Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 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, 2023
Entity File Number	001-40541
Entity Registrant Name	DiDi Global Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	DiDi Xinchenghai
Entity Address, Address Line Two	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	2023
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 Financial Statement Error Correction [Flag]	false
Document Shell Company Report	false
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	DiDi Xinchenghai
Entity Address, Address Line Two	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(g) Security	American depositary shares (four American depositary shares representing one Class A ordinary share)
Trading Symbol	DIDI
Class A ordinary shares
Document Information [Line Items]
Title of 12(g) Security	Class A ordinary shares, par value US$0.00002 per share
Entity Common Stock, Shares Outstanding	1,215,116,421
Class B ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	97,556,869

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 27,308,098	$ 3,846,265	¥ 20,855,252
Restricted cash	1,139,473	160,491	803,956
Short-term treasury investments	19,242,083	2,710,191	16,965,708
Accounts and notes receivable, net of allowance for credit losses of RMB 692,722 and RMB 723,655, respectively	3,287,610	463,050	2,251,633
Prepayments, receivables and other current assets, net	14,253,275	2,007,532	10,114,089
Total current assets	65,475,200	9,221,989	51,052,061
Non-current assets:
Non-current restricted cash	20,506	2,888	17,333
Long-term treasury investments	7,892,899	1,111,692	10,199,802
Investment securities and other investments	11,086,408	1,561,488	8,390,657
Equity method investments, net	4,595,858	647,313	4,153,932
Operating lease right-of-use assets	1,120,611	157,835	1,392,917
Property and equipment, net	4,330,172	609,892	5,718,324
Intangible assets, net	675,685	95,168	1,724,141
Goodwill	46,377,583	6,532,146	46,377,583
Deferred tax assets, net	279,464	39,362	289,191
Other non-current assets, net	1,719,495	242,185	1,860,865
Total non-current assets	78,351,294	11,035,549	80,161,211
Total assets	143,826,494	20,257,538	131,213,272
Current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB 7,666,369 and RMB 13,542,803 as of December 31, 2022 and 2023, respectively):
Short-term borrowings	7,682,190	1,082,014	4,940,310
Accounts and notes payable	4,563,595	642,769	2,870,046
Deferred revenue and customer advances, current portion	897,084	126,352	565,058
Operating lease liabilities, current portion	406,327	57,230	523,020
Accrued expenses and other current liabilities	14,750,130	2,077,512	11,149,921
Total current liabilities	28,544,764	4,020,446	20,248,470
Non-current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB 215,955 and RMB 978,591 as of December 31, 2022 and 2023, respectively):
Long-term borrowings	1,044,421	147,104	149,925
Operating lease liabilities, non-current portion	562,809	79,270	734,884
Deferred tax liabilities	165,498	23,310	359,668
Other non-current liabilities	377,782	53,209	256,279
Total non-current liabilities	2,236,445	314,997	1,540,104
Total liabilities	30,781,209	4,335,443	21,788,574
Commitments and contingencies
Mezzanine equity
Convertible redeemable non-controlling interests	14,006,261	1,972,740	13,010,576
Convertible non-controlling interests	1,069,357	150,616	1,069,357
Total Mezzanine Equity	15,075,618	2,123,356	14,079,933
DiDi Global Inc. shareholders' equity:
Treasury shares	(3)		(4)
Additional paid-in capital	255,200,825	35,944,284	253,824,544
Statutory reserves	100,105	14,099	69,328
Accumulated other comprehensive income	1,621,907	228,442	973,143
Accumulated deficit	(159,128,254)	(22,412,746)	(159,590,989)
Total DiDi Global Inc. shareholders' equity	97,794,739	13,774,101	95,276,181
Non-controlling interests	174,928	24,638	68,584
Total shareholders' equity	97,969,667	13,798,739	95,344,765
Total liabilities, mezzanine equity and shareholders' equity	143,826,494	20,257,538	131,213,272
Related Party [Member]
Current assets:
Amounts due from related parties, current portion	244,661	34,460	61,423
Current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB 7,666,369 and RMB 13,542,803 as of December 31, 2022 and 2023, respectively):
Amounts due to related parties, current portion	245,438	34,569	200,115
Nonrelated Party [Member]
Non-current assets:
Amounts due from related parties, non-current portion	252,613	35,580	36,466
Non-current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB 215,955 and RMB 978,591 as of December 31, 2022 and 2023, respectively):
Amounts due to related parties, non-current portion	85,935	12,104	39,348
Class A ordinary shares
DiDi Global Inc. shareholders' equity:
Ordinary shares	146	21	144
Class B ordinary Shares
DiDi Global Inc. shareholders' equity:
Ordinary shares	¥ 13	$ 1	¥ 15

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares
Allowance for accounts and notes receivable credit losses \| ¥	¥ 723,655		¥ 692,722
Current liabilities	28,544,764	$ 4,020,446	20,248,470
Non-current liabilities	¥ 2,236,445	$ 314,997	1,540,104
Common stock, shares authorized	5,000,000,000	5,000,000,000
VIE \| Nonrecourse
Current liabilities \| ¥	¥ 13,542,803		7,666,369
Non-current liabilities \| ¥	¥ 978,591		¥ 215,955
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	1,129,212,881	1,129,212,881	1,109,433,914
Common stock, shares outstanding	1,104,888,353	1,104,888,353	1,084,058,607
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	97,556,869	97,556,869	117,335,836
Common stock, shares outstanding	97,556,869	97,556,869	112,895,380

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenues
Total revenues	¥ 192,379,918	$ 27,096,145	¥ 140,791,683	¥ 173,827,382
Costs and expenses
Cost of revenues	(162,935,107)	(22,948,930)	(115,799,896)	(156,863,229)
Operations and support	(7,417,741)	(1,044,767)	(6,519,542)	(7,525,398)
Sales and marketing	(10,432,817)	(1,469,432)	(9,756,241)	(16,961,328)
Research and development	(8,923,904)	(1,256,906)	(9,535,523)	(9,414,646)
General and administrative	(8,411,624)	(1,184,752)	(17,004,943)	(28,715,206)
Impairment of goodwill and intangible assets acquired from business combination \| ¥				(2,789,321)
Total costs and expenses	(198,121,193)	(27,904,787)	(158,616,145)	(222,269,128)
Loss from operations	(5,741,275)	(808,642)	(17,824,462)	(48,441,746)
Interest income	2,170,851	305,758	1,309,864	818,522
Interest expenses	(115,581)	(16,279)	(197,334)	(277,596)
Investment income (loss), net	3,622,112	510,164	(5,769,873)	(167,121)
Impairment loss for equity investments accounted for using Measurement Alternative	(127,834)	(18,005)	(18,540)	0
Income (loss) from equity method investments, net	536,563	75,573	35,854	(475,851)
Other income (loss), net	279,975	39,434	(1,314,105)	(624,466)
Income (loss) before income taxes	624,811	88,003	(23,778,596)	(49,168,258)
Income tax expenses	(89,749)	(12,641)	(3,915)	(166,320)
Net income (loss)	535,062	75,362	(23,782,511)	(49,334,578)
Less: Net income attributable to non-controlling interest shareholders	41,550	5,852	810	9,086
Net income (loss) attributable to DiDi Global Inc.	493,512	69,510	(23,783,321)	(49,343,664)
Accretion of convertible redeemable non-controlling interests to redemption value	(995,685)	(140,240)	(898,649)	(687,617)
Net loss attributable to ordinary shareholders of DiDi Global Inc.	(502,173)	(70,730)	(24,681,970)	(50,031,281)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of nil	642,852	90,543	4,585,505	(1,593,734)
Transfer of accumulated translation adjustments to profit or loss upon disposal of subsidiaries	10,366	1,460
Share of other comprehensive loss of an equity method investee	(4,454)	(627)	(12,617)	(4,811)
Total other comprehensive income (loss)	648,764	91,376	4,572,888	(1,598,545)
Total comprehensive income (loss)	1,183,826	166,738	(19,209,623)	(50,933,123)
Less: comprehensive income attributable to non-controlling interest shareholders	41,550	5,852	810	9,086
Comprehensive income (loss) attributable to DiDi Global Inc.	1,142,276	160,886	(19,210,433)	(50,942,209)
Accretion of convertible redeemable non-controlling interests to redemption value	(995,685)	(140,240)	(898,649)	(687,617)
Comprehensive income (loss) attributable to ordinary shareholders of DiDi Global Inc.	¥ 146,591	$ 20,646	¥ (20,109,082)	¥ (51,629,826)
Weighted average number of shares
- Basic	1,224,576,751	1,224,576,751	1,210,979,609	657,996,437
- Diluted	1,224,576,751	1,224,576,751	1,210,979,609	657,996,437
Net income (loss) per share
- Basic (in dollars per share) \| (per share)	¥ (0.41)	$ (0.06)	¥ (20.38)	¥ (76.04)
- Diluted (in dollars per share) \| (per share)	¥ (0.41)	$ (0.06)	¥ (20.38)	¥ (76.04)
ADS
Weighted average number of shares
- Basic	4,898,307,004	4,898,307,004	4,843,918,436	2,631,985,748
- Diluted	4,898,307,004	4,898,307,004	4,843,918,436	2,631,985,748
Net income (loss) per share
- Basic (in dollars per share) \| (per share)	¥ (0.10)	$ (0.01)	¥ (5.10)	¥ (19.01)
- Diluted (in dollars per share) \| (per share)	¥ (0.10)	$ (0.01)	¥ (5.10)	¥ (19.01)
China Mobility
Revenues
Total revenues	¥ 175,033,586	$ 24,652,965	¥ 125,930,620	¥ 160,520,747
International
Revenues
Total revenues	7,842,151	1,104,544	5,863,123	3,622,366
Other Initiatives
Revenues
Total revenues	¥ 9,504,181	$ 1,338,636	¥ 8,997,940	¥ 9,684,269

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustments, tax	¥ 0	¥ 0	¥ 0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) ¥ in Thousands, $ in Thousands	Ordinary Shares CNY (¥) shares	Ordinary Shares USD ($) shares	Treasury Shares CNY (¥) shares	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Statutory reserves CNY (¥)	Statutory reserves USD ($)	Accumulated Other Comprehensive income (loss) CNY (¥)	Accumulated Other Comprehensive income (loss) USD ($)	Accumulated deficit CNY (¥)	Accumulated deficit USD ($)	Non-controlling interests CNY (¥)	Non-controlling interests USD ($)	CNY (¥)	USD ($)
Balance, beginning of period at Dec. 31, 2020	¥ 16			¥ 12,177,849		¥ 16,503		¥ (2,001,200)		¥ (86,411,179)		¥ 83,515		¥ (76,134,498)
Balance, beginning of period (in shares) at Dec. 31, 2020 \| shares	124,067,444	124,067,444
Treasury Shares, beginning balance at Dec. 31, 2020			¥ (2)
Treasury Shares, beginning balance (in shares) at Dec. 31, 2020 \| shares			(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			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	(42,057)
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)
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
Repurchase of ordinary shares				(219,003)										(219,003)
Repurchase of ordinary shares (in shares) \| shares	(697,470)	(697,470)
Repurchase of non-controlling interests												(20,000)		(20,000)
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)
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)
Treasury Shares, ending balance (in shares) at Dec. 31, 2021 \| shares			(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
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
Shares withheld related to net share settlement				(275,479)										(275,479)
Shares withheld related to net share settlement (in shares) \| shares			(2,756,641)
Release of shares from trusts			¥ 1	(1)
Release of shares from trusts (in shares) \| shares			6,937,306
Repurchase of non-controlling interests				(28,023)								(4,827)		(32,850)
Appropriation to statutory reserves						41,411				(41,411)
Share of other comprehensive income (loss) of equity method investees								(12,617)						(12,617)
Foreign currency translation adjustments								4,585,505						4,585,505
Accretion of convertible redeemable non-controlling interests to redemption value				(898,649)										(898,649)
Net loss										(23,783,321)		810		(23,782,511)
Bulk issuance of ADSs reserved for share incentive plans	¥ 3		¥ (3)
Bulk issuance of ADSs reserved for share incentive plans (in shares) \| shares	20,917,324	20,917,324	(20,917,324)
Release of shares withheld				147,102										147,102
Release of shares withheld (in shares) \| shares			1,444,050
Repurchase of convertible redeemable non-controlling interests				15,764										15,764
Balance, end of period at Dec. 31, 2022	¥ 159			253,824,544		69,328		973,143		(159,590,989)		68,584		95,344,765
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)											(4)
Treasury Shares, ending balance (in shares) at Dec. 31, 2022 \| shares			(29,815,763)
Increase (Decrease) in Stockholders' Equity
Share based compensation				2,575,340										2,575,340
Issuance of ordinary shares in connection with exercise of share options and vesting of restricted shares and RSUs				1,011										1,011
Issuance of ordinary shares in connection with exercise of share options and vesting of restricted shares and RSUs (in shares) \| shares			1,671,692
Release of shares from trusts			¥ 1	(1)
Release of shares from trusts (in shares) \| shares			5,136,186
Repurchase of ordinary shares				(112,666)										(112,666)
Repurchase of ordinary shares (in shares) \| shares			(1,061,064)
Transfer of accumulated translation adjustments to profit or loss upon disposal of subsidiaries								10,366						10,366	$ 1,460
Appropriation to statutory reserves						30,777				(30,777)
Equity transactions related to non-controlling interests				(15,624)								64,794		49,170
Share of other comprehensive income (loss) of equity method investees								(4,454)						(4,454)	(627)
Foreign currency translation adjustments								642,852						642,852	90,543
Accretion of convertible redeemable non-controlling interests to redemption value				(995,685)										(995,685)
Net loss										493,512		41,550		535,062	75,362
Shares withheld related to net share settlement and cash settlement related to vested share options				(94,828)										(94,828)
Shares withheld related to net share settlement and cash settlement related to vested share options (in shares) \| shares			(410,794)
Release of shares withheld				18,734										18,734
Release of shares withheld (in shares) \| shares			155,215
Balance, end of period at Dec. 31, 2023	¥ 159	$ 22		¥ 255,200,825	$ 35,944,284	¥ 100,105	$ 14,099	¥ 1,621,907	$ 228,442	¥ (159,128,254)	$ (22,412,746)	¥ 174,928	$ 24,638	97,969,667	$ 13,798,739
Balance, end of period (in shares) at Dec. 31, 2023 \| shares	1,226,769,750	1,226,769,750
Treasury Shares, ending balance at Dec. 31, 2023			¥ (3)											¥ (3)
Treasury Shares, ending balance (in shares) at Dec. 31, 2023 \| shares			(24,324,528)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net income (loss)	¥ 535,062	$ 75,362	¥ (23,782,511)	¥ (49,334,578)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Sharebased compensation	2,575,340	362,729	3,424,049	24,654,583
Depreciation and amortization	4,248,651	598,410	5,143,105	6,045,283
Allowances for credit losses	2,090,866	294,492	1,062,265	1,260,356
Interest income and investment loss (income), net	(4,082,971)	(575,074)	5,524,730	263,814
Impairment loss for equity investments accounted for using Measurement Alternative	127,834	18,005	18,540
Loss (income) from equity method investments, net	(536,563)	(75,573)	(35,854)	475,851
Loss (income) on disposal of property and equipment, net and other assets	(273,975)	(38,589)	(279,920)	289,677
Impairment of goodwill and intangible assets acquired from business combination				2,789,321
Impairment of property and equipment and other assets	153,394	21,605	26,801	2,303,403
Deferred income taxes, net	(145,633)	(20,512)	(166,176)	(391,477)
Foreign exchange loss (gain)	(271,411)	(38,227)	1,406,338	(116,289)
Accretion of discount on shortterm and longterm borrowings and others	43,414	6,115	83,677	114,864
Changes in operating assets and liabilities:
Accounts and notes receivable	(1,399,729)	(197,148)	(239,034)	(713,034)
Amounts due from related parties	(32,489)	(4,576)	53,184	68,372
Prepayments, receivables and other current assets	(746,675)	(105,167)	(33,803)	(777,739)
Operating lease rightofuse assets	276,066	38,883	(62,176)	96,318
Other noncurrent assets	(17,125)	(2,412)	356,352	(1,152,538)
Accounts and notes payable	1,857,875	261,676	(1,164,397)	(1,080,270)
Amounts due to related parties	30,323	4,271	(11,453)	(42,561)
Deferred revenue and customer advances	(194,357)	(27,375)	19,055	(366,141)
Accrued expenses and other current liabilities	3,558,763	501,241	(989,727)	2,343,141
Operating lease liabilities	(245,872)	(34,630)	45,468	(139,512)
Other noncurrent liabilities	87,564	12,333	47,178	(4,704)
Net cash provided by (used in) operating activities	7,638,352	1,075,839	(9,554,309)	(13,413,860)
Cash flows from investing activities:
Purchase of property and equipment and intangible assets	(2,340,490)	(329,651)	(2,553,788)	(6,620,191)
Proceeds from disposal of property and equipment and intangible assets	850,659	119,813	698,263	187,259
Purchase of shortterm and longterm treasury investments	(18,580,998)	(2,617,079)	(33,422,245)	(13,896,305)
Proceeds from maturities of shortterm and longterm treasury investments	19,883,989	2,800,601	25,178,485	37,778,943
Purchase of investment securities and other investments	(1,679,193)	(236,509)	(2,211,938)	(20,789,801)
Proceeds from disposal or maturities of investment securities and other investments	2,747,171	386,931	621,840	3,376,201
Purchase of equity method investments	(142,019)	(20,003)	(55,137)	(1,780,577)
Proceeds from disposal of equity method investments	82,935	11,681	49,492	93,686
Loan receivable originated from related parties	(133,707)	(18,832)	(34,500)	(389,988)
Cash received from loan repayments of related parties			1,515	6,106,358
Loan receivable originated from third parties	(27,854,308)	(3,923,197)	(14,683,006)	(15,063,874)
Cash received from loan repayments of third parties	23,063,313	3,248,400	13,568,733	12,736,307
Cash proceeds from distribution of Chengxin			1,814,176
De-consolidation of subsidiaries and others	(377,304)	(53,143)		(593,334)
Net cash provided by (used in) investing activities	(4,479,952)	(630,988)	(11,028,110)	1,144,684
Cash flows from financing activities:
Proceeds from short-term borrowings and longterm borrowings	10,241,344	1,442,463	3,821,492	7,871,821
Repayments of short-term borrowings and longterm borrowings	(6,725,333)	(947,244)	(7,026,465)	(7,235,716)
Repurchase of non-controlling interest and convertible redeemable non-controlling interest	(18,640)	(2,625)	(141,889)	(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
Repurchase of ordinary shares	(112,666)	(15,869)		(206,169)
Taxes paid related to net exercise of share-based awards	(53,084)	(7,477)	(271,395)	(2,375,663)
Proceeds from release of shares withheld and exercise of share options	22,478	3,166	150,792
Capital injection from non-controlling interests shareholders	50,050	7,049
Other financing activities	134,095	18,888	(77,891)	(68,735)
Net cash provided by (used in) financing activities	3,538,244	498,351	(3,545,356)	35,191,482
Effect of exchange rate changes on cash and cash equivalents and restricted cash	94,892	13,365	1,823,244	(571,973)
Net increase (decrease) in cash and cash equivalents and restricted cash	6,791,536	956,567	(22,304,531)	22,350,333
Cash and cash equivalents at the beginning of the year	20,855,252	2,937,401	43,429,717	19,372,084
Restricted cash at the beginning of the year	821,289	115,676	551,355	2,258,655
Cash and cash equivalents and restricted cash at the beginning of the year	21,676,541	3,053,077	43,981,072	21,630,739
Cash and cash equivalents at the end of the year	27,308,098	3,846,265	20,855,252	43,429,717
Restricted cash at the end of the year	1,159,979	163,379	821,289	551,355
Cash and cash equivalents and restricted cash at the end of the year	28,468,077	4,009,644	21,676,541	43,981,072
Supplemental disclosure of cash flow information
Cash paid for interest expenses	(198,914)	(28,016)	(160,639)	(251,853)
Cash paid for income tax expenses	(512,601)	(72,198)	(484,790)	(331,488)
Supplemental schedule of noncash investing and financing activities
Purchase of property and equipment and intangible assets included in payables	¥ 264,461	$ 37,249	¥ 335,032	¥ 1,048,022

Organization and principal activities

12 Months Ended

Dec. 31, 2023

Organization and principal activities

Organization and principal 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	2022	2023
Major Subsidiaries
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, 2023

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.

