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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

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

OR

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

For the fiscal year ended December 31, 2021.

OR

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

For the transition period from to

OR

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

Date of event requiring this shell company report

Commission file number: 001-38696

Niu Technologies

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

No.1 Building, No. 195 Huilongguan East Road,

Changping District, Beijing 102208

People’s Republic of China

(Address of principal executive offices)

Fion Wenjuan Zhou, Chief Financial Officer

Telephone: +8610-6432-1899

Email: ir@niu.com

No.1 Building, No. 195 Huilongguan East Road,

Changping District, Beijing 102208

People’s Republic of China

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

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

Title of each class

    

Trading
Symbol (s)

    

Name of each exchange on which registered

American depositary shares (one American depositary
share representing two Class A ordinary shares, par
value US$0.0001 per share)

Class A ordinary shares, par value US$0.0001 per
share
*

NIU

The Nasdaq Stock Market LLC

(The Nasdaq Global Market)

The Nasdaq Stock Market LLC

(The Nasdaq Global Market)

*   Not for trading, but only in connection with the listing on The Nasdaq Global Market of American depositary shares.

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

None

(Title of Class)

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

Table of Contents

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

137,138,810 Class A ordinary shares and 16,542,020 Class B ordinary shares, par value US$0.0001 per share, as of December 31, 2021.

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

Yes   No  

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

Yes   No 

Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

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

Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes   No 

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

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Emerging growth company

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

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))by the registered public accounting firm that prepared or issued its audit report. Yes No

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

U.S. GAAP 

International Financial Reporting Standards as issued

Other

by the International Accounting Standards Board

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

 Item 17  Item 18

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

Yes   No 

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

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes  No 

Table of Contents

TABLE OF CONTENTS

INTRODUCTION

1

FORWARD-LOOKING INFORMATION

1

PART I

2

Item 1.

Identity of Directors, Senior Management and Advisers

2

Item 2.

Offer Statistics and Expected Timetable

2

Item 3.

Key Information

2

Item 4.

Information on the Company

61

Item 4A.

Unresolved Staff Comments

88

Item 5.

Operating and Financial Review and Prospects

88

Item 6.

Directors, Senior Management and Employees

105

Item 7.

Major Shareholders and Related Party Transactions

115

Item 8.

Financial Information

116

Item 9.

The Offer and Listing

117

Item 10.

Additional Information

117

Item 11.

Quantitative and Qualitative Disclosures about Market Risk

128

Item 12.

Description of Securities Other than Equity Securities

129

PART II

131

Item 13.

Defaults, Dividend Arrearages and Delinquencies

131

Item 14.

Material Modifications to the Rights of Security Holders and Use of Proceeds

131

Item 15.

Controls and Procedures

131

Item 16A.

Audit Committee Financial Expert

133

Item 16B.

Code of Ethics

133

Item 16C.

Principal Accountant Fees and Services

133

Item 16D.

Exemptions from the Listing Standards for Audit Committees

133

Item 16E.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

134

Item 16F.

Change in Registrant’s Certifying Accountant

134

Item 16G.

Corporate Governance

134

Item 16H.

Mine Safety Disclosure

134

Item 16I.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

134

PART III

135

Item 17.

Financial Statements

135

Item 18.

Financial Statements

135

Item 19.

Exhibits

135

SIGNATURES

138

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INTRODUCTION

In this annual report, except where the context otherwise requires and for purposes of this annual report only:

