NaaS Technology Inc. (“NaaS” or the “Company”) (Nasdaq: NAAS), one
of the largest and fastest growing electric vehicle charging
service providers in China, today reported its adjusted unaudited
financial results for the quarter and six months ended June 30,
2022.
The Company has adjusted its unaudited financial
results for the quarter and six months ended June 30, 2022
originally reported on August 22, 2022 to correct the presentation
of revenues to be consistent with the Company's recognition and
measurement policy for each class of revenues and reflect other
adjustments that the Company found necessary or appropriate,
including mainly the following:
- revising the
presentation of gross revenues, incentive to end-users, and net
revenues.
- revising the
measurement policy for revenue from membership program and full
station operation.
- updating IFRIC 23
provisions on corporate income tax.
- updating certain
value added tax (“VAT”) related balances, revising the method of
estimating the recoverability of uncollected input VAT receipts,
and adjusting previously recognized provision.
- revising to
recognize the share-based compensation related to the share awards
granted by Newlink Technology Limited to certain of our
employees.
- updating
share-based compensation and equity-settled listing costs.
- reclassifying
between expenses and between balance sheet line items.
The unaudited financial results for the quarter
and six months ended June 30, 2022 reported below reflect the above
adjustments.
In addition, the Company has restated (i) the
combined financial statements of Dada Auto Inc. as of and for the
years ended December 31, 2020, and 2021, and (ii) the pro forma
condensed combined statement as of and for the year ended December
31, 2021, each included in the Company’s shell company report on
Form 20-F originally filed with the SEC on June 16, 2022 (the
“Shell Company Report”). Such restated financial statements are
included in the Amendment No. 1 to the Shell Company Report filed
by the Company on March 27, 2023.
Second Quarter 2022 and First Half 2022
Financial Highlights:
- Net revenues
grew by 558% year over year and reached RMB21.8 million (US$3.3
million) in the second quarter of 2022. Net revenues of the first
half of 2022 were RMB36.5 million (US$5.5 million), increasing by
592% year over year1.
- Total operating
costs were RMB533.8 million (US$79.7 million) in the second quarter
of 2022 and RMB640.0 million (US$95.5 million) in the first half of
the year, as compared with RMB85.9 million and RMB122.3 million for
the same periods of 2021,respectively.
- Net loss was
RMB575.4 million (US$85.9 million) for the second quarter of 2022
and RMB671.3 million (US$100.2 million) for the first half of 2022,
as compared to net loss of RMB85.4 million and RMB120.6 million for
the same periods of 2021, respectively.
- Non-IFRS net loss2 was RMB91.6
million (US$13.7 million) in the second quarter of 2022 and
RMB148.9 million (US$22.2 million) for the first half of 2022,
representing a year over year increase of 7% and 23%,
respectively.
__________________________________1In accordance
with the IFRS rules, Dada Auto was considered for accounting
purposes to be the successor company upon the consummation of the
Merger Transactions (defined below) and consequently the Company
reports the financial results of Dada Auto as the Company’s
historical financial results for the three and six months ended
June 30, 2021.2Non-IFRS net loss was arrived at after excluding
equity-settled listing costs, share-based compensation expenses,
fair value changes of convertible and redeemable preferred shares
and fair value changes of financial assets at fair value through
profit or loss. Please refer to the section titled "Unaudited
reconciliations of IFRS and non-IFRS results" for details.
Second Quarter and First Half 2022
Financial Results:
Net Revenues
Net revenues reached RMB36.5 million (US$5.5
million) in the first half year of 2022, including RMB21.8 million
(US$3.3 million) in the second quarter, representing an increase of
592% and 558% year over year respectively. The rapid increase was
mainly the result of increases in platform order volumes and
continued improvements in operations.
Net revenues from online EV charging solutions
contributed RMB19.3 million (US$2.9 million) in the first half of
the year and RMB11.7 million (US$1.7 million) in the second quarter
of 2022, with growth rates of 440% and 404% year over year
respectively. The increase was primarily attributable to an overall
increase of charging volume completed through NaaS’ network.