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 would have discretion in dealing with such violation, including, without limitation:

●

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

●

imposing fines;

●

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

●

discontinuing or placing restrictions or onerous conditions on the Group’s operations;

●

placing restrictions on the right to collect revenues;

●

shutting down the Group’s servers or blocking the Group’s mobile app;

●

requiring 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;

●

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

●

taking 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 honour 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.

2. Variable interest entities (Continued)

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

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
	2022	2023
	RMB	RMB
Cash and cash equivalents	5,558,835	14,631,898
Restricted cash	739,355	1,137,508
Short‑term treasury investments	2,911,180	2,389,719
Accounts and notes receivable, net	1,353,038	2,028,426
Amounts due from the Company and its subsidiaries	29,306,180	25,637,023
Long-term treasury investments, net	1,021,862	246,806
Investment securities and other investments	1,285,266	689,471
Equity method investments, net	3,133,608	3,278,621
Property and equipment, net	273,753	283,793
Intangible assets, net	462,485	449,509
Other assets, net	3,349,234	4,042,492
Total assets	49,394,796	54,815,266
Short‑term borrowings	199,807	2,651,153
Accounts and notes payable	2,672,716	4,468,895
Amounts due to the Company and its subsidiaries	63,721,620	61,319,853
Long‑term borrowings	—	830,700
Operating lease liabilities	274,150	105,645
Other liabilities	4,735,651	6,465,001
Total liabilities	71,603,944	75,841,247
Shareholders’ deficit of VIEs	(22,209,148)	(21,025,981)
Total liabilities and shareholders’ deficit of VIEs	49,394,796	54,815,266


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB
Total revenues	168,311,395	132,237,619	181,926,012
Net income (loss)	(5,957,049)	(297,389)	1,066,970
Net cash provided by operating activities	1,631,994	4,628,428	17,154,763
Net cash provided by (used in) investing activities	2,688,546	(438,285)	774,580
Net cash provided by (used in) financing activities	4,505,606	(16,499,234)	(8,458,127)

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 RMB14,357,869 and RMB13,202,870 as of December 31, 2022 and 2023, as well as certain non - distributable statutory reserves amounting to approximately RMB64,034 and RMB89,487 as of December 31, 2022 and 2023. 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 such as internet data center services license, 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.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

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, VIEs and subsidiaries of the VIEs.

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.

All inter-company transactions and balances between the Company, its subsidiaries, VIEs and subsidiaries of the VIEs have been eliminated upon consolidation. The Group included the results of operations of the acquired businesses from their respective dates of acquisition.

3.3 Comparative information

Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassifications below had no impact on previously reported results of operations, shareholders’ equity or cash flows:

i) Time deposits stated at amortized cost and other debt investments previously presented as “short-term investments” are now presented as “short-term treasury investments” and “prepayments, receivables and other current assets, net”, respectively, within the consolidated balance sheets.

ii) Time deposits stated at amortized cost and structured notes under fair value option previously presented as “investment securities and other investments” are now presented as “long-term treasury investments” within the consolidated balance sheets.

iii) Equity investments accounted for using the Measurement Alternative method and equity method previously presented as “long-term investments, net” are now presented as “investment securities and other investments” and “equity method investments, net”, respectively, within the consolidated balance sheets.

iv) Loan receivables previously presented separately as “Loans receivable, net” are now presented as “prepayments, receivables and other current assets, net” within the consolidated balance sheets.

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 certain 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) fair value of contingent considerations and services with respect to business divestiture, (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.

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 income (loss). The foreign exchange gain amounted to RMB70,265, and loss amounted to RMB1,387,541 for the years ended December 31, 2021 and 2022 respectively; and the foreign exchange gain amounted to RMB271,411 for the year ended December 31, 2023.

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 income (loss).

3.6 Convenience translation

Translations of the consolidated balance sheets, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0999, representing the index rates stipulated by the federal reserve board/the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 29, 2023, or at any other rate.

3. Summary of significant accounting policies (Continued)

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.

In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Group uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. 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 — Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities;

●

Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the 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 or independently sourced market parameters, such as interest rates and currency exchange rates.

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, 2022 and 2023, cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay amounted to RMB971,925 and RMB1,620,687 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 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. Summary of significant accounting policies (Continued)

3.10 Treasury investments

Treasury investments represent the debt investments purchased from reputable financial institutions. Primarily these instruments are considered to have a low risk of default and the counterparty has a strong capacity to meet its contractual cash flows obligations in the near term. The identified credit losses are insignificant.

Treasury investments at amortized cost are primarily time deposits placed with the bank. Interest income from treasury investments at amortized cost is recognized using the effective interest method in the consolidated statements of comprehensive income (loss).

Treasury investments under the fair value option (“FVO”) are primarily structured notes which are the financial instruments with variable interest rates indexed to performance of underlying assets. Changes in the fair value are reflected in the consolidated statements of comprehensive income (loss) as investment income (loss), net.

Treasury investments with original maturities over three months, but less than one year are expected to be realized in cash during the next twelve months are classified as short-term treasury investments. Treasury investments with maturities more than one year are classified as long-term treasury investments.

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.

3.12 Expected credit losses

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.

3.13 Investment securities and other investments

Investment securities and other investments primarily consist of equity securities with readily determinable fair value, equity investments without readily determinable fair value and certain 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 income (loss).

3. Summary of significant accounting policies (Continued)

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 income (loss), according to ASC 321 “Investments — Equity Securities”. 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 income (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 rounds, 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.

Certain debt investments

Certain debt investments are debt investments that are not classified as treasury investments, and are accounted for at amortized cost or under the FVO. The Group has elected the fair value option for certain debt investments primarily consisting of certain government bonds with maturities of over one year and investment in Kargobot’s shares (Note 4). The FVO 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 income (loss).

Interest income from debt investments which are measured at amortized cost is recognized using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows. Other debt investments are classified into Prepayments, receivables and other current assets, net or investment securities and other investments based on the length of maturities.

3.14 Equity method investments, net

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. 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 income (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.

3. Summary of significant accounting policies (Continued)

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 income (loss).

3.15 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 from 3 to 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 income (loss).

Property and equipment have estimated useful lives as follows:


Categories		Estimated useful lives
Bikes and e‑bikes		2‑3 years
Vehicles		3-5 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 computers and equipment 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)

3.16 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		3-10 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.

3.17 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.

3.18 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. RMB2,501,100, nil and nil of impairment loss of goodwill was recognized for the years ended December 31, 2021 and 2022 and 2023, respectively. Refer to Note 14- Goodwill for further information.

3. Summary of significant accounting policies (Continued)

3.19 Leases

The Group applies ASC 842, “Leases” (“ASC 842”) to account for leases. 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.

3.20 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.

3.21 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, 2021, 2022 and 2023, appropriations to the general reserve amounted to RMB11,414, RMB41,411 and RMB30,777, respectively. No appropriations to the enterprise expansion fund or staff welfare and bonus fund have been made by the Group.

3.22 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”).

3. Summary of significant accounting policies (Continued)

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, 2021, 2022, and 2023, respectively. The Group also generates revenues from providing other mobility services such as online taxi, chauffeur and other services in the PRC. As part of the Chinese government’s effort to ease the burden of business affected by the COVID - 19 pandemic, 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.

●

Ride hailing services in the PRC

The Group provides a variety of ride hailing services on its China Mobility Platform, mainly including Luxe, Premier, Select, DiDi Flash, Express, Discount Express, 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.

●

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.

●

Online taxi and chauffeur services in the PRC

The Group provides a variety of other services on its China Mobility Platform, mainly including online taxi and chauffeur services. The Group considers itself as the agent for online taxi and chauffeur services and recognizes agency revenue earned mainly 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 and financial services in overseas countries.

3. Summary of significant accounting policies (Continued)

●

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.

●

Food delivery services in overseas countries

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

●

Financial services in overseas countries

The financial services revenues mainly consist of interest income from micro loans services and credit card services. The Group generates interest income from its loans receivable by applying the effective interest method in accordance with ASC 310. 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 Note 8.

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 include refueling, charging, and the leasing business that the Group carries out itself.

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.

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.

3. Summary of significant accounting policies (Continued)

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Financial services in the PRC

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 Note 8. 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.

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 RMB299,095 and RMB293,605 were recorded in accounts and notes receivable, net in the consolidated balance sheets as of December 31, 2022 and 2023 respectively.

Contract liabilities are recognized if the Group receives consideration prior to satisfying the performance obligations, which mainly include advance payments from ride hailing services in the PRC and from Other Initiative segment. Contract liabilities as of December 31, 2022 and 2023 were RMB565,058 and RMB1,004,818, respectively, recognized as deferred revenue and customer advances, current portion and other non-current liabilities in the consolidated balance sheets. The contract liabilities with an original length of greater than one year were not significant.

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, delivery persons providing food delivery service and eaters using food delivery service in certain overseas countries 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.

3. Summary of significant accounting policies (Continued)

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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 income (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.

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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.

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Incentives to consumers not considered as customers from an accounting perspective

For the China Mobility segment, the end-users of online taxi and chauffeur service are generally not considered to be the customers of the Group from an accounting perspective. For International segment, the riders using ride hailing services and eaters in certain countries using 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.

Incentives offered to such consumers that represent explicit or implicit obligations to the consumers on behalf of the service providers abovementioned are recorded as reduction of revenues. The Group also at its own discretion offers incentives to such consumers to encourage their uses of its platform, which mainly include:

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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.

3. Summary of significant accounting policies (Continued)

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.

3.23 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 and vehicles, credit losses of loans receivable, insurance cost related to service offering, payment processing charges, and bandwidth and server related costs.

3.24 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.

3.25 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 totalled RMB5,401,408, RMB3,297,560 and RMB4,283,366 for the years ended December 31, 2021, 2022 and 2023, respectively. Incentives provided to consumers amounted to RMB7,465,226, RMB2,778,465 and RMB3,403,793 for the years ended December 31, 2021, 2022 and 2023, respectively.

3.26 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 and impairment 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.

3.27 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. Summary of significant accounting policies (Continued)

3.28 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 income (loss) upon receipt and when all conditions attached to the grants are fulfilled. For the years ended December 31, 2021, 2022 and 2023, government grants amounted to RMB990,038, RMB458,141 and RMB254,623 are recognized as reduction of specific costs and expenses.

3.29 Share-based compensation

The Group accounts for share-based awards granted 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 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 and recognized as expenses using the graded-vesting method, net of estimated forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period. The Group recognized the cumulative share-based compensation expenses, net of estimated forfeitures for the awards with IPO condition 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 was 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. Summary of significant accounting policies (Continued)

3.30 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.

3.31 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 income (loss). The Group did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities as of December 31, 2022 and 2023. The Group did not have any interest or penalties associated with unrecognized tax benefit for the years ended December 31, 2021, 2022 and 2023.

3.32 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 RMB1,808,321, RMB1,940,168 and RMB1,880,363 for the years ended December 31, 2021, 2022 and 2023, 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, 2021, 2022 and 2023 were insignificant.

3. Summary of significant accounting policies (Continued)

3.33 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) mainly includes net income (loss) and currency translation adjustments of the Group and share of other comprehensive income (loss) of equity method investees.

3.34 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.

3.35 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).

3.36 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 income (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 income (loss).

3. Summary of significant accounting policies (Continued)

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 income (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.

3.37 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.

3.38 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)

3.39 Significant risks and uncertainties

Past cybersecurity review and apps takedown in China

On July 2, 2021, the Cybersecurity Review Office posted an announcement stating 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, which together stated that 26 of the apps that the Group operates in China violated PRC laws and regulations in collecting personal information. Pursuant to the PRC Cybersecurity Law, 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, with the approval of the Cybersecurity Review Office, the Group resumed the registration of new users on DiDi Chuxing.

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. Meanwhile, 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 the new review and any necessary rectification measures, 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, 2021, 2022 and 2023.

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, 2022 and 2023, 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 5% and 7% of its total assets at any single institution as of December 31, 2022 and 2023, respectively.

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.

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.

3. Summary of significant accounting policies (Continued)

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 income (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 obtaining 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 to mitigate the relevant compliance risk.

3. Summary of significant accounting policies (Continued)

3.40 Recently adopted and issued accounting pronouncements

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.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable. This update will be effective for the Group’s fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group is currently in the process of evaluating the disclosure impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires specific disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Company is in the process of evaluating the impact of the new guidance and does not expect it to have a significant impact on its consolidated financial statements.

Financing transactions of certain subsidiaries

12 Months Ended

Dec. 31, 2023

Financing transactions of certain subsidiaries

Financing transactions of certain subsidiaries

4. Financing transactions of certain subsidiaries

Chengxin

In March 2021, Chengxin, as the Group’s subsidiary, entered into a series of agreements (“Chengxin Agreements”) with external investors and the Group. Pursuant to Chengxin Agreements, Chengxin issued Preferred Shares to external investors and certain senior management of the Group and Chengxin also issued a zero-coupon seven-year convertible note due 2028 (“Convertible Note”) to the Group. Upon the completion of the transaction, the Group no longer held the controlling financial interest in Chengxin. Accordingly, Chengxin was deconsolidated from the Group after March 30, 2021 and a gain of RMB9,058,144 was recognized in the investment income (loss), net in the consolidated statement of comprehensive loss for the year ended December 31, 2021.

Given the Group had the ability to exercise significant influence over Chengxin, the Group elected to apply the FVO to the Group’s investments in ordinary shares. The Group also applies fair value accounting on the Convertible Note, 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.

For the year ended December 31, 2021, Chengxin experienced an adverse change in its operating and financial performance and challenges of obtaining additional financing, Chengxin revised its business plan to scale down significantly and undertake a strategic business model transition. Accordingly, the Group recognized the downward fair value changes of RMB21,259,814 in Investments in Chengxin. The fair value of the Group’s total investment in Chengxin was reduced to RMB686,124 at December 31, 2021.

Considering continuous adverse impact on Chengxin’s operating and financial performance in 2022, the shareholders of Chengxin decided 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 Chengxin 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.

Kargobot

In the third quarter of 2023, Guangzhou Kargobot Technology Co., Ltd. (“Kargobot”), the Group’s subsidiary engaged in autonomous trunk line freight business, entered into a series of agreements (“Kargobot Agreements”) with external investors and the Group. Pursuant to the Kargobot Agreements, Kargobot increased its registered share capital of RMB303 for a total consideration of RMB295,000 to external investors. Upon the completion of the transaction on September 28, 2023, the Group no longer held the controlling financial interests in Kargobot, therefore Kargobot was deconsolidated from the Group after September 28, 2023. Accordingly, a gain of RMB761,206 was recognized in the investment income (loss), net in the consolidated statement of comprehensive income (loss) for the year ended December 31, 2023, measured as the difference between the fair value of the Group’s investment in Kargobot’s shares as well as other debt investments in Kargobot in the total amount of RMB786,934, and the carrying amount of net assets of Kargobot in the amount of RMB25,728 as of September 28, 2023.

The fair value of the Group investment in Kargobot’s shares upon the closing of the deconsolidation of RMB528,709 was determined by the Group with assistance of a third-party appraiser, using option-pricing model (“OPM”) and back-solve method. 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 Investment in Kargobot. In the fourth quarter of 2023, the Group entered into a supplemental agreement with Kargobot, pursuant to which the Group’s investment in Kargobot’s shares has a substantive redemption provision. Therefore, the Group’s investment in Kargobot’s shares are not in-substance ordinary shares and the Group measured its investment in Kargobot’s shares at fair value.