“ADRs” are to the American depositary receipts that evidence the ADSs;
“ADSs” are to the American depositary shares, each of which represents two Class A ordinary shares;
“China” or the “PRC” are to the People’s Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan;
“Class A ordinary shares” are to our Class A ordinary shares, par value US$0.0001 per share;
“Class B ordinary shares” are to our Class B ordinary shares, par value US$0.0001 per share;
“NIU,” “we,” “us,” and “our” are to Niu Technologies, our Cayman Islands holding company, its subsidiaries, and, in the context of describing our operations and consolidated financial information, the VIE and the subsidiaries of the VIE;
“ordinary shares” are to our Class A and Class B ordinary shares, par value US$0.0001 per share;
“our company” is to Niu Technologies, our Cayman Islands holding company;
“the variable interest entity” and “the VIE” are to Beijing Niudian Technology Co., Ltd., or Beijing Niudian;
“our WFOE” are to Beijing Niudian Information Technology Co., Ltd., or Niudian Information;
“RMB” and “Renminbi” are to the legal currency of China; and
“US$,” “U.S. dollars,” “$,” and “dollars” are to the legal currency of the United States.

Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report were made at a rate of RMB6.3726 to US$1.00, the exchange rate on as of the end of December 2021 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, or at all.

FORWARD-LOOKING INFORMATION

This annual report on Form 20-F contains forward-looking statements that reflect our current expectations and views of future events. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to:

our mission, goals and strategies;
our future business development, financial conditions and results of operations;
the expected growth of smart electric two-wheeled vehicle industry;
our expectations regarding demand for and market acceptance of our products and services;
our expectations regarding our relationships with our users/customers, suppliers, strategic partners and other stakeholders;
competition in our industry; and
relevant government policies and regulations relating to our industry.

We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Item 3 Key Information— D. Risk Factors.” Those risks are not exhaustive. We operate in a rapidly evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.

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PART I

Item 1.Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2.Offer Statistics and Expected Timetable

Not applicable.

Item 3.Key Information

Our Holding Company Structure and Contractual Arrangements with the VIE

Niu Technologies is not a PRC operating company but a Cayman Islands holding company with operations primarily conducted through (i) our PRC subsidiaries and (ii) contractual arrangements with its consolidated affiliated entity based in China. PRC laws and regulations restrict and impose conditions on foreign direct investment in internet content, value-added telecommunication-based online marketing, audio and video services and mobile application distribution businesses. Accordingly, we operate these businesses in China through the VIE, and rely on contractual arrangements among our PRC subsidiaries, the VIE and its shareholders to control the business operations of the VIE. The VIE is consolidated for accounting purposes, but is not an entity in which our Cayman Islands holding company, or our investors, own equity. Revenues contributed by the VIE accounted for all of our total revenues for the year ended December 31, 2019, 2020 and 2021, respectively. As used in this annual report, “our company” refers to Niu Technologies, whereas “NIU,” “we,” “us,” and “our” refer to Niu Technologies, its subsidiaries, and, in the context of describing our operations and consolidated financial information, the VIE and its subsidiaries. Investors in our ADSs are not purchasing equity interest in the VIE in China, but instead are purchasing equity interest in a holding company incorporated in the Cayman Islands.

A series of contractual agreements, including power of attorney, second amended and restated equity pledge agreement, amended and restated exclusive business cooperation agreements, second amended and restated exclusive option agreements and spousal consent letters, have been entered into by and among our subsidiaries, the VIE and its shareholders. Terms contained in each set of contractual arrangements with the VIE and its shareholders are substantially similar. As a result of the contractual arrangements, we have effective control over and are considered the primary beneficiary of these companies, and we have consolidated financial results of these companies in our consolidated financial statements. For more details of these contractual arrangements, see “Item 4. Information on the Company—C. Organizational Structure—Contractual Arrangements with the VIE.”

However, the contractual arrangements may not be as effective as direct ownership in providing us with control over the VIE and we may incur substantial costs to enforce the terms of the arrangements. If the VIE or its shareholders fail to perform their respective obligations under the contractual arrangements, we could be limited in our ability to enforce the contractual arrangements that give us effective control over our consolidated affiliated entities, and these agreements have not been tested in China courts. Furthermore, if we are unable to maintain effective control, we would not be able to continue to consolidate the financial results of these entities in our financial statements. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure— We rely on contractual arrangements with the VIE and its shareholders for a large portion of our business operations, which may not be as effective as direct ownership in providing operational control.” and “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—The shareholders of the VIE may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.”

