments, net


	As of December 31
	2021	2022
	RMB	RMB

Measurement Alternative method	568,555	580,152
Equity investments accounted for using equity method	4,033,402	4,153,932
Equity investment in Chengxin under fair value option (Note 4)	12,767	—
Total	4,614,724	4,734,084

Schedule of condensed financial information of the Group's equity investments under equity method


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Results of operations:
Revenue	9,721,658	7,549,918	8,906,174
Gross profit (loss)	3,819,309	(4,257,022)	1,712,738
Income (loss) from operations	2,880,369	(16,489,595)	(1,248,914)
Net income (loss), net	2,881,779	1,999,569	(2,468,292)
Balance sheet data:
Current assets	14,591,256	54,810,598	52,797,753
Non‑current assets	16,999,044	17,656,885	14,891,760
Current liabilities	2,158,751	31,611,814	38,391,255
Non‑current liabilities	6,696,509	5,536,458	3,308,611
Convertible redeemable preferred shares and non‑controlling interests	2,703,764	7,160,924	—

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property and equipment, net

Schedule of property and equipment, net


	As of December 31
	2021	2022
	RMB	RMB

Bikes and e-bikes	11,774,212	9,966,031
Vehicles	3,538,274	3,022,763
Computers and equipment	3,723,744	4,145,016
Leasehold improvement	644,251	707,947
Construction in progress	393,540	170,785
Others	35,057	35,173
Total	20,109,078	18,047,715
Less: Accumulated depreciation	(8,960,129)	(10,305,649)
Less: Accumulated impairment loss	(3,148,731)	(2,023,742)
Property and equipment, net	8,000,218	5,718,324

Operating leases (Tables)

12 Months Ended

Dec. 31, 2022

Operating leases

Schedule of components of lease expenses


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Operating lease cost	681,841	726,359	729,038
Short‑term lease cost	128,865	467,384	416,215
Variable lease cost	80,015	121,353	150,994
Total lease cost	890,721	1,315,096	1,296,247

Schedule of supplemental cash flows information related to leases


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Cash payments for operating leases	707,140	761,352	783,337
ROU assets obtained in exchange for operating lease liabilities	1,158,347	910,144	978,608

Schedule of maturities of lease liabilities


		As of December 31
		2022
		RMB

2023		582,029
2024		363,989
2025		238,767
2026		94,642
Thereafter		110,167
Total undiscounted lease payments		1,389,594
Less: imputed interest		(131,690)
Total lease liabilities		1,257,904

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2022

Intangible assets, net

Schedule of intangible assets, net


	As of December 31
	2021	2022
	RMB	RMB
Finite‑lived intangible assets
Non‑compete agreements	7,183,773	7,183,773
Trademarks, patents, software and others	5,268,168	5,413,444
Customer lists	1,553,507	1,563,680
Driver lists	296,332	301,641
Total	14,301,780	14,462,538
Less: accumulated amortization	(11,182,929)	(12,846,495)
Less: accumulated impairment loss	(287,270)	(346,466)
Net book value	2,831,581	1,269,577
Indefinite‑lived intangible assets
Online payment license	398,085	398,085
Others	56,479	56,479
Total	454,564	454,564
Finite and indefinite‑lived intangible assets	3,286,145	1,724,141

Schedule of amortization expenses related to intangible assets for future periods


		Amortization Expenses
		RMB
2023		1,000,676
2024		133,845
2025		54,985
2026		38,321
Thereafter		41,750
Total expected amortization expenses		1,269,577

Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill

Schedule of changes in the carrying value of goodwill by segment


	China		Other
	Mobility⁽ⁱ⁾	International⁽ⁱⁱ⁾	Initiatives	Total
	RMB	RMB	RMB	RMB
Balance as of January 1, 2020	46,283,879	3,785,659	93,704	50,163,242
Foreign currency translation adjustments	—	(1,039,070)	—	(1,039,070)
Balance as of December 31, 2020	46,283,879	2,746,589	93,704	49,124,172
Less: accumulated impairment loss	—	(2,492,826)	—	(2,492,826)
Foreign currency translation adjustments	—	(253,763)	—	(253,763)
Balance as of December 31, 2021	46,283,879	—	93,704	46,377,583
Balance as of December 31, 2022	46,283,879	—	93,704	46,377,583

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Borrowings

Schedule of shortterm and Longterm borrowings


	As of December 31
	2021	2022
	RMB	RMB

Short‑term borrowings	6,838,328	4,940,310
Long‑term borrowings	1,681,370	149,925
Total	8,519,698	5,090,235

Schedule of short-term and long-term borrowings maturities


	As of December 31
	2021	2022
	RMB	RMB

Within 1 year	6,838,328	4,940,310
Between 1 to 2 years	1,567,890	142,625
Between 2 to 3 years	113,480	7,300
Total	8,519,698	5,090,235

Accounts and notes payable (Tables)

12 Months Ended

Dec. 31, 2022

Accounts and notes payable

Schedule of accounts and notes payable


	As of December 31
	2021	2022
	RMB	RMB

Payables related to service fees and incentives to drivers	3,306,362	2,465,919
Payables related to driver management fees	157,421	155,279
Other accounts payable	439,707	204,124
Notes payable	721,463	44,724
Total	4,624,953	2,870,046

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities


	As of December 31
	2021	2022
	RMB	RMB

Payables to merchants and other partners	1,664,684	2,319,245
Employee compensation and welfare payables	2,253,437	1,821,969
Deposits	1,422,300	1,385,424
Tax payables	1,645,335	1,127,818
Payables related to property and equipment	358,464	298,550
Payables related to service fees	883,770	803,267
Payables related to market and promotion expenses	842,558	814,186
Payables and accruals for other costs and expenses	1,347,077	1,420,875
Others	1,229,597	1,158,587
Total	11,647,222	11,149,921

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2022

Segment reporting

Schedule of adjusted EBITA and a reconciliation from the segment Adjusted EBITA to total consolidated loss from operations


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Revenues:
China Mobility	133,645,113	160,520,747	125,930,620
International	2,333,113	3,622,366	5,863,123
Other Initiatives	5,757,926	9,684,269	8,997,940
Total segment revenues	141,736,152	173,827,382	140,791,683
Adjusted EBITA:
China Mobility	3,959,902	6,129,122	(1,449,926)
International	(3,533,836)	(5,787,976)	(4,024,455)
Other Initiatives	(8,806,771)	(19,514,226)	(7,294,752)
Total Adjusted EBITA	(8,380,705)	(19,173,080)	(12,769,133)
Share‑based compensation expenses	(3,413,292)	(24,654,583)	(3,424,049)
Amortization of intangible assets⁽ⁱ⁾	(1,993,945)	(1,824,762)	(1,631,280)
Impairment of goodwill and intangible assets acquired from business combination (Note 14)	—	(2,789,321)	—
Total consolidated loss from operations	(13,787,942)	(48,441,746)	(17,824,462)

(i)	Amortization expenses in connection with business combinations were RMB1,977,400, RMB1,799,508 and RMB1,561,239 for the years ended December 31, 2020, 2021 and 2022, respectively.

Schedule of total depreciation expenses of property and equipment by segment


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

China Mobility	260,179	306,382	360,612
International	63,025	124,633	92,903
Other Initiatives	2,951,940	3,789,506	3,058,310
Total depreciation of property and equipment	3,275,144	4,220,521	3,511,825

Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income taxes

Schedule of income (loss) before income taxes


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Income (loss) from overseas entities	3,020,403	(7,665,988)	(17,271,251)
Loss from PRC entities	(13,931,143)	(41,502,270)	(6,507,345)
Loss before income taxes	(10,910,740)	(49,168,258)	(23,778,596)

Schedule of income tax expenses (benefits)


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Current income tax expenses	170,502	557,797	170,091
Deferred tax benefits	(473,704)	(391,477)	(166,176)
Total income tax expenses (benefits)	(303,202)	166,320	3,915

Schedule of reconciliation of the differences between the statutory tax rate and the effective tax rate


	For the Year Ended December 31
	2020		2021		2022
	RMB		RMB		RMB

PRC statutory tax rate	25.00	%	25.00	%	25.00	%
Tax effect of preferential tax treatments	(2.53)	%	(0.38)	%	(0.72)	%
Tax effect of permanent difference	(9.03)	%	(15.54)	%	(2.06)	%
Effect on tax rates in different tax jurisdiction	5.18	%	(0.50)	%	(12.15)	%
Changes in valuation allowance and others	(15.84)	%	(8.92)	%	(10.09)	%
Effective tax rate	2.78	%	(0.34)	%	(0.02)	%

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


	As of December 31
	2021	2022
	RMB	RMB
Deferred tax assets
Tax losses carryforwards	8,528,736	14,026,637
Advertising expenses in excess of deduct limit	1,830,543	3,093,464
Asset impairment and allowances for credit losses	1,575,404	1,303,029
Accrued expenses and others	1,732,080	1,513,483
Total deferred tax assets	13,666,763	19,936,613
Less: valuation allowance	(13,065,611)	(19,539,116)
Deferred tax assets, net	601,152	397,497
Deferred tax liabilities
Amortization expense of intangible assets	659,926	263,031
Depreciation expense of property and equipment, and others	202,513	204,943
Deferred tax liabilities	862,439	467,974

Schedule of future expirations of tax losses arising in PRC


		As of December 31,
		2022
		RMB
Loss expiring in 2023		1,926,709
Loss expiring in 2024		1,104,342
Loss expiring in 2025		7,656,285
Loss expiring in 2026		20,987,210
Loss expiring in 2027 and thereafter		24,020,632
Total		55,695,178

Schedule of deferred tax assets and liabilities classification in the consolidated balance sheets


	As of December 31
	2021	2022
	RMB	RMB

Classification in the consolidated balance sheets:
Deferred tax assets, net	224,491	289,191
Deferred tax liabilities	485,778	359,668

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based compensation

Schedule of the Group's share-based compensation expense


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB

Operations and support	80,139	193,552	143,588
Sales and marketing	210,513	326,332	264,572
Research and development	777,888	2,258,705	1,183,306
General and administrative	2,344,752	21,875,994	1,832,583
Total share-based compensation expenses	3,413,292	24,654,583	3,424,049
Investment income (loss), net*	—	178,506	47,421
Total share-based compensation	3,413,292	24,833,089	3,471,470

* The Company granted share-based awards under the 2017 Plan and 2021 Plan (as defined below) to the employees of an equity investee with no increase in the relative ownership percentage of the investee and no proportionate funding by other investors. Accordingly, the Company recognized the entire cost of the share-based awards as incurred, amounting to RMB178,506 and RMB47,421 in investment income (loss), net in the consolidated statements of comprehensive loss for the years ended December 31, 2021 and 2022.