Sale of Certain Smart Auto Business

12 Months Ended

Dec. 31, 2023

Sale of Certain Smart Auto Business

Sale of Certain Smart Auto Business

5. Sale of certain smart auto business

On August 27, 2023, the Group entered into a share purchase agreement (“SPA”) with XPeng Inc. (“XPeng”) to sell 100% of issued share capital of Xiaoju Smart Auto Co. Limited and its subsidiaries, in consideration of class A ordinary shares issued by XPeng. Xiaoju Smart Auto Co. Limited was the Group’s wholly owned subsidiary and was engaged in certain smart auto business.

The total consideration includes a) 58,164,217 XPeng Class A ordinary shares shall be issued on the date of the Initial Closing; b) 4,636,447 XPeng Class A ordinary shares shall be issued on the date of the start of production milestone is achieved; c) additional XPeng Class A ordinary shares up to 14,054,605 shall be issued on the applicable date, if the first earn-out period milestone is achieved; and d) additional XPeng Class A ordinary shares up to 14,276,521 shall be issued on the applicable date if the second earn-out period milestone is achieved.

On November 13, 2023 (the “Initial Closing”), the Group completed the sale and received 58,164,217 XPeng Class A ordinary shares. As a result, the Group’s 100% equity interest of Xiaoju Smart Auto Co. Limited was transferred to XPeng.

Upon the completion of the Initial Closing, the Group measured the total consideration, including the contingent considerations, at fair value. The fair value of the total consideration upon the Initial Closing was RMB3,540,849, and was determined by the Group with the assistance of a third-party appraiser. The fair value of the contingent considerations was determined using a scenario-based model. Subsequently, the Group measured the contingent considerations at fair value at each reporting period. Refer to Note 27 - Fair value measurement for the valuation approach and key inputs for the determination of the fair value of the contingent considerations.

The Group also simultaneously entered into a strategic cooperation agreement with XPeng pursuant to which the Group provides technology and marketing services to XPeng, within a pre-defined period. These services are considered separate performance obligations in this arrangement. A portion of the total consideration was deferred as contract liabilities at Initial Closing for the future obligation of providing technology and marketing services to XPeng. The fair value of the contract liabilities was determined by the Group with the assistance of a third-party appraiser, using income approach (Level 3).

The sale of certain smart auto business did not represent a strategic shift that would have had a major effect on the Group’s operations and financial results, and therefore does not qualify for reporting as a discontinued operation.

Upon the completion of the Initial Closing, a gain of RMB2,078,178 on the sale of certain smart auto business was recorded in investment income (loss), net in the consolidated statement of comprehensive income (loss) for the year ended December 31, 2023, measured as the difference between the fair value of the total consideration excluding the contract liabilities recognized for providing technology and marketing services to XPeng in the amount of RMB3,140,036 and the carrying value of the net assets of certain smart auto business in the total amount of RMB1,061,858 as of November 13, 2023.

Short-term and Long-term treasury investments

12 Months Ended

Dec. 31, 2023

Short-term and Long-term treasury investments

Short-term and Long-term treasury investments

6. Short-term and Long-term treasury investments

The following is a summary of treasury investments:


	As of December 31
	2022	2023
	RMB	RMB

Short-term treasury investments

Time deposits and other debt investments stated at amortized cost	16,965,708	19,163,581
Other debt investments under FVO	—	78,502
Subtotal	16,965,708	19,242,083

Long-term treasury investments

Time deposits and other debt investments stated at amortized cost	8,444,793	4,712,589
Other debt investments under FVO	1,755,009	3,180,310
Subtotal	10,199,802	7,892,899

Accounts and notes receivable, net

12 Months Ended

Dec. 31, 2023

Accounts and notes receivable, net

Accounts and notes receivable, net

7. Accounts and notes receivable, net

Accounts and notes receivable, net consist of the following:


	As of December 31
	2022	2023
	RMB	RMB

Accounts and notes receivable	2,944,355	4,011,265
Allowance for credit losses	(692,722)	(723,655)
Accounts and notes receivable, net	2,251,633	3,287,610

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


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Balance at beginning of the year	(556,360)	(650,888)	(692,722)
Provision	(596,908)	(454,168)	(387,196)
Write-offs	502,380	412,334	356,263
Balance at end of the year	(650,888)	(692,722)	(723,655)

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

12 Months Ended

Dec. 31, 2023

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
	2022	2023
	RMB	RMB

Loans receivable, net	5,338,627	8,679,730
Short-term debt investments	582,510	1,064,663
Deductible VAT-input	1,533,722	1,023,024
Rental deposits and other deposits, net	424,492	775,829
Advances to employees and others	684,095	715,138
Prepayments for promotion and advertising expenses and other operating expenses	593,199	398,450
Prepaid income tax	92,250	381,488
Contingent consideration assets	—	239,557
Others, net	865,194	975,396
Total	10,114,089	14,253,275

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


	As of December 31
	2022	2023
	RMB	RMB

Loans receivable	5,798,839	9,829,675
Allowance for credit losses	(460,212)	(1,149,945)
Loans receivable, net	5,338,627	8,679,730

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

The Group considers a loan receivable to be delinquent when a monthly payment is one day past due. Generally, loans receivable are impaired and placed on non accrual status upon reaching 30 days or 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. The Group writes off the loans receivable against the related allowance when management determines that full repayment of a loan is not probable. Generally, write off occurs after the 30th or 180th day of delinquency. The primary factor in making such determination is the assessment of potential recoverable amounts from the delinquent debtor.

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


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Balance at beginning of the year	(146,432)	(604,506)	(460,212)
Foreign currency translation adjustments	—	(3,979)	(25,373)
Provision	(557,129)	(523,863)	(1,609,671)
Write‑offs	99,055	672,136	945,311
Balance at end of the year	(604,506)	(460,212)	(1,149,945)

The aging analysis of loans receivable by due date as of December 31, 2022 and 2023 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, 2022	70,990	42,495	38,340	95,028	246,853	5,551,986	5,798,839
As of December 31, 2023	219,243	110,379	85,685	127,124	542,431	9,287,244	9,829,675

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


	As of December 31
	2022	2023
	RMB	RMB


Deductible VAT-input	864,319	1,116,686
Prepayments for property and equipment, long-term investments and other non‑current assets	823,634	409,469
Rental deposits and other deposits, net	153,240	160,189
Contingent consideration assets	—	10,811
Others, net	19,672	22,340
Total	1,860,865	1,719,495

Investment securities and other investments

12 Months Ended

Dec. 31, 2023

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
	2022	2023
	RMB	RMB

Listed equity securities	6,725,766	8,573,605
Debt investments under fair value option	822,942	1,978,098
Equity investments accounted for using Measurement Alternative method	580,152	466,247
Debt investments stated at amortized cost	261,797	68,458
Total	8,390,657	11,086,408

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


	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
Debt investments under FVO	811,531	17,610	—	(6,199)	822,942
— Debt investments under fair value option	811,531	17,610	—	(6,199)	822,942
Total	8,372,820	17,610	(1,067,079)	225,357	7,548,708


	As of December 31, 2023
		Cumulative	Cumulative	Foreign
		gross	gross	currency
		unrealized	unrealized	translation	Fair
	Cost	gains	losses	adjustments	Value
	RMB	RMB	RMB	RMB	RMB
Listed equity securities	9,189,534	—	(852,415)	236,486	8,573,605
— Investee A	600,000	—	(215,227)	—	384,773
— Investee B (i)	4,729,687	—	(311,250)	290,853	4,709,290
—XPeng (ii)	3,268,546	—	(219,663)	(43,637)	3,005,246
— Others	591,301	—	(106,275)	(10,730)	474,296
Debt investments under FVO	1,940,665	31,206	—	6,227	1,978,098
— Investment in Kargobot’s shares	528,709	—	—	—	528,709
— Debt investments under fair value option	1,411,956	31,206	—	6,227	1,449,389
Total	11,130,199	31,206	(852,415)	242,713	10,551,703

(i) Investment in Investee B

As of December 31, 2022 and 2023, the fair value of the Investment in Investee B was RMB6,068,436 and RMB4,709,290, respectively. For the years ended December 31, 2022 and 2023, the Group disposed certain number of ordinary shares of Investee B, resulting in a realized gain with the amount of RMB5,998 and RMB113,882 recorded in investment income (loss), net, respectively.

9. Investment securities and other investments (Continued)

Given the change of quoted price of Investee B’s ordinary shares, the Group recognized an unrealized loss of RMB6,221,463 and an unrealized gain of RMB337,052 in investment income (loss), net for the years ended December 31, 2022 and 2023, respectively.

(ii) Investment in XPeng

On August 27, 2023, the Group entered into an SPA with XPeng to transfer 100% equity interest in certain smart auto business for consideration of XPeng’s Class A ordinary shares. Refer to Note 5 for the details of the sale of certain smart auto business. On November 13, 2023, 58,164,217 Class A ordinary shares were received by the Group. The investment in XPeng was recorded as investment securities and other investments, with the fair value determined based on the quoted price in the active market.

As of December 31, 2023, the fair value of the Investment in XPeng was RMB3,005,246. The Group recognized an unrealized loss of RMB219,663 in investment income (loss), net for the year ended December 31, 2023.

Debt investments under FVO, mainly include certain government bonds, investments of shares and convertible loan in Kargobot and are accounted for according to Note 3.13. For details about investments in Kargobot, please refer to Note 4.

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 nil, RMB18,540 and RMB127,834 were recorded in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023, 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 RMB2,493,381, nil and nil for the years ended December 31, 2021, 2022 and 2023, respectively.

The carrying values of debt investments stated at amortized cost approximate their fair value.

Equity method investments, net

12 Months Ended

Dec. 31, 2023

Equity method investments, net

Equity method investments, net

10. Equity method investments, net

The Group recorded proportionate share of losses of RMB211,559, and income of RMB95,505, RMB583,406 from equity investments accounted for using equity method for the years ended December 31, 2021, 2022 and 2023, respectively. The Group also recognized impairment losses of RMB264,292, RMB59,651 and RMB46,843 for the years ended December 31, 2021, 2022 and 2023, 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 income (loss).

For the year ended December 31, 2023, the equity investments made under equity method were insignificant.

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
	2021	2022	2023
	RMB	RMB	RMB
Results of operations:
Revenue	7,549,918	8,906,174	11,749,558
Gross profit (loss)	(4,257,022)	1,712,738	2,748,455
Income (loss) from operations	(16,489,595)	(1,248,914)	1,631,031
Net income (loss), net	1,999,569	(2,468,292)	1,393,547
Balance sheet data:
Current assets	54,810,598	52,797,753	53,386,574
Non‑current assets	17,656,885	14,891,760	23,584,221
Current liabilities	31,611,814	38,391,255	46,749,844
Non‑current liabilities	5,536,458	3,308,611	1,876,198
Convertible redeemable preferred shares and non‑controlling interests	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 income (loss) is not comparable with the above table.

Property and equipment, net

12 Months Ended

Dec. 31, 2023

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
	2022	2023
	RMB	RMB

Bikes and e-bikes	9,966,031	8,255,615
Vehicles	3,022,763	1,923,551
Computers and equipment	4,145,016	4,302,574
Leasehold improvement	707,947	636,728
Construction in progress	170,785	286,326
Others	35,173	32,591
Total	18,047,715	15,437,385
Less: Accumulated depreciation	(10,305,649)	(9,850,875)
Less: Accumulated impairment loss	(2,023,742)	(1,256,338)
Property and equipment, net	5,718,324	4,330,172

Depreciation expenses recognized for the years ended December 31, 2021, 2022 and 2023 were RMB4,220,521, RMB3,511,825 and RMB3,245,369, respectively.

For the years ended December 31, 2021, 2022 and 2023, the impairment losses for property and equipment were RMB2,247,738, nil and RMB69,997, respectively. 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, 2023

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, 2021, 2022 and 2023 are as follows:


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Operating lease cost	726,359	729,038	645,678
Short‑term lease cost	467,384	416,215	400,926
Variable lease cost	121,353	150,994	97,548
Total lease cost	1,315,096	1,296,247	1,144,152

12. Operating leases (Continued)

Supplemental cash flows information related to leases is as follows:


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Cash payments for operating leases	761,352	783,337	717,407
ROU assets obtained in exchange for operating lease liabilities	910,144	978,608	534,313

As of December 31, 2023, the Company’s operating leases had a weighted average remaining lease term of 2.84 years and a weighted average discount rate of 4.78%.

Maturities of lease liabilities are as follows:


		As of December 31
		2023
		RMB

2024		455,979
2025		285,785
2026		174,686
2027		57,153
Thereafter		121,847
Total undiscounted lease payments		1,095,450
Less: imputed interest		(126,314)
Total lease liabilities		969,136

Intangible assets, net

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Intangible assets, net

13. Intangible assets, net

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


	As of December 31
	2022	2023
	RMB	RMB
Finite‑lived intangible assets
Non‑compete agreements	7,183,773	7,183,773
Trademarks, patents, software and others	5,413,444	5,405,499
Customer lists	1,563,680	1,573,479
Driver lists	301,641	306,755
Total	14,462,538	14,469,506
Less: accumulated amortization	(12,846,495)	(13,835,413)
Less: accumulated impairment loss	(346,466)	(412,972)
Net book value	1,269,577	221,121
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	1,724,141	675,685

13. Intangible assets, net (Continued)

For the years ended December 31, 2021, 2022 and 2023, amortization expenses amounted to RMB1,824,762, RMB1,631,280 and RMB1,003,282, respectively.

For the years ended December 31, 2021, 2022 and 2023, the impairment losses for intangible assets were RMB288,221, RMB17,736 and RMB80,800, 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, 2023, amortization expenses related to finite-lived intangible assets for future periods are estimated to be as follows:


		Amortization Expenses
		RMB
2024		118,985
2025		37,685
2026		23,572
2027		15,671
Thereafter		25,208
Total expected amortization expenses		221,121

Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill

Goodwill

14. Goodwill

For the years ended December 31, 2021, 2022 and 2023, 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, 2021	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
Balance as of December 31, 2023	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.

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.

The Group performed qualitative impairment assessments for the goodwill in China Mobility and concluded that there was no impairment for the goodwill as of December 31, 2023.

(ii)

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, 2023

Borrowings

Borrowings

15. Borrowings

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


	As of December 31
	2022	2023
	RMB	RMB

Short‑term borrowings	4,940,310	7,682,190
Long‑term borrowings	149,925	1,044,421
Total	5,090,235	8,726,611

15. Borrowings (Continued)

Short-term borrowings

For the year ended December 31, 2023, the Group, through its subsidiaries, issued certain asset-backed securitized debts with maturities of one to three years, totaling RMB1,591,164 via certain securitization vehicles in the forms of asset backed security arrangement (the “ABSs”) established by the Group. 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, the Group 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 in the Prepayments, receivables and other current assets, net disclosed in Note 8.

As of December 31, 2022 and 2023, the balance of the ABSs that will mature within one year amounted to nil and RMB618,000 respectively.

Other short-term borrowings were mainly RMB dominated borrowings by the Group’s subsidiaries from financial institutions in the PRC and were pledged by vehicles and short-term treasury investments or guaranteed by the subsidiaries of the Group. The weighted average interest rate for short-term borrowings as of December 31, 2022 and 2023 were approximately 3% and 3%, respectively.

Long-term borrowings

The Group entered into several borrowing agreements with credit facilities with banks and other financial institutions, which allowed the Group to draw borrowings up to RMB171,161 and RMB1,463,316 from these facilities as of December 31, 2022 and 2023. The borrowings of these facilities bear the applicable benchmark rate specified in the borrowing agreements plus 90 to 663 points. The borrowings were guaranteed by certain subsidiaries of the Group or pledged by loans receivable owned by the Group’s subsidiaries. The unused credit limits under these facilities was RMB1,271,352 as of December 31, 2023.

As described in the short-term borrowings, the Group issued asset-backed securitized debts via certain securitization vehicles in the forms of ABSs established by the Group. As of December 31, 2022 and 2023, the balance of the ABSs that will mature more than one year amounted to nil and RMB973,164 respectively.

The Group also entered into several borrowing agreements with certain banks and other financial institutions pursuant to which the outstanding borrowings balance was RMB39,212 and nil as of December 31, 2022 and 2023, 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
	2022	2023
	RMB	RMB

Within 1 year	4,940,310	7,682,190
Between 1 to 2 years	142,625	838,000
Between 2 to 3 years	7,300	188,119
Between 3 to 4 years	—	18,302
Total	5,090,235	8,726,611

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accounts and notes payable

12 Months Ended

Dec. 31, 2023

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
	2022	2023
	RMB	RMB

Payables related to service fees and incentives to drivers	2,465,919	4,309,814
Payables related to driver management fees	155,279	193,165
Other accounts payable	248,848	60,616
Total	2,870,046	4,563,595

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2023

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
	2022	2023
	RMB	RMB

Payables to merchants and other partners	2,319,245	4,336,250
Employee compensation and welfare payables	1,821,969	2,410,332
Tax payables	1,127,818	1,658,525
Deposits	1,385,424	1,387,550
Payables related to market and promotion expenses	814,186	1,110,099
Payables related to service fees	803,267	704,110
Payables related to property and equipment	298,550	283,889
Payables and accruals for other costs and expenses	1,420,875	1,602,713
Others	1,158,587	1,256,662
Total	11,149,921	14,750,130

Segment reporting

12 Months Ended

Dec. 31, 2023

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 comprises ride hailing, online taxi, chauffeur and other services in the PRC.