Offline EV charging net revenues increased
significantly by 972% year over year to RMB17.0 million (US$2.5
million) in the first half year of 2022, including RMB10.0 million
(US$1.5 million) generated in the second quarter, which grew by
973% from the same period of 2021. The increase was primarily
driven by the growth in the full station operation business as well
as the hardware procurement business.
Net revenues from non-charging solutions and
other services increased by 56% year over year to RMB0.2 million
(US$27 thousand) in the first half year of 2022, primarily due to
the growth of the online advertisement business. The revenue
generated in the second quarter was RMB0.1 million (US$15
thousand), representing an increase of 76% year over year.
Operating costs
Total operating costs were RMB640.0 million
(US$95.5 million) in the first half of the year and RMB533.8
million (US$79.7 million) in the second quarter of 2022, as
compared with RMB122.3 million and RMB85.9 million for the same
periods of 2021. The significant increase was mainly due to the
Company recording RMB298.0 million (US$44.5 million) of
equity-settled listing costs and RMB166.7 million (US$24.9 million)
of share-based compensation expenses in the first half of 2022.
Cost of revenues in the first half year of 2022
was RMB35.7 million (US$5.3 million), increasing by 473% year over
year. Cost of revenues for the second quarter of 2022 was RMB25.0
million (US$3.7 million), increasing by 657% year over year. The
increases were primarily due to the increase in technical and
information service fee, as the Company has involved a third party
to provide data service since April, 2022.
Selling and marketing expenses in the first half
of 2022 were RMB99.0 million (US$14.8 million), remaining
relatively stable as compared with the first half of 2021. Selling
and marketing expenses were RMB52.6 million (US$7.8 million) in the
second quarter of 2022, representing a decrease of 23% year over
year. The decrease was the result of decreased marketing and
promotion fees, partly offset by an increase in labor costs.
Administrative expenses increased to RMB491.2
million (US$73.3 million) in the first half of 2022, as compared to
RMB11.2 million for the same period of 2021. RMB449.7 million
(US$67.1 million) was recorded in the second quarter of 2022, as
compared with RMB6.5 million for the same period of 2021. The
significant increase was mainly due to the Company recording
RMB298.0 million of equity-settled listing costs which occurred
during the Merger Transactions (defined below), and a total of
RMB166.7 million (of which RMB122.9 million occurred in the second
quarter) of share-based compensation expenses.
Research and development expenses were RMB14.1
million (US$2.1 million) in the first half of 2022, remaining
relatively stable compared with the same period of 2021. Research
and development expenses were RMB6.5 million (US$1.0 million) in
the second quarter of 2022, representing a 17% decrease year over
year, which was mainly attributable to a reduction in in-house
research and development personnel costs.
Finance costs
Finance costs were RMB9.3 million (US$1.4
million) in the first half of 2022, and a RMB0.4 million (US$0.1
million) of finance costs occurred in the second quarter, compared
with finance costs of RMB0.3 million and RMB0.2 million for the
same periods of 2021, respectively. The increase of finance costs
was primarily attributable to spending in financing activities.
Income tax expenses
Income tax expenses were RMB3.6 million (US$0.5
million) in the first half of 2022, compared with income tax
expenses of RMB3.3 million in the first half of 2021.
Net loss and non-IFRS net
loss
Net loss for the first half of 2022 was RMB671.3
million (US$100.2 million), and for the second quarter was RMB575.4
million (US$85.9 million), as compared with net loss of RMB120.6
million and RMB85.4 million for the same periods of 2021. The
significant increase was mainly due to the recorded equity-settled
listing costs, share-based compensation expenses and fair value
changes of convertible and redeemable preferred shares in 2022.
Non-IFRS net loss was RMB148.9 million (US$22.2 million) for the
first half year of 2022 and RMB91.6 million (US$13.7 million) for
the second quarter of 2022, representing a year to year increase of
23% and 7%, respectively, from the same periods of 2021. Please
refer to the section titled "Unaudited reconciliations of IFRS and
non-IFRS results" for details.
