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Principal activities and reorganization </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(a) History and Reorganization </div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group commenced its operation in August 2006 by Mr.&#160;Cunjun Ma (&#8220;the founder&#8221;). Subsequently in December 2014, March 2016 and July 2016, the Company completed Series A, Series B and Series B+ financing respectively, and issued redeemable preferred shares to certain third party investors. In July 2018, the Company issued a convertible bond to certain third party investors. In October 2018, the investors converted the bond into Series B++ redeemable preferred shares. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Huize Holding Limited (&#8220;Huize&#8221; or the &#8220;Company&#8221;) was incorporated on December&#160;24, 2014 under the laws of the Cayman Islands. The Company commenced a reorganization (&#8220;Reorganization&#8221;) in preparation of an offshore listing by issuing 184,200,000 common shares and 98,900,000 redeemable preferred shares were issued to the three shareholders in 2014 and 2015 after the Company was established. In June 2015, Shenzhen Zhixuan was established as an indirect wholly foreign owned entity of the Company in the People&#8217;s Republic of China (the &#8220;PRC&#8221;). </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In June 2019, the Group completed the Reorganization by issuing 261,072,000 common shares, 105,122,000 Series A redeemable preferred shares, 185,512,580 Series B redeemable preferred shares, 43,937,180 Series B+ redeemable preferred shares and 16,574,460 Series B++ redeemable preferred shares to the shareholders of Huiye Tianze. After such share issuance, the total number of shares outstanding equals to that of Huiye Tianze. However, since the Company is an offshore entity, all PRC investors are required to register with relevant PRC governmental authorities in order to hold equity interest in the Company. All shareholders, except for one shareholder that owns 21.87% of Huiye Tianze, have completed relevant registrations. 78.13% of the shareholders received shares of the Company. The 21.87% shares of the Company were issued to an offshore affiliate of that shareholder. Concurrently, the Company obtained control over Huiye Tianze through Shenzhen Zhixuan by entering into a series of contractual arrangements as described in note 2b. As a result, Huiye Tianze became a consolidated VIE of the Group. The Company determined that the Reorganization is a recapitalization and accordingly prepared its financial statements using the carryover basis of assets and liabilities of Huiye Tianze and its subsidiaries. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accordingly, the Company became the ultimate holding company of Huiye Tianze and its subsidiaries, which is principally engaged in the provision of insurance brokerage services in the PRC. The Company and its consolidated subsidiaries and variable interest entities (&#8220;VIE&#8221;) are collectively referred to as the &#8220;Group&#8221;. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In February 2020, the Company completed its initial public offering </div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(&#8220;IPO&#8221;) </div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">in N<div style="display:inline;">asdaq</div> <div style="display:inline;">G<div style="display:inline;">l</div>obal</div> <div style="display:inline;">M</div>arket. The initial public offering of an aggregate of 5,250,000 American depository shares (&#8220;ADS&#8221;), each presenting 20 class A common shares of the Company, was priced at US$10.50 per ADS. </div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">On March 10, 2020, the underwriters have exercised part of their over-allotment option to purchase an additional 72,453 American Depositary Shares of the Company at the IPO price of US$10.50 per ADS. 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Summary of significant accounting policies </div></div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 6pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(a)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Basis of presentation </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group&#8217;s consolidated financial statements for the years ended December&#160;31, 2017, 2018 and 2019 are prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results may differ from those estimates. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As an emerging growth company, the Company elects to use the extended transition period for complying with new or revised financial accounting standards. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(b)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Basis of consolidation </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The consolidated financial statements include the financial statements of the Company, its subsidiaries and a consolidated VIE, including the VIE&#8217;s subsidiaries, for which the Company is the ultimate primary beneficiary. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A consolidated VIE is an entity in which the Company, or its subsidiaries, through contractual arrangements, has the power to direct the activities that most significantly impact the entity&#8217;s economic performance, bears the risks of and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or one of its subsidiaries is the primary beneficiary of the entity. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">All transactions and balances among the Company, its subsidiaries, the VIE and the VIE&#8217;s subsidiaries have been eliminated upon consolidation. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The following is a summary of the contractual agreements (collectively, &#8220;Contractual Agreements&#8221;) between the Company&#8217;s PRC subsidiary, Zhixuan and the VIE, Huiye Tianze. Through the Contractual Agreements, the VIE is effectively controlled by the Company. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Exclusive Business Cooperation Agreement</div></div>: Under the exclusive business cooperation agreement, Zhixuan has the exclusive right to provide Huiye Tianze and its subsidiaries with technical support, consulting services and other services. Reciprocally, Huiye Tianze and its subsidiaries shall not accept any technical support, consulting services and other services from any third parties. In exchange, Zhixuan is entitled to receive a service fee from Huiye Tianze on a monthly basis and in an amount equal to all of its net income. Zhixuan owns the intellectual property rights arising out of the performance of the exclusive business cooperation agreement. 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Any retained <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> 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.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">For the Company&#8217;s majority-owned subsidiaries and VIE, a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Company. 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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&#160;31, 2019, or at any other rate. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(g)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cash and cash equivalents </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents consist of cash on hand, bank deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash, and have insignificant risk of changes in value related to changes in interest rates. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(h)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Restricted cash </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In its capacity as an insurance broker, the Group collects &#8220;premiums&#8221; (unremitted insurance premiums) from certain insureds and remits the &#8220;premiums&#8221; to the appropriate insurance companies. Unremitted insurance premiums are held in custody until disbursed by the Group. The Group reports such amounts as restricted cash in the consolidated balance sheets. Unremitted insurance premiums were RMB&#160;121,151&#160;thousand and RMB 136,706&#160;thousand (US$ 19,637 thousand) as of December&#160;31, 2018 and 2019, respectively. Also, restricted cash balance includes guarantee deposits required by China Banking and Insurance Regulatory Commission (&#8220;CBIRC&#8221;) in order to protect insurance premium appropriation by insurance broker. The restricted cash balance related to this requirement was RMB 24,480&#160;thousand (US$3,566&#160;thousand as of December&#160;31, </div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2018 and 2019)</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(i)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short Term Investments </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments mainly consist of investments placed with banks with original maturities between three months and one year and investments in money market funds. 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Accounts receivable represent brokerage fees receivable from insurance companies. The allowance for doubtful accounts is the Group&#8217;s best estimate of the amount of probable credit losses in the Group&#8217;s existing accounts receivable balance. The Group assesses the collectability of accounts receivable by determining the allowance percentage for the overdue balances by age. 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The insurance premium received are included in net cash provided by operating activities in the consolidated statements of cash flows. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">&#160;</div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-spacing: 0px;"><tr style="page-break-inside:avoid"><td style="width: 4%; padding: 0in; font-size: 10pt;;vertical-align:top;"><div style="margin: 0in 0in 8pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; line-height: normal;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(l)</div></div></div></div></td><td style="padding: 0in; font-size: 10pt;;vertical-align:top;"><div style="margin: 0in 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; line-height: normal;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Fair value measurement </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Fair value is 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 </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument&#8217;s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The three levels of inputs that may be used to measure fair value include: </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level&#160;1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level&#160;2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level&#160;3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1)&#160;market approach; (2)&#160;income approach and (3)&#160;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. 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The Group&#8217;s <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-financial</div> assets such as property, equipment and software, would be measured at fair value only if they were determined to be impaired.</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(m)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Property, Plant and Equipment, net </div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Property, plant and equipment are stated at cost. 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As part of this evaluation, the Group considers the participating and protective rights in the investments as well as its legal form. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses the equity method of accounting for the long-term investments when the Group has the ability to significantly influence the operations or financial activities of the investee. The Group records the equity method long-term investments at historical cost and subsequently adjusts the carrying amount at each period for share of the earnings or losses of the investee and other adjustments required by the equity method of accounting. 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An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (i)&#160;nature of the investment; (ii)&#160;cause and duration of the impairment; (iii)&#160;extent to which fair value is less than cost; (iv)&#160;financial condition and near term prospects of the investments; and (v)&#160;ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(q)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short-term and Long-term borrowings </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Short-term and Long-term borrowings represent our borrowings from commercial banks for our working capital. 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In accordance with the guidance, the Company determines whether a share option should be classified and accounted for as a liability award or an equity award. Compensation cost related to employee stock options or similar equity instruments is measured at the grant date based on the fair value of the award. The fair value of a liability-classified award will be <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">re-measured</div> to an updated fair value at each reporting period until the award is settled. The compensation cost is recognized over the requisite service period, which is usually the vesting period. If an award requires satisfaction of one or more performance or service conditions (or any combination thereof), compensation cost is recognized if the requisite service is rendered, and no compensation cost is recognized if the requisite service is not rendered. 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The income approach involves applying the discounted cash flow analysis based on projected cash flow using the Group&#8217;s best estimate as of the valuation dates. Estimating future cash flow requires the Group to analyze projected revenue growth, gross margins, effective tax rates, capital expenditures and working capital requirements. In determining an appropriate discount rate, the Group considered the cost of equity and the rate of return expected by venture capitalists. The Group also applied a discount for lack of marketability given that the shares underlying the award were not publicly traded at the time of grant. Determination of estimated fair value of the Group requires complex and subjective judgments due to its limited financial and operating history, unique business risks and limited public information on companies in China similar to the Group. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Option-pricing method was used to allocate enterprise value to redeemable preferred shares and common shares. The method treats redeemable preferred shares and common shares as call options on the enterprise&#8217;s value, with exercise prices based on the redeemable preferred shares. The strike prices of the &#8220;options&#8221; based on the characteristics of the Group&#8217;s capital structure, including number of shares of each class of common shares, seniority levels and redemption values for the redeemable preferred shares. The option-pricing method also involves making estimates of the volatility of the Group&#8217;s equity securities. The anticipated timing is based on the plans of board of directors and management of the Group. Estimating the volatility of the share price of a privately held company is complex because there is no readily available market for the shares. 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The redeemable preferred shares are recorded initially at fair value, net of issuance costs. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group determined that the redemption features do not require bifurcation as they either are clearly and closely related to the redeemable preferred shares or do not meet the definition of a derivative. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group has determined that there was no embedded beneficial conversion feature (&#8220;BCF&#8221;) attributable to the redeemable preferred shares. In making this determination, the Group compared the initial effective conversion prices of the redeemable preferred shares and the fair values of the Group&#8217;s common shares determined by the Group at the issuance dates. The initial effective conversion prices were greater than the fair values of the common shares to which the redeemable preferred shares are convertible into at the issuance dates. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Subsequently, the carrying amount is increased by periodic accretion, using the interest method, so that the carrying amount will equal to mandatory redemption amount the redemption date. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Accounting of convertible bond </div></div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company determined convertible bond, which were classified as liabilities, was initially measured at par under ASC 470 and subsequently stated at amortized cost plus accrued unpaid interest. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company has determined that there was a BCF as its conversion price is lower than the Company&#8217;s stock price at the commitment date. 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font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The primary source of revenues is commissions from insurance brokerage services, determined based on a percentage of premiums paid by insured. The brokerage fee rate, which is paid by the insurance companies, shall be based on the terms specified in the annual service contract with the insurance company for each product sold through the Group. The Group determines that the insurance company, or the insurer, is its customer in this agreement. Insurance brokerage services revenue is recognized when the signed insurance policy is in place and the premium is collected from the insured since the Company has fulfilled its performance obligation to sell an insurance policy on behalf of the insurance company. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group is also entitled to a performance bonus from insurance companies if the cumulative average monthly sales volume exceeds a predetermined level. Such bonus is determined at the end of each month and recognized as revenue. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Consulting service </div></div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">For cargo insurance products, in addition to the commission from brokerage service paid by the insurance companies, the Group also generates service fees from rendering consulting service to assist the insured to obtain such a cargo insurance policy. The Group determines that the insured is its customer in this consulting service arrangement. Upon successful purchase of cargo insurance products by the insured, the Group&#8217;s performance obligation related to consulting service to the insured has been fully fulfilled, as such, revenue for those services is recognized when the insurance product has been purchased. While the insurance premium is set by the respective insurance companies, the consulting service fee is determined by the Group based on a percentage of insurance premium. Of the total contract price received from the insured, the amount equal to the premium of the cargo insurance product as agreed with insurance company is recorded as insurance premium payable while the remaining is recorded as revenue for the consulting service. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Value added tax </div></div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">The Group is subject to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">value-added-tax</div> (&#8220;VAT&#8221;) on the revenues earned for services provided in the PRC. 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In the accompanying consolidated statements of comprehensive (loss) /income, such VAT is excluded from net revenues.