●

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

●

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

18. Segment reporting (Continued)

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, 2021, 2022 and 2023:


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB
Revenues:
China Mobility	160,520,747	125,930,620	175,033,586
International	3,622,366	5,863,123	7,842,151
Other Initiatives	9,684,269	8,997,940	9,504,181
Total segment revenues	173,827,382	140,791,683	192,379,918
Adjusted EBITA:
China Mobility	6,129,122	(1,449,926)	5,308,384
International	(5,787,976)	(4,024,455)	(2,322,782)
Other Initiatives	(19,514,226)	(7,294,752)	(5,148,255)
Total Adjusted EBITA	(19,173,080)	(12,769,133)	(2,162,653)
Share‑based compensation expenses	(24,654,583)	(3,424,049)	(2,575,340)
Amortization of intangible assets⁽ⁱ⁾	(1,824,762)	(1,631,280)	(1,003,282)
Impairment of goodwill and intangible assets acquired from business combination (Note 14)	(2,789,321)	—	—
Total consolidated loss from operations	(48,441,746)	(17,824,462)	(5,741,275)

(i)	Amortization expenses in connection with business combinations were RMB1,799,508, RMB1,561,239 and RMB948,384 for the years ended December 31, 2021, 2022 and 2023, 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, 2021, 2022 and 2023:


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

China Mobility	306,382	360,612	371,022
International	124,633	92,903	73,716
Other Initiatives	3,789,506	3,058,310	2,800,631
Total depreciation of property and equipment	4,220,521	3,511,825	3,245,369

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 26
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income taxes

12 Months Ended

Dec. 31, 2023

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 subsidiaries is qualified for the HNTE certificate and enjoyed a reduced rate of 15% for the years presented, which will expire in 2025. Furthermore, HNTE can claim a super deduction for eligible research and development expenses, receiving a 175% super deduction from January 1, 2018 to September 30, 2022, and a 200% super deduction from October 1, 2022 onwards.

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.

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 dividend withholding tax was trivial , as the taxable outside basis differences noted as of the end of the periods presented were insignificant.

Brazil

The Group’s subsidiaries in Brazil are subject to 34% income tax rate, which comprises Brazilian Social Contribution tax and Brazilian Income Tax. Additionally, foreign enterprises, which have no establishment or place in Brazil but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in Brazil or which have an establishment or place in Brazil but the aforementioned incomes are not connected with the establishment or place shall be subject to the Brazil withholding tax at the applicable rate.

Mexico

The income tax provision for Mexico entities were calculated at corporate income tax rates of 30% on the taxable income for the years presented, based on the existing legislation, interpretations and practices in respect thereof.

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.

Income (loss) before income taxes consists of:


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Income (loss) from overseas entities	(7,665,988)	(17,271,251)	2,803,492
Loss from PRC entities	(41,502,270)	(6,507,345)	(2,178,681)
Income (loss) before income taxes	(49,168,258)	(23,778,596)	624,811

Income tax expenses consists of:


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Current income tax expenses	557,797	170,091	235,382
Deferred income tax benefits	(391,477)	(166,176)	(145,633)
Total income tax expenses	166,320	3,915	89,749

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
	2021		2022		2023
	RMB		RMB		RMB

PRC statutory tax rate	25.00	%	25.00	%	25.00	%
Tax effect of preferential tax treatments	(0.38)	%	(0.72)	%	(25.30)	%
Tax effect of permanent difference	(15.54)	%	(2.06)	%	130.17	%
Effect on tax rates in different tax jurisdiction	(0.50)	%	(12.15)	%	(122.02)	%
Changes in valuation allowance and others	(8.92)	%	(10.09)	%	6.51	%
Effective tax rate	(0.34)	%	(0.02)	%	14.36	%

The permanent differences mainly arose from share-based compensation expenses, super deduction for eligible research and development expenses, and non-taxable interest income etc. The effect on tax rate in different tax jurisdiction mainly arose from income or capital gain generated from the entities which are not subject to tax.

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


	As of December 31
	2022	2023
	RMB	RMB
Deferred tax assets
Tax losses carryforwards	14,026,637	13,460,119
Advertising expenses in excess of deduct limit	3,093,464	3,022,509
Asset impairment and allowances for credit losses	1,303,029	1,021,295
Accrued expenses and others	1,513,483	1,342,747
Total deferred tax assets	19,936,613	18,846,670
Less: valuation allowance	(19,539,116)	(18,435,565)
Deferred tax assets, net	397,497	411,105
Deferred tax liabilities
Amortization expense of intangible assets	263,031	25,600
Depreciation expense of property and equipment, and others	204,943	271,539
Deferred tax liabilities	467,974	297,139

As of December 2023, the deferred tax asset, net, recognized from tax losses carryforwards was RMB58,128. The Group has tax losses in mainland China of RMB53,697,270 that will expire in one to ten years for deduction against future taxable profits:


		As of December 31,
		2023
		RMB
Loss expiring in 2024		976,812
Loss expiring in 2025		4,060,806
Loss expiring in 2026		20,911,886
Loss expiring in 2027		11,498,246
Loss expiring in 2028 and thereafter		16,249,520
Total		53,697,270

19. Income taxes (Continued)

As of December 31, 2023, the accumulated tax losses carryforwards of subsidiaries incorporated in Brazil of RMB2,755,808 are allowed to be carried forward to offset against future taxable profits. The tax losses carryforwards in Brazil generally have no time limit.

The following table shows the movement of valuation allowance for the periods presented:


	For the Year Ended December 31
		2021	2022	2023
		RMB	RMB	RMB

Balance at beginning of the year		(8,019,931)	(13,065,611)	(19,539,116)
Change of valuation allowance		(5,045,680)	(6,473,505)	1,103,551
Balance at end of the year		(13,065,611)	(19,539,116)	(18,435,565)

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
	2022	2023
	RMB	RMB

Classification in the consolidated balance sheets:
Deferred tax assets, net	289,191	279,464
Deferred tax liabilities	359,668	165,498

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Share-based compensation

12 Months Ended

Dec. 31, 2023

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, 2021, 2022 and 2023:


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Operations and support	193,552	143,588	109,962
Sales and marketing	326,332	264,572	159,830
Research and development	2,258,705	1,183,306	907,812
General and administrative	21,875,994	1,832,583	1,397,736
Total share-based compensation expenses	24,654,583	3,424,049	2,575,340
Investment income (loss), net*	178,506	47,421	—
Total share-based compensation	24,833,089	3,471,470	2,575,340

* 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 Group recognized the entire cost of the share-based awards as incurred, amounting to RMB178,506, RMB47,421 and nil in investment income (loss), net in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023.

(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, 2023, the maximum aggregate number of ordinary shares which may be issued pursuant to the 2017 Plan was 195,127,549 shares.

20. Share-based compensation (Continued)

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, 2023, the maximum aggregate number of ordinary shares which may be issued pursuant to the 2021 Plan was 116,906,908 shares.

Share-based awards granted under the 2017 Plan and the 2021 Plan had 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 from 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 year ended December 31, 2021, 1,020,551 existing share options were exchanged for 688,826 new options, with different exercise prices, leading to incremental costs of 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. For the year ended December 31, 2023, 4,695,544 existing share options were exchanged for 3,217,476 new options, with different exercise prices, leading to incremental costs of RMB149,104 on the respective modification dates.

(c)Share Options

A summary of activities of the share options for the years ended December 31, 2021 and 2022 and 2023 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, 2021	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
Granted	10,402,129	0.0001823			14.78
Modification	(1,478,068)	0.0001823			12.90
Exercise of share options	(717,256)	0.21		11,182	30.55
Forfeited/cancelled	(4,382,666)	0.07			26.03
Outstanding as of December 31, 2023	67,557,594	2.61	5.90	891,353	22.72
Exercisable as of December 31, 2023	39,360,380	4.47	4.16	445,842	25.18
Vested and Expected to Vest as of December 31,2023	61,407,795	2.87	5.63	794,187	23.32

20. Share-based compensation (Continued)

The Group uses the binomial option pricing model to determine the 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
	2021	2022	2023
Fair value of ordinary shares (US$)	30.32 – 65.60	7.34-19.92	12.00-15.20
Expected volatility	33.6% - 37.8%	35.27%-40.34%	41.36%-41.70%
Risk‑free interest rate (per annum)	0.94% - 1.26%	1.52%-3.83%	3.48%-4.59%
Expected dividend yield	0%	0%	0%
Expected term (in years)	7	10	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, 2021, 2022 and 2023 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, 2021	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
Granted	899,005	13.51
Vested	(6,079,090)	39.30
Forfeited/cancelled	(957,307)	33.70
Unvested at December 31, 2023	8,460,274	41.42	7.14
Expected to vest at December 31, 2023	7,164,224	41.85	7.10

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 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, 2023, there were RMB1,071,872 of unrecognized compensation expenses related to the share options expected to be recognized over a weighted average period of 2.35 years.

As of December 31, 2023, there were RMB434,602 of unrecognized compensation expenses related to restricted shares and RSUs, expected to be recognized over a weighted average period of 1.61 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, 2023, the maximum aggregate number of ordinary shares which could be issued pursuant to the Plan was 18,235,294 shares. The share-based compensation expenses of RMB221,178, RMB181,379 and RMB131,976 were recognized in the consolidated financial statements for the years ended December 31, 2021, 2022 and 2023.

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 Voyager Incentive Plan. 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, 2023

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.

Soda Technology Inc. (“Soda”), the Group’s subsidiary, primarily engages in bike and e-bike sharing business through its subsidiaries and VIE. For the years ended December 31, 2020 and 2021, Soda 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. As of December 31, 2023, the Group continued to hold the majority of total equity interests in Soda on a fully-diluted basis. Subsequently in February 2024, the Company repurchased all of Soda A-1 preferred shares held by the entity controlled by Softbank, with a total consideration of US$66,664 as determined by a pre-agreed pricing formula. The repurchase would not have any impact on the Group’s consolidated statements of comprehensive income (loss) for the year ending December 31, 2024.

Financing transaction of Voyager Group Inc.

Voyager, the Group’s subsidiary, primarily engages in the development and commercialization of autonomous vehicles through its subsidiaries and VIE. For the years ended December 31, 2020 and 2021, Voyager 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. In the fourth quarter of 2023, Voyager entered into agreements with investors including the Group, pursuant to which Voyager shall issue Series C preferred shares to an external investor with a cash consideration of US$149,000. As of December 31, 2023, the Series C financing transaction was subject to certain requirements and had not been completed. As of December 31, 2023, 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

City Puzzle Holdings Limited (“City Puzzle”), the Group’s subsidiary, primarily engages in providing intra-city freight services. For the year ended December 31, 2021, City Puzzle 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. As of December 31, 2023, 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, 2021	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
Accretion of convertible redeemable non-controlling interests to redemption value	995,685	—
Balance as of December 31, 2023	14,006,261	1,069,357

For the year ended December 31 2022, 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, 2023

Convertible preferred shares

Convertible preferred shares

22. Convertible preferred shares

Before the completion of the Company’s IPO, a series of convertible preferred shares issued by the Company were classified in the mezzanine equity of the consolidated balance sheets as they were considered as contingently redeemable upon a deemed liquidation event in accordance with ASC 480 10 S99 3A (f). 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 pre-determined conversion prices.

The movement of convertible preferred shares for the years ended December 31, 2021, 2022 and 2023 is as follows:


	Total
	number of	Total
	shares	amount
		RMB
Balance as of January, 2021	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	—	—
Balance as of December 31, 2023	—	—

Ordinary shares

12 Months Ended

Dec. 31, 2023

Ordinary shares

Ordinary shares

23. Ordinary shares

As of December 31, 2023, the authorized 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.

On November 11, 2023, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$1 billion of its shares over the next 24 months. The share repurchases may be made from time to time through legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase program periodically, and may authorize adjustment to its terms and size.

The Company repurchased approximately 4.2 million ADSs, equals to 1.1 million Class A ordinary shares, from the open market with an aggregate purchase price of RMB112,666 (US$15,860) during the year ended December 31, 2023. These repurchased shares were recorded in the treasury stock account as they were not cancelled by the Company as of December 31, 2023.

During the year ended December 31, 2023, 19,778,967 Class B ordinary shares were converted to Class A ordinary shares. As of December 31, 2023, 1,104,888,353 Class A ordinary shares and 97,556,869 Class B ordinary shares were issued and outstanding by the Company.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 14
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Loss per share

12 Months Ended

Dec. 31, 2023

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, 2021, 2022 and 2023 as follows:


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB
Numerator:
Net income (loss) attributable to DiDi Global Inc.	(49,343,664)	(23,783,321)	493,512
Accretion of convertible redeemable non-controlling interests to redemption value	(687,617)	(898,649)	(995,685)
Net loss attributable to ordinary shareholders of DiDi Global Inc.	(50,031,281)	(24,681,970)	(502,173)
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding*	657,996,437	1,210,979,609	1,224,576,751
Net loss per share attributable to ordinary shareholders
— Basic	(76.04)	(20.38)	(0.41)
— Diluted	(76.04)	(20.38)	(0.41)

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

For the years ended December 31, 2021, 2022 and 2023, 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, 2021, 2022 and 2023, 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 467,932,258 for the year ended December 31, 2021. 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 34,268,859, 18,207,585 and 24,830,144 for the years ended December 31, 2021, 2022 and 2023, respectively.

Related party transactions

12 Months Ended

Dec. 31, 2023

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, 2021, 2022 and 2023, respectively.

25. Related party transactions (Continued)

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, 2021, 2022 and 2023, 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, 2021, 2022 and 2023, respectively.

The Group also has commercial arrangements with Tencent Group primarily related to payment processing services, colocation services, cloud communication services as well as promotion 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, 2021, 2022 and 2023, respectively.

Amounts due from Alibaba Group and Tencent Group related to the above services were RMB45,162 and RMB81,496 as of December 31, 2022 and 2023, respectively.

Amounts due to the Alibaba Group and Tencent Group related to the above services were RMB198,102 and RMB263,646 as of December 31, 2022 and 2023, respectively.

In addition, the Group has made certain financing transactions together with Softbank. The agreements for Softbank’s investments in those financing transactions were disclosed in 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.

As described in Notes 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 Chengxin 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, 2021, 2022 and 2023, respectively. There are no other significant transactions with the Group’s investees.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies

Commitments and contingencies

26. Commitments and contingencies

a Commitments

In the normal course of business, the Group has outstanding commitments on non-cancellable agreements which are expected to commence after December 31, 2023. These commitments contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 are as follows:


		Less than			Over
	Total	1 Year	1-3 Years	3-5 Years	5 Years
Operating lease commitments	68,844	48,924	18,110	1,773	37
Commitments for promotion and other operating expenses	1,915,113	485,506	956,393	473,214	—

These operating leases will commence after December 31, 2023 with lease terms from 1 year to 6 years.

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. 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. Based on currently available information, the Group has not recorded any material liabilities in this regard as of December 31, 2023. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future.

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, 2023, both the consolidated federal action and the state court action remain in their preliminary stages. The Group 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, 2023

Fair value measurement

Fair value measurement

27. Fair value measurement

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.

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2022 and 2023.


		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	—


		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	2023	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
Structured notes under fair value option	3,179,829	—	3,179,829	—
Listed equity securities	8,573,605	8,573,605	—	—
Investment in Kargobot’s shares	528,709	—	—	528,709
Other investments under fair value option	2,459,081	—	1,877,076	582,005
Contingent consideration assets	250,368	—	—	250,368
Total	14,991,592	8,573,605	5,056,905	1,361,082

Treasury 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 structured notes and certain investments under fair value option recorded in treasury investments with variable interest rates indexed to the performance of underlying assets.

Investment in Kargobot’s shares

The Group determines the fair value of its investment in Kargobot’s shares with assistance of a third-party appraiser. The Group applies significant judgments in estimating fair values of Kargobot including selection of valuation methods and significant assumptions used in valuation. The fair value of the investment in Kargobot’s shares upon the deconsolidation and upon modification of certain rights of the Group was determined by referencing the most recent financing transaction, aforementioned in Note 4, used as an input to an OPM. Other key inputs to the OPM were discounts for lack of marketability (DLOM) relating to Kargobot’s shares with and without a substantive redemption provision ranging from 22% to 30%, volatility of 57% and time to liquidity of 7.0 years. The Group classifies the valuation techniques that use these inputs as Level 3 of fair value measurement.

27. Fair value measurement (Continued)

Other investments

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 fair value of the Group’s investments in government bonds or 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.

Contingent consideration assets

As described in Note 5, the Group will receive certain contingent considerations in the form of XPeng’s Class A ordinary shares if certain milestones are achieved in the sale of certain smart auto business. The Group measured the contingent considerations at fair value. When applying the scenario-based model, key assumptions involved include the estimated outcomes of the milestone in the earn-out periods in each scenario and the estimated probability of each scenario.

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, 2022 and 2023, 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. Refer to Note 9 - Investment securities and other investments and Note 10 - Equity method investments, net for the details of impairment charge, respectively.

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 (Level 3). Refer to Note 11 - Property and equipment, net and Note 13 - Intangible assets, net for the details of impairment charges, respectively.

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 each reporting unit annually. The Group concluded that no write down was warranted for the years ended December 31, 2022 and 2023. The valuation methodology used to estimate the fair value of goodwill is discussed in Note 14 - Goodwill for further information.

- 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, 2023

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 RMB15,727,478 as of December 31, 2023. 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, 2023 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, 2023

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, VIEs and subsidiaries of the VIEs.

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.

All inter-company transactions and balances between the Company, its subsidiaries, VIEs and subsidiaries of the VIEs have been eliminated upon consolidation. The Group included the results of operations of the acquired businesses from their respective dates of acquisition.