Exchange Rate
This announcement contains translations of
certain RMB amounts into U.S. dollars ("USD") at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB6.6981
to US$1.00, the noon buying rate in effect on June 30, 2022, in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or USD amounts referred to
could be converted into USD or RMB, as the case may be, at any
particular rate or at all. For analytical presentation, all
percentages are calculated using the numbers presented in the
financial statements contained in this earnings release.
Non-IFRS Financial Measure
The Company uses non-IFRS net profit/loss for
the period, which is a non-IFRS financial measure, in evaluating
its operating results and for financial and operational
decision-making purposes. NaaS believes that non-IFRS net
profit/loss helps identify underlying trends in the Company's
business that could otherwise be distorted by the effect of certain
expenses that the Company includes in its profit for the period.
NaaS believes that non-IFRS net profit/loss for the period provides
useful information about its results of operations, enhances the
overall understanding of its past performance and future prospects
and allows for greater visibility with respect to key metrics used
by its management in its financial and operational
decision-making.
Non-IFRS net profit/loss for the period should
not be considered in isolation or construed as an alternative to
operating profit, net profit for the period or any other measure of
performance or as an indicator of its operating performance.
Investors are encouraged to review non-IFRS net profit/loss for the
period and the reconciliation to its most directly comparable IFRS
measure. Non-IFRS net profit/loss for the period presented here may
not be comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to
the Company's data. NaaS encourages investors and others to review
its financial information in its entirety and not rely on a single
financial measure.
Non-IFRS net profit/loss for the period
represents profit/loss for the period excluding equity-settled
listing costs, share-based compensation expenses, fair value
changes of convertible and redeemable preferred shares, and fair
value changes of financial assets at fair value through profit or
loss.
Merger Transactions
On June 10, 2022, RISE Education Cayman Ltd, the
Company’s predecessor, completed the merger and other related
transactions (the “Merger Transactions”) with Dada Auto Inc.
(“Dada”), as a result of which Dada became a wholly-owned
subsidiary of the Company and the Company assumed and began
conducting the principal business of Dada. The name of the Company
was changed from “RISE Education Cayman Ltd” to “NaaS Technology
Inc.” and its ticker was changed from “REDU” to “NAAS.”
About NaaS Technology Inc.
NaaS Technology Inc. is one of the largest and
fastest growing EV charging service providers in China. The Company
is a subsidiary of Newlinks Technology Limited, a leading energy
digitalization group in China. NaaS provides one-stop services to
charging pile manufacturers and operators, OEMs, companies with
their own delivery fleets as well as fleet operators, with online,
offline, and non-electric services covering the whole value chain
across the EV sector. As of December 31, 2022, NaaS had connected
over 515,000 chargers. In 2022, charging volume transacted through
Company's network reached 2,753 GWh and gross transaction value
reached RMB2,701 million, representing an increase of 123% and 126%
compared with 2021, respectively. On June 13, 2022, the American
depositary shares of the Company started trading on Nasdaq under
the stock code NAAS.
Safe Harbor Statement
This press release contains statements of a
forward-looking nature. These statements are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. You can identify these forward-looking statements by
terminology such as “will,” “expects,” “believes,” “anticipates,”
“intends,” “estimates” and similar statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company and the industry. All
information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: NaaS’ goals and strategies; its future
business development, financial conditions and results of
operations; its ability to continuously develop new technology,
services and products and keep up with changes in the industries in
which it operates; growth of China’s EV charging industry and EV
charging service industry and NaaS’ future business development;
demand for and market acceptance of NaaS’ products and services;
NaaS’ ability to protect and enforce its intellectual property
rights; NaaS’ ability to attract and retain qualified executives
and personnel; the ongoing COVID-19 pandemic and the effects of
government and other measures seeking to contain its spread;
U.S.-China trade war and its effect on NaaS’ operation,
fluctuations of the RMB exchange rate, and NaaS’ ability to obtain
adequate financing for its planned capital expenditure
requirements; NaaS’ relationships with end-users, customers,
suppliers and other business partners; competition in the industry;
relevant government policies and regulations related to the
industry; and fluctuations in general economic and business
conditions in China and globally. Further information regarding
these and other risks is included in NaaS’ filings with the
SEC.