Schedule of activities of the share options


			Weighted
		Weighted	Average		Weighted
		Average	Remaining	Aggregate	Average
	Number of	Exercise	Contractual	Intrinsic	Grant Date
	Options	Price	Life	Value	Fair Value
		US$	In Years	US$	US$
Outstanding as of January 1, 2020	58,401,190	5.45	4.54	2,010,425	27.59
Granted	12,981,876	0.62			38.30
Modification	5,625,445	11.80			28.45
Exercise of share options with shares issued to trusts	(13,379,655)	11.80		405,191	28.45
Exercise of share options	(12,526,172)	11.80		379,344	28.45
Forfeited/cancelled	(4,304,441)	5.86			34.20
Outstanding as of December 31, 2020	46,798,243	6.04	3.74	1,686,640	26.16
Granted	88,434,809	0.0001823			47.47
Modification	(331,725)	0.0001823			47.71
Exercise of share options with shares issued to trusts	(68,616,887)	0.0001823		1,366,836	47.71
Exercise of share options	(9,640,697)	0.0001823		192,041	47.71
Forfeited/cancelled	(4,067,894)	2.44			41.29
Outstanding as of December 31, 2021	52,575,849	4.90	3.40	789,898	30.18
Granted	18,459,565	0.0001823			11.80
Exercise of share options	(2,749,909)	0.42		33,819	24.22
Forfeited/cancelled	(4,552,050)	1.00			36.86
Outstanding as of December 31, 2022	63,733,455	3.94	6.39	559,325	24.62
Exercisable as of December 31, 2022	34,881,339	7.03	4.47	198,497	24.94
Vested and Expected to Vest as of December 31,2022	56,489,339	4.45	6.06	467,150	25.13

Schedule of assumptions to determine fair value of the share based awards


	For the Year Ended December 31
	2020	2021	2022
Fair value of ordinary shares (US$)	37.65 ‑ 42.08	30.32 – 65.60	7.34-19.92
Expected volatility	31.0% ‑ 34.8%	33.6% - 37.8%	35.27%-40.34%
Risk‑free interest rate (per annum)	1.16% ‑ 1.69%	0.94% - 1.26%	1.52%-3.83%
Expected dividend yield	0%	0%	0%
Expected term (in years)	7	7	10

Schedule of activities of restricted shares and RSUs


			Weighted
		Weighted	Average
		Average	Remaining
	Number of	Grant Date	Contractual
	Shares	Fair Value	Life
		US$	In Years
Unvested at January 1, 2020	7,726,671	36.64	4.82
Granted	1,249,178	38.74
Vested	(1,802,889)	39.14
Exercise of share options with shares issued to trusts	13,379,655	39.87
Forfeited/cancelled	(1,790,178)	39.05
Unvested at December 31, 2020	18,762,437	38.60	4.60
Granted	3,137,540	48.47
Vested	(64,990,673)	45.36
Exercise of share options with shares issued to trusts	68,616,887	47.71
Forfeited/cancelled	(2,248,496)	48.40
Unvested at December 31, 2021	23,277,695	41.21	5.28
Granted	1,714,158	12.47
Vested	(7,947,817)	34.14
Forfeited/cancelled	(2,446,370)	40.84
Unvested at December 31, 2022	14,597,666	40.97	7.47
Expected to vest at December 31, 2022	11,686,346	41.52	7.54

Convertible redeemable non-controlling interests and convertible non-controlling interests (Tables)

12 Months Ended

Dec. 31, 2022

Convertible redeemable non-controlling interests and convertible non-controlling interests

Schedule of convertible redeemable non-controlling interests and convertible non-controlling interests


	Convertible redeemable	Convertible non‑
	non‑controlling interests	controlling interests
	RMB	RMB
Balance as of January 1, 2020	—	—
Issuance of convertible redeemable non-controlling interests and convertible non-controlling interests, net of issuance costs	3,180,218	99,851
Accretion of convertible redeemable non-controlling interests to redemption value	165,047	—
Balance as of December 31, 2020	3,345,265	99,851
Issuance of convertible redeemable non-controlling interests and convertible non-controlling interests, net of issuance costs	8,225,007	969,506
Accretion of convertible redeemable non-controlling interests to redemption value	687,617	—
Balance as of December 31, 2021	12,257,889	1,069,357
Accretion of convertible redeemable non-controlling interests to redemption value	898,649	—
Repurchase of convertible redeemable non-controlling interests	(145,962)	—
Balance as of December 31, 2022	13,010,576	1,069,357

Convertible preferred shares (Tables)

12 Months Ended

Dec. 31, 2022

Convertible preferred shares

Schedule of convertible preferred shares immediately before the conversion upon the Group's IPO


		Issuance	Total
		price	number of
Series	Issuance date	per share	shares issued
		US$
Series A-1 convertible preferred shares	February 2015	11.3970	12,180,250
Series A-2 convertible preferred shares	February 2015	11.4423	9,145,501
Series A-3 convertible preferred shares	February 2015	11.4423	10,668,684
Series A-4 convertible preferred shares	February 2015	11.6866	33,711,135
Series A-5 convertible preferred shares	February 2015	12.0325	21,161,516
Series A-6 convertible preferred shares	February 2015	12.7193	41,028,543
Series A-7 convertible preferred shares	March 2013	0.0080	20,000,000
Series A-8 convertible preferred shares	April 2013	0.1600	12,500,000
Series A-9 convertible preferred shares	May 2013	0.9600	3,125,000
Series A-10 convertible preferred shares	May 2013	0.9600	15,625,000
Series A-11 convertible preferred shares	January 2014	2.9160	21,654,327	⁽ⁱ⁾
Series A-12 convertible preferred shares	January 2014	3.2400	10,956,791
Series A-13 convertible preferred shares	April 2014	3.8250	20,915,034
Series A-14 convertible preferred shares	July 2014	7.3125	17,777,778
Series A-15 convertible preferred shares	December 2014 to January 2015	12.2727	54,592,596
Series A-16 convertible preferred shares	May 2015	18.9705	12,756,674
Series A-17 convertible preferred shares	July 2015 to March 2016	27.4262	116,312,175
Series A-18 convertible preferred shares	April 2016 to August 2017	38.2271	111,432,959
Series B-1 convertible preferred shares	August 2016 to October 2017	119.0705	58,530,879
Series B-2 convertible preferred shares	April 2017 to August 2019	50.9321	212,683,291

(i)	Including 4,507,550 Series A-11 preferred shares legally issued in 2018 upon the exercise of the warrant.

Schedule of movement of convertible preferred shares


	Total
	number of	Total
	shares	amount
		RMB
Balance as of January, 2020	816,287,809	189,847,244
Repurchase of Series A‑17 convertible preferred shares	(29,842)	(5,198)
Repurchase of Series A‑18 convertible preferred shares	(12,215)	(3,067)
Balance as of December 31, 2020	816,245,752	189,838,979
Conversion of preferred shares to ordinary shares	(816,245,752)	(189,838,979)
Balance as of December 31, 2021	—	—
Balance as of December 31, 2022	—	—

Loss per share (Tables)

12 Months Ended

Dec. 31, 2022

Loss per share

Schedule of basic loss per share and diluted loss per share


	For the Year Ended December 31
	2020	2021	2022
	RMB	RMB	RMB
Numerator:
Net loss attributable to DiDi Global Inc.	(10,514,498)	(49,343,664)	(23,783,321)
Accretion of convertible redeemable non-controlling interests to redemption value	(165,047)	(687,617)	(898,649)
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares	(872)	—	—
Net loss attributable to ordinary shareholders of DiDi Global Inc.	(10,680,417)	(50,031,281)	(24,681,970)
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding*	106,694,420	657,996,437	1,210,979,609
Net loss per share attributable to ordinary shareholders
— Basic	(100.10)	(76.04)	(20.38)
— Diluted	(100.10)	(76.04)	(20.38)

*	Vested restricted shares and RSUs and vested share options with minimal exercise price are considered outstanding in the computation of basic loss per share.

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and contingencies

Schedule of operating lease commitments

The Group has outstanding commitments on non-cancelable operating lease agreements which are expected to commence after December 31, 2022. Operating lease commitments contracted but not yet reflected in the consolidated financial statements as of December 31, 2022 are as follows:


		Less than			Over 5
	Total	1 year	1-3 Years	3-5 Years	Years
Operating lease commitments	79,158	29,318	45,408	3,854	578

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2022

Fair value measurement

Schedule of financial instruments, measured at fair value, by level within the fair value hierarchy


		Fair value measurement at reporting date using
		Quoted Prices
		in Active
		Markets for		Significant
		Identical	Significant Other	Unobservable
	December 31	Assets	Observable Inputs	Inputs
Items	2021	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
Structured notes under fair value option	4,622	—	4,622	—
Listed equity securities	13,342,946	451,679	12,891,267	—
Equity investments in Chengxin	12,767	—	—	12,767
Convertible Note of Chengxin	673,357	—	—	673,357
Other investments under fair value option	739,446	—	739,446	—
Total	14,773,138	451,679	13,635,335	686,124


		Fair value measurement at reporting date using
		Quoted Prices
		in Active
		Markets for		Significant
		Identical	Significant Other	Unobservable
	December 31	Assets	Observable Inputs	Inputs
Items	2022	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
Structured notes under fair value option	1,755,009	—	1,755,009	—
Listed equity securities	6,725,766	6,725,766	—	—
Other investments under fair value option	1,386,741	—	1,386,741	—
Total	9,867,516	6,725,766	3,141,750	—

Organization and principle activities (Details)	12 Months Ended
Organization and principle activities (Details)	Dec. 31, 2022	Dec. 31, 2021
Beijing Xiaoju Science and Technology Co., Ltd.
Organization and principle activities
Percentage of direct/indirect economic interest in VIEs	100.00%	100.00%
DiDi Chuxing Science and Technology Co., Ltd.
Organization and principle activities
Percentage of direct/indirect economic interest in VIEs	100.00%	100.00%
Beijing DiDi Chuxing Technology Co., Ltd.
Organization and principle activities
Percentage of direct/indirect economic interest in VIEs	100.00%	100.00%
Marvelous Yarra Limited
Organization and principle activities
Percentage of direct/indirect economic interest	100.00%	100.00%
Holly Universal Limited
Organization and principle activities
Percentage of direct/indirect economic interest	100.00%	100.00%
Didi (HK) Science and Technology Limited
Organization and principle activities
Percentage of direct/indirect economic interest	100.00%	100.00%
Xiaoju Science and Technology (Hong Kong) Limited
Organization and principle activities
Percentage of direct/indirect economic interest	100.00%	100.00%
Beijing DiDi Infinity Technology and Development Co., Ltd.
Organization and principle activities
Percentage of direct/indirect economic interest	100.00%	100.00%