Comparative information

3.3 Comparative information

Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassifications below had no impact on previously reported results of operations, shareholders’ equity or cash flows:

i) Time deposits stated at amortized cost and other debt investments previously presented as “short-term investments” are now presented as “short-term treasury investments” and “prepayments, receivables and other current assets, net”, respectively, within the consolidated balance sheets.

ii) Time deposits stated at amortized cost and structured notes under fair value option previously presented as “investment securities and other investments” are now presented as “long-term treasury investments” within the consolidated balance sheets.

iii) Equity investments accounted for using the Measurement Alternative method and equity method previously presented as “long-term investments, net” are now presented as “investment securities and other investments” and “equity method investments, net”, respectively, within the consolidated balance sheets.

iv) Loan receivables previously presented separately as “Loans receivable, net” are now presented as “prepayments, receivables and other current assets, net” within the consolidated balance sheets.

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 certain 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) fair value of contingent considerations and services with respect to business divestiture, (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.

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 income (loss). The foreign exchange gain amounted to RMB70,265, and loss amounted to RMB1,387,541 for the years ended December 31, 2021 and 2022 respectively; and the foreign exchange gain amounted to RMB271,411 for the year ended December 31, 2023.

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 income (loss).

Convenience translation

3.6 Convenience translation

Translations of the consolidated balance sheets, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0999, representing the index rates stipulated by the federal reserve board/the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 29, 2023, 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.

In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Group uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. 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 — Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities;

●

Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the 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 or independently 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, 2022 and 2023, cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay amounted to RMB971,925 and RMB1,620,687 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 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.

Treasury investments

3.10 Treasury investments

Treasury investments represent the debt investments purchased from reputable financial institutions. Primarily these instruments are considered to have a low risk of default and the counterparty has a strong capacity to meet its contractual cash flows obligations in the near term. The identified credit losses are insignificant.

Treasury investments at amortized cost are primarily time deposits placed with the bank. Interest income from treasury investments at amortized cost is recognized using the effective interest method in the consolidated statements of comprehensive income (loss).

Treasury investments under the fair value option (“FVO”) are primarily structured notes which are the financial instruments with variable interest rates indexed to performance of underlying assets. Changes in the fair value are reflected in the consolidated statements of comprehensive income (loss) as investment income (loss), net.

Treasury investments with original maturities over three months, but less than one year are expected to be realized in cash during the next twelve months are classified as short-term treasury investments. Treasury investments with maturities more than one year are classified as long-term treasury investments.

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.

Expected credit losses

3.12 Expected credit losses

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

3.13 Investment securities and other investments

Investment securities and other investments primarily consist of equity securities with readily determinable fair value, equity investments without readily determinable fair value and certain 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 income (loss).

3. Summary of significant accounting policies (Continued)

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 income (loss), according to ASC 321 “Investments — Equity Securities”. 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 income (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 rounds, 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.

Certain debt investments

Certain debt investments are debt investments that are not classified as treasury investments, and are accounted for at amortized cost or under the FVO. The Group has elected the fair value option for certain debt investments primarily consisting of certain government bonds with maturities of over one year and investment in Kargobot’s shares (Note 4). The FVO 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 income (loss).

Interest income from debt investments which are measured at amortized cost is recognized using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows. Other debt investments are classified into Prepayments, receivables and other current assets, net or investment securities and other investments based on the length of maturities.

Equity method investments, net

3.14 Equity method investments, net

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. 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 income (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.

3. Summary of significant accounting policies (Continued)

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 income (loss).

Property and equipment, net

3.15 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 from 3 to 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 income (loss).

Property and equipment have estimated useful lives as follows:


Categories		Estimated useful lives
Bikes and e‑bikes		2‑3 years
Vehicles		3-5 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 computers and equipment 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

3.16 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		3-10 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

3.17 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

3.18 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. RMB2,501,100, nil and nil of impairment loss of goodwill was recognized for the years ended December 31, 2021 and 2022 and 2023, respectively. Refer to Note 14- Goodwill for further information.

Leases

3.19 Leases

The Group applies ASC 842, “Leases” (“ASC 842”) to account for leases. 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

3.20 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

3.21 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, 2021, 2022 and 2023, appropriations to the general reserve amounted to RMB11,414, RMB41,411 and RMB30,777, respectively. No appropriations to the enterprise expansion fund or staff welfare and bonus fund have been made by the Group.

Revenue recognition

3.22 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”).

3. Summary of significant accounting policies (Continued)

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, 2021, 2022, and 2023, respectively. The Group also generates revenues from providing other mobility services such as online taxi, chauffeur and other services in the PRC. As part of the Chinese government’s effort to ease the burden of business affected by the COVID - 19 pandemic, 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.

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Ride hailing services in the PRC

The Group provides a variety of ride hailing services on its China Mobility Platform, mainly including Luxe, Premier, Select, DiDi Flash, Express, Discount Express, 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.

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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.

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Online taxi and chauffeur services in the PRC

The Group provides a variety of other services on its China Mobility Platform, mainly including online taxi and chauffeur services. The Group considers itself as the agent for online taxi and chauffeur services and recognizes agency revenue earned mainly 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 and financial services in overseas countries.

3. Summary of significant accounting policies (Continued)

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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.

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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.

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Food delivery services in overseas countries

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

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Financial services in overseas countries

The financial services revenues mainly consist of interest income from micro loans services and credit card services. The Group generates interest income from its loans receivable by applying the effective interest method in accordance with ASC 310. 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 Note 8.

Other Initiatives

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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.

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Certain energy and vehicle services

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

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.

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.

3. Summary of significant accounting policies (Continued)

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Financial services in the PRC

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 Note 8. 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.

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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.

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 RMB299,095 and RMB293,605 were recorded in accounts and notes receivable, net in the consolidated balance sheets as of December 31, 2022 and 2023 respectively.

Contract liabilities are recognized if the Group receives consideration prior to satisfying the performance obligations, which mainly include advance payments from ride hailing services in the PRC and from Other Initiative segment. Contract liabilities as of December 31, 2022 and 2023 were RMB565,058 and RMB1,004,818, respectively, recognized as deferred revenue and customer advances, current portion and other non-current liabilities in the consolidated balance sheets. The contract liabilities with an original length of greater than one year were not significant.

Incentive Programs

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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, delivery persons providing food delivery service and eaters using food delivery service in certain overseas countries 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.

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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.

3. Summary of significant accounting policies (Continued)

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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 income (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.

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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.

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Incentives to consumers not considered as customers from an accounting perspective

For the China Mobility segment, the end-users of online taxi and chauffeur service are generally not considered to be the customers of the Group from an accounting perspective. For International segment, the riders using ride hailing services and eaters in certain countries using 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.

Incentives offered to such consumers that represent explicit or implicit obligations to the consumers on behalf of the service providers abovementioned are recorded as reduction of revenues. The Group also at its own discretion offers incentives to such consumers to encourage their uses of its platform, which mainly include:

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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.

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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.

3. Summary of significant accounting policies (Continued)

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

3.23 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 and vehicles, credit losses of loans receivable, insurance cost related to service offering, payment processing charges, and bandwidth and server related costs.

Operations and support

3.24 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

3.25 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 totalled RMB5,401,408, RMB3,297,560 and RMB4,283,366 for the years ended December 31, 2021, 2022 and 2023, respectively. Incentives provided to consumers amounted to RMB7,465,226, RMB2,778,465 and RMB3,403,793 for the years ended December 31, 2021, 2022 and 2023, respectively.

Research and development expenses

3.26 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 and impairment 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

3.27 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

3.28 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 income (loss) upon receipt and when all conditions attached to the grants are fulfilled. For the years ended December 31, 2021, 2022 and 2023, government grants amounted to RMB990,038, RMB458,141 and RMB254,623 are recognized as reduction of specific costs and expenses.

Share-based compensation

3.29 Share-based compensation

The Group accounts for share-based awards granted 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 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 and recognized as expenses using the graded-vesting method, net of estimated forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period. The Group recognized the cumulative share-based compensation expenses, net of estimated forfeitures for the awards with IPO condition 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 was 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.

Segment reporting

3.30 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

3.31 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 income (loss). The Group did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities as of December 31, 2022 and 2023. The Group did not have any interest or penalties associated with unrecognized tax benefit for the years ended December 31, 2021, 2022 and 2023.

Employee benefits

3.32 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 RMB1,808,321, RMB1,940,168 and RMB1,880,363 for the years ended December 31, 2021, 2022 and 2023, 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, 2021, 2022 and 2023 were insignificant.

Comprehensive income (loss)

3.33 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) mainly includes net income (loss) and currency translation adjustments of the Group and share of other comprehensive income (loss) of equity method investees.

Net loss per share

3.34 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

3.35 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

3.36 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 income (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 income (loss).

3. Summary of significant accounting policies (Continued)

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 income (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.

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

3.37 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

3.38 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

3.39 Significant risks and uncertainties

Past cybersecurity review and apps takedown in China

On July 2, 2021, the Cybersecurity Review Office posted an announcement stating 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, which together stated that 26 of the apps that the Group operates in China violated PRC laws and regulations in collecting personal information. Pursuant to the PRC Cybersecurity Law, 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, with the approval of the Cybersecurity Review Office, the Group resumed the registration of new users on DiDi Chuxing.

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. Meanwhile, 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 the new review and any necessary rectification measures, 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, 2021, 2022 and 2023.

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, 2022 and 2023, 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 5% and 7% of its total assets at any single institution as of December 31, 2022 and 2023, respectively.

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.

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.

3. Summary of significant accounting policies (Continued)

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 income (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 obtaining 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 to mitigate the relevant compliance risk.

Recently adopted and issued accounting pronouncements

3.40 Recently adopted and issued accounting pronouncements

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.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable. This update will be effective for the Group’s fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group is currently in the process of evaluating the disclosure impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires specific disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Company is in the process of evaluating the impact of the new guidance and does not expect it to have a significant impact on its consolidated financial statements.

Organization and principal activities (Tables)

12 Months Ended

Dec. 31, 2023

Organization and principal 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	2022	2023
Major Subsidiaries
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, 2023

Variable interest entities

Schedule of financial positions and operation results of the VIEs


	As of December 31
	2022	2023
	RMB	RMB
Cash and cash equivalents	5,558,835	14,631,898
Restricted cash	739,355	1,137,508
Short‑term treasury investments	2,911,180	2,389,719
Accounts and notes receivable, net	1,353,038	2,028,426
Amounts due from the Company and its subsidiaries	29,306,180	25,637,023
Long-term treasury investments, net	1,021,862	246,806
Investment securities and other investments	1,285,266	689,471
Equity method investments, net	3,133,608	3,278,621
Property and equipment, net	273,753	283,793
Intangible assets, net	462,485	449,509
Other assets, net	3,349,234	4,042,492
Total assets	49,394,796	54,815,266
Short‑term borrowings	199,807	2,651,153
Accounts and notes payable	2,672,716	4,468,895
Amounts due to the Company and its subsidiaries	63,721,620	61,319,853
Long‑term borrowings	—	830,700
Operating lease liabilities	274,150	105,645
Other liabilities	4,735,651	6,465,001
Total liabilities	71,603,944	75,841,247
Shareholders’ deficit of VIEs	(22,209,148)	(21,025,981)
Total liabilities and shareholders’ deficit of VIEs	49,394,796	54,815,266


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB
Total revenues	168,311,395	132,237,619	181,926,012
Net income (loss)	(5,957,049)	(297,389)	1,066,970
Net cash provided by operating activities	1,631,994	4,628,428	17,154,763
Net cash provided by (used in) investing activities	2,688,546	(438,285)	774,580
Net cash provided by (used in) financing activities	4,505,606	(16,499,234)	(8,458,127)

- 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, 2023

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		3-5 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		3-10 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 and Long-term treasury investments (Tables)

12 Months Ended

Dec. 31, 2023

Short-term and Long-term treasury investments

Schedule of short-term and long-term treasury investments


	As of December 31
	2022	2023
	RMB	RMB

Short-term treasury investments

Time deposits and other debt investments stated at amortized cost	16,965,708	19,163,581
Other debt investments under FVO	—	78,502
Subtotal	16,965,708	19,242,083

Long-term treasury investments

Time deposits and other debt investments stated at amortized cost	8,444,793	4,712,589
Other debt investments under FVO	1,755,009	3,180,310
Subtotal	10,199,802	7,892,899

Accounts and notes receivable, net (Tables)

12 Months Ended

Dec. 31, 2023

Accounts and notes receivable, net

Schedule of accounts and notes receivable, net


	As of December 31
	2022	2023
	RMB	RMB

Accounts and notes receivable	2,944,355	4,011,265
Allowance for credit losses	(692,722)	(723,655)
Accounts and notes receivable, net	2,251,633	3,287,610

Schedule of movement of the allowances for credit losses


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Balance at beginning of the year	(556,360)	(650,888)	(692,722)
Provision	(596,908)	(454,168)	(387,196)
Write-offs	502,380	412,334	356,263
Balance at end of the year	(650,888)	(692,722)	(723,655)

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

12 Months Ended

Dec. 31, 2023

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

Schedule of current assets, net


	As of December 31
	2022	2023
	RMB	RMB

Loans receivable, net	5,338,627	8,679,730
Short-term debt investments	582,510	1,064,663
Deductible VAT-input	1,533,722	1,023,024
Rental deposits and other deposits, net	424,492	775,829
Advances to employees and others	684,095	715,138
Prepayments for promotion and advertising expenses and other operating expenses	593,199	398,450
Prepaid income tax	92,250	381,488
Contingent consideration assets	—	239,557
Others, net	865,194	975,396
Total	10,114,089	14,253,275

Schedule of loans receivable, net


	As of December 31
	2022	2023
	RMB	RMB

Loans receivable	5,798,839	9,829,675
Allowance for credit losses	(460,212)	(1,149,945)
Loans receivable, net	5,338,627	8,679,730

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


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Balance at beginning of the year	(146,432)	(604,506)	(460,212)
Foreign currency translation adjustments	—	(3,979)	(25,373)
Provision	(557,129)	(523,863)	(1,609,671)
Write‑offs	99,055	672,136	945,311
Balance at end of the year	(604,506)	(460,212)	(1,149,945)

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, 2022	70,990	42,495	38,340	95,028	246,853	5,551,986	5,798,839
As of December 31, 2023	219,243	110,379	85,685	127,124	542,431	9,287,244	9,829,675

Schedule of other non-current assets, net


	As of December 31
	2022	2023
	RMB	RMB


Deductible VAT-input	864,319	1,116,686
Prepayments for property and equipment, long-term investments and other non‑current assets	823,634	409,469
Rental deposits and other deposits, net	153,240	160,189
Contingent consideration assets	—	10,811
Others, net	19,672	22,340
Total	1,860,865	1,719,495

Investment securities and other investments (Tables)

12 Months Ended

Dec. 31, 2023

Investment securities and other investments

Summary of investment securities and other investments


	As of December 31
	2022	2023
	RMB	RMB

Listed equity securities	6,725,766	8,573,605
Debt investments under fair value option	822,942	1,978,098
Equity investments accounted for using Measurement Alternative method	580,152	466,247
Debt investments stated at amortized cost	261,797	68,458
Total	8,390,657	11,086,408

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


	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
Debt investments under FVO	811,531	17,610	—	(6,199)	822,942
— Debt investments under fair value option	811,531	17,610	—	(6,199)	822,942
Total	8,372,820	17,610	(1,067,079)	225,357	7,548,708


	As of December 31, 2023
		Cumulative	Cumulative	Foreign
		gross	gross	currency
		unrealized	unrealized	translation	Fair
	Cost	gains	losses	adjustments	Value
	RMB	RMB	RMB	RMB	RMB
Listed equity securities	9,189,534	—	(852,415)	236,486	8,573,605
— Investee A	600,000	—	(215,227)	—	384,773
— Investee B (i)	4,729,687	—	(311,250)	290,853	4,709,290
—XPeng (ii)	3,268,546	—	(219,663)	(43,637)	3,005,246
— Others	591,301	—	(106,275)	(10,730)	474,296
Debt investments under FVO	1,940,665	31,206	—	6,227	1,978,098
— Investment in Kargobot’s shares	528,709	—	—	—	528,709
— Debt investments under fair value option	1,411,956	31,206	—	6,227	1,449,389
Total	11,130,199	31,206	(852,415)	242,713	10,551,703

(i) Investment in Investee B

Equity method investments, net (Tables)

12 Months Ended

Dec. 31, 2023

Equity method investments, net

Schedule of equity investments, net


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB
Results of operations:
Revenue	7,549,918	8,906,174	11,749,558
Gross profit (loss)	(4,257,022)	1,712,738	2,748,455
Income (loss) from operations	(16,489,595)	(1,248,914)	1,631,031
Net income (loss), net	1,999,569	(2,468,292)	1,393,547
Balance sheet data:
Current assets	54,810,598	52,797,753	53,386,574
Non‑current assets	17,656,885	14,891,760	23,584,221
Current liabilities	31,611,814	38,391,255	46,749,844
Non‑current liabilities	5,536,458	3,308,611	1,876,198
Convertible redeemable preferred shares and non‑controlling interests	7,160,924	—	—

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Schedule of property and equipment, net


	As of December 31
	2022	2023
	RMB	RMB

Bikes and e-bikes	9,966,031	8,255,615
Vehicles	3,022,763	1,923,551
Computers and equipment	4,145,016	4,302,574
Leasehold improvement	707,947	636,728
Construction in progress	170,785	286,326
Others	35,173	32,591
Total	18,047,715	15,437,385
Less: Accumulated depreciation	(10,305,649)	(9,850,875)
Less: Accumulated impairment loss	(2,023,742)	(1,256,338)
Property and equipment, net	5,718,324	4,330,172

Operating leases (Tables)

12 Months Ended

Dec. 31, 2023

Operating leases

Schedule of components of lease expenses


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Operating lease cost	726,359	729,038	645,678
Short‑term lease cost	467,384	416,215	400,926
Variable lease cost	121,353	150,994	97,548
Total lease cost	1,315,096	1,296,247	1,144,152

Schedule of supplemental cash flows information related to leases


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Cash payments for operating leases	761,352	783,337	717,407
ROU assets obtained in exchange for operating lease liabilities	910,144	978,608	534,313