For investor and media inquiries, please
contact:
Investor RelationsNaaS Technology Inc.Email: ir@enaas.com
Media inquiries:E-mail: pr@enaas.com
__________________________
NAAS TECHNOLOGY
INC.UNAUDITED CONSOLIDATED STATEMENTS OF LOSS AND
OTHER COMPREHENSIVE LOSS
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
(In thousands, except for share and per share data) |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues from Online EV Charging Solutions |
|
|
2,324 |
|
|
|
11,722 |
|
|
|
1,750 |
|
|
|
3,576 |
|
|
|
19,327 |
|
|
|
2,885 |
|
Net Revenues from Offline EV Charging Solutions |
|
|
930 |
|
|
|
9,980 |
|
|
|
1,490 |
|
|
|
1,589 |
|
|
|
17,039 |
|
|
|
2,544 |
|
Net Revenues from Non-Charging Solutions and Other Services |
|
|
59 |
|
|
|
104 |
|
|
|
15 |
|
|
|
114 |
|
|
|
178 |
|
|
|
27 |
|
Net Revenues |
|
|
3,313 |
|
|
|
21,806 |
|
|
|
3,255 |
|
|
|
5,279 |
|
|
|
36,544 |
|
|
|
5,456 |
|
Other gain, net |
|
|
17 |
|
|
|
1,927 |
|
|
|
288 |
|
|
|
88 |
|
|
|
2,608 |
|
|
|
389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(3,297 |
) |
|
|
(24,960 |
) |
|
|
(3,726 |
) |
|
|
(6,224 |
) |
|
|
(35,671 |
) |
|
|
(5,326 |
) |
Selling and marketing expenses |
|
|
(68,215 |
) |
|
|
(52,562 |
) |
|
|
(7,847 |
) |
|
|
(90,793 |
) |
|
|
(99,041 |
) |
|
|
(14,786 |
) |
Administrative expenses |
|
|
(6,509 |
) |
|
|
(449,688 |
) |
|
|
(67,137 |
) |
|
|
(11,188 |
) |
|
|
(491,191 |
) |
|
|
(73,333 |
) |
Research and development expenses |
|
|
(7,852 |
) |
|
|
(6,547 |
) |
|
|
(977 |
) |
|
|
(14,118 |
) |
|
|
(14,052 |
) |
|
|
(2,098 |
) |
Total operating costs |
|
|
(85,873 |
) |
|
|
(533,757 |
) |
|
|
(79,687 |
) |
|
|
(122,323 |
) |
|
|
(639,955 |
) |
|
|
(95,543 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(82,543 |
) |
|
|
(510,024 |
) |
|
|
(76,144 |
) |
|
|
(116,956 |
) |
|
|
(600,803 |
) |
|
|
(89,698 |
) |
Finance costs |
|
|
(163 |
) |
|
|
(420 |
) |
|
|
(63 |
) |
|
|
(331 |
) |
|
|
(9,260 |
) |
|
|
(1,383 |
) |
Fair value changes of convertible and redeemable preferred
shares |
|
|
— |
|
|
|
(64,525 |
) |
|
|
(9,633 |
) |
|
|
— |
|
|
|
(59,393 |
) |
|
|
(8,867 |
) |
Fair value changes of financial assets at fair value through profit
or loss |
|
|
— |
|
|
|
1,753 |
|
|
|
262 |
|
|
|
— |
|
|
|
1,753 |
|
|
|
262 |
|
Net loss before income tax |
|
|
(82,706 |
) |
|
|
(573,216 |
) |
|
|
(85,578 |
) |
|
|
(117,287 |
) |
|
|
(667,703 |
) |
|
|
(99,686 |
) |
Income tax expenses |
|
|
(2,670 |
) |
|
|
(2,165 |
) |
|
|
(323 |
) |
|
|
(3,346 |
) |
|
|
(3,579 |
) |
|
|
(534 |
) |
Net loss for the year |
|
|
(85,376 |
) |
|
|
(575,381 |
) |
|
|
(85,901 |
) |
|
|
(120,633 |
) |
|
|
(671,282 |
) |
|
|
(100,220 |
) |
Net loss attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the Company |
|
|
(85,376 |
) |
|
|
(575,381 |
) |
|
|
(85,901 |
) |
|
|
(120,633 |
) |
|
|
(671,282 |
) |
|
|
(100,220 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share for loss attributable to
the ordinary equity holders of the Company (Expressed in RMB per
share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(518.20 |
) |
|
|
(0.32 |
) |
|
|
(0.05 |
) |
|
|
(732.19 |
) |
|
|
(0.39 |
) |
|
|
(0.06 |
) |
Diluted |
|
|
(518.20 |
) |
|
|
(0.32 |
) |
|
|
(0.05 |
) |
|
|
(732.19 |
) |
|
|
(0.39 |
) |
|
|
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per ADS for loss attributable to the
ordinary shareholders of the Company (Expressed in RMB per
ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(5,182.00 |
) |
|
|
(3.16 |
) |
|
|
(0.47 |
) |
|
|
(7,321.86 |
) |
|
|
(3.86 |
) |
|
|
(0.58 |
) |
Diluted |
|
|
(5,182.00 |
) |
|
|
(3.16 |
) |
|
|
(0.47 |
) |
|
|
(7,321.86 |
) |
|
|
(3.86 |
) |
|
|
(0.58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
ordinary shares outstanding-basic |
|
|
164,755 |
|
|
|
1,818,446,889 |
|
|
|
1,818,446,889 |
|
|
|
164,755 |
|
|
|
1,740,412,875 |
|
|
|
1,740,412,875 |
|
Weighted average number of
ordinary shares outstanding-diluted |
|
|
164,755 |
|
|
|
1,818,446,889 |
|
|
|
1,818,446,889 |
|
|
|
164,755 |
|
|
|
1,740,412,875 |
|
|
|
1,740,412,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAAS TECHNOLOGY
INC.UNAUDITED RECONCILIATIONS OF IFRS AND NON-IFRS
RESULTS
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
(In thousands, except for share
and per share data) |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted net loss attributable to ordinary shareholders of the
Company to Net loss attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders of the Company |
|
|
(85,376 |
) |
|
|
(575,381 |
) |
|
|
(85,901 |
) |
|
|
(120,633 |
) |
|
|
(671,282 |
) |
|
|
(100,220 |
) |
Add: Equity-settled listing
costs |
|
|
— |
|
|
|
298,032 |
|
|
|
44,495 |
|
|
|
— |
|
|
|
298,032 |
|
|
|
44,495 |
|
Share-based compensation expenses |
|
|
— |
|
|
|
122,936 |
|
|
|
18,354 |
|
|
|
— |
|
|
|
166,686 |
|
|
|
24,886 |
|
Fair value changes of convertible and redeemable preferred
shares |
|
|
— |
|
|
|
64,525 |
|
|
|
9,633 |
|
|
|
— |
|
|
|
59,393 |
|
|
|
8,867 |
|
Fair value changes of financial assets at fair value through profit
or loss |
|
|
— |
|
|
|
(1,753 |
) |
|
|
(262 |
) |
|
|
— |
|
|
|
(1,753 |
) |
|
|
(262 |
) |
Adjusted net loss
attributable to ordinary shareholders of the Company |
|
|
(85,376 |
) |
|
|
(91,641 |
) |
|
|
(13,681 |
) |
|
|
(120,633 |
) |
|
|
(148,924 |
) |
|
|
(22,234 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net basic and
diluted loss per share for loss attributable to the ordinary
shareholders of the Company (Expressed in RMB per
share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(518.20 |
) |
|
|
(0.05 |
) |
|
|
(0.01 |
) |
|
|
(732.19 |
) |
|
|
(0.09 |
) |
|
|
(0.01 |
) |
Diluted |
|
|
(518.20 |
) |
|
|
(0.05 |
) |
|
|
(0.01 |
) |
|
|
(732.19 |
) |
|
|
(0.09 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net basic and
diluted loss per ADS for loss attributable to the ordinary
shareholders of the Company (Expressed in RMB per
ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(5,182.00 |
) |
|
|
(0.50 |
) |
|
|
(0.08 |
) |
|
|
(7,321.86 |
) |
|
|
(0.86 |
) |
|
|
(0.13 |
) |
Diluted |
|
|
(5,182.00 |
) |
|
|
(0.50 |
) |
|
|
(0.08 |
) |
|
|
(7,321.86 |
) |
|
|
(0.86 |
) |
|
|
(0.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
ordinary shares outstanding-basic |
|
|
164,755 |
|
|
|
1,818,446,889 |
|
|
|
1,818,446,889 |
|
|
|
164,755 |
|
|
|
1,740,412,875 |
|
|
|
1,740,412,875 |
|
Weighted average number of
ordinary shares outstanding-diluted |
|
|
164,755 |
|
|
|
1,818,446,889 |
|
|
|
1,818,446,889 |
|
|
|
164,755 |
|
|
|
1,740,412,875 |
|
|
|
1,740,412,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAAS TECHNOLOGY
INC.UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
|
As of |
|
|
December 31, 2021 |
|
|
June 30, 2022 |
|
(In thousands) |
RMB |
|
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
8,489 |
|
|
|
413,697 |
|
|
61,763 |
|
Trade receivables |
|
38,456 |
|
|
|
67,267 |
|
|
10,043 |
|
Prepayments, other receivables
and other assets |
|
105,833 |
|
|
|
83,897 |
|
|
12,526 |
|
Total current
assets |
|
152,778 |
|
|
|
564,861 |
|
|
84,332 |
|
Non-current
assets |
|
|
|
|
|
|
|
Right-of-use assets |
|
19,766 |
|
|
|
21,820 |
|
|
3,258 |
|
Financial assets at fair value
through profit or loss |
|
5,000 |
|
|
|
6,753 |
|
|
1,008 |
|
Property, plant and
equipment |
|
548 |
|
|
|
550 |
|
|
82 |
|
Intangible assets |
|
— |
|
|
|
933 |
|
|
139 |
|
Total non-current
assets |
|
25,314 |
|
|
|
30,056 |
|
|
4,487 |
|
Total
assets |
|
178,092 |
|
|
|
594,917 |
|
|
88,819 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
Current lease liabilities |
|
7,067 |
|
|
|
9,524 |
|
|
1,422 |
|
Trade payables |
|
16,872 |
|
|
|
22,689 |
|
|
3,387 |
|
Other payables and accruals |
|
112,148 |
|
|
|
132,164 |
|
|
19,732 |
|
Total current
liabilities |
|
136,087 |
|
|
|
164,377 |
|
|
24,541 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
Non-current lease
liabilities |
|
12,566 |
|
|
|
11,093 |
|
|
1,656 |
|
Total non-current
liabilities |
|
12,566 |
|
|
|
11,093 |
|
|
1,656 |
|
Total
liabilities |
|
148,653 |
|
|
|
175,470 |
|
|
26,197 |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
Class A Common Shares |
|
— |
|
* |
|
32,131 |
|
|
4,797 |
|
Class B Common Shares |
|
— |
|
|
|
16,674 |
|
|
2,489 |
|
Class C Common Shares |
|
— |
|
|
|
93,702 |
|
|
13,990 |
|
Additional paid in capital |
|
423,329 |
|
|
|
1,342,187 |
|
|
200,383 |
|
Accumulated losses |
|
(393,890 |
) |
|
|
(1,065,172 |
) |
|
(159,026 |
) |
Accumulated other comprehensive
loss |
|
— |
|
|
|
(75 |
) |
|
(11 |
) |
Total
equity |
|
29,439 |
|
|
|
419,447 |
|
|
62,622 |
|
Total equity and
liabilities |
|
178,092 |
|
|
|
594,917 |
|
|
88,819 |
|
|
|
|
|
|
|
|
|
|
|
|
Note:* Representing amount less than RMB1,000.**
In accordance with the IFRS rules Dada Auto Inc. was considered for
accounting purposes to be the successor company upon the
consummation of the Merger Transactions and consequently the
Company reports the financial results of Dada Auto Inc. as the
Company’s historical financial results for the fiscal years ended
December 31, 2021 in the Company’s statements of financial
position, and three and six months ended June 30, 2021 in the
Company’s statements of loss and other comprehensive loss.
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