Variable interest entities (Details) - VIE - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable interest entities
Registered capital funds of the VIEs and its subsidiaries	¥ 14,357,869	¥ 13,444,434
Non-distributable statutory reserves of the VIEs and its subsidiaries	¥ 64,034	¥ 23,808

Variable interest entities - financial positions (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Variable interest entities
Cash and cash equivalents	¥ 20,855,252	$ 3,023,727	¥ 43,429,717	$ 6,296,717	¥ 19,372,084	¥ 12,790,790
Short-term investments	17,548,218	2,544,252	13,343,754
Accounts and notes receivable, net	2,251,633	326,456	2,831,123
Loans receivable, net	5,338,627	774,028	4,644,298
Long-term investments, net	4,734,084		4,614,724
Property and equipment, net	5,718,324	829,079	8,000,218
Intangible assets, net	1,724,141	249,977	3,286,145
Total assets	131,213,272	19,024,136	152,998,135
Short-term borrowings	4,940,310	716,278	6,838,328
Accounts and notes payable	2,870,046	416,118	4,624,953
Total liabilities	21,788,574	3,159,046	27,551,385
Total shareholders' equity	95,344,765	13,823,692	112,119,504		¥ (76,134,498)	¥ (62,689,462)
Total liabilities, mezzanine equity and shareholders' equity	131,213,272	$ 19,024,136	152,998,135
VIE
Variable interest entities
Cash and cash equivalents	5,558,835		18,499,058
Restricted cash	739,355		108,223
Short-term investments	2,911,180		764,343
Accounts and notes receivable, net	1,353,038		1,622,379
Loans receivable, net	2,073,477		1,426,244
Amounts due from the Company and its subsidiaries	29,306,180		20,730,377
Investment securities and other investments	2,215,533		4,708,537
Long-term investments, net	3,225,203		3,064,399
Property and equipment, net	273,753		349,510
Intangible assets, net	462,485		514,838
Other assets, net	1,275,757		1,329,105
Total assets	49,394,796		53,117,013
Short-term borrowings	199,807		824,964
Accounts and notes payable	2,672,716		3,706,079
Amounts due to the Company and its subsidiaries	63,721,620		58,675,506
Operating lease liabilities	274,150		238,261
Other liabilities	4,735,651		6,094,576
Total liabilities	71,603,944		69,539,386
Total shareholders' equity	(22,209,148)		(16,422,373)
Total liabilities, mezzanine equity and shareholders' equity	¥ 49,394,796		¥ 53,117,013

Variable interest entities - operation results (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Variable interest entities
Total revenues	¥ 140,791,683	$ 20,412,875	¥ 173,827,382	¥ 141,736,152
Costs and expenses	158,616,145	22,997,179	222,269,128	155,524,094
Loss from operations	(17,824,462)	(2,584,304)	(48,441,746)	(13,787,942)
Loss before income taxes	(23,778,596)	(3,447,572)	(49,168,258)	(10,910,740)
Income tax expenses	3,915	568	166,320	(303,202)
Net loss	(23,782,511)	(3,448,140)	(49,334,578)	(10,607,538)
Net loss attributable to DiDi Global Inc.	(23,783,321)	(3,448,258)	(49,343,664)	(10,514,498)
Net cash used in inter-company transactions	(9,554,309)	(1,385,246)	(13,413,860)	1,137,622
Net cash provided by (used in) investing activities	(11,028,110)	(1,598,925)	1,144,684	(1,946,323)
Inter-company loans financing from subsidiaries	1,515	220	6,106,358
Inter-company loans repayments to subsidiaries	(34,500)	(5,002)	(389,988)
Net cash provided by (used in) financing activities	(3,545,356)	$ (514,028)	35,191,482	9,274,050
VIE
Variable interest entities
Total revenues	132,237,619		168,311,395	137,885,322
Costs and expenses	(133,148,262)		(173,607,584)	(140,013,764)
Loss from operations	(910,643)		(5,296,189)	(2,128,442)
Income (loss) from non-operations	698,053		(358,813)	1,652,386
Loss before income taxes	(212,590)		(5,655,002)	(476,056)
Income tax expenses	(84,799)		(302,047)	(66,808)
Net loss	(297,389)		(5,957,049)	(542,864)
Net loss attributable to DiDi Global Inc.	(297,389)		(5,957,049)	(542,864)
Net cash used in inter-company transactions	4,628,428		1,631,994	659,450
Net cash provided by (used in) investing activities	(438,285)		2,688,546	(842,172)
Net cash provided by (used in) financing activities	(16,499,234)		4,505,606	4,037,500
Inter-company / Group companies
Variable interest entities
Inter-company revenues	1,495,026		1,708,159	1,067,752
Costs and expenses	(16,377,269)		(15,320,699)	(12,895,784)
Net cash used in inter-company transactions	(7,569,411)		(1,212,002)	(13,313,253)
Net cash provided by (used in) investing activities				2,785,392
Inter-company loans financing from subsidiaries	1,950,000		10,921,871	1,003,320
Inter-company loans repayments to subsidiaries	(17,812,066)		(3,000,000)	(1,000,000)
Third-party / External parties
Variable interest entities
Third-party revenues	130,742,593		166,603,236	136,817,570
Costs and expenses	(116,770,993)		(158,286,885)	(127,117,980)
Net cash used in inter-company transactions	12,197,839		2,843,996	13,972,703
Net cash provided by (used in) investing activities	(438,285)		2,688,546	(3,627,564)
Net cash provided by (used in) financing activities	¥ (637,168)		¥ (3,416,265)	¥ 4,034,180

Summary of significant accounting policies - Functional currency and foreign currency translation (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Foreign exchange gain		¥ 70,265	¥ 1,156,606
Foreign exchange loss	¥ 1,387,541

Summary of significant accounting policies - Convenience translation (Details)	Dec. 31, 2022
Summary of significant accounting policies
Exchange rate	6.8972

Summary of significant accounting policies - Cash and cash equivalents (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents
Summary of significant accounting policies
Cash held in accounts managed by online payment platforms	¥ 971,925	¥ 2,212,704

Summary of significant accounting policies - Property and equipment, net (Details)	12 Months Ended
	Dec. 31, 2022
Vehicles
Property and equipment, net
Estimated useful lives	5 years
Maximum \| Bikes and e-bikes
Property and equipment, net
Estimated useful lives	3 years
Maximum \| Computers and equipment
Property and equipment, net
Estimated useful lives	5 years
Maximum \| Others
Property and equipment, net
Estimated useful lives	40 years
Minimum \| Bikes and e-bikes
Property and equipment, net
Estimated useful lives	2 years
Minimum \| Computers and equipment
Property and equipment, net
Estimated useful lives	2 years
Minimum \| Others
Property and equipment, net
Estimated useful lives	5 years

Summary of significant accounting policies - Intangible assets, net (Details)	12 Months Ended
	Dec. 31, 2022
Driver lists
Summary of significant accounting policies
Estimated Useful Lives of the Assets	5 years
Customer lists
Summary of significant accounting policies
Estimated Useful Lives of the Assets	5 years
Online payment license
Summary of significant accounting policies
Period to apply online payment license renewal	5 years
Maximum \| Noncompete agreements
Summary of significant accounting policies
Estimated Useful Lives of the Assets	7 years
Maximum \| Trademark, patents and others
Summary of significant accounting policies
Estimated Useful Lives of the Assets	20 years
Maximum \| Software
Summary of significant accounting policies
Estimated Useful Lives of the Assets	5 years
Minimum \| Noncompete agreements
Summary of significant accounting policies
Estimated Useful Lives of the Assets	6 years
Minimum \| Trademark, patents and others
Summary of significant accounting policies
Estimated Useful Lives of the Assets	3 years
Minimum \| Software
Summary of significant accounting policies
Estimated Useful Lives of the Assets	3 years

Summary of significant accounting policies - Goodwill (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Impairment of goodwill	¥ 0	¥ 2,501,100,000	¥ 0

Summary of significant accounting policies - Statutory reserves (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Minimum of percentage to allocate after-tax profit	10.00%
Maximum percentage criteria for appropriation of after-tax profit of Chinese subsidiaries to general reserve fund	50.00%
Appropriations to the general reserve	¥ 41,411,000	¥ 11,414,000	¥ 9,159,000
Appropriations to the enterprise expansion fund and staff welfare and bonus fund	¥ 0	¥ 0	¥ 0

Summary of significant accounting policies - Revenue recognition - China Mobility (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer Benchmark \| Product Concentration Risk \| China Mobility \| Minimum
Summary of significant accounting policies
Percent of the total revenues	97.00%	97.00%	97.00%

Summary of significant accounting policies - Revenue recognition - Contract balances (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary of significant accounting policies
Contract assets	¥ 299,095	¥ 242,231
Contract liabilities	¥ 565,058	¥ 546,003
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false]	true

Summary of significant accounting policies - Sales and marketing expenses (Details) - Sales and marketing expenses - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Advertising and promotion expenses	¥ 3,297,560	¥ 5,401,408	¥ 5,088,880
Incentives provided to consumers	¥ 2,778,465	¥ 7,465,226	¥ 2,100,671

Summary of significant accounting policies - Employee benefits (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Employee benefits expensed	¥ 1,940,168	¥ 1,808,321	¥ 1,030,111

Summary of significant accounting policies - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies
Government grants	¥ 458,141	¥ 990,038	¥ 884,102
Fines related to non-compliances of certain cybersecurity laws and regulations	¥ 8,026,000
Maximum percentage of cash held in any single institution	5.00%	6.00%
Financial Asset Past Due
Summary of significant accounting policies
Loans receivable, non-accrual status upon reaching, number of days	90 days
Maximum
Summary of significant accounting policies
Short-term Investment Maturity Term	12 months

Financing transaction of Chengxin - The rights, preferences and privileges of the Chengxin's holders of ordinary shares, preferred shares and Convertible Note (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Mar. 31, 2021	Dec. 31, 2022
Financing transaction of Chengxin
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation		100.00%
Series A-1 convertible preferred shares
Financing transaction of Chengxin
Conversion ratio of preferred shares to ordinary shares		1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation		140.00%
Series A-2 convertible preferred shares
Financing transaction of Chengxin
Conversion ratio of preferred shares to ordinary shares		1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation		140.00%
Chengxin \| Convertible Note due 2028
Financing transaction of Chengxin
Principal amount	$ 3,000,000
Interest (as a percent)	0.00%
Term of borrowing (in year)	7 years
Chengxin \| Series A-1 convertible preferred shares
Financing transaction of Chengxin
Issuance of preferred shares in connection with certain external investors and the Group offering	92,367,521
Proceeds from issuance of convertible preferred shares, net of issuance cost	$ 923,675
Conversion ratio of preferred shares to ordinary shares		1
Chengxin \| Series A-1 convertible preferred shares \| An entity controlled by Softbank Group Corp.
Financing transaction of Chengxin
Proceeds from issuance of convertible preferred shares, net of issuance cost	43,162
Chengxin \| Series A-1 convertible preferred shares \| Secured term loans
Financing transaction of Chengxin
Principal amount	$ 160,000
Chengxin \| Series A-2 convertible preferred shares
Financing transaction of Chengxin
Issuance of preferred shares in connection with certain external investors and the Group offering	20,000,000
Proceeds from issuance of convertible preferred shares, net of issuance cost	$ 200,000
Conversion ratio of preferred shares to ordinary shares		1
Conversion price		$ 10.00
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation		100.00%