Schedule of maturities of lease liabilities


		As of December 31
		2023
		RMB

2024		455,979
2025		285,785
2026		174,686
2027		57,153
Thereafter		121,847
Total undiscounted lease payments		1,095,450
Less: imputed interest		(126,314)
Total lease liabilities		969,136

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Schedule of intangible assets, net


	As of December 31
	2022	2023
	RMB	RMB
Finite‑lived intangible assets
Non‑compete agreements	7,183,773	7,183,773
Trademarks, patents, software and others	5,413,444	5,405,499
Customer lists	1,563,680	1,573,479
Driver lists	301,641	306,755
Total	14,462,538	14,469,506
Less: accumulated amortization	(12,846,495)	(13,835,413)
Less: accumulated impairment loss	(346,466)	(412,972)
Net book value	1,269,577	221,121
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	1,724,141	675,685

Schedule of amortization expenses related to intangible assets for future periods


		Amortization Expenses
		RMB
2024		118,985
2025		37,685
2026		23,572
2027		15,671
Thereafter		25,208
Total expected amortization expenses		221,121

Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

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, 2021	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
Balance as of December 31, 2023	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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings

Schedule of shortterm and Longterm borrowings


	As of December 31
	2022	2023
	RMB	RMB

Short‑term borrowings	4,940,310	7,682,190
Long‑term borrowings	149,925	1,044,421
Total	5,090,235	8,726,611

Schedule of short-term and long-term borrowings maturities


	As of December 31
	2022	2023
	RMB	RMB

Within 1 year	4,940,310	7,682,190
Between 1 to 2 years	142,625	838,000
Between 2 to 3 years	7,300	188,119
Between 3 to 4 years	—	18,302
Total	5,090,235	8,726,611

Accounts and notes payable (Tables)

12 Months Ended

Dec. 31, 2023

Accounts and notes payable

Schedule of accounts and notes payable


	As of December 31
	2022	2023
	RMB	RMB

Payables related to service fees and incentives to drivers	2,465,919	4,309,814
Payables related to driver management fees	155,279	193,165
Other accounts payable	248,848	60,616
Total	2,870,046	4,563,595

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities


	As of December 31
	2022	2023
	RMB	RMB

Payables to merchants and other partners	2,319,245	4,336,250
Employee compensation and welfare payables	1,821,969	2,410,332
Tax payables	1,127,818	1,658,525
Deposits	1,385,424	1,387,550
Payables related to market and promotion expenses	814,186	1,110,099
Payables related to service fees	803,267	704,110
Payables related to property and equipment	298,550	283,889
Payables and accruals for other costs and expenses	1,420,875	1,602,713
Others	1,158,587	1,256,662
Total	11,149,921	14,750,130

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2023

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
	2021	2022	2023
	RMB	RMB	RMB
Revenues:
China Mobility	160,520,747	125,930,620	175,033,586
International	3,622,366	5,863,123	7,842,151
Other Initiatives	9,684,269	8,997,940	9,504,181
Total segment revenues	173,827,382	140,791,683	192,379,918
Adjusted EBITA:
China Mobility	6,129,122	(1,449,926)	5,308,384
International	(5,787,976)	(4,024,455)	(2,322,782)
Other Initiatives	(19,514,226)	(7,294,752)	(5,148,255)
Total Adjusted EBITA	(19,173,080)	(12,769,133)	(2,162,653)
Share‑based compensation expenses	(24,654,583)	(3,424,049)	(2,575,340)
Amortization of intangible assets⁽ⁱ⁾	(1,824,762)	(1,631,280)	(1,003,282)
Impairment of goodwill and intangible assets acquired from business combination (Note 14)	(2,789,321)	—	—
Total consolidated loss from operations	(48,441,746)	(17,824,462)	(5,741,275)

(i)	Amortization expenses in connection with business combinations were RMB1,799,508, RMB1,561,239 and RMB948,384 for the years ended December 31, 2021, 2022 and 2023, respectively.

Schedule of total depreciation expenses of property and equipment by segment


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

China Mobility	306,382	360,612	371,022
International	124,633	92,903	73,716
Other Initiatives	3,789,506	3,058,310	2,800,631
Total depreciation of property and equipment	4,220,521	3,511,825	3,245,369

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes

Schedule of income (loss) before income taxes


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Income (loss) from overseas entities	(7,665,988)	(17,271,251)	2,803,492
Loss from PRC entities	(41,502,270)	(6,507,345)	(2,178,681)
Income (loss) before income taxes	(49,168,258)	(23,778,596)	624,811

Schedule of income tax expenses (benefits)


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Current income tax expenses	557,797	170,091	235,382
Deferred income tax benefits	(391,477)	(166,176)	(145,633)
Total income tax expenses	166,320	3,915	89,749

Schedule of reconciliation of the differences between the PRC statutory tax rate and the Group's effective tax rate


	For the Year Ended December 31
	2021		2022		2023
	RMB		RMB		RMB

PRC statutory tax rate	25.00	%	25.00	%	25.00	%
Tax effect of preferential tax treatments	(0.38)	%	(0.72)	%	(25.30)	%
Tax effect of permanent difference	(15.54)	%	(2.06)	%	130.17	%
Effect on tax rates in different tax jurisdiction	(0.50)	%	(12.15)	%	(122.02)	%
Changes in valuation allowance and others	(8.92)	%	(10.09)	%	6.51	%
Effective tax rate	(0.34)	%	(0.02)	%	14.36	%

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


	As of December 31
	2022	2023
	RMB	RMB
Deferred tax assets
Tax losses carryforwards	14,026,637	13,460,119
Advertising expenses in excess of deduct limit	3,093,464	3,022,509
Asset impairment and allowances for credit losses	1,303,029	1,021,295
Accrued expenses and others	1,513,483	1,342,747
Total deferred tax assets	19,936,613	18,846,670
Less: valuation allowance	(19,539,116)	(18,435,565)
Deferred tax assets, net	397,497	411,105
Deferred tax liabilities
Amortization expense of intangible assets	263,031	25,600
Depreciation expense of property and equipment, and others	204,943	271,539
Deferred tax liabilities	467,974	297,139

Schedule of future expirations of tax losses arising in PRC


		As of December 31,
		2023
		RMB
Loss expiring in 2024		976,812
Loss expiring in 2025		4,060,806
Loss expiring in 2026		20,911,886
Loss expiring in 2027		11,498,246
Loss expiring in 2028 and thereafter		16,249,520
Total		53,697,270

Schedule of valuation allowance


	For the Year Ended December 31
		2021	2022	2023
		RMB	RMB	RMB

Balance at beginning of the year		(8,019,931)	(13,065,611)	(19,539,116)
Change of valuation allowance		(5,045,680)	(6,473,505)	1,103,551
Balance at end of the year		(13,065,611)	(19,539,116)	(18,435,565)

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


	As of December 31
	2022	2023
	RMB	RMB

Classification in the consolidated balance sheets:
Deferred tax assets, net	289,191	279,464
Deferred tax liabilities	359,668	165,498

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based compensation

Schedule of the Group's share-based compensation expense


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB

Operations and support	193,552	143,588	109,962
Sales and marketing	326,332	264,572	159,830
Research and development	2,258,705	1,183,306	907,812
General and administrative	21,875,994	1,832,583	1,397,736
Total share-based compensation expenses	24,654,583	3,424,049	2,575,340
Investment income (loss), net*	178,506	47,421	—
Total share-based compensation	24,833,089	3,471,470	2,575,340

* 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 Group recognized the entire cost of the share-based awards as incurred, amounting to RMB178,506, RMB47,421 and nil in investment income (loss), net in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023.

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, 2021	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
Granted	10,402,129	0.0001823			14.78
Modification	(1,478,068)	0.0001823			12.90
Exercise of share options	(717,256)	0.21		11,182	30.55
Forfeited/cancelled	(4,382,666)	0.07			26.03
Outstanding as of December 31, 2023	67,557,594	2.61	5.90	891,353	22.72
Exercisable as of December 31, 2023	39,360,380	4.47	4.16	445,842	25.18
Vested and Expected to Vest as of December 31,2023	61,407,795	2.87	5.63	794,187	23.32

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


	For the Year Ended December 31
	2021	2022	2023
Fair value of ordinary shares (US$)	30.32 – 65.60	7.34-19.92	12.00-15.20
Expected volatility	33.6% - 37.8%	35.27%-40.34%	41.36%-41.70%
Risk‑free interest rate (per annum)	0.94% - 1.26%	1.52%-3.83%	3.48%-4.59%
Expected dividend yield	0%	0%	0%
Expected term (in years)	7	10	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, 2021	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
Granted	899,005	13.51
Vested	(6,079,090)	39.30
Forfeited/cancelled	(957,307)	33.70
Unvested at December 31, 2023	8,460,274	41.42	7.14
Expected to vest at December 31, 2023	7,164,224	41.85	7.10

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

12 Months Ended

Dec. 31, 2023

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, 2021	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
Accretion of convertible redeemable non-controlling interests to redemption value	995,685	—
Balance as of December 31, 2023	14,006,261	1,069,357

Convertible preferred shares (Tables)

12 Months Ended

Dec. 31, 2023

Convertible preferred shares

Schedule of movement of convertible preferred shares


	Total
	number of	Total
	shares	amount
		RMB
Balance as of January, 2021	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	—	—
Balance as of December 31, 2023	—	—

Loss per share (Tables)

12 Months Ended

Dec. 31, 2023

Loss per share

Schedule of basic loss per share and diluted loss per share


	For the Year Ended December 31
	2021	2022	2023
	RMB	RMB	RMB
Numerator:
Net income (loss) attributable to DiDi Global Inc.	(49,343,664)	(23,783,321)	493,512
Accretion of convertible redeemable non-controlling interests to redemption value	(687,617)	(898,649)	(995,685)
Net loss attributable to ordinary shareholders of DiDi Global Inc.	(50,031,281)	(24,681,970)	(502,173)
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding*	657,996,437	1,210,979,609	1,224,576,751
Net loss per share attributable to ordinary shareholders
— Basic	(76.04)	(20.38)	(0.41)
— Diluted	(76.04)	(20.38)	(0.41)

*	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, 2023

Commitments and contingencies

Schedule of operating lease commitments


		Less than			Over
	Total	1 Year	1-3 Years	3-5 Years	5 Years
Operating lease commitments	68,844	48,924	18,110	1,773	37
Commitments for promotion and other operating expenses	1,915,113	485,506	956,393	473,214	—

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2023

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	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	—


		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	2023	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
Structured notes under fair value option	3,179,829	—	3,179,829	—
Listed equity securities	8,573,605	8,573,605	—	—
Investment in Kargobot’s shares	528,709	—	—	528,709
Other investments under fair value option	2,459,081	—	1,877,076	582,005
Contingent consideration assets	250,368	—	—	250,368
Total	14,991,592	8,573,605	5,056,905	1,361,082

Organization and principal activities (Details)	12 Months Ended
Organization and principal activities (Details)	Dec. 31, 2023	Dec. 31, 2022
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%
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 - financial positions (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Variable interest entities
Cash and cash equivalents	¥ 27,308,098	$ 3,846,265	¥ 20,855,252	$ 2,937,401	¥ 43,429,717	¥ 19,372,084
Shortterm treasury investments	19,242,083	2,710,191	16,965,708
Accounts and notes receivable, net	3,287,610	463,050	2,251,633
Long-term treasury investments, net	7,892,899	1,111,692	10,199,802
Investment securities and other investments	11,086,408	1,561,488	8,390,657
Equity method investments, net	4,595,858	647,313	4,153,932
Property and equipment, net	4,330,172	609,892	5,718,324
Intangible assets, net	675,685	95,168	1,724,141
Total assets	143,826,494	20,257,538	131,213,272
Short-term borrowings	7,682,190	1,082,014	4,940,310
Accounts and notes payable	4,563,595	642,769	2,870,046
Long-term borrowings	1,044,421	147,104	149,925
Total liabilities	30,781,209	4,335,443	21,788,574
Shareholders' deficit of VIEs	97,969,667	13,798,739	95,344,765		¥ 112,119,504	¥ (76,134,498)
Total liabilities, mezzanine equity and shareholders' equity	143,826,494	20,257,538	131,213,272
Related Party
Variable interest entities
Amounts due from related parties	244,661	$ 34,460	61,423
VIE
Variable interest entities
Cash and cash equivalents	14,631,898		5,558,835
Restricted cash	1,137,508		739,355
Shortterm treasury investments	2,389,719		2,911,180
Accounts and notes receivable, net	2,028,426		1,353,038
Long-term treasury investments, net	246,806		1,021,862
Investment securities and other investments	689,471		1,285,266
Equity method investments, net	3,278,621		3,133,608
Property and equipment, net	283,793		273,753
Intangible assets, net	449,509		462,485
Other assets, net	4,042,492		3,349,234
Total assets	54,815,266		49,394,796
Short-term borrowings	2,651,153		199,807
Accounts and notes payable	4,468,895		2,672,716
Long-term borrowings	830,700
Operating lease liabilities	105,645		274,150
Other liabilities	6,465,001		4,735,651
Total liabilities	75,841,247		71,603,944
Shareholders' deficit of VIEs	(21,025,981)		(22,209,148)
Total liabilities, mezzanine equity and shareholders' equity	54,815,266		49,394,796
VIE \| Affiliated Entity
Variable interest entities
Amounts due from related parties	25,637,023		29,306,180
Amounts due to the Company and its subsidiaries	¥ 61,319,853		¥ 63,721,620
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Affiliated Entity	Affiliated Entity	Affiliated Entity	Affiliated Entity

Variable interest entities - operation results (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Variable interest entities
Total revenues	¥ 192,379,918	$ 27,096,145	¥ 140,791,683	¥ 173,827,382
Net income (loss)	535,062	75,362	(23,782,511)	(49,334,578)
Net cash provided by operating activities	7,638,352	1,075,839	(9,554,309)	(13,413,860)
Net cash provided by (used in) investing activities	(4,479,952)	(630,988)	(11,028,110)	1,144,684
Net cash provided by (used in) financing activities	3,538,244	$ 498,351	(3,545,356)	35,191,482
VIE
Variable interest entities
Total revenues	181,926,012		132,237,619	168,311,395
Net income (loss)	1,066,970		(297,389)	(5,957,049)
Net cash provided by operating activities	17,154,763		4,628,428	1,631,994
Net cash provided by (used in) investing activities	774,580		(438,285)	2,688,546
Net cash provided by (used in) financing activities	¥ (8,458,127)		¥ (16,499,234)	¥ 4,505,606

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Variable interest entities (Details) - VIE - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable interest entities
Registered capital funds of the VIEs and its subsidiaries	¥ 13,202,870	¥ 14,357,869
Non-distributable statutory reserves of the VIEs and its subsidiaries	¥ 89,487	¥ 64,034

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of significant accounting policies - Functional currency and foreign currency translation (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of significant accounting policies
Foreign exchange gain	¥ 271,411		¥ 70,265
Foreign exchange loss		¥ 1,387,541

Summary of significant accounting policies - Convenience translation (Details)	Dec. 31, 2023
Summary of significant accounting policies
Exchange rate	7.0999

Summary of significant accounting policies - Cash and cash equivalents (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and cash equivalents
Summary of significant accounting policies
Cash held in accounts managed by online payment platforms	¥ 1,620,687	¥ 971,925

Summary of significant accounting policies - Property and equipment, net (Details)	Dec. 31, 2023
Maximum \| Bikes and e-bikes
Property and equipment, net
Estimated useful lives	3 years
Maximum \| Vehicles
Property and equipment, net
Estimated useful lives	5 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 \| Vehicles
Property and equipment, net
Estimated useful lives	3 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, 2023
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	10 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of significant accounting policies
Impairment of goodwill	¥ 0	¥ 0	¥ 2,501,100,000

Summary of significant accounting policies - Statutory reserves (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	¥ 30,777	¥ 41,411	¥ 11,414
Appropriations to the enterprise expansion fund or staff welfare and bonus fund	¥ 0	¥ 0	¥ 0

Summary of significant accounting policies - Revenue recognition - China Mobility (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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, 2023	Dec. 31, 2022
Summary of significant accounting policies
Contract assets	¥ 293,605	¥ 299,095
Contract liabilities	¥ 1,004,818	¥ 565,058
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of significant accounting policies
Advertising and promotion expenses	¥ 4,283,366	¥ 3,297,560	¥ 5,401,408
Incentives to consumers and referral customers or consumers	¥ 3,403,793	¥ 2,778,465	¥ 7,465,226

Summary of significant accounting policies - Employee benefits (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of significant accounting policies
Employee benefits expensed	¥ 1,880,363	¥ 1,940,168	¥ 1,808,321

Summary of significant accounting policies - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of significant accounting policies
Government grants	¥ 254,623	¥ 458,141	¥ 990,038
Fines related to non-compliances of certain cybersecurity laws and regulations		¥ 8,026,000
Maximum percentage of cash held in any single institution	7.00%	5.00%
Maximum
Summary of significant accounting policies
Short-term Investment Maturity Term	12 months

Financing transactions of certain subsidiaries - Accounting for the financing transaction of Chengxin (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2022 CNY (¥)	Mar. 31, 2021	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Short-term and Long-term treasury investments
Impairment losses from equity investments accounted for using equity method			¥ 46,843	¥ 59,651	¥ 264,292
Fair value of investments			¥ 4,595,858	¥ 4,153,932		$ 647,313
Chengxin \| Convertible Note Due 2028
Short-term and Long-term treasury investments
Interest (as a percent)		0.00%
Term of borrowing (in year)		7 years
Investments in Chengxin
Short-term and Long-term treasury investments
Gain recorded upon the completion of deconsolidation					9,058,144
Impairment losses from equity investments accounted for using equity method					21,259,814
Fair value of investments					686,124
Assets received in connection with distribution	¥ 1,935,171
Incentive distribution, distribution					¥ 1,172,541