There are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding company with respect to its contractual arrangements with the VIE and its shareholders. It is uncertain whether any new PRC laws or regulations relating to variable interest entity structures will be adopted or if adopted, what they would provide. If we or any of the VIE is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—If the PRC government finds that the agreements that establish the structure for operating some of our operations in China do not comply with PRC regulations relating to the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we

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could be subject to severe penalties or be forced to relinquish our interests in those operations” and “—Uncertainties exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law of the PRC and how it may impact the viability of our current corporate structure, corporate governance and business operations.”

Our corporate structure is subject to risks associated with our contractual arrangements with the VIE. Our company and its investors may never have a direct ownership interest in the businesses that are conducted by the VIE. Uncertainties in the PRC legal system could limit our ability to enforce these contractual arrangements, and these contractual arrangements have not been tested in a court of law. If the PRC government finds that the agreements that establish the structure for operating our business in China do not comply with PRC laws and regulations, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we and the VIE could be subject to severe penalties or be forced to relinquish our interests in those operations. This would result in the VIE being deconsolidated. The majority of our assets, including the necessary licenses to conduct business in China, are held by the VIE. A significant part of our revenues are generated by the VIE. An event that results in the deconsolidation of the VIE would have a material effect on our operations and result in the value of the securities of our company diminish substantially or even become worthless. Our company, our PRC subsidiaries and the VIE, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIE and, consequently, significantly affect the financial performance of the VIE and our company as a whole. Our company may not be able to repay its indebtedness, and the ADSs of our company may decline in value or become worthless, if we are unable to assert our contractual control rights over the assets of our PRC subsidiaries and VIE that conduct all or substantially all of our operations. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure.”

Our company and the VIE face various legal and operational risks and uncertainties associated with being based in or having the majority of our operations in China and we are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on offshore offerings, the use of the VIE, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, as well as the lack of inspection by the Public Company Accounting Oversight Board, or the PCAOB, on our auditors, which may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States or other foreign exchange. In addition, since our auditor is headquartered in mainland China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is currently not inspected by the PCAOB. As a result, our ADSs may be delisted under the Holding Foreign Companies Accountable Act. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections deprives our investors with the benefits of such inspections. These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. For a detailed description of risks related to doing business in China, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China.”

Our company and the VIE face various risks and uncertainties related to doing business in China. For example, we face risks associated with regulatory approvals on offshore offerings, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy. We also face risks associated with the lack of inspection by the Public Company Accounting Oversight Board, or the PCAOB, on our auditors as discussed under “—The Holding Foreign Companies Accountable Act.” These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China.”

PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations, including data security or anti-monopoly related regulations, in this nature may cause the value of such securities to significantly decline. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The PRC government’s significant oversight over our business operation could result in a material adverse change in our operations and the value of our ADSs.”

Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ADSs. For more details, see “Item 3. Key Information—D. Risk Factors— Risks Related to Our Corporate Structure—Uncertainties exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law of the PRC and how it may impact the viability of our current corporate structure, corporate governance and business operations.”

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The Holding Foreign Companies Accountable Act

The Holding Foreign Companies Accountable Act, or the HFCAA was enacted on December 18, 2020. The HFCAA states that if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange. Since our auditor is located in China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is not currently inspected by the PCAOB, which may impact our ability to remain listed on a United States or other foreign exchange. The related risks and uncertainties could cause the value of our ADSs to significantly decline. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections” and “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Our ADSs may be prohibited from trading in the United States under the HFCAA in 2024 if the PCAOB is unable to inspect or fully investigate auditors located in China, or as early as 2023 if proposed changes to the law are enacted. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.”