Financing transaction of Chengxin - Accounting for the financing transaction of Chengxin (Details) ¥ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Mar. 30, 2021 CNY (¥)
Short-term investments
Impairment losses from equity investments accounted for using equity method		¥ 59,651	¥ 264,292	¥ 79,875
Investments in Chengxin
Short-term investments
Gain recorded upon the completion of deconsolidation		9,058,144
Fair value of retained investment in the form of ordinary shares					¥ 2,628,520
Carrying amount of net liabilities of investee					¥ 6,429,624
Number of board members of the investee for which the company has right to nominate					3
Number of board members of the investee					6
Fair value of investments			686,124		¥ 16,428,250
Impairment losses from equity investments accounted for using equity method		¥ 21,259,814
Assets received in connection with distribution	¥ 1,935,171
Incentive distribution, distribution			¥ 1,172,541

Short-term investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Short-term investments
Short-term investments	¥ 17,548,218	$ 2,544,252	¥ 13,343,754
Time deposits stated at amortized cost
Short-term investments
Short-term investments	16,965,708		13,154,020
Structured notes under fair value option
Short-term investments
Short-term investments			4,622
Other debt investments under fair value option
Short-term investments
Short-term investments	563,799
Other debt investments stated at amortized cost
Short-term investments
Short-term investments	¥ 18,711		¥ 185,112

Accounts and notes receivable, net - Accounts and notes receivable, net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Accounts and notes receivable, net
Accounts and notes receivable	¥ 2,944,355		¥ 3,482,011
Allowance for credit losses	(692,722)		(650,888)	¥ (556,360)	¥ (437,266)
Accounts and notes receivable, net	¥ 2,251,633	$ 326,456	¥ 2,831,123

Accounts and notes receivable, net - Movement of the allowances for credit losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movements in the allowance for doubtful accounts
Balance at beginning of the year	¥ (650,888)	¥ (556,360)	¥ (437,266)
Provision	(454,168)	(596,908)	(448,720)
Write-offs	412,334	502,380	401,124
Balance at end of the year	(692,722)	(650,888)	(556,360)
Impact of adoption
Movements in the allowance for doubtful accounts
Balance at beginning of the year		71,498
Balance at end of the year			71,498
Adjusted Balance
Movements in the allowance for doubtful accounts
Balance at beginning of the year	¥ (650,888)	(556,360)	(508,764)
Balance at end of the year		¥ (650,888)	¥ (556,360)

Loans receivable, net - Loans receivable, net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Loans receivable, net
Loans receivable	¥ 5,798,839		¥ 5,248,804
Allowance for credit losses	(460,212)		(604,506)
Loans receivable, net	¥ 5,338,627	$ 774,028	¥ 4,644,298

Loans receivable, net - Movement of the allowances for credit losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in the allowances for credit losses
Balance at beginning of the year	¥ (604,506)	¥ (146,432)	¥ (100,643)
Foreign currency translation adjustments	(3,979)
Provision	(523,863)	(557,129)	(153,560)
Write-offs	672,136	99,055	158,340
Balance at end of the year	(460,212)	(604,506)	(146,432)
Impact of adoption
Movement in the allowances for credit losses
Balance at beginning of the year			(50,569)
Adjusted Balance
Movement in the allowances for credit losses
Balance at beginning of the year	¥ (604,506)	(146,432)	(151,212)
Balance at end of the year		¥ (604,506)	¥ (146,432)

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Loans receivable, net - Aging analysis of loans receivable (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans receivable, net
Loans receivable	¥ 5,798,839	¥ 5,248,804
Current
Loans receivable, net
Loans receivable	5,551,986	4,861,831
Past Due
Loans receivable, net
Loans receivable	246,853	386,973
1-30 Days
Loans receivable, net
Loans receivable	70,990	75,785
31-60 Days
Loans receivable, net
Loans receivable	42,495	59,394
61-90 Days
Loans receivable, net
Loans receivable	38,340	51,035
91 Days or Greater
Loans receivable, net
Loans receivable	¥ 95,028	¥ 200,759

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 79
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

Prepayments, receivables and other current assets, net and other non current assets, net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Prepayments, receivables and other current assets, net and other non-current assets net
Deductible VAT-input	¥ 1,533,722		¥ 1,553,800
Rental deposits and other deposits, net	424,492		189,840
Prepayments for promotion and advertising expenses and other operation expenses	388,284		371,149
Advances to employees	375,468		303,050
Payments to drivers and partners on behalf of end users	308,627		148,971
Prepayments for insurance costs	204,915		239,417
Inventories, net	135,480		197,957
Interest receivables	74,126		13,293
Short-term finance lease receivables, net	21,616		44,020
Others, net	726,222		896,478
Total	4,192,952	$ 607,922	3,957,975
Deductible VAT-input	864,319		1,070,370
Prepayments for purchase of property and equipment and other noncurrent assets	570,639		166,425
Prepayments for long-term investments	252,995		200,000
Rental deposits and other deposits	153,240		203,154
Long-term finance lease receivables, net	14,261		41,579
Others	5,411		17,942
Total	¥ 1,860,865	$ 269,800	¥ 1,699,470

Prepayments, receivables and other current assets, net and other non-current assets, net - Movement of the allowances for credit losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in the allowances for credit losses
Balance at beginning of the year	¥ (11,405)	¥ (72,167)	¥ (3,871)
Reversal/(Provision)	(892)	12,757	(73,004)
Write-offs	11,382	48,005	4,708
Balance at end of the year	¥ (915)	¥ (11,405)	¥ (72,167)

Investment securities and other investments - Summary Of Investment Securities And Other Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Investment securities and other investments
Debt investments stated at amortized cost	¥ 8,706,590		¥ 3,878,744
Listed equity securities	6,725,766		13,342,946
Other investments under fair value option	2,577,951		1,412,803
Total	¥ 18,010,307	$ 2,611,249	¥ 18,634,493

Investment securities and other investments - Summary of investments securities stated at amortized cost (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Equity Securities And Other Investments [Line Items]
Total	¥ 8,706,590	¥ 3,878,744
Time deposits stated at amortized cost
Equity Securities And Other Investments [Line Items]
Total	8,444,793	3,722,640
Other debt investments stated at amortized cost
Equity Securities And Other Investments [Line Items]
Total	¥ 261,797	¥ 156,104

Investment securities and other investments - Summary of amortized cost of debt investments (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment securities and other investments
Due in 1 year through 2 years	¥ 6,627,563
Due in 2 years through 3 years	1,950,866
Thereafter	128,161
Total	¥ 8,706,590	¥ 3,878,744

Investment securities and other investments - Summary of carrying values and fair values of the investment securities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment securities and other investments
Cost	¥ 10,142,075	¥ 27,984,951
Cumulative gross unrealized gains	31,583	6,315,329
Cumulative gross unrealized Losses	(1,067,079)	(19,116,829)
Foreign currency translation adjustments	197,138	(427,702)
Fair Value	9,303,717	14,755,749
Unrealized gain		8,351,108
Unrealized loss	6,221,463
Realized gain	5,998
Listed equity securities
Investment securities and other investments
Cost	7,561,289	7,661,212
Cumulative gross unrealized gains		6,300,946
Cumulative gross unrealized Losses	(1,067,079)	(394,796)
Foreign currency translation adjustments	231,556	(224,416)
Fair Value	6,725,766	13,342,946
Investee A
Investment securities and other investments
Cost	600,000	600,000
Cumulative gross unrealized Losses	(206,442)	(254,758)
Foreign currency translation adjustments	0
Fair Value	393,558	345,242
Investee B
Investment securities and other investments
Cost	6,518,202	6,751,890
Cumulative gross unrealized gains		5,573,162
Cumulative gross unrealized Losses	(648,302)
Foreign currency translation adjustments	198,536	(225,456)
Fair Value	6,068,436	12,099,596
Others
Investment securities and other investments
Cost	443,087	309,322
Cumulative gross unrealized gains		727,784
Cumulative gross unrealized Losses	(212,335)	(140,038)
Foreign currency translation adjustments	33,020	1,040
Fair Value	263,772	898,108
Debt investments
Investment securities and other investments
Cost	2,580,786	20,323,739
Cumulative gross unrealized gains	31,583	14,383
Cumulative gross unrealized Losses		(18,722,033)
Foreign currency translation adjustments	(34,418)	(203,286)
Fair Value	2,577,951	1,412,803
Convertible Note of Chengxin
Investment securities and other investments
Cost		19,563,591
Cumulative gross unrealized Losses		(18,691,719)
Foreign currency translation adjustments		(198,515)
Fair Value		673,357
Structured notes under fair value option
Investment securities and other investments
Cost	1,769,255
Cumulative gross unrealized gains	13,973
Foreign currency translation adjustments	(28,219)
Fair Value	1,755,009
Other debt investments under fair value option
Investment securities and other investments
Cost	811,531	760,148
Cumulative gross unrealized gains	17,610	14,383
Cumulative gross unrealized Losses		(30,314)
Foreign currency translation adjustments	(6,199)	(4,771)
Fair Value	¥ 822,942	¥ 739,446

Long-term investments, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Long-term investments, net
Measurement Alternative method	¥ 580,152		¥ 568,555
Total	4,734,084		4,614,724
Impairment loss for equity investments accounted for using Measurement Alternative	18,540	$ 2,688		¥ 1,022,098
Measurement Alternative method
Long-term investments, net
Impairment loss for equity investments accounted for using Measurement Alternative	18,540		0	1,022,098
Gain on sale of investments	0		2,493,381	¥ 40,613
Equity investments accounted for using equity method
Long-term investments, net
Equity method	¥ 4,153,932		4,033,402
Equity investment in Chengxin under fair value option
Long-term investments, net
Equity method			¥ 12,767