Financing transactions of certain subsidiaries - Accounting for the financing transaction of Kargobot (Details) ¥ in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Sep. 28, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity method investments, net		¥ 4,595,858	$ 647,313		¥ 4,153,932
Guangzhou Kargobot Technology Co., Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ordinary shares investment as well as other debt investment		786,934
Total carrying amount				¥ 25,728
Registered share capital	¥ 303
Consideration for shares issued	¥ 295,000
Gain recorded upon the completion of deconsolidation		761,206
Equity method investments, net		¥ 528,709

Sale of Certain Smart Auto Business (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Nov. 13, 2023 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Aug. 27, 2023 shares
Sale of Certain Smart Auto Business
Fair value of total considerations \| ¥		¥ 3,140,036
Investment income (loss), net		3,622,112	$ 510,164	¥ (5,769,873)	¥ (167,121)
Disposal group, including discontinued operation, liabilities, noncurrent \| ¥	¥ 1,061,858
XPeng
Sale of Certain Smart Auto Business
Shareholding interests	100.00%
Aggregate Cost \| ¥	¥ 3,540,849
XPeng
Sale of Certain Smart Auto Business
Equity method investment share issuable	58,164,217
Gain (Loss) on Investments [Member]
Sale of Certain Smart Auto Business
Investment income (loss), net \| ¥		¥ 2,078,178
XPeng
Sale of Certain Smart Auto Business
Initial Consideration Shares						58,164,217
Start of Production Consideration Shares						4,636,447
XPeng \| Tranch 1 Earn-out Shares
Sale of Certain Smart Auto Business
Initial Consideration Shares		14,054,605
XPeng \| Tranch 2 Earn-out Shares
Sale of Certain Smart Auto Business
Initial Consideration Shares		14,276,521

Short-term and Long-term treasury investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Short-term and Long-term treasury investments
Short-term treasury investments	¥ 19,242,083	$ 2,710,191	¥ 16,965,708
Long-term treasury investments	7,892,899	$ 1,111,692	10,199,802
Time deposits and other debt investments stated at amortized cost
Short-term and Long-term treasury investments
Short-term treasury investments	19,163,581		16,965,708
Long-term treasury investments	4,712,589		8,444,793
Structured notes and other debt investments under fair value option
Short-term and Long-term treasury investments
Long-term treasury investments	3,180,310		¥ 1,755,009
Other debt investments under fair value option
Short-term and Long-term treasury investments
Short-term treasury investments	¥ 78,502

Accounts and notes receivable, net - Accounts and notes receivable, net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Accounts and notes receivable, net
Accounts and notes receivable	¥ 4,011,265		¥ 2,944,355
Allowance for credit losses	(723,655)		(692,722)	¥ (650,888)	¥ (556,360)
Accounts and notes receivable, net	¥ 3,287,610	$ 463,050	¥ 2,251,633

Accounts and notes receivable, net - Movement of the allowances for credit losses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movements in the allowance for doubtful accounts
Balance at beginning of the year	¥ (692,722)	¥ (650,888)	¥ (556,360)
Provision	(387,196)	(454,168)	(596,908)
Write-offs	356,263	412,334	502,380
Balance at end of the year	¥ (723,655)	¥ (692,722)	¥ (650,888)

Prepayments, receivables and other current assets, net and other non-current assets, net - Current assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Prepayments, receivables and other current assets, net and other non-current assets net
Loans receivable, net	¥ 8,679,730		¥ 5,338,627
Short-term debt investments	1,064,663		582,510
Deductible VAT-input	1,023,024		1,533,722
Rental deposits and other deposits, net	775,829		424,492
Advances to employees and others	715,138		684,095
Prepaid income tax	381,488		92,250
Contingent consideration assets	239,557
Others, net	975,396		865,194
Total	14,253,275	$ 2,007,532	10,114,089
Employees [Member]
Prepayments, receivables and other current assets, net and other non-current assets net
Prepayments for promotion and advertising expenses and other operating expenses	¥ 398,450		¥ 593,199

Prepayments, receivables and other current assets, net and other non-current assets, net - Loan receivable, net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepayments, receivables and other current assets, net and other non-current assets, net
Loans receivable	¥ 9,829,675	¥ 5,798,839
Allowance for credit losses	(1,149,945)	(460,212)
Loans receivable, net	¥ 8,679,730	¥ 5,338,627

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in the allowances for credit losses
Balance at beginning of the year	¥ (460,212)	¥ (604,506)	¥ (146,432)
Foreign currency translation adjustments	(25,373)	(3,979)
Provision	(1,609,671)	(523,863)	(557,129)
Write-offs	945,311	672,136	99,055
Balance at end of the year	¥ (1,149,945)	¥ (460,212)	¥ (604,506)

- Definition

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

+ References + Details

Prepayments, receivables and other current assets, net and other non-current assets, net - Aging analysis of loans receivable (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loans receivable, net
Loans receivable	¥ 9,829,675	¥ 5,798,839
Current
Loans receivable, net
Loans receivable	9,287,244	5,551,986
Past Due
Loans receivable, net
Loans receivable	542,431	246,853
1-30 Days
Loans receivable, net
Loans receivable	219,243	70,990
31-60 Days
Loans receivable, net
Loans receivable	110,379	42,495
61-90 Days
Loans receivable, net
Loans receivable	85,685	38,340
91 Days or Greater
Loans receivable, net
Loans receivable	¥ 127,124	¥ 95,028

- 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/exampleRef
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-Section 55
-Paragraph 80
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-Number 229
-Section 1405
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-Paragraph (a)
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-SubTopic 10
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

+ Details

Prepayments, receivables and other current assets, net and other non-current assets, net - Non-current assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Prepayments, receivables and other current assets, net and other non-current assets net
Deductible VAT-input	¥ 1,116,686		¥ 864,319
Prepayments for property and equipment, long-term investments and other noncurrent assets	409,469		823,634
Rental deposits and other deposits	160,189		153,240
Contingent consideration assets	10,811
Others, net	22,340		19,672
Total	¥ 1,719,495	$ 242,185	¥ 1,860,865

Investment securities and other investments - Summary Of Investment Securities And Other Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Investment securities and other investments
Listed equity securities	¥ 8,573,605		¥ 6,725,766
Debt investments under fair value option	1,978,098		822,942
Equity investements accounted for using Measurement Alternative method	466,247		580,152
Debt investments stated at amortized cost	68,458		261,797
Total	¥ 11,086,408	$ 1,561,488	¥ 8,390,657

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, 2023	Dec. 31, 2022
Investment securities and other investments
Cost	¥ 11,130,199	¥ 8,372,820
Cumulative gross unrealized gains	31,206	17,610
Cumulative gross unrealized Losses	(852,415)	(1,067,079)
Foreign currency translation adjustments	242,713	225,357
Fair Value	10,551,703	7,548,708
Realized gain	113,882	5,998
Unrealized loss		6,221,463
Unrealized gain	337,052
Listed equity securities
Investment securities and other investments
Cost	9,189,534	7,561,289
Cumulative gross unrealized Losses	(852,415)	(1,067,079)
Foreign currency translation adjustments	236,486	231,556
Fair Value	8,573,605	6,725,766
Investee A
Investment securities and other investments
Cost	600,000	600,000
Cumulative gross unrealized Losses	(215,227)	(206,442)
Foreign currency translation adjustments	0
Fair Value	384,773	393,558
Investee B
Investment securities and other investments
Cost	4,729,687	6,518,202
Cumulative gross unrealized Losses	(311,250)	(648,302)
Foreign currency translation adjustments	290,853	198,536
Fair Value	4,709,290	6,068,436
XPeng
Investment securities and other investments
Cost	3,268,546
Cumulative gross unrealized Losses	(219,663)
Foreign currency translation adjustments	(43,637)
Fair Value	3,005,246
Others
Investment securities and other investments
Cost	591,301	443,087
Cumulative gross unrealized Losses	(106,275)	(212,335)
Foreign currency translation adjustments	(10,730)	33,020
Fair Value	474,296	263,772
Debt investments
Investment securities and other investments
Cost	1,940,665	811,531
Cumulative gross unrealized gains	31,206	17,610
Foreign currency translation adjustments	6,227	(6,199)
Fair Value	1,978,098	822,942
Investments in Kargobot
Investment securities and other investments
Cost	528,709
Foreign currency translation adjustments	0
Fair Value	528,709
Other debt investments under fair value option
Investment securities and other investments
Cost	1,411,956	811,531
Cumulative gross unrealized gains	31,206	17,610
Foreign currency translation adjustments	6,227	(6,199)
Fair Value	¥ 1,449,389	¥ 822,942

Investment securities and other investments - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Aug. 27, 2023 shares
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair Value	¥ 10,551,703		¥ 7,548,708
Cumulative gross unrealized Losses	852,415		1,067,079
Impairment charges for equity investments without readily determinable fair value	127,834	$ 18,005	18,540	¥ 0
Investee B
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair Value	4,709,290		6,068,436
Cumulative gross unrealized Losses	311,250		648,302
XPeng
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Percentage of interest sold					100.00%
Initial Consideration Shares \| shares					58,164,217
Fair Value	3,005,246
Cumulative gross unrealized Losses	219,663
Fair value disposal gain (loss)	¥ 0		¥ 0	¥ 2,493,381

Equity method investments, net - Narratives (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-term investments, net
Income (Loss) from equity method investments, excluding impairment	¥ 583,406	¥ 95,505	¥ (211,559)
Impairment losses from equity investments accounted for using equity method	¥ 46,843	¥ 59,651	¥ 264,292

Equity method 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, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Long term investments, net
Net income (loss)	¥ 535,062	$ 75,362	¥ (23,782,511)	¥ (49,334,578)
Current assets	65,475,200		51,052,061		$ 9,221,989
Non-current assets	78,351,294		80,161,211		11,035,549
Current liabilities	28,544,764		20,248,470		4,020,446
Non-current liabilities	2,236,445		1,540,104		314,997
Convertible redeemable preferred shares and non-controlling interests	¥ 15,075,618		14,079,933		$ 2,123,356
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	¥ 11,749,558		8,906,174	7,549,918
Gross profit (loss)	2,748,455		1,712,738	(4,257,022)
Income (loss) from operations	1,631,031		(1,248,914)	(16,489,595)
Net income (loss)	1,393,547		(2,468,292)	1,999,569
Current assets	53,386,574		52,797,753	54,810,598
Non-current assets	23,584,221		14,891,760	17,656,885
Current liabilities	46,749,844		38,391,255	31,611,814
Non-current liabilities	¥ 1,876,198		¥ 3,308,611	5,536,458
Convertible redeemable preferred shares and non-controlling interests				¥ 7,160,924

Property and equipment, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Property and equipment, net
Total	¥ 15,437,385	¥ 18,047,715
Less: Accumulated depreciation	(9,850,875)	(10,305,649)
Less: Accumulated impairment loss	(1,256,338)	(2,023,742)
Property and equipment, net	4,330,172	5,718,324		$ 609,892
Depreciation expenses	3,245,369	3,511,825	¥ 4,220,521
Impairment losses for property and equipment	¥ 69,997	¥ 0	¥ 2,247,738
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	¥ 8,255,615	¥ 9,966,031
Impairment losses for property and equipment			¥ 2,164,409
Vehicles
Property and equipment, net
Total	1,923,551	3,022,763
Computers and equipment
Property and equipment, net
Total	4,302,574	4,145,016
Leasehold improvement
Property and equipment, net
Total	636,728	707,947
Construction in progress
Property and equipment, net
Total	286,326	170,785
Others
Property and equipment, net
Total	¥ 32,591	¥ 35,173

Operating leases - Components of lease expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating leases
Operating lease cost	¥ 645,678	¥ 729,038	¥ 726,359
Short-term lease cost	400,926	416,215	467,384
Variable lease cost	97,548	150,994	121,353
Total lease cost	¥ 1,144,152	¥ 1,296,247	¥ 1,315,096

Operating leases - Supplemental cash flows information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating leases
Cash payments for operating leases	¥ 717,407	¥ 783,337	¥ 761,352
ROU assets obtained in exchange for operating lease liabilities	¥ 534,313	¥ 978,608	¥ 910,144
Weighted average remaining lease term	2 years 10 months 2 days
Weighted average discount rate	4.78%

Operating leases - Maturities of lease liabilities (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Operating leases
2024	¥ 455,979
2025	285,785
2026	174,686
2027	57,153
Thereafter	121,847
Total undiscounted lease payments	1,095,450
Less: imputed interest	(126,314)
Total lease liabilities	¥ 969,136

Intangible assets, net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Finitelived intangible assets
Total	¥ 14,469,506		¥ 14,462,538
Less: accumulated amortization	(13,835,413)		(12,846,495)
Less: accumulated impairment loss	(412,972)		(346,466)
Net book value	221,121		1,269,577
Indefinitelived intangible assets
Total	454,564		454,564
Finite and indefinitelived intangible assets	675,685	$ 95,168	1,724,141
Noncompete agreements
Finitelived intangible assets
Total	7,183,773		7,183,773
Trademarks, patents, software and others
Finitelived intangible assets
Total	5,405,499		5,413,444
Customer lists
Finitelived intangible assets
Total	1,573,479		1,563,680
Driver lists
Finitelived intangible assets
Total	306,755		301,641
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets, net
Amortization expenses	¥ 1,003,282	¥ 1,631,280	¥ 1,824,762
Impairment loss	80,800	17,736	¥ 288,221
2024	118,985
2025	37,685
2026	23,572
2027	15,671
Thereafter	25,208
Total expected amortization expenses	¥ 221,121	¥ 1,269,577

Goodwill (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Goodwill (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2020 CNY (¥)
Goodwill
Less: accumulated impairment loss	¥ (2,492,826)
Foreign currency translation adjustments	(253,763)
Balance as of December	46,377,583	¥ 46,377,583	$ 6,532,146	¥ 46,377,583	¥ 49,124,172
China Mobility
Goodwill
Less: accumulated impairment loss	0
Foreign currency translation adjustments	0
Balance as of December	46,283,879	46,283,879		46,283,879	46,283,879
International
Goodwill
Less: accumulated impairment loss	(2,492,826)
Foreign currency translation adjustments	(253,763)
Balance as of December	0	0		0	2,746,589
Other Initiatives
Goodwill
Less: accumulated impairment loss	0
Foreign currency translation adjustments	0
Balance as of December	¥ 93,704	¥ 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Impairment of goodwill		¥ 0	¥ 0	¥ 2,501,100,000
Percentage of increasing the discount rate	1.00%			1.00%
Impairment of intangible assets (excluding goodwill)		80,800,000	17,736,000	¥ 288,221,000
China Mobility
Goodwill
Impairment of goodwill	¥ 0	¥ 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Borrowings
Short-term borrowings	¥ 7,682,190	$ 1,082,014	¥ 4,940,310
Long-term borrowings	1,044,421	$ 147,104	149,925
Total	¥ 8,726,611		¥ 5,090,235

Borrowings - Narratives (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Borrowings - Narratives (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Unused credit limits	¥ 1,271,352
Outstanding borrowings balance	¥ 0	¥ 39,212
Minimum
Borrowings
Interest (as a percent)	4.00%
Maximum
Borrowings
Interest (as a percent)	7.00%
Asset backed securitized debts
Borrowings
Asset-backed securitized debts issued, each	¥ 1,591,164
Balance of ABSs	¥ 618,000	¥ 0
Weighted average interest rate for shortterm borrowings	3.00%	3.00%
Long term borrowings	¥ 973,164	¥ 0
Several borrowing agreements with credit facilities
Borrowings
Maximum borrowings	¥ 1,463,316	¥ 171,161
Several borrowing agreements with credit facilities \| Loan Prime Rate ("LPR") \| Minimum
Borrowings
Annual interest rate	0.90%
Several borrowing agreements with credit facilities \| Loan Prime Rate ("LPR") \| Maximum
Borrowings
Annual interest rate	6.63%

Borrowings - Maturities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Within 1 year	¥ 7,682,190	¥ 4,940,310
Between 1 to 2 years	838,000	142,625
Between 2 to 3 years	188,119	7,300
Between 3 to 4 years	18,302
Total	¥ 8,726,611	¥ 5,090,235

Accounts and notes payable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accounts and notes payable
Payables related to service fees and incentives to drivers	¥ 4,309,814		¥ 2,465,919
Payables related to driver management fees	193,165		155,279
Other accounts payable	60,616		248,848
Total	¥ 4,563,595	$ 642,769	¥ 2,870,046

Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accrued expenses and other current liabilities
Payables to merchants and other partners	¥ 4,336,250		¥ 2,319,245
Employee compensation and welfare payables	2,410,332		1,821,969
Tax payables	1,658,525		1,127,818
Deposits	1,387,550		1,385,424
Payables related to market and promotion expenses	1,110,099		814,186
Payables related to service fees	704,110		803,267
Payables related to property and equipment	283,889		298,550
Payables and accruals for other costs and expenses	1,602,713		1,420,875
Others	1,256,662		1,158,587
Total	¥ 14,750,130	$ 2,077,512	¥ 11,149,921

Segment reporting (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Segment reporting (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥) segment	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Revenues:
Number of Operating Segments \| segment	3	3
Total segment revenues	¥ 192,379,918	$ 27,096,145	¥ 140,791,683	¥ 173,827,382
Adjusted EBITA:
Total Adjusted EBITA	(2,162,653)		(12,769,133)	(19,173,080)
Share-based compensation expenses	(2,575,340)	(362,729)	(3,424,049)	(24,654,583)
Amortization of intangible assets	(1,003,282)		(1,631,280)	(1,824,762)
Impairment of goodwill and intangible assets acquired from business combination				(2,789,321)
Loss from operations	(5,741,275)	$ (808,642)	(17,824,462)	(48,441,746)
Amortization expenses in connection with business combinations	948,384		1,561,239	1,799,508
China Mobility
Revenues:
Total segment revenues	175,033,586		125,930,620	160,520,747
Adjusted EBITA:
Total Adjusted EBITA	5,308,384		(1,449,926)	6,129,122
International
Revenues:
Total segment revenues	7,842,151		5,863,123	3,622,366
Adjusted EBITA:
Total Adjusted EBITA	(2,322,782)		(4,024,455)	(5,787,976)
Other Initiatives
Revenues:
Total segment revenues	9,504,181		8,997,940	9,684,269
Adjusted EBITA:
Total Adjusted EBITA	¥ (5,148,255)		¥ (7,294,752)	¥ (19,514,226)