Cash Flows through Our Organization

Niu Technologies is a holding company with no material operations of its own. We conduct our operations primarily through our PRC subsidiaries, the VIE and its subsidiaries in China. As a result, although other means are available for us to obtain financing at the holding company level, Niu Technologies’ ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries and license and service fees paid by the VIE. If any of our subsidiaries incurs debt on its own behalf, the instruments governing such debt may restrict its ability to pay dividends to Niu Technologies. In addition, each of our PRC subsidiaries and the VIE is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entities in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors. These reserves are not distributable as cash dividends. For more details, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Cash flows and working capital.”

We have established stringent controls and procedures for cash flows within our organization. Each transfer of cash between our Cayman Islands holding company and a subsidiary, the VIE or the subsidiaries of the VIE is subject to internal approval. The cash inflows of Niu Technologies were primarily generated from the proceeds received from Niu Technologies’ public offerings of ordinary shares, other financing activities and cash generated from our operating activities. For the years ended December 31, 2019, 2020 and 2021, Niu Technologies did not provide any capital contributions or loans to our PRC subsidiaries. For the years ended December 31, 2019, 2020 and 2021, the VIE did not receive loans provided by Niu Technologies. For the years ended December 31, 2019, 2020 and 2021, no assets other than cash were transferred between Niu Technologies and a subsidiary, the VIE or its subsidiary, no subsidiaries paid dividends or made other distributions to Niu Technologies, and no dividends or distributions were paid or made to U.S. investors.

For the years ended December 31, 2019, 2020 and 2021, our subsidiaries did not provide capital contributions to the VIE. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

Pursuant to the Amended and Restated Exclusive Business Cooperation Agreements between our WFOE and the VIE, the VIE agrees to pay our WFOE a monthly service fee at an amount that is equal to 100% of its net profits or an amount adjusted by our WFOE in its sole discretion for the relevant month, which should be paid within seven business days upon receipt of invoice from our WFOE. The VIE has paid RMB104.0 million, RMB143.5 million and RMB203.4 million (US$31.9 million) of service fee to our WFOE for the years ended December 31, 2019, 2020 and 2021, respectively. We plan to continue to determine the amount of service fee and payment method with the VIE and its shareholders through bona fide negotiation, and settle fees under the contractual arrangements accordingly in the future.

As a Cayman Islands holding company, we may receive dividends from our PRC subsidiaries. Under the Enterprise Income Tax Law of the PRC, or the EIT Law, and related regulations, dividends, interests, rent or royalties payable by a foreign-invested enterprise, such as our PRC subsidiaries, to any of its foreign non-resident enterprise investors, and proceeds from any such foreign enterprise investor’s disposition of assets (after deducting the net value of such assets) are subject to a 10% withholding tax, unless the foreign enterprise investor’s jurisdiction of incorporation has a tax treaty with China that provides for a reduced rate of withholding

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tax. Undistributed profits earned by foreign-invested enterprises prior to January 1, 2008 are exempted from any withholding tax. The Cayman Islands, where Niu Technologies, the direct parent company of our subsidiaries, is incorporated, does not have such a tax treaty with China. Hong Kong has a tax arrangement with China that provides for a 5% withholding tax on dividends subject to certain conditions and requirements, such as the requirement that the Hong Kong resident enterprise own at least 25% of the PRC enterprise distributing the dividend at all times within the 12-month period immediately preceding the distribution of dividends and be a “beneficial owner” of the dividends. For example, Niu Technologies Group Limited, which directly owns our PRC subsidiary, Niudian Information, is incorporated in Hong Kong. However, if Niu Technologies Group Limited is not considered to be the beneficial owner of the dividends paid to it by Niudian Information under the tax circulars promulgated in February and October 2009, such dividends would be subject to withholding tax at a rate of 10%. If our PRC subsidiaries declare and distribute profits to us, such payments will be subject to withholding tax, which will increase our tax liability and reduce the amount of cash available to our company. See “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business” for more details. If our holding company in the Cayman Islands or any of our subsidiaries outside of China were deemed to be a “resident enterprise” under the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%. See “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—If we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders or ADS holders.”

For purposes of illustration, the following discussion reflects the hypothetical taxes that might be required to be paid within China, assuming that: (i) we have taxable earnings, and (ii) we determine to pay dividends in the future.

    

Tax calculation (1)

 

Hypothetical pre-tax earnings(2)

 

100

%

Tax on earnings at statutory rate of 25%(3)

 

(25)

%

Net earnings available for distribution

 

75

%

Withholding tax at standard rate of 10%(4)

 

(7.5)

%

Net distribution to Parent/Shareholders

 

67.5

%

Notes:

(1)For purposes of this example, the tax calculation has been simplified. The hypothetical book pre-tax earnings amount, not considering timing differences, is assumed to equal taxable income in China.
(2)Under the terms of VIE agreements, our PRC subsidiaries may charge the VIE for services provided to VIE. These service fees shall be recognized as expenses of the VIE, with a corresponding amount as service income by our PRC subsidiaries and eliminate in consolidation. For income tax purposes, our PRC subsidiaries and VIE file income tax returns on a separate company basis. The service fees paid are recognized as a tax deduction by the VIE and as income by our PRC subsidiaries and are tax neutral.
(3)Certain of our subsidiaries and VIE qualifies for a 15% preferential income tax rate in China. However, such rate is subject to qualification, is temporary in nature, and may not be available in a future period when distributions are paid. For purposes of this hypothetical example, the table above reflects a maximum tax scenario under which the full statutory rate would be effective.
(4)The PRC Enterprise Income Tax Law imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise, or FIE, to its immediate holding company outside of China. A lower withholding income tax rate of 5% is applied if the FIE’s immediate holding company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement with China, subject to a qualification review at the time of the distribution. For purposes of this hypothetical example, the table above assumes a maximum tax scenario under which the full withholding tax would be applied.

The table above has been prepared under the assumption that all profits of the VIE will be distributed as fees to our PRC subsidiaries under tax neutral contractual arrangements. If, in the future, the accumulated earnings of the VIE exceed the service fees paid to our PRC subsidiaries (or if the current and contemplated fee structure between the intercompany entities is determined to be nonsubstantive and disallowed by Chinese tax authorities), the VIE could make a non-deductible transfer to our PRC subsidiaries for the amounts of the stranded cash in the VIE. This would result in such transfer being non-deductible expenses for the VIE but still taxable income for the PRC subsidiaries.

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Under PRC laws and regulations, we are subject to restrictions on foreign exchange and cross-border cash transfers, including to U.S. investors. Our ability to distribute earnings to the holding company and U.S. investors is also limited. We are a Cayman Islands holding company and we may rely on dividends and other distributions on equity paid by our PRC subsidiaries, which in turn relies on consulting and other fees paid to us by our consolidated affiliated entities, for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. When any of our PRC subsidiaries incurs debt on its own behalf, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

In addition, our PRC subsidiaries, the VIE and its subsidiaries generate their revenue primarily in Renminbi, which is not freely convertible into other currencies. As a result, any restriction on currency exchange may limit the ability of our PRC subsidiaries to pay dividends to us. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business” and “—PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of our offshore offerings to make loans to or make additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business.”

Permissions Required from the PRC Authorities for Our Operations

We conduct our business primarily through our subsidiaries and the VIE in China. Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries and the VIE have obtained the requisite licenses and permits from the PRC government authorities that are material for the business operations of our subsidiaries and the VIE in China, including, among others, CCC certification and ICP License. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry—We may be adversely affected by the complexity, uncertainties and changes in PRC regulation on internet-related businesses and companies.”

Furthermore, under current PRC laws, regulations and regulatory rules, we, our PRC subsidiaries and the VIE may be required to obtain permissions from the China Securities Regulatory Commission, or the CSRC, in connection with offering and listing in an overseas market, and may be required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC. As of the date of this annual report, we have not been subject to any