Long term investments, net - Equity method (Details) ¥ in Thousands, ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 JPY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2021 JPY (¥)
Long term investments, net
Loss from equity method investments, excluding impairment	¥ 95,505	¥ 211,559		¥ 977,552
Impairment losses from equity investments accounted for using equity method	¥ 59,651	264,292		¥ 79,875
Didi Mobility Japan Corporation ("Didi Japan")
Long term investments, net
Additional investment made during period		161,720	¥ 2,600,000
Fair value of investments		¥ 433,950			¥ 6,950,000

Long-term investments, net - Summary of the condensed financial information of the Group's equity investment under equity method (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Long term investments, net
Net income (loss), net	¥ (23,782,511)	$ (3,448,140)	¥ (49,334,578)	¥ (10,607,538)
Current assets	51,052,061		68,765,864		$ 7,401,853
Non-current assets	80,161,211		84,232,271		11,622,283
Current liabilities	20,248,470		24,422,785		2,935,752
Non-current liabilities	1,540,104		3,128,600		223,294
Convertible redeemable preferred shares and non-controlling interests	¥ 14,079,933		13,327,246		$ 2,041,398
Various equity method investees \| Minimum
Long term investments, net
Shareholding interests	3.00%				3.00%
Various equity method investees \| Maximum
Long term investments, net
Shareholding interests	5.00%				5.00%
Equity investments under equity method
Long term investments, net
Revenue	¥ 8,906,174		7,549,918	9,721,658
Gross profit (loss)	1,712,738		(4,257,022)	3,819,309
Income (loss) from operations	(1,248,914)		(16,489,595)	2,880,369
Net income (loss), net	(2,468,292)		1,999,569	2,881,779
Current assets	52,797,753		54,810,598	14,591,256
Non-current assets	14,891,760		17,656,885	16,999,044
Current liabilities	38,391,255		31,611,814	2,158,751
Non-current liabilities	¥ 3,308,611		5,536,458	6,696,509
Convertible redeemable preferred shares and non-controlling interests			¥ 7,160,924	¥ 2,703,764

Property and equipment, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Property and equipment, net
Total	¥ 18,047,715	¥ 20,109,078
Less: Accumulated depreciation	(10,305,649)	(8,960,129)
Less: Accumulated impairment loss	(2,023,742)	(3,148,731)
Property and equipment, net	5,718,324	8,000,218		$ 829,079
Depreciation expenses	3,511,825	4,220,521	¥ 3,275,144
Impairment losses for property and equipment	¥ 0	¥ 2,247,738	¥ 855,988
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	General and Administrative Expense	General and Administrative Expense	General and Administrative Expense
Bikes and e-bikes
Property and equipment, net
Total	¥ 9,966,031	¥ 11,774,212
Impairment charge on vehicles leased to drivers			¥ 751,065
Impairment charge on bikes and e bikes		2,164,409
Vehicles
Property and equipment, net
Total	3,022,763	3,538,274
Computers and equipment
Property and equipment, net
Total	4,145,016	3,723,744
Leasehold improvement
Property and equipment, net
Total	707,947	644,251
Construction in progress
Property and equipment, net
Total	170,785	393,540
Others
Property and equipment, net
Total	¥ 35,173	¥ 35,057

Operating leases - Components of lease expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating leases
Operating lease cost	¥ 729,038	¥ 726,359	¥ 681,841
Short-term lease cost	416,215	467,384	128,865
Variable lease cost	150,994	121,353	80,015
Total lease cost	¥ 1,296,247	¥ 1,315,096	¥ 890,721

Operating leases - Supplemental cash flows information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating leases
Cash payments for operating leases	¥ 783,337	¥ 761,352	¥ 707,140
ROU assets obtained in exchange for operating lease liabilities	¥ 978,608	¥ 910,144	¥ 1,158,347
Weighted average remaining lease term	2 years 10 months 2 days
Weighted average discount rate	4.77%

Operating leases - Maturities of lease liabilities (Details) ¥ in Thousands	Dec. 31, 2022 CNY (¥)
Operating leases
2023	¥ 582,029
2024	363,989
2025	238,767
2026	94,642
Thereafter	110,167
Total undiscounted lease payments	1,389,594
Less: imputed interest	(131,690)
Total lease liabilities	¥ 1,257,904

Intangible assets, net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Finitelived intangible assets
Total	¥ 14,462,538		¥ 14,301,780
Less: accumulated amortization	(12,846,495)		(11,182,929)
Less: accumulated impairment loss	(346,466)		(287,270)
Net book value	1,269,577		2,831,581
Indefinitelived intangible assets
Total	454,564		454,564
Finite and indefinitelived intangible assets	1,724,141	$ 249,977	3,286,145
Noncompete agreements
Finitelived intangible assets
Total	7,183,773		7,183,773
Trademarks, patents, software and others
Finitelived intangible assets
Total	5,413,444		5,268,168
Customer lists
Finitelived intangible assets
Total	1,563,680		1,553,507
Driver lists
Finitelived intangible assets
Total	301,641		296,332
Online payment license
Indefinitelived intangible assets
Total	398,085		398,085
Others
Indefinitelived intangible assets
Total	¥ 56,479		¥ 56,479

Intangible assets, net - Amortization expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible assets, net
Amortization expenses	¥ 1,631,280	¥ 1,824,762	¥ 1,993,945
Impairment loss	17,736	288,221	¥ 0
2023	1,000,676
2024	133,845
2025	54,985
2026	38,321
Thereafter	41,750
Total expected amortization expenses	¥ 1,269,577	¥ 2,831,581

Goodwill (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Goodwill (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Goodwill
Beginning balance	¥ 46,377,583		¥ 49,124,172	¥ 50,163,242
Less: accumulated impairment loss			(2,492,826)
Foreign currency translation adjustments	0			(1,039,070)
Ending balance	46,377,583	$ 6,724,117	46,377,583	49,124,172
China Mobility
Goodwill
Beginning balance	46,283,879		46,283,879	46,283,879
Less: accumulated impairment loss			0
Foreign currency translation adjustments	0		0	0
Ending balance	46,283,879		46,283,879	46,283,879
International
Goodwill
Beginning balance	0		2,746,589	3,785,659
Less: accumulated impairment loss			(2,492,826)
Foreign currency translation adjustments	0			(1,039,070)
Ending balance	0		0	2,746,589
Other Initiatives
Goodwill
Beginning balance	93,704		93,704	93,704
Less: accumulated impairment loss			0
Foreign currency translation adjustments	0		0	0
Ending balance	¥ 93,704		¥ 93,704	¥ 93,704

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill - Narratives (Details) - CNY (¥)	9 Months Ended	12 Months Ended
Goodwill - Narratives (Details) - CNY (¥)	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill
Impairment of goodwill		¥ 0	¥ 2,501,100,000	¥ 0
Percentage of increasing the discount rate	1.00%		1.00%
Impairment of intangible assets (excluding goodwill)		¥ 17,736,000	¥ 288,221,000	0
China Mobility
Goodwill
Impairment of goodwill	¥ 0		¥ 0	¥ 0
Percentage of fair value exceeding the carrying amount			30.00%
International
Goodwill
Impairment of goodwill			¥ 2,501,100,000
Impairment of intangible assets (excluding goodwill)			¥ 288,221,000

Borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Borrowings
Short-term borrowings	¥ 4,940,310	$ 716,278	¥ 6,838,328
Long-term borrowings	149,925	$ 21,737	1,681,370
Total	¥ 5,090,235		¥ 8,519,698

Borrowings - Narratives (Details) ¥ in Thousands	1 Months Ended	12 Months Ended
Borrowings - Narratives (Details) ¥ in Thousands	Mar. 31, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥) item
Borrowings
Unused credit limits		¥ 60,448
Revolving credit facility agreement cancelled	¥ 11,380,380
Outstanding borrowings balance		¥ 39,212	¥ 585,814
Minimum
Borrowings
Interest (as a percent)		4.00%
Maximum
Borrowings
Interest (as a percent)		7.00%
Three one-year asset-backed securitized debts
Borrowings
Number of debt agreements \| item			3
Term of borrowing (in year)			1 year
Asset-backed securitized debts issued, each			¥ 1,275,000
Balance of ABSs		¥ 0	¥ 629,013
Weighted average interest rate for shortterm borrowings		3.00%	3.00%
Several borrowing agreements with credit facilities
Borrowings
Maximum borrowings		¥ 171,161	¥ 11,616,192
Several borrowing agreements with credit facilities \| Loan Prime Rate ("LPR") \| Minimum
Borrowings
Annual interest rate		0.30%
Several borrowing agreements with credit facilities \| Loan Prime Rate ("LPR") \| Maximum
Borrowings
Annual interest rate		1.80%

Borrowings - Maturities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Borrowings
Within 1 year	¥ 4,940,310	¥ 6,838,328
Between 1 to 2 years	142,625	1,567,890
Between 2 to 3 years	7,300	113,480
Total	¥ 5,090,235	¥ 8,519,698

Accounts and notes payable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Accounts and notes payable
Payables related to service fees and incentives to drivers	¥ 2,465,919		¥ 3,306,362
Payables related to driver management fees	155,279		157,421
Other accounts payable	204,124		439,707
Notes payable	44,724		721,463
Total	¥ 2,870,046	$ 416,118	¥ 4,624,953

Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Accrued expenses and other current liabilities
Payables to merchants and other partners	¥ 2,319,245		¥ 1,664,684
Employee compensation and welfare payables	1,821,969		2,253,437
Deposits	1,385,424		1,422,300
Tax payables	1,127,818		1,645,335
Payables related to property and equipment	298,550		358,464
Payables related to service fees	803,267		883,770
Payables related to market and promotion expenses	814,186		842,558
Payables and accruals for other cost and expenses	1,420,875		1,347,077
Others	1,158,587		1,229,597
Total	¥ 11,149,921	$ 1,616,585	¥ 11,647,222

Segment reporting (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Segment reporting (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Revenues:
Number of Operating Segments \| segment	3	3
Total segment revenues	¥ 140,791,683	$ 20,412,875	¥ 173,827,382	¥ 141,736,152
Adjusted EBITA:
Total Adjusted EBITA	(12,769,133)		(19,173,080)	(8,380,705)
Sharebased compensation expenses	(3,424,049)	(496,440)	(24,654,583)	(3,413,292)
Amortization of intangible assets	(1,631,280)		(1,824,762)	(1,993,945)
Impairment of goodwill and intangible assets acquired from business combination			(2,789,321)
Loss from operations	(17,824,462)	$ (2,584,304)	(48,441,746)	(13,787,942)
Amortization expenses in connection with business combinations	1,561,239		1,799,508	1,977,400
China Mobility
Revenues:
Total segment revenues	125,930,620		160,520,747	133,645,113
Adjusted EBITA:
Total Adjusted EBITA	(1,449,926)		6,129,122	3,959,902
International
Revenues:
Total segment revenues	5,863,123		3,622,366	2,333,113
Adjusted EBITA:
Total Adjusted EBITA	(4,024,455)		(5,787,976)	(3,533,836)
Other Initiatives
Revenues:
Total segment revenues	8,997,940		9,684,269	5,757,926
Adjusted EBITA:
Total Adjusted EBITA	¥ (7,294,752)		¥ (19,514,226)	¥ (8,806,771)