Segment reporting - Depreciation expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total depreciation expenses of property and equipment by segment
Total depreciation of property and equipment	¥ 3,245,369	¥ 3,511,825	¥ 4,220,521
China Mobility
Total depreciation expenses of property and equipment by segment
Total depreciation of property and equipment	371,022	360,612	306,382
International
Total depreciation expenses of property and equipment by segment
Total depreciation of property and equipment	73,716	92,903	124,633
Other Initiatives
Total depreciation expenses of property and equipment by segment
Total depreciation of property and equipment	¥ 2,800,631	¥ 3,058,310	¥ 3,789,506

Income taxes - Hong Kong, PRC, Withholding tax on undistributed dividends (Details)	12 Months Ended			15 Months Ended	57 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Sep. 30, 2022
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					175.00%
Percentage of R&D deduction entitled by enterprises engaging in research and development activities within limited time				200.00%
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, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income (loss) before income taxes
Income (loss) from overseas entities	¥ 2,803,492		¥ (17,271,251)	¥ (7,665,988)
Loss from PRC entities	(2,178,681)		(6,507,345)	(41,502,270)
Income (loss) before income taxes	624,811	$ 88,003	(23,778,596)	(49,168,258)
Income tax expenses
Current income tax expenses	235,382		170,091	557,797
Deferred income tax benefits	(145,633)	(20,512)	(166,176)	(391,477)
Total income tax expenses	¥ 89,749	$ 12,641	¥ 3,915	¥ 166,320

- 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
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
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+ 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, 2023	Dec. 31, 2022	Dec. 31, 2021
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	(25.30%)	(0.72%)	(0.38%)
Tax effect of permanent difference	130.17%	(2.06%)	(15.54%)
Effect on tax rates in different tax jurisdiction	(122.02%)	(12.15%)	(0.50%)
Changes in valuation allowance and others	6.51%	(10.09%)	(8.92%)
Effective tax rate	14.36%	(0.02%)	(0.34%)

Income taxes - Summary of deferred tax balances (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Tax losses carryforwards	¥ 13,460,119	¥ 14,026,637
Advertising expenses in excess of deduct limit	3,022,509	3,093,464
Asset impairment and allowances for credit losses	1,021,295	1,303,029
Accrued expenses and others	1,342,747	1,513,483
Total deferred tax assets	18,846,670	19,936,613
Less: valuation allowance	(18,435,565)	(19,539,116)	¥ (13,065,611)	¥ (8,019,931)
Deferred tax assets, net	411,105	397,497
Deferred tax liabilities
Amortization expense of intangible assets	25,600	263,031
Depreciation expense of property and equipment, and others	271,539	204,943
Deferred tax liabilities	¥ 297,139	¥ 467,974

Income taxes - Accumulated tax losses carryforwards (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating loss carryforwards
Deferred tax asset, net, recognized from tax losses carryforwards	¥ 58,128
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	25.00%	25.00%	25.00%
Domestic
Operating loss carryforwards
Accumulated tax losses carryforwards	¥ 53,697,270
Brazil
Operating loss carryforwards
Accumulated tax losses carryforwards	¥ 2,755,808
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%
Mexico
Operating loss carryforwards
Effective income tax rate reconciliation	30.00%

Income taxes - Future expirations (Details) - Domestic ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Operating loss carryforwards
Loss expiring in 2024	¥ 976,812
Loss expiring in 2025	4,060,806
Loss expiring in 2026	20,911,886
Loss expiring in 2027	11,498,246
Loss expiring in 2028 and thereafter	16,249,520
Total	¥ 53,697,270

Income taxes - Valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance
Balance at beginning of the year	¥ (19,539,116)	¥ (13,065,611)	¥ (8,019,931)
Change of valuation allowance	1,103,551	(6,473,505)	(5,045,680)
Balance at end of the year	¥ (18,435,565)	¥ (19,539,116)	¥ (13,065,611)

Income taxes - Classification in the consolidated balance sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Income taxes
Deferred tax assets, net	¥ 279,464	$ 39,362	¥ 289,191
Deferred tax liabilities	¥ 165,498	$ 23,310	¥ 359,668

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, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Share-based compensation
Share-based compensation expense	¥ 1,235,497	¥ 2,575,340		¥ 3,471,470	¥ 24,833,089
Total share-based compensation expense		2,575,340	$ 362,729,000	3,424,049	24,654,583
Employees of an equity investee
Share-based compensation
Share-based compensation expense		¥ 0		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		¥ 109,962		143,588	193,552
Sales and marketing expenses
Share-based compensation
Share-based compensation expense		159,830		264,572	326,332
Research and development
Share-based compensation
Share-based compensation expense		907,812		1,183,306	2,258,705
General and administrative
Share-based compensation
Share-based compensation expense		¥ 1,397,736		1,832,583	21,875,994
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	Dec. 31, 2021	Apr. 30, 2021	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Vesting period of share-based awards	10 years	7 years
Granted					10,402,129	18,459,565	88,434,809
Share-based compensation expense				¥ 1,235,497	¥ 2,575,340	¥ 3,471,470	¥ 24,833,089
Number of original options affected by modification of award		1,020,551			4,695,544		1,020,551
Number of new options issued in connection with modification of award		688,826			3,217,476		688,826
Incremental costs on modification of terms of awards					¥ 149,104		¥ 5,678
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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Outstanding, beginning balance	63,733,455	52,575,849	46,798,243
Granted	10,402,129	18,459,565	88,434,809
Modification	(1,478,068)		(331,725)
Exercise of share options with shares issued to trusts			(68,616,887)
Exercise of share options	(717,256)	(2,749,909)	(9,640,697)
Forfeited/cancelled	(4,382,666)	(4,552,050)	(4,067,894)
Outstanding, ending balance	67,557,594	63,733,455	52,575,849	46,798,243
Exercisable	39,360,380
Vested and Expected to Vest	61,407,795
Weighted Average Exercise Price
Outstanding, beginning balance	$ 3.94	$ 4.90	$ 6.04
Granted	0.0001823	0.0001823	0.0001823
Modification	0.0001823		0.0001823
Exercise of share options with shares issued to trusts			0.0001823
Exercise of share options	0.21	0.42	0.0001823
Forfeited/cancelled	0.07	1.00	2.44
Outstanding, ending balance	2.61	$ 3.94	$ 4.90	$ 6.04
Exercisable	4.47
Vested and Expected to Vest	$ 2.87
Weighted Average Remaining Contractual Life	5 years 10 months 24 days	6 years 4 months 20 days	3 years 4 months 24 days	3 years 8 months 26 days
Weighted Average Remaining Contractual Life, Exercisable	4 years 1 month 28 days
Weighted Average Remaining Contractual Life, Vested and Expected to Vest	5 years 7 months 17 days
Aggregate Intrinsic Value, Options, Outstanding	$ 891,353	$ 559,325	$ 789,898	$ 1,686,640
Aggregate Intrinsic Value, Options, exercised with shares issued to trusts			1,366,836
Aggregate Intrinsic Value, Options, exercised excluding shares issued to trusts	11,182	$ 33,819	$ 192,041
Aggregate Intrinsic Value, Options, Exercisable	445,842
Aggregate Intrinsic Value, Options, Vested and Expected to Vest	$ 794,187
Weighted Average Grant Date Fair Value
Outstanding, beginning balance	$ 24.62	$ 30.18	$ 26.16
Granted	14.78	11.80	47.47
Modification	12.90		47.71
Exercise of share options with shares issued to trusts			47.71
Exercise of share options	30.55	24.22	47.71
Forfeited/cancelled	26.03	36.86	41.29
Outstanding, ending balance	22.72	$ 24.62	$ 30.18	$ 26.16
Exercisable	25.18
Vested and Expected to Vest	$ 23.32

Share-based compensation - pricing assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	10 years	10 years	7 years
Options \| Minimum
Share-based compensation
Fair value of ordinary shares (US$)	$ 12.00	$ 7.34	$ 30.32
Expected volatility	41.36%	35.27%	33.60%
Risk free interest rate (per annum)	3.48%	1.52%	0.94%
Options \| Maximum
Share-based compensation
Fair value of ordinary shares (US$)	$ 15.20	$ 19.92	$ 65.60
Expected volatility	41.70%	40.34%	37.80%
Risk free interest rate (per annum)	4.59%	3.83%	1.26%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based compensation - Summary of activities of restricted shares and RSUs (Details) - Restricted shares and RSUs - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Unvested, beginning balance	14,597,666	23,277,695	18,762,437
Granted	899,005	1,714,158	3,137,540
Vested	(6,079,090)	(7,947,817)	(64,990,673)
Exercise of share options with shares issued to trusts			68,616,887
Forfeited/cancelled	(957,307)	(2,446,370)	(2,248,496)
Unvested, ending balance	8,460,274	14,597,666	23,277,695	18,762,437
Expected to vest, Number of Shares	7,164,224
Weighted Average Grant Date Fair Value
Unvested, beginning balance	$ 40.97	$ 41.21	$ 38.60
Granted	13.51	12.47	48.47
Vested	39.30	34.14	45.36
Exercise of share options with shares issued to trusts			47.71
Forfeited/cancelled	33.70	40.84	48.40
Unvested, ending balance	41.42	$ 40.97	$ 41.21	$ 38.60
Expected to vest, Weighted Average Grant Date	$ 41.85
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life	7 years 1 month 20 days	7 years 5 months 19 days	5 years 3 months 10 days	4 years 7 months 6 days
Expected to vest, Weighted Average Remaining Contractual	7 years 1 month 6 days

Share-based compensation - Restricted shares and RSUs (Details) - CNY (¥) ¥ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Share-based compensation expense	¥ 1,235,497	¥ 2,575,340	¥ 3,471,470	¥ 24,833,089
Options
Share-based compensation
Unrecognized compensation expenses		¥ 1,071,872
Period for which unrecognized compensation expenses expected to be recognized		2 years 4 months 6 days
Restricted shares and RSUs
Share-based compensation
Unrecognized compensation expenses		¥ 434,602
Period for which unrecognized compensation expenses expected to be recognized		1 year 7 months 9 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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+ Details

Share-based compensation - Voyager's share based awards (Details) - CNY (¥) ¥ in Thousands	1 Months Ended		6 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Share-based compensation expense			¥ 1,235,497	¥ 2,575,340	¥ 3,471,470	¥ 24,833,089
Vesting period of share-based awards	10 years	7 years
Voyager Group Inc. ("Voyager") \| Voyager Incentive Plan
Share-based compensation
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards				18,235,294
Share-based compensation expense				¥ 131,976	¥ 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	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Convertible redeemable non-controlling interests and convertible non-controlling interests
Aggregate cash consideration for shares issuable \| $		$ 149,000
Convertible redeemable noncontrolling interests, beginning balance			¥ 13,010,576	¥ 12,257,889	¥ 3,345,265
Issuance of convertible redeemable non-controlling interests, net of issuance costs					8,225,007
Accretion of convertible redeemable non controlling interests to redemption value			995,685	898,649	687,617
Repurchase of convertible redeemable non-controlling interests				(145,962)
Convertible redeemable noncontrolling interests, ending balance		$ 1,972,740	14,006,261	13,010,576	12,257,889
Convertible noncontrolling interests, beginning balance			1,069,357	1,069,357	99,851
Issuance of convertible non-controlling interests, net of issuance costs					969,506
Convertible noncontrolling interests, ending balance			¥ 1,069,357	1,069,357	¥ 1,069,357
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
Soda Technology Inc. ("Soda") \| Subsequent Event
Convertible redeemable non-controlling interests and convertible non-controlling interests
Aggregate cash consideration for shares issuable \| $	$ 66,664
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) ¥ in Thousands	12 Months Ended
Convertible preferred shares (Details) ¥ in Thousands	Dec. 31, 2021 CNY (¥) shares
Increase (Decrease) in convertible preferred shares
Balance, beginning of year (in shares) \| shares	816,245,752
Balance, beginning of year \| ¥	¥ 189,838,979
Conversion of preferred shares to ordinary shares (in shares) \| shares	(816,245,752)
Conversion of preferred shares to ordinary shares \| ¥	¥ (189,838,979)

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 ($) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Nov. 11, 2023 USD ($)
Ordinary shares
Authorized share capital \| $					$ 100,000
Common stock, shares authorized					5,000,000,000
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
Repurchase program
Ordinary shares
No of shares authorized \| $								$ 1,000,000
Stock repurchased (value)				¥ 112,666	$ 15,860
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	$ 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					1,104,888,353	1,084,058,607
Repurchase of ordinary shares (in shares)				1,100,000	1,100,000
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					97,556,869	112,895,380
Stock issued during period, conversion from one class to another				19,778,967	19,778,967
Ordinary shares, class not yet designated
Ordinary shares
Common stock, shares authorized					500,000,000
Common stock, par value \| $ / shares					$ 0.00002
ADS \| Repurchase program
Ordinary shares
Stock repurchased (shares)				4,200,000	4,200,000
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
Repurchase of ordinary shares (in shares)							(697,470)
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, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net income (loss) attributable to DiDi Global Inc.	¥ 493,512	$ 69,510	¥ (23,783,321)	¥ (49,343,664)
Accretion of convertible redeemable non-controlling interests to redemption value	(995,685)	(140,240)	(898,649)	(687,617)
Net loss attributable to ordinary shareholders of DiDi Global Inc.	¥ (502,173)	$ (70,730)	¥ (24,681,970)	¥ (50,031,281)
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding* (in shares)	1,224,576,751	1,224,576,751	1,210,979,609	657,996,437
Net loss per share attributable to ordinary shareholders
- Basic \| (per share)	¥ (0.41)	$ (0.06)	¥ (20.38)	¥ (76.04)
- Diluted \| (per share)	¥ (0.41)	$ (0.06)	¥ (20.38)	¥ (76.04)
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	24,830,144	24,830,144	18,207,585	34,268,859
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

Related party transactions (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Investments in Chengxin
Related party transactions
Assets received in connection with distribution	¥ 1,935,171
Commercial Arrangements
Related party transactions
Number of shareholders		2
Related Party
Related party transactions
Amounts due from related parties		¥ 244,661	¥ 61,423		$ 34,460
Amounts due to related to services		245,438	200,115		$ 34,569
Related Party \| Alibaba Group
Related party transactions
Amounts due from related parties		81,496	45,162
Amounts due to related to services		¥ 263,646	¥ 198,102
Related Party \| 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%
Related Party \| Tencent Group
Related party transactions
Amounts due from related parties		¥ 81,496	¥ 45,162
Amounts due to related to services		¥ 263,646	¥ 198,102
Related Party \| 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%
Related Party \| Chengxin
Related party transactions
Revenue				¥ 277,350
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, 2023 CNY (¥)
Operating lease
Operating lease commitments
Total	¥ 68,844
Less than 1 year	48,924
1-3 Years	18,110
3-5 Years	1,773
Over 5 Years	¥ 37
Operating lease \| Minimum
Operating lease commitments
Lease terms	1 year
Operating lease \| Maximum
Operating lease commitments
Lease terms	6 years
Commitments for promotion and other operating expenses
Operating lease commitments
Total	¥ 1,915,113
Less than 1 year	485,506
1-3 Years	956,393
3-5 Years	¥ 473,214

Fair value measurement - Summary of the financial instruments measured by level within the fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value measurement
Total	¥ 14,991,592	¥ 9,867,516
Level 1
Fair value measurement
Total	8,573,605	6,725,766
Level 2
Fair value measurement
Total	5,056,905	3,141,750
Level 3
Fair value measurement
Total	1,361,082
Recurring \| Structured notes under fair value option
Fair value measurement
Total	3,179,829	1,755,009
Recurring \| Listed equity securities
Fair value measurement
Total	8,573,605	6,725,766
Recurring \| Investments in Kargobot
Fair value measurement
Total	528,709
Recurring \| Other debt investments under fair value option
Fair value measurement
Total	2,459,081	1,386,741
Recurring \| Contingent consideration assets
Fair value measurement
Total	250,368
Recurring \| Level 1 \| Listed equity securities
Fair value measurement
Total	8,573,605	6,725,766
Recurring \| Level 2 \| Structured notes under fair value option
Fair value measurement
Total	3,179,829	1,755,009
Recurring \| Level 2 \| Other debt investments under fair value option
Fair value measurement
Total	1,877,076	¥ 1,386,741
Recurring \| Level 3 \| Investments in Kargobot
Fair value measurement
Total	528,709
Recurring \| Level 3 \| Other debt investments under fair value option
Fair value measurement
Total	582,005
Recurring \| Level 3 \| Contingent consideration assets
Fair value measurement
Total	¥ 250,368

Fair value measurement - Investments in Kargobot (Details) - Level 3	Dec. 31, 2023 USD ($)
Discounts for lack of marketability \| Minimum
Fair Value Measurement
Measurement input	22
Discounts for lack of marketability \| Maximum
Fair Value Measurement
Measurement input	30
Volatility \| Guangzhou Kargobot Technology Co., Ltd.
Fair Value Measurement
Measurement input	57
Time to liquidity \| Guangzhou Kargobot Technology Co., Ltd.
Fair Value Measurement
Measurement input	7.0

Restricted net assets (Details) ¥ in Thousands	12 Months Ended
Restricted net assets (Details) ¥ in Thousands	Dec. 31, 2023 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	¥ 15,727,478
Amount of restricted net assets	25.00%