</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(x)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cost of revenue </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A large component of the Group&#8217;s cost of revenue is channel cost, which is service fee paid to user traffic channels for successful sales, including social media influencers, emerging media channels and financial institutions. These user traffic channels have influences over their followers and users, who are potential insurance policyholders. Determination of channel cost is based on the service fee rate multiplied by the insurance premium sold. Channel cost is recognized in the period it incurred. </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Another component of cost of revenue is payroll of insurance consultants, who are in charge of identifying and acquiring potential customers through providing advices related to insurance product. </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(y)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Selling expenses </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group records its marketing campaign expenses and loyalty points as selling expenses. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Marketing campaign expenses consist primarily of advertising and marketing promotion expenses. Advertising and marketing expenses, amounting to approximately RMB 36,215&#160;thousand, RMB 21,606&#160;thousand and RMB 47,927&#160;thousand for the years ended December&#160;31, 2017, 2018 and 2019, respectively, are charged to the consolidated statements of comprehensive (loss)/income as incurred. Beside marketing campaign expenses, selling expenses consist of salaries and employment benefits for employees who work in brokerage service line, office rental, telecommunications and office supply expenses incurred in connection with sales activities. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group operates a loyalty program which offers points to its users. Such loyalty points can be used to redeem a variety of gifts and services that the Group purchased from third-party providers. Users have a variety of ways to obtain the points, such as signing up an account, inviting friends, and comment on the insurance product, etc. The Group accounts for such points as selling expenses with a corresponding liability recorded under other payables and accrued expenses of consolidated balance sheets upon the offering of these points. The Group estimates liabilities under the loyalty program based on cost of the gifts and services that can be redeemed taking into account estimated breakage. At the time of redemption, the Group records a reduction of other payables and accrued expenses. </div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(z)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">General and Administrative Expenses </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses consist of payroll, rental, and related expenses for employees involved in general corporate functions, including finance, legal and human resources, as well as costs associated with use of facilities and equipment, such as depreciation expenses and other general corporate related expenses. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; 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letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Others, net </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Others, net, mainly consist of <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-operating</div> income and expenses, such as government subsidies.</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; 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font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the consolidated statement of comprehensive (loss) /income in the period of the enactment of the change. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i)&#160;future reversals of existing taxable temporary differences, (ii)&#160;future taxable income exclusive of reversing temporary differences and carry-forwards, (iii)&#160;future taxable income arising from implementing tax planning strategies, and (iv)&#160;specific known trend of profits expected to be reflected within the industry. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">more-likely-than-not</div> recognition threshold, the Group initially and subsequently measures the tax benefit as the largest amount that the Group judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Group&#8217;s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Group&#8217;s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Group classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense.</div><div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(cc)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net profit/(loss) per share </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Basic profit/(loss) per share is computed by dividing net profit/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period using the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">two-class</div> method. Under the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">two-class</div> method, net income is allocated between common shares and other participating securities based on their participating rights. Net profit/ (loss) is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the profit or loss. Diluted profit/(loss) per share is calculated by dividing net profit/(loss) attributable to common shareholders by the weighted average number of common and dilutive common equivalents shares outstanding during the period. Common equivalents shares consist of shares issuable upon the conversion of the redeemable preferred shares using the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">if-converted</div> method, and shares issuable upon the exercise of share options using the treasury stock method. Common equivalents shares are not included in the denominator of the diluted profit/(loss) per share calculation when inclusion of such shares would be anti-dilutive.</div> <div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(dd)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Segment reporting </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Group determines that their chief executive officer (&#8220;CEO&#8221;) is the chief operating decision-maker. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group manages its business as a single operating segment engaged in the provision of insurance brokerage services in the PRC. Substantially all of its revenues are derived in the PRC. 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According to ASC 606, revenue is recognized when control of the promised good or service is transferred to the clients, in an amount that reflects the consideration. The Group expects to be entitled to in exchange for those goods or services. The Group will enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns, and any taxes collected from clients, which are subsequently remitted to governmental authorities. The Group adopted ASC 606 using the full retrospective method for all periods presented.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In February 2016, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2016-02,</div> Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet. This ASU requires lessees to recognize a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">right-of-use</div></div> asset and lease liability for all leases with terms of more than 12 months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. The ASU does not significantly change the lessees&#8217; recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Lessors&#8217; accounting under the ASC is largely unchanged from the previous accounting standard. In addition, the ASU expands the disclosure requirements of lease arrangements. Lessees and lessors will use a modified retrospective transition approach, which includes a number of practical expedients. For public business entities, the provisions of this guidance are effective for annual periods beginning after December&#160;15, 2018, and interim periods within those years, with early adoption permitted. For all other entities, the provisions of this guidance are effective for annual periods beginning after December&#160;15, 2019, and interim periods within fiscal years beginning after December&#160;15, 2020. The Group will adopt the new standard effective for the year ending 31&#160;December, 2020<div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">, using modified retrospective approach.</div> Upon transition, the <div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Group plans</div> to apply the package of practical expedients permitted under Topic 842 transition guidance to the entire lease portfolio at 1&#160;January, 2020. As a result, the <div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;">Group</div>&#160;is not required to estimate (i)whether any expired or existing contracts are or contain leases, (ii)the classification of any expired or existing leases, (iii)initial direct costs for any existing leases and (iv)not to separate lease and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-lease</div> components. 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The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization&#8217;s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">available-for-sale</div></div> debt securities and purchased financial assets with credit deterioration. For public business entities that are U.S. SEC filers, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December&#160;15, 2019. For all other entities, the amendments are effective for fiscal years beginning after December&#160;15, 2020, and interim periods within fiscal years beginning after December&#160;15, 2021. The Group is in the process of evaluating the impact of adoption of this guidance on the Group&#8217;s consolidated financial statements.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;">In November 2016, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-18,</div> Statement of Cash Flows (Topic 230) (&#8220;ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-18&#8221;).</div> This ASU affects all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-18</div> requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update will become effective for fiscal years beginning after December&#160;15, 2018, and interim periods within fiscal years beginning after December&#160;15, 2019, and early adoption is permitted in any interim or annual period. The Group has early adopted the ASU for the periods presented.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In May 2017, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2017-09,</div> &#8220;Compensation&#8212;Stock compensation (Topic 718): Scope of modification accounting&#8221; to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2017-09</div> is effective prospectively for all companies for annual periods beginning on or after December&#160;15, 2017, and early adoption is permitted. The Group adopted this new standard effective on January&#160;1, 2018. 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The Group intends to adopt the ASU on the effective date of January&#160;1, 2021 and <div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">is currently </div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">assessing<div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;the </div></div>impact <div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">of adopting this standard on its consolidated financial statements.</div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In January 2020, the FASB issued<div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div>ASU <div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2020-1, &#8220;investments&#8212;equity securities (Topic 321)&#8221;. The amendments in this Update clarify the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. ASU 202o-01 is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with earlier adoption permitted. The Group intends to adopt the ASU on the effective date of January 1, 2022 and is currently assessing the impact of adopting this standard on its</div> consolidated financial statements.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(a)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Basis of presentation </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group&#8217;s consolidated financial statements for the years ended December&#160;31, 2017, 2018 and 2019 are prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results may differ from those estimates. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As an emerging growth company, the Company elects to use the extended transition period for complying with new or revised financial accounting standards. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(d)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of estimates </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Financial statements amounts that reflect significant accounting estimates and assumptions mainly include, but are not limited to, allowance for doubtful accounts (losses of accounts receivable, insurance premium receivables and other receivables), determination of uncertain tax positions, realizability of deferred tax assets, accounting for redeemable preferred shares, and valuation of share-based compensation arrangements. Actual results could materially differ from these estimates. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(g)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cash and cash equivalents </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents consist of cash on hand, bank deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash, and have insignificant risk of changes in value related to changes in interest rates. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(h)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Restricted cash </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In its capacity as an insurance broker, the Group collects &#8220;premiums&#8221; (unremitted insurance premiums) from certain insureds and remits the &#8220;premiums&#8221; to the appropriate insurance companies. Unremitted insurance premiums are held in custody until disbursed by the Group. The Group reports such amounts as restricted cash in the consolidated balance sheets. Unremitted insurance premiums were RMB&#160;121,151&#160;thousand and RMB 136,706&#160;thousand (US$ 19,637 thousand) as of December&#160;31, 2018 and 2019, respectively. Also, restricted cash balance includes guarantee deposits required by China Banking and Insurance Regulatory Commission (&#8220;CBIRC&#8221;) in order to protect insurance premium appropriation by insurance broker. The restricted cash balance related to this requirement was RMB 24,480&#160;thousand (US$3,566&#160;thousand as of December&#160;31, </div><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2018 and 2019)</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(i)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short Term Investments </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments mainly consist of investments placed with banks with original maturities between three months and one year and investments in money market funds. Interest earned is recorded as investment income in the consolidated statements of comprehensive (loss)/income during the years presented. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(j)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accounts Receivable </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accounts receivable are recorded at the invoiced amount and do not bear interest. Accounts receivable represent brokerage fees receivable from insurance companies. The allowance for doubtful accounts is the Group&#8217;s best estimate of the amount of probable credit losses in the Group&#8217;s existing accounts receivable balance. The Group assesses the collectability of accounts receivable by determining the allowance percentage for the overdue balances by age. The Group makes allowance for the overdue balances of continuing cooperating insurance companies over 6 months and for the overdue balances of discontinuing cooperating insurance companies over 3 months.</div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(m)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Property, Plant and Equipment, net </div></div></div></td></tr></table> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Property, plant and equipment are stated at cost. Depreciation and amortization are calculated using the straight line method over the following estimated useful lives, taking into account residual value, if any. 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Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation/amortization are removed from the accounts and any resulting gain or loss is recognized in consolidated statement of comprehensive (loss)/income. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(n)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Intangible assets, net </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Intangible assets represent domain name and purchased computer software. These intangible assets are amortized on a straight line basis over their estimated useful lives of the respective assets.<div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;The table below sets forth the estimated useful life and residual value:</div><div style="background-color: initial; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-spacing: 0px; margin-top: 6pt;;margin : 0px auto;;text-align:left;"><tr style="page-break-inside:avoid"><td style="padding: 0in 0in 0.7pt; font-size: 8pt; white-space: nowrap; width: 35%; vertical-align: bottom;"><div style="padding: 0in;"><div style="border: none; margin-bottom: 0.0001pt; line-height: normal; padding: 0in; margin-top: 0px; font-family: calibri, sans-serif; font-size: 8pt; background: none;"><div style="text-decoration:underline;display:inline;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Category</div></div></div></div></div></td><td style="padding: 0in 0in 0.7pt; font-size: 8pt; width: 1%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 8pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></div></td><td style="padding: 0in; font-size: 8pt; border-bottom: 1pt solid black; width: 32%; vertical-align: bottom;"><div style="margin-bottom: 1pt; text-align: center; line-height: normal; margin-top: 0px; font-family: calibri, sans-serif; font-size: 8pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Estimated useful life</div></div></div></td><td style="padding: 0in 0in 0.7pt; font-size: 8pt; width: 1%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 8pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></div></td><td style="padding: 0in; font-size: 8pt; border-bottom: 1pt solid black; width: 31%; vertical-align: bottom;"><div style="margin-bottom: 1pt; text-align: center; line-height: normal; margin-top: 0px; font-family: calibri, sans-serif; font-size: 8pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Residual value</div></div></div></td></tr><tr style="page-break-inside:avoid"><td style="padding: 0in; font-size: 10pt; width: 35%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; line-height: normal; margin-top: 0px; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Domain name</div></div></div></td><td style="padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></div></td><td style="padding: 0in; font-size: 10pt; width: 32%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; margin-top: 0px; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">10&#160;years</div></div></div></td><td style="padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; line-height: normal; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></div></td><td style="padding: 0in; font-size: 10pt; width: 31%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; margin-top: 0px; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">0%</div></div></div></td></tr><tr style="page-break-inside:avoid"><td style="padding: 0in; font-size: 10pt; width: 35%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; line-height: normal; margin-top: 0px; font-family: calibri, sans-serif; font-size: 10pt; background: none;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; 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max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(o)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Impairment of long-lived assets and intangible assets </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Long-lived assets including intangible assets with definite lives, are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Group measures the carrying amount of long-lived assets against the estimated undiscounted future cash flows associated with it. Impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. No impairment loss was recognized for the years ended December&#160;31, 2017, 2018 and 2019. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(p)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Long-term investments </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for long-term investments using either the equity method of accounting or at fair value depending upon whether the Group has the ability to exercise significant influence over investments. As part of this evaluation, the Group considers the participating and protective rights in the investments as well as its legal form. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses the equity method of accounting for the long-term investments when the Group has the ability to significantly influence the operations or financial activities of the investee. The Group records the equity method long-term investments at historical cost and subsequently adjusts the carrying amount at each period for share of the earnings or losses of the investee and other adjustments required by the equity method of accounting. Dividends received from the equity method investments are recorded as reductions in the cost of such investments. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">When the Group does not have significant influence and the equity method investments do not have readily determinable fair values, the Group elects to measure these investments at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identified or a similar investment of the same issuer. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Long-term investments are evaluated for impairment when facts or circumstances indicate that the fair value of the long-term investments is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (i)&#160;nature of the investment; (ii)&#160;cause and duration of the impairment; (iii)&#160;extent to which fair value is less than cost; (iv)&#160;financial condition and near term prospects of the investments; and (v)&#160;ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(q)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short-term and Long-term borrowings </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Short-term and Long-term borrowings represent our borrowings from commercial banks for our working capital. Short-term borrowings includes borrowings with maturity terms shorter than one year and the current portion of the long-term borrowings. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(r)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Insurance Premium Payables </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Insurance premium payables are insurance premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet dates, and insurance premiums due but not yet collected from the insured. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(s)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Share-based Compensation </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Employee share-based compensation </div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">All forms of share-based payments to employees, including employee stock options, employee stock purchase plans restricted shares and shares award, are treated the same as any other form of compensation by recognizing the related cost in the consolidated statements of comprehensive income in accordance with ASC 718, &#8220;Stock Compensation&#8221;. In accordance with the guidance, the Company determines whether a share option should be classified and accounted for as a liability award or an equity award. Compensation cost related to employee stock options or similar equity instruments is measured at the grant date based on the fair value of the award. The fair value of a liability-classified award will be <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">re-measured</div> to an updated fair value at each reporting period until the award is settled. The compensation cost is recognized over the requisite service period, which is usually the vesting period. If an award requires satisfaction of one or more performance or service conditions (or any combination thereof), compensation cost is recognized if the requisite service is rendered, and no compensation cost is recognized if the requisite service is not rendered. For liability-classified award, the Group will true up compensation cost each reporting period for changes in fair value <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">pro-rated</div> for the portion of the requisite service period rendered. The Group recognizes compensation cost for an award with both a service condition and a performance condition that has a graded vesting features using graded vesting method over the requisite service period for the entire award, provided that the amount of compensation cost recognized at any date must at least equal the portion of the grant-date value of the award that is vested at that date. If awards with market or performance conditions include graded vesting features, the graded vesting method should be used and the straight-line method should not be used. Additionally, if an award includes both a service condition and a market or performance condition, the graded vesting method should be used. No compensation cost is recognized for instruments that employees forfeit because a service condition or a performance condition is not satisfied.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Share-based compensation expenses of RMB 811&#160;thousand, RMB 967&#160;thousand and RMB 94,958&#160;thousand for the years ended December&#160;31, 2017, 2018 and 2019, respectively, were included in cost of revenue, selling expenses, general and administrative expenses and research and development expenses. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(u)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Redeemable Preferred Shares and Convertible Bond </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Accounting of Redeemable Preferred Shares </div></div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company classified the redeemable preferred shares as mezzanine equity in the consolidated balance sheets because they were redeemable at the holders&#8217; option any time after a certain date and were contingently redeemable upon the occurrence of certain events outside of the Company&#8217;s control. The redeemable preferred shares are recorded initially at fair value, net of issuance costs. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group determined that the redemption features do not require bifurcation as they either are clearly and closely related to the redeemable preferred shares or do not meet the definition of a derivative. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group has determined that there was no embedded beneficial conversion feature (&#8220;BCF&#8221;) attributable to the redeemable preferred shares. In making this determination, the Group compared the initial effective conversion prices of the redeemable preferred shares and the fair values of the Group&#8217;s common shares determined by the Group at the issuance dates. The initial effective conversion prices were greater than the fair values of the common shares to which the redeemable preferred shares are convertible into at the issuance dates. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Subsequently, the carrying amount is increased by periodic accretion, using the interest method, so that the carrying amount will equal to mandatory redemption amount the redemption date. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Accounting of convertible bond </div></div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company determined convertible bond, which were classified as liabilities, was initially measured at par under ASC 470 and subsequently stated at amortized cost plus accrued unpaid interest. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company has determined that there was a BCF as its conversion price is lower than the Company&#8217;s stock price at the commitment date. The BCF was recognized as a discount to the convertible bond and subsequently amortized as interest expenses using the effective interest method over the period from the issuance date to the maturity date </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(v)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Employee Benefit Plans </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As stipulated by the regulations of the PRC, the Group&#8217;s subsidiaries and VIE in the PRC participate in various defined contribution plans organized by municipal and provincial governments for its employees. The Group is required to make contributions to these plans at a percentage of the salaries, bonuses and certain allowances of the employees. Under these plans, certain pension, medical and other welfare benefits are provided to employees. The Group has no other material obligation for the payment of employee benefits associated with these plans other than the annual contributions described above. 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The services to be accounted for mainly include insurance brokerage and consulting services. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group has early adopted ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2014-09,</div> Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified ASC 606 on January&#160;1, 2017.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Step 3: Determine the transaction price </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 6pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:3%;">&#8226;</td><td style="font-family: &quot;times new roman&quot;;;vertical-align:top;;width:1%;">&#160;</td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Step 4: Allocate the transaction price to the performance obligations in the contract </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 6pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:3%;">&#8226;</td><td style="font-family: &quot;times new roman&quot;;;vertical-align:top;;width:1%;">&#160;</td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Insurance brokerage services </div></div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The primary source of revenues is commissions from insurance brokerage services, determined based on a percentage of premiums paid by insured. The brokerage fee rate, which is paid by the insurance companies, shall be based on the terms specified in the annual service contract with the insurance company for each product sold through the Group. The Group determines that the insurance company, or the insurer, is its customer in this agreement. Insurance brokerage services revenue is recognized when the signed insurance policy is in place and the premium is collected from the insured since the Company has fulfilled its performance obligation to sell an insurance policy on behalf of the insurance company. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group is also entitled to a performance bonus from insurance companies if the cumulative average monthly sales volume exceeds a predetermined level. Such bonus is determined at the end of each month and recognized as revenue. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Consulting service </div></div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">For cargo insurance products, in addition to the commission from brokerage service paid by the insurance companies, the Group also generates service fees from rendering consulting service to assist the insured to obtain such a cargo insurance policy. The Group determines that the insured is its customer in this consulting service arrangement. Upon successful purchase of cargo insurance products by the insured, the Group&#8217;s performance obligation related to consulting service to the insured has been fully fulfilled, as such, revenue for those services is recognized when the insurance product has been purchased. While the insurance premium is set by the respective insurance companies, the consulting service fee is determined by the Group based on a percentage of insurance premium. Of the total contract price received from the insured, the amount equal to the premium of the cargo insurance product as agreed with insurance company is recorded as insurance premium payable while the remaining is recorded as revenue for the consulting service. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Value added tax </div></div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">The Group is subject to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">value-added-tax</div> (&#8220;VAT&#8221;) on the revenues earned for services provided in the PRC. The applicable rate of value added tax is 6%. In the accompanying consolidated statements of comprehensive (loss) /income, such VAT is excluded from net revenues.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(x)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cost of revenue </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A large component of the Group&#8217;s cost of revenue is channel cost, which is service fee paid to user traffic channels for successful sales, including social media influencers, emerging media channels and financial institutions. These user traffic channels have influences over their followers and users, who are potential insurance policyholders. Determination of channel cost is based on the service fee rate multiplied by the insurance premium sold. Channel cost is recognized in the period it incurred. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(y)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Selling expenses </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group records its marketing campaign expenses and loyalty points as selling expenses. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Marketing campaign expenses consist primarily of advertising and marketing promotion expenses. Advertising and marketing expenses, amounting to approximately RMB 36,215&#160;thousand, RMB 21,606&#160;thousand and RMB 47,927&#160;thousand for the years ended December&#160;31, 2017, 2018 and 2019, respectively, are charged to the consolidated statements of comprehensive (loss)/income as incurred. Beside marketing campaign expenses, selling expenses consist of salaries and employment benefits for employees who work in brokerage service line, office rental, telecommunications and office supply expenses incurred in connection with sales activities. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group operates a loyalty program which offers points to its users. Such loyalty points can be used to redeem a variety of gifts and services that the Group purchased from third-party providers. Users have a variety of ways to obtain the points, such as signing up an account, inviting friends, and comment on the insurance product, etc. The Group accounts for such points as selling expenses with a corresponding liability recorded under other payables and accrued expenses of consolidated balance sheets upon the offering of these points. The Group estimates liabilities under the loyalty program based on cost of the gifts and services that can be redeemed taking into account estimated breakage. At the time of redemption, the Group records a reduction of other payables and accrued expenses. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(z)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">General and Administrative Expenses </div></div></div></td></tr></table><div style="clear: both; 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The Group have not been exposed to material risks due to changes in market interest rates as the borrowings held by the Group all bear interest at a fixed interest rate. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(ff)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Recent Accounting Pronouncements </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In May 2014, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2014-09,</div> &#8220;Revenue from Contracts with Clients (Topic 606) (&#8220;ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2014-09&#8221;)</div> and subsequently, the FASB issued several amendments which amend certain aspects of the guidance in ASC <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2014-09</div> (ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2014-09</div> and the related amendments are collectively referred to as &#8220;ASC 606&#8221;). According to ASC 606, revenue is recognized when control of the promised good or service is transferred to the clients, in an amount that reflects the consideration. The Group expects to be entitled to in exchange for those goods or services. The Group will enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns, and any taxes collected from clients, which are subsequently remitted to governmental authorities. The Group adopted ASC 606 using the full retrospective method for all periods presented.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In February 2016, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2016-02,</div> Leases (Topic 842), which requires lessees to recognize most leases on the balance sheet. This ASU requires lessees to recognize a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">right-of-use</div></div> asset and lease liability for all leases with terms of more than 12 months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. The ASU does not significantly change the lessees&#8217; recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Lessors&#8217; accounting under the ASC is largely unchanged from the previous accounting standard. In addition, the ASU expands the disclosure requirements of lease arrangements. Lessees and lessors will use a modified retrospective transition approach, which includes a number of practical expedients. For public business entities, the provisions of this guidance are effective for annual periods beginning after December&#160;15, 2018, and interim periods within those years, with early adoption permitted. For all other entities, the provisions of this guidance are effective for annual periods beginning after December&#160;15, 2019, and interim periods within fiscal years beginning after December&#160;15, 2020. The Group will adopt the new standard effective for the year ending 31&#160;December, 2020<div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">, using modified retrospective approach.</div> Upon transition, the <div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Group plans</div> to apply the package of practical expedients permitted under Topic 842 transition guidance to the entire lease portfolio at 1&#160;January, 2020. As a result, the <div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;">Group</div>&#160;is not required to estimate (i)whether any expired or existing contracts are or contain leases, (ii)the classification of any expired or existing leases, (iii)initial direct costs for any existing leases and (iv)not to separate lease and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-lease</div> components. As a result of adoption of ASC 842, The Group estimates approximately RMB 5,504&#160;thousand would be recognized as total <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">right-of</div> use assets and total lease liabilities, respectively in the consolidated balance sheets as of January&#160;1, 2020.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In June 2016, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-13,</div> Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization&#8217;s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">available-for-sale</div></div> debt securities and purchased financial assets with credit deterioration. For public business entities that are U.S. SEC filers, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December&#160;15, 2019. For all other entities, the amendments are effective for fiscal years beginning after December&#160;15, 2020, and interim periods within fiscal years beginning after December&#160;15, 2021. The Group is in the process of evaluating the impact of adoption of this guidance on the Group&#8217;s consolidated financial statements.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;">In November 2016, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-18,</div> Statement of Cash Flows (Topic 230) (&#8220;ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-18&#8221;).</div> This ASU affects all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-18</div> requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update will become effective for fiscal years beginning after December&#160;15, 2018, and interim periods within fiscal years beginning after December&#160;15, 2019, and early adoption is permitted in any interim or annual period. The Group has early adopted the ASU for the periods presented.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In May 2017, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2017-09,</div> &#8220;Compensation&#8212;Stock compensation (Topic 718): Scope of modification accounting&#8221; to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2017-09</div> is effective prospectively for all companies for annual periods beginning on or after December&#160;15, 2017, and early adoption is permitted. The Group adopted this new standard effective on January&#160;1, 2018. The adoption of ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2017-09</div> did not have a material impact on the Group&#8217;s consolidated financial statements.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In August 2018, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2018-13,</div> &#8216;&#8216;Fair Value Measurement (Topic 820)&#8217;&#8217;.This standard modifies disclosure requirements related to fair value measurement and is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December&#160;15, 2019. Early adoption is permitted. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. 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The amendments in this Update clarify the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. ASU 202o-01 is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with earlier adoption permitted. 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Redeemable preferred shares and convertible bond </div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In September 2014, the Group issued 204,022,000 Series A Redeemable Preferred Shares (&#8220;Series A Redeemable Preferred Shares&#8221;) for an aggregate purchase price of RMB 39,404,003. Also, the Group upgrade 87,935,500 shares into Series A Redeemable preferred shares when these shares were transferred from Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> shareholders to Series A shareholders.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In March 2016, the Group issued 185,512,580 Series B Redeemable Preferred Shares (&#8220;Series B Redeemable Preferred Shares&#8221;) for an aggregate purchase price of RMB 200,000&#160;thousand. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In July 2016, the Group issued 43,937,180 Series B+ Redeemable preferred shares (&#8220;Series B+ Redeemable Preferred Shares&#8221;) for an aggregate purchase price of RMB 62,500&#160;thousand. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In July 2018, the Company issued a convertible bond (&#8220;CB&#8221;) at an interest rate of 15% per year to certain third party investors for an aggregate principal amount of RMB 33,000&#160;thousand. According to the contract, the CB holders have the right at its sole discretion, to convert the bond into Redeemable Preferred Shares within 20 working days after 90 days from the issuance date (this 90 days is referred to as &#8220;CB interest period&#8221;) at a conversion price of RMB1.48 per share. The 20 <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">working-day</div> is a conversion period. If the CB holders decide not to convert, the Company shall repay the principal and interest of the CB that has not been converted into shares within 90 days (&#8220;repayment period&#8221;). If the Company can not repay the principal and interest in the repayment period, the 2018 CB holders have the right to convert the CB into Redeemable Preferred Shares of the Company at the price of RMB 0.74 per share during 30 working days after the repayment period. 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Income taxes </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cayman Islands </div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. 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If the PRC tax authorities subsequently determine that the Company and its subsidiary registered outside the PRC should be deemed resident enterprises, the Company and its subsidiary registered outside the PRC will be subject to the PRC income tax, at a rate of 25%.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered as a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-resident</div> enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company&#8217;s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. 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max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">The Group&#8217;s operating results are reported in the consolidated statements of comprehensive (loss)/income pursuant to FASB ASC Topic 220, &#8220;Comprehensive Income&#8221;. Comprehensive income consists of two components: net income and other comprehensive income (&#8220;OCI&#8221;). The Group&#8217;s OCI is comprised of gains and losses resulting from translating foreign currency financial statements of entities, of which functional currency is other than Renminbi (&#8220;RMB&#8221;) which is the reporting currency of the Group, net of related income taxes, where applicable. Such subsidiaries&#8217; assets and liabilities are translated into RMB at <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">period-end</div> exchange rates, and revenues and expenses are translated at average exchange rates prevailing during the period. Adjustments that result from translating amounts from a subsidiary&#8217;s functional currency to the RMB (as described above) are reported net of tax, where applicable, in accumulated OCI in the consolidated balance sheets.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 483310373 <table cellpadding="0" cellspacing="0" style="width: 100%; border-spacing: 0px;"><tr style="page-break-inside:avoid"><td style="width: 4%; padding: 0in; font-size: 10pt;;vertical-align:top;"><div style="margin: 0px 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; line-height: normal;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(f)</div></div></div></div></td><td style="padding: 0in; font-size: 10pt;;vertical-align:top;"><div style="margin: 0in 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; line-height: normal;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Convenience translation </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none; margin-top: 6pt; line-height: 12pt;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Translations of balances in the Group&#8217;s consolidated balance sheets, consolidated statements of comprehensive (loss) /income and consolidated statements of cash flows from RMB into US$ as of and for period ended December&#160;31, 2019 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.9618, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December&#160;31, 2019. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December&#160;31, 2019, or at any other rate. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; border-spacing: 0px; margin: 18pt auto 0in 0px;"><tr style="page-break-inside:avoid"><td style="width: 4%; padding: 0in; font-size: 10pt; vertical-align: top;"><div style="margin: 0px 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; line-height: normal; text-align: left;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(c)</div></div></div></div></td><td style="padding: 0in; font-size: 10pt; vertical-align: top;"><div style="margin: 0in 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; line-height: normal; text-align: left;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Non-controlling interests </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none; line-height: 12pt;">When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> 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.</div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">For the Company&#8217;s majority-owned subsidiaries and VIE, a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Company. Consolidated net profit/(loss) in the consolidated statements of comprehensive income includes the net (profit)/loss attributable to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests, and common shareholders and redeemable preferred shareholders where applicable. The cumulative results of operations attributable to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests are recorded as <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests in the Company&#8217;s consolidated balance sheets. Cash flows related to transactions with <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-controlling</div> interests are presented under financing activities in the consolidated statements of cash flows.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; border-spacing: 0px;"><tr style="page-break-inside:avoid"><td style="width: 4%; padding: 0in; font-size: 10pt;;vertical-align:top;"><div style="margin: 0in 0in 8pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; line-height: normal;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(l)</div></div></div></div></td><td style="padding: 0in; font-size: 10pt;;vertical-align:top;"><div style="margin: 0in 0in 0.0001pt; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; line-height: normal;"><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Fair value measurement </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Fair value is 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 </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument&#8217;s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The three levels of inputs that may be used to measure fair value include: </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level&#160;1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level&#160;2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level&#160;3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1)&#160;market approach; (2)&#160;income approach and (3)&#160;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. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recurring </div></div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group&#8217;s financial instruments are not measured at fair value in the Consolidated Balance Sheets, but for which the fair value is estimated for disclosure purpose. </div></div><div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As of December&#160;31, 2018 and 2019, the fair values of cash and cash equivalents, restricted cash, accounts receivable, insurance premium receivables, amounts due from related parties, other receivables, accounts payable, insurance premium payables and other payables approximated their <div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;">net </div>carrying values reported in the consolidated balance sheets due to the short term maturities of these instruments. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Long term borrowings are measured at amortized cost using discounted rates reflected time value of money. As the market interest rate is relatively stable during the reporting period, the carrying values of long term borrowings approximated their fair values reported in the consolidated balance sheets. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Non-recurring</div> </div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">The Group measures certain financial assets, including the investments under the cost method and equity method at fair value on a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-recurring</div> basis only if an impairment charge were to be recognized. The Group&#8217;s <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-financial</div> assets such as property, equipment and software, would be measured at fair value only if they were determined to be impaired.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 445272000 <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(b)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Basis of consolidation </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The consolidated financial statements include the financial statements of the Company, its subsidiaries and a consolidated VIE, including the VIE&#8217;s subsidiaries, for which the Company is the ultimate primary beneficiary. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A consolidated VIE is an entity in which the Company, or its subsidiaries, through contractual arrangements, has the power to direct the activities that most significantly impact the entity&#8217;s economic performance, bears the risks of and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or one of its subsidiaries is the primary beneficiary of the entity. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">All transactions and balances among the Company, its subsidiaries, the VIE and the VIE&#8217;s subsidiaries have been eliminated upon consolidation. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The following is a summary of the contractual agreements (collectively, &#8220;Contractual Agreements&#8221;) between the Company&#8217;s PRC subsidiary, Zhixuan and the VIE, Huiye Tianze. Through the Contractual Agreements, the VIE is effectively controlled by the Company. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Exclusive Business Cooperation Agreement</div></div>: Under the exclusive business cooperation agreement, Zhixuan has the exclusive right to provide Huiye Tianze and its subsidiaries with technical support, consulting services and other services. Reciprocally, Huiye Tianze and its subsidiaries shall not accept any technical support, consulting services and other services from any third parties. In exchange, Zhixuan is entitled to receive a service fee from Huiye Tianze on a monthly basis and in an amount equal to all of its net income. Zhixuan owns the intellectual property rights arising out of the performance of the exclusive business cooperation agreement. Unless otherwise agreed by the parties, this agreement will remain effective for a maximum term allowed under PRC law and may be extended from time to time by Zhixuan at its determination. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Exclusive Option Agreement</div></div>: Pursuant to the exclusive option agreement, Huiye Tianze and each of its subsidiaries have irrevocably granted Zhixuan an exclusive option to purchase, or have its designated person or persons to purchase, at its discretion at any time, to the extent permitted under PRC law, all or part of their assets and business in the applicable entities. As for the consideration, the purchase price should be equal to the minimum price as permitted by PRC law. </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to the exclusive option agreements, each shareholder of Huiye Tianze has irrevocably granted Zhixuan an exclusive option to purchase, or have its designated person or persons to purchase, at its discretion at any time, to the extent permitted under PRC law, all or part of their current and future shares in Huiye Tianze. As for the consideration, the purchase price should be equal to the minimum price as permitted by PRC law </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Share Pledge Agreements</div></div>: Concurrent with the exclusive option agreements and pursuant to the share pledge agreements, the shareholders of Huiye Tianze have pledged all of their equity interest in Huiye Tianze as a continuing first priority security interest, as applicable, to respectively guarantee the VIE&#8217;s performance of their obligations under the exclusive business cooperation agreement between Huiye Tianze and Zhixuan. If Huiye Tianze or any of its shareholders breach their contractual obligations under these agreements, Zhixuan, as pledgee, will be entitled to certain rights regarding the pledged equity interests. In the event of such breaches, Zhixuan&#8217;s rights include forcing the disposition or sale of all or part of the pledged equity interests of the applicable VIE and receiving proceeds from such auction or sale in accordance with PRC law. Each of the shareholders of Huiye Tianze agrees that, during the term of the applicable share pledge agreement, such shareholder will not dispose of the pledged equity interests or create or allow creation of any encumbrance on the pledged equity interests without the prior written consent of Zhixuan. Zhixuan is entitled to all dividends declared by Huiye Tianze. Each share pledge agreement will remain effective until the applicable VIE discharges all its obligations under the exclusive business cooperation agreement </div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="text-decoration:underline;display:inline;">Power of Attorney</div></div><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">: </div>Pursuant to each power of attorney, each shareholder of Huiye Tianze has irrevocably appointed Zhixuan to act as such shareholder&#8217;s exclusive <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">attorney-in-fact</div></div> to exercise all shareholder rights, including the right to attend and vote on shareholder&#8217;s meetings, appoint directors and executive officers and sell or dispose all or part of the equity interests owned by such shareholder in Huiye Tianze. 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max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Insurance premium receivables consist of insurance premiums to be collected from the insured, and are recorded at the invoiced amount and do not bear interest. The insurance premium received are included in net cash provided by operating activities in the consolidated statements of cash flows. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Intangible assets represent domain name and purchased computer software. 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max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 3831000 3831000 10000000 P12M <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">25. Subsequent events </div></div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company evaluated its subsequent events through April&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;">24</div>, 2020, the date on which these financial statements were </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">issu</div><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;">ed</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">.</div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, serif; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Since the outbreak of Coronavirus Disease 2019 (&#8220;COVID-19&#8221;) in January 2020, COVID-19 has spread rapidly to many parts of China and other parts of the world. This pandemic has resulted in quarantines, travel restrictions, and temporary closure of stores and facilities in China and elsewhere. Substantially all the Group&#8217;s revenue and workforce are concentrated in China. Consequently, the COVID-19 outbreak may adversely affect our business operations, financial conditions and operating results for 2020, including but not limited to causing negative impacts to the Group&#8217;s total revenues, slower collection of accounts receivables and additional allowance for doubtful accounts. The extent to which this outbreak may impact our results will depend on future developments, which are uncertain and cannot be estimated at this time.</div></div><div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">On April 15, 2020, The Company&#8217;s board of directors authorized a share repurchase program under which the Company may repurchase up to US$10 million of our outstanding American depositary shares over the next 12 months, subject to relevant rules under the Securities Exchange Act of 1934, as amended, and the Company&#8217;s insider trading policy. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> xbrli:shares xbrli:pure iso4217:CNY iso4217:USD iso4217:USD xbrli:shares iso4217:CNY xbrli:shares