Segment reporting - Depreciation expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total depreciation expenses of property and equipment by segment
Total depreciation of property and equipment	¥ 3,511,825	¥ 4,220,521	¥ 3,275,144
China Mobility
Total depreciation expenses of property and equipment by segment
Total depreciation of property and equipment	360,612	306,382	260,179
International
Total depreciation expenses of property and equipment by segment
Total depreciation of property and equipment	92,903	124,633	63,025
Other Initiatives
Total depreciation expenses of property and equipment by segment
Total depreciation of property and equipment	¥ 3,058,310	¥ 3,789,506	¥ 2,951,940

Income taxes - Hong Kong, PRC, Withholding tax on undistributed dividends (Details)	12 Months Ended			72 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023
Income taxes
PRC statutory tax rate	25.00%	25.00%	25.00%
Percentage of withholding tax rate	10.00%
PRC
Income taxes
PRC statutory tax rate	25.00%
Preferential tax rate	15.00%
Effective period of preferential tax treatment	3 years
Percentage of R&D deduction entitled by enterprises engaging in research and development activities	150.00%
Percentage of R&D deduction entitled by enterprises engaging in research and development activities within limited time				175.00%
HONG KONG
Income taxes
Tax rate	16.50%

Income taxes - Summary of income (loss) before income taxes, income tax expenses (benefits) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Income (loss) before income taxes
Income (loss) from overseas entities	¥ (17,271,251)		¥ (7,665,988)	¥ 3,020,403
Loss from PRC entities	(6,507,345)		(41,502,270)	(13,931,143)
Loss before income taxes	(23,778,596)	$ (3,447,572)	(49,168,258)	(10,910,740)
Income tax expenses (benefits)
Current income tax expenses	170,091		557,797	170,502
Deferred tax benefits	(166,176)	(24,093)	(391,477)	(473,704)
Total income tax expenses (benefits)	¥ 3,915	$ 568	¥ 166,320	¥ (303,202)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

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

+ References + Details

Income taxes - Summary of effective tax rate (Details)	12 Months Ended
Income taxes - Summary of effective tax rate (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the differences between the statutory tax rate and the Group's effective tax rate
PRC statutory tax rate	25.00%	25.00%	25.00%
Tax effect of preferential tax treatments	(0.72%)	(0.38%)	(2.53%)
Tax effect of permanent difference	(2.06%)	(15.54%)	(9.03%)
Effect on tax rates in different tax jurisdiction	(12.15%)	(0.50%)	5.18%
Changes in valuation allowance and others	(10.09%)	(8.92%)	(15.84%)
Effective tax rate	(0.02%)	(0.34%)	2.78%

Income taxes - Summary of deferred tax balances (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Tax losses carryforwards	¥ 14,026,637	¥ 8,528,736
Advertising expenses in excess of deduct limit	3,093,464	1,830,543
Asset impairment and allowances for credit losses	1,303,029	1,575,404
Accrued expenses and others	1,513,483	1,732,080
Total deferred tax assets	19,936,613	13,666,763
Less: valuation allowance	(19,539,116)	(13,065,611)
Deferred tax assets, net	397,497	601,152
Deferred tax liabilities
Amortization expense of intangible assets	263,031	659,926
Depreciation expense of property and equipment, and others	204,943	202,513
Deferred tax liabilities	¥ 467,974	¥ 862,439

Income taxes - Accumulated tax losses carryforwards (Details) ¥ in Thousands	Dec. 31, 2022 CNY (¥)
Operating loss carryforwards
Deferred tax asset, net, recognized from tax losses carryforwards	¥ 33,278
Domestic
Operating loss carryforwards
Accumulated tax losses carryforwards	55,695,178
Brazil
Operating loss carryforwards
Accumulated tax losses carryforwards	¥ 3,022,881

Incomes taxes - Future expirations (Details) - Domestic ¥ in Thousands	Dec. 31, 2022 CNY (¥)
Operating loss carryforwards
Loss expiring in 2023	¥ 1,926,709
Loss expiring in 2024	1,104,342
Loss expiring in 2025	7,656,285
Loss expiring in 2026	20,987,210
Loss expiring in 2027 and thereafter	24,020,632
Total	¥ 55,695,178

Incomes taxes - Classification in the consolidated balance sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Income taxes
Deferred tax assets, net	¥ 289,191	$ 41,929	¥ 224,491
Deferred tax liabilities	¥ 359,668	$ 52,147	¥ 485,778

Share-based compensation - Summary of the Group's share based compensation expense (Details) ¥ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Share-based compensation
Share-based compensation expense	¥ 1,235,497	¥ 3,471,470		¥ 24,833,089	¥ 3,413,292
Total share-based compensation expense		3,424,049	$ 496,440,000	24,654,583	3,413,292
Employees of an equity investee
Share-based compensation
Share-based compensation expense		¥ 47,421		178,506
Increase in the relative ownership percentage of the investee after granting stock-based awards		0.00%	0.00%
Proportionate funding by other investors after granting stock-based awards \| $			$ 0
Operations and support
Share-based compensation
Share-based compensation expense		¥ 143,588		193,552	80,139
Sales and marketing expenses
Share-based compensation
Share-based compensation expense		264,572		326,332	210,513
Research and development
Share-based compensation
Share-based compensation expense		1,183,306		2,258,705	777,888
General and administrative
Share-based compensation
Share-based compensation expense		1,832,583		21,875,994	¥ 2,344,752
Investment income (loss), net
Share-based compensation
Share-based compensation expense		¥ 47,421		¥ 178,506

Share-based compensation - Share incentive plan, modification (Details) - CNY (¥) ¥ in Thousands	1 Months Ended		6 Months Ended	12 Months Ended
	Jan. 31, 2022	Apr. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation
Granted				18,459,565	88,434,809	12,981,876
Share-based compensation expense			¥ 1,235,497	¥ 3,471,470	¥ 24,833,089	¥ 3,413,292
Number of original options affected by modification of award					1,020,551	20,280,382
Number of new options issued in connection with modification of award					688,826	25,905,827
Incremental costs on modification of terms of awards					¥ 5,678	¥ 98,153
Minimum
Share-based compensation
Vesting period of share-based awards	7 years
Maximum
Share-based compensation
Vesting period of share-based awards	10 years
Options
Share-based compensation
Incremental costs on modification of terms of awards	¥ 153,139
The 2017 Plan
Share-based compensation
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards				195,127,549
Contractual term of share-based awards	P10Y			P7Y
Vesting period of share-based awards				4 years
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date				15.00%
Vesting percentage of of share-based awards, second anniversary of the vesting commencement date				25.00%
Vesting percentage of of share-based awards, third anniversary of the vesting commencement date				25.00%
Vesting percentage of of share-based awards, fourth anniversary of the vesting commencement date				35.00%
The 2017 Plan \| Directors and executive officers
Share-based compensation
Granted		66,711,066
The 2017 Plan \| Certain senior management
Share-based compensation
Granted		63,501,066
Share-based compensation expense					¥ 19,572,000
The 2021 Plan
Share-based compensation
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards				116,906,908
Contractual term of share-based awards	P10Y			P7Y
Vesting period of share-based awards				4 years
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date				15.00%
Vesting percentage of of share-based awards, second anniversary of the vesting commencement date				25.00%
Vesting percentage of of share-based awards, third anniversary of the vesting commencement date				25.00%
Vesting percentage of of share-based awards, fourth anniversary of the vesting commencement date				35.00%

Share-based compensation - Summary of share options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Outstanding, beginning balance	52,575,849	46,798,243	58,401,190
Granted	18,459,565	88,434,809	12,981,876
Modification		(331,725)	5,625,445
Exercise of share options with shares issued to trusts		(68,616,887)	(13,379,655)
Exercise of share options	(2,749,909)	(9,640,697)	(12,526,172)
Forfeited/cancelled	(4,552,050)	(4,067,894)	(4,304,441)
Outstanding, ending balance	63,733,455	52,575,849	46,798,243	58,401,190
Exercisable	34,881,339
Vested and Expected to Vest	56,489,339
Weighted Average Exercise Price
Outstanding, beginning balance	$ 4.90	$ 6.04	$ 5.45
Granted	0.0001823	0.0001823	0.62
Modification		0.0001823	11.80
Exercise of share options with shares issued to trusts		0.0001823	11.80
Exercise of share options	0.42	0.0001823	11.80
Forfeited/cancelled	1.00	2.44	5.86
Outstanding, ending balance	3.94	$ 4.90	$ 6.04	$ 5.45
Exercisable	7.03
Vested and Expected to Vest	$ 4.45
Weighted Average Remaining Contractual Life	6 years 4 months 20 days	3 years 4 months 24 days	3 years 8 months 26 days	4 years 6 months 14 days
Weighted Average Remaining Contractual Life, Exercisable	4 years 5 months 19 days
Weighted Average Remaining Contractual Life, Vested and Expected to Vest	6 years 21 days
Aggregate Intrinsic Value, Options, Outstanding	$ 559,325	$ 789,898	$ 1,686,640	$ 2,010,425
Aggregate Intrinsic Value, Options, exercised with shares issued to trusts		1,366,836	405,191
Aggregate Intrinsic Value, Options, exercised excluding shares issued to trusts	33,819	$ 192,041	$ 379,344
Aggregate Intrinsic Value, Options, Exercisable	198,497
Aggregate Intrinsic Value, Options, Vested and Expected to Vest	$ 467,150
Weighted Average Grant Date Fair Value
Outstanding, beginning balance	$ 30.18	$ 26.16	$ 27.59
Granted	11.80	47.47	38.30
Modification		47.71	28.45
Exercise of share options with shares issued to trusts		47.71	28.45
Exercise of share options	24.22	47.71	28.45
Forfeited/cancelled	36.86	41.29	34.20
Outstanding, ending balance	24.62	$ 30.18	$ 26.16	$ 27.59
Exercisable	24.94
Vested and Expected to Vest	$ 25.13

Share-based compensation - pricing assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	10 years	7 years	7 years
Options \| Minimum
Share-based compensation
Fair value of ordinary shares (US$)	$ 7.34	$ 30.32	$ 37.65
Expected volatility	35.27%	33.60%	31.00%
Risk free interest rate (per annum)	1.52%	0.94%	1.16%
Options \| Maximum
Share-based compensation
Fair value of ordinary shares (US$)	$ 19.92	$ 65.60	$ 42.08
Expected volatility	40.34%	37.80%	34.80%
Risk free interest rate (per annum)	3.83%	1.26%	1.69%

Share-based compensation - Summary of activities of restricted shares and RSUs (Details) - Restricted shares and RSUs - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Unvested, beginning balance	23,277,695	18,762,437	7,726,671
Granted	1,714,158	3,137,540	1,249,178
Vested	(7,947,817)	(64,990,673)	(1,802,889)
Exercise of share options with shares issued to trusts		68,616,887	13,379,655
Forfeited/cancelled	(2,446,370)	(2,248,496)	(1,790,178)
Unvested, ending balance	14,597,666	23,277,695	18,762,437	7,726,671
Expected to vest, Number of Shares	11,686,346
Weighted Average Grant Date Fair Value
Unvested, beginning balance	$ 41.21	$ 38.60	$ 36.64
Granted	12.47	48.47	38.74
Vested	34.14	45.36	39.14
Exercise of share options with shares issued to trusts		47.71	39.87
Forfeited/cancelled	40.84	48.40	39.05
Unvested, ending balance	40.97	$ 41.21	$ 38.60	$ 36.64
Expected to vest, Weighted Average Grant Date	$ 41.52
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life	7 years 5 months 19 days	5 years 3 months 10 days	4 years 7 months 6 days	4 years 9 months 25 days
Expected to vest, Weighted Average Remaining Contractual	7 years 6 months 14 days

Share-based compensation - Restricted shares and RSUs (Details) - CNY (¥) ¥ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation
Share-based compensation expense	¥ 1,235,497	¥ 3,471,470	¥ 24,833,089	¥ 3,413,292
Options
Share-based compensation
Unrecognized compensation expenses		¥ 1,649,071
Period for which unrecognized compensation expenses expected to be recognized		2 years 6 months 3 days
Restricted shares and RSUs
Share-based compensation
Unrecognized compensation expenses		¥ 1,157,782
Period for which unrecognized compensation expenses expected to be recognized		2 years 1 month 13 days

Share-based compensation - Voyager's share based awards (Details) - CNY (¥) ¥ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation
Share-based compensation expense	¥ 1,235,497	¥ 3,471,470	¥ 24,833,089	¥ 3,413,292
Voyager Group Inc. ("Voyager") \| Voyager Incentive Plan
Share-based compensation
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards		16,666,667
Share-based compensation expense		¥ 181,379	¥ 221,178
Contractual term of share-based awards		P7Y
Voyager Group Inc. ("Voyager") \| Voyager Incentive Plan \| Vesting Scenario One
Share-based compensation
Vesting period of share-based awards		4 years
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date		25.00%
Annual vesting percentage of of share-based awards, after first anniversary of the vesting commencement date		25.00%
Voyager Group Inc. ("Voyager") \| Voyager Incentive Plan \| Vesting Scenario Two
Share-based compensation
Vesting period of share-based awards		5 years
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date		20.00%
Annual vesting percentage of of share-based awards, after first anniversary of the vesting commencement date		20.00%

Convertible redeemable non-controlling interests and convertible non-controlling interests (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)
Convertible redeemable non-controlling interests and convertible non-controlling interests
Convertible redeemable noncontrolling interests, beginning balance	¥ 12,257,889		¥ 3,345,265
Issuance of convertible redeemable non-controlling interests, net of issuance costs			8,225,007		¥ 3,180,218
Accretion of convertible redeemable non controlling interests to redemption value	898,649		687,617		165,047
Repurchase of convertible redeemable non-controlling interests	(145,962)
Convertible redeemable noncontrolling interests, ending balance	13,010,576	$ 1,886,356	12,257,889		3,345,265
Convertible noncontrolling interests, beginning balance	1,069,357		99,851
Issuance of convertible non-controlling interests, net of issuance costs			969,506		99,851
Convertible noncontrolling interests, ending balance	1,069,357	$ 155,042	¥ 1,069,357		¥ 99,851
Repurchase of convertible redeemable non-controlling interests, difference in additional paid-in capital	¥ 15,764
Soda Technology Inc. ("Soda")
Convertible redeemable non-controlling interests and convertible non-controlling interests
Proceeds of redeemable and contingently redeemable shares issued by subsidiaries \| $				$ 1,264,000		$ 1,264,000
Voyager Group Inc. ("Voyager")
Convertible redeemable non-controlling interests and convertible non-controlling interests
Proceeds of redeemable and contingently redeemable shares issued by subsidiaries \| $				825,000		$ 825,000
City Puzzle Holding Limited ("City Puzzle")
Convertible redeemable non-controlling interests and convertible non-controlling interests
Proceeds of redeemable and contingently redeemable shares issued by subsidiaries \| $				$ 1,340,000

Convertible preferred shares (Details)	1 Months Ended								2 Months Ended	9 Months Ended	12 Months Ended						15 Months Ended	17 Months Ended	29 Months Ended
Convertible preferred shares (Details)	May 31, 2015 $ / shares shares	Feb. 28, 2015 $ / shares shares	Jul. 31, 2014 $ / shares shares	Apr. 30, 2014 $ / shares shares	Jan. 31, 2014 $ / shares shares	May 31, 2013 $ / shares shares	Apr. 30, 2013 $ / shares shares	Mar. 31, 2013 $ / shares shares	Jan. 31, 2015 $ / shares shares	Mar. 31, 2016 $ / shares shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 $ / shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2018 shares	Oct. 31, 2017 $ / shares shares	Aug. 31, 2017 $ / shares shares	Aug. 31, 2019 $ / shares shares
Convertible preferred shares
Total number of shares issued														816,245,752	816,245,752
Non-cumulative dividends rate											8.00%
Dividends on preferred shares declared \| $ / shares												$ 0		$ 0
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Beneficial conversion feature attributable to the preferred shares \| ¥											¥ 0
Increase (Decrease) in convertible preferred shares
Balance, beginning of year (in shares)													816,245,752		816,287,809
Balance, beginning of year \| ¥													¥ 189,838,979,000		¥ 189,847,244,000
Conversion of preferred shares to ordinary shares (in shares)													(816,245,752)
Conversion of preferred shares to ordinary shares \| ¥													¥ (189,838,979,000)
Balance, end of year (in shares)															816,245,752
Balance, end of year \| ¥															¥ 189,838,979,000
Deemed dividend resulting from repurchases of preferred shares \| ¥													¥ 0		¥ 872,000
Ordinary shares
Convertible preferred shares
Voting right for each share											1
Series A-1 convertible preferred shares
Convertible preferred shares
Issuance date		February 2015
Issuance price per share \| $ / shares		$ 11.3970
Total number of shares issued		12,180,250
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											140.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)		12,180,250
Series A-2 convertible preferred shares
Convertible preferred shares
Issuance date		February 2015
Issuance price per share \| $ / shares		$ 11.4423
Total number of shares issued		9,145,501
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											140.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)		9,145,501
Series A-3 convertible preferred shares
Convertible preferred shares
Issuance date		February 2015
Issuance price per share \| $ / shares		$ 11.4423
Total number of shares issued		10,668,684
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											140.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)		10,668,684
Series A-4 convertible preferred shares
Convertible preferred shares
Issuance date		February 2015
Issuance price per share \| $ / shares		$ 11.6866
Total number of shares issued		33,711,135
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)		33,711,135
Series A-5 convertible preferred shares
Convertible preferred shares
Issuance date		February 2015
Issuance price per share \| $ / shares		$ 12.0325
Total number of shares issued		21,161,516
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)		21,161,516
Series A-6 convertible preferred shares
Convertible preferred shares
Issuance date		February 2015
Issuance price per share \| $ / shares		$ 12.7193
Total number of shares issued		41,028,543
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)		41,028,543
Series A-7 convertible preferred shares
Convertible preferred shares
Issuance date								March 2013
Issuance price per share \| $ / shares								$ 0.0080
Total number of shares issued								20,000,000
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, beginning of year (in shares)							20,000,000
Balance, end of year (in shares)								20,000,000
Series A-8 convertible preferred shares
Convertible preferred shares
Issuance date							April 2013
Issuance price per share \| $ / shares							$ 0.1600
Total number of shares issued							12,500,000
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, beginning of year (in shares)						12,500,000
Balance, end of year (in shares)							12,500,000
Series A-9 convertible preferred shares
Convertible preferred shares
Issuance date						May 2013
Issuance price per share \| $ / shares						$ 0.9600
Total number of shares issued						3,125,000
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)						3,125,000
Series A-10 convertible preferred shares
Convertible preferred shares
Issuance date						May 2013
Issuance price per share \| $ / shares						$ 0.9600
Total number of shares issued						15,625,000
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)						15,625,000
Series A-11 convertible preferred shares
Convertible preferred shares
Issuance date					January 2014
Issuance price per share \| $ / shares					$ 2.9160
Total number of shares issued					21,654,327
Shares issued upon the exercise of the warrant																4,507,550
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)					21,654,327
Series A-12 convertible preferred shares
Convertible preferred shares
Issuance date					January 2014
Issuance price per share \| $ / shares					$ 3.2400
Total number of shares issued					10,956,791
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)					10,956,791
Series A-13 convertible preferred shares
Convertible preferred shares
Issuance date				April 2014
Issuance price per share \| $ / shares				$ 3.8250
Total number of shares issued				20,915,034
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)				20,915,034
Series A-14 convertible preferred shares
Convertible preferred shares
Issuance date			July 2014
Issuance price per share \| $ / shares			$ 7.3125
Total number of shares issued			17,777,778
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)			17,777,778
Series A-15 convertible preferred shares
Convertible preferred shares
Issuance date									December 2014 to January 2015
Issuance price per share \| $ / shares									$ 12.2727
Total number of shares issued									54,592,596
Conversion ratio of preferred shares to ordinary shares											1
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, beginning of year (in shares)		54,592,596
Balance, end of year (in shares)									54,592,596
Series A-16 convertible preferred shares
Convertible preferred shares
Issuance date	May 2015
Issuance price per share \| $ / shares	$ 18.9705
Total number of shares issued	12,756,674
Conversion ratio of preferred shares to ordinary shares											1
Threshold percentage of voting power of the outstanding preferred shares holders under which the convertible shares shall be automatically converted into ordinary shares											75.00%
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)	12,756,674
Series A-17 convertible preferred shares
Convertible preferred shares
Issuance date										July 2015 to March 2016
Issuance price per share \| $ / shares										$ 27.4262
Total number of shares issued										116,312,175
Conversion ratio of preferred shares to ordinary shares											1
Threshold percentage of voting power of the outstanding preferred shares holders under which the convertible shares shall be automatically converted into ordinary shares											75.00%
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, beginning of year (in shares)																		116,312,175
Repurchase of convertible preferred shares (in shares)															(29,842)
Repurchase of convertible preferred shares \| ¥															¥ (5,198,000)
Balance, end of year (in shares)										116,312,175
Series A-18 convertible preferred shares
Convertible preferred shares
Issuance date																		April 2016 to August 2017
Issuance price per share \| $ / shares																		$ 38.2271
Total number of shares issued																		111,432,959
Conversion ratio of preferred shares to ordinary shares											1
Threshold percentage of voting power of the outstanding preferred shares holders under which the convertible shares shall be automatically converted into ordinary shares											75.00%
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Repurchase of convertible preferred shares (in shares)															(12,215)
Repurchase of convertible preferred shares \| ¥															¥ (3,067,000)
Balance, end of year (in shares)																		111,432,959
Series B-1 convertible preferred shares
Convertible preferred shares
Issuance date																	August 2016 to October 2017
Issuance price per share \| $ / shares																	$ 119.0705
Total number of shares issued																	58,530,879
Conversion ratio of preferred shares to ordinary shares											3
Conversion ratio in event of extraordinary corporate transaction											3
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Voting right for each share											0.33
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)																	58,530,879
Series B-2 convertible preferred shares
Convertible preferred shares
Issuance date																			April 2017 to August 2019
Issuance price per share \| $ / shares																			$ 50.9321
Total number of shares issued																			212,683,291
Conversion ratio of preferred shares to ordinary shares											1
Threshold percentage of voting power of the outstanding preferred shares holders under which the convertible shares shall be automatically converted into ordinary shares											75.00%
Percentage of original issuance price for which the preferred share holders shall be entitled to receive plus other distributions in the event of any liquidation											100.00%
Increase (Decrease) in convertible preferred shares
Balance, end of year (in shares)																			212,683,291

Ordinary shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended			12 Months Ended
	Jan. 31, 2022 shares	Jul. 31, 2021 CNY (¥) shares	Jul. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 $ / shares shares
Ordinary shares
Authorized share capital \| $				$ 100,000
Common stock, shares authorized				5,000,000,000
Common stock, par value \| $ / shares				$ 0.00002		$ 0.00002
Number of Class A ordinary shares issuable in conversion				1
Issuance of ordinary shares in connection with initial public offering, net of issuance cost \| ¥					¥ 28,033,106
Class A ordinary shares
Ordinary shares
Common stock, shares authorized				4,000,000,000		4,000,000,000
Common stock, par value \| $ / shares				$ 0.00002
Number of votes per share \| Vote				1
Issuances of ordinary shares pursuant to share incentive plan	20,917,324
Common stock, shares outstanding				1,084,058,607		1,074,091,492
Class B ordinary Shares
Ordinary shares
Common stock, shares authorized				500,000,000		500,000,000
Common stock, par value \| $ / shares				$ 0.00002		$ 0.00002
Number of votes per share \| Vote				10
Common stock, shares outstanding				112,895,380		108,542,356
Ordinary shares, class not yet designated
Ordinary shares
Common stock, shares authorized				500,000,000
Common stock, par value \| $ / shares				$ 0.00002
Ordinary Shares
Ordinary shares
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares)					79,200,000
Issuance of ordinary shares in connection with initial public offering, net of issuance cost \| ¥					¥ 10
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering (in shares)					933,349,567
Issuances of ordinary shares pursuant to share incentive plan				20,917,324
Ordinary Shares \| Class A ordinary shares \| IPO
Ordinary shares
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares)		79,200,000	79,200,000
Issuance of ordinary shares in connection with initial public offering, net of issuance cost		¥ 28,033,106	$ 4,331,978
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering (in shares)		933,307,510	933,307,510

Loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Numerator:
Net loss attributable to DiDi Global Inc.	¥ (23,783,321)	$ (3,448,258)	¥ (49,343,664)	¥ (10,514,498)
Accretion of convertible redeemable non-controlling interests to redemption value	(898,649)	(130,292)	(687,617)	(165,047)
Deemed dividends to preferred shareholders upon repurchases of convertible preferred shares \| ¥			0	(872)
Net loss attributable to ordinary shareholders of DiDi Global Inc.	¥ (24,681,970)	$ (3,578,550)	¥ (50,031,281)	¥ (10,680,417)
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding*	1,210,979,609	1,210,979,609	657,996,437	106,694,420
Net loss per share attributable to ordinary shareholders
- Basic \| (per share)	¥ (20.38)	$ (2.96)	¥ (76.04)	¥ (100.10)
- Diluted \| (per share)	¥ (20.38)	$ (2.96)	¥ (76.04)	¥ (100.10)
Share Options, Share options, restricted shares and RSUs
Net loss per share attributable to ordinary shareholders
Shares on a weighted average basis are excluded from the calculation of diluted net loss per share	49,167,693	49,167,693	68,967,807	34,318,101
Preferred shares
Net loss per share attributable to ordinary shareholders
Shares on a weighted average basis are excluded from the calculation of diluted net loss per share			467,932,258	933,318,197

Related party transactions (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020	Dec. 31, 2022 USD ($)
Related party transactions
Amounts due to related to services		¥ 200,115	¥ 249,402		$ 29,014
Investments in Chengxin
Related party transactions
Assets received in connection with distribution	¥ 1,935,171
Commercial Arrangements
Related party transactions
Number of shareholders		2
Alibaba Group
Related party transactions
Amounts due from related to services		¥ 45,162	66,641
Amounts due to related to services		¥ 198,102	¥ 140,557
Alibaba Group \| Maximum
Related party transactions
Percentage of revenues generated from		0.20%	0.20%	0.20%
Percentage of total costs and expenses		0.30%	0.30%	0.30%
Tencent Group
Related party transactions
Amounts due from related to services		¥ 45,162	¥ 66,641
Amounts due to related to services		¥ 198,102	¥ 140,557
Tencent Group \| Maximum
Related party transactions
Percentage of revenues generated from		0.50%	0.50%	0.50%
Percentage of total costs and expenses		0.70%	0.70%	0.70%
Chengxin
Related party transactions
Amounts due from related to services			¥ 7,363
Revenues generated from intra-city freight and ride hailing and enterprise solution services provided to Chengxin			277,350
Chengxin \| Commercial Arrangements
Related party transactions
Amounts due from related to services			10,750
Amounts due to related to services			¥ 87,961
Other investees \| Maximum
Related party transactions
Percentage of revenues generated from		0.20%	0.20%	0.20%
Percentage of total costs and expenses		0.20%	0.20%	0.20%

Commitments and contingencies (Details) ¥ in Thousands	Dec. 31, 2022 CNY (¥)
Operating lease commitments
Total	¥ 79,158
Less than 1 year	29,318
1-3 Years	45,408
3-5 Years	3,854
Over 5 Years	¥ 578
Operating lease \| Minimum
Operating lease commitments
Lease terms	1 year
Operating lease \| Maximum
Operating lease commitments
Lease terms	7 years

Fair value measurement - Summary of the financial instruments measured by level within the fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	¥ 9,867,516	¥ 14,773,138
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	6,725,766	451,679
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	3,141,750	13,635,335
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		686,124
Recurring \| Structured notes under fair value option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,755,009	4,622
Recurring \| Listed equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	6,725,766	13,342,946
Recurring \| Equity investments in Chengxin
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		12,767
Recurring \| Convertible Note of Chengxin
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		673,357
Recurring \| Other debt investments under fair value option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,386,741	739,446
Recurring \| Level 1 \| Listed equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	6,725,766	451,679
Recurring \| Level 2 \| Structured notes under fair value option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,755,009	4,622
Recurring \| Level 2 \| Listed equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		12,891,267
Recurring \| Level 2 \| Other debt investments under fair value option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	¥ 1,386,741	739,446
Recurring \| Level 3 \| Equity investments in Chengxin
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		12,767
Recurring \| Level 3 \| Convertible Note of Chengxin
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		¥ 673,357

Fair value measurement - Investments in Chengxin (Details) ¥ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Mar. 31, 2021 Y
Investments in Chengxin
Fair Value Measurement
Assets received in connection with distribution	¥ 1,935,171
Incentive distribution, distribution		¥ 1,172,541
Investments in Chengxin
Fair Value Measurement
Assets received in connection with distribution	¥ 1,935,171
Incentive distribution, distribution		¥ 1,172,541
Level 3 \| Scenario I \| Investments in Chengxin
Fair Value Measurement
Measurement input		22
Level 3 \| Scenario II \| Investments in Chengxin
Fair Value Measurement
Measurement input		20
Discount for Lack of Marketability \| Level 3 \| Equity investments in Chengxin \| Minimum
Fair Value Measurement
Measurement input			12
Discount for Lack of Marketability \| Level 3 \| Equity investments in Chengxin \| Maximum
Fair Value Measurement
Measurement input			25
Volatility \| Level 3 \| Equity investments in Chengxin
Fair Value Measurement
Measurement input			55
Time to liquidity \| Level 3 \| Equity investments in Chengxin
Fair Value Measurement
Measurement input \| Y			5.0

Fair value measurement - Non-recurring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Fair Value Measurement
Impairment charges for equity investments without readily determinable fair value	¥ 18,540,000	$ 2,688		¥ 1,022,098,000
Impairment losses from equity investments accounted for using equity method	59,651,000		¥ 264,292,000	79,875,000
Impairment loss on the long-lived assets	0		2,247,738,000	855,988,000
Impairment of goodwill	0		2,501,100,000	0
Nonrecurring \| Level 3
Fair Value Measurement
Impairment charges for equity investments without readily determinable fair value	18,540,000		0	1,022,098,000
Impairment losses from equity investments accounted for using equity method	59,651,000		264,292,000	79,875,000
Impairment loss on the long-lived assets	¥ 17,736,000		2,535,959,000	¥ 891,180,000
Value of input used to measure goodwill	16	16
Impairment of goodwill			¥ 2,501,100,000
Nonrecurring \| Level 3 \| Privately held investments \| Minimum
Fair Value Measurement
Measurement input	15	15
Nonrecurring \| Level 3 \| Privately held investments \| Maximum
Fair Value Measurement
Measurement input	20	20

Restricted net assets (Details) ¥ in Thousands	12 Months Ended
Restricted net assets (Details) ¥ in Thousands	Dec. 31, 2022 CNY (¥)
Restricted net assets
Minimum of percentage to allocate after-tax profit	10.00%
Maximum percentage criteria for appropriation of after-tax profit of Chinese subsidiaries to general reserve fund	50.00%
Net assets subject to restriction on the distribution of share capital	¥ 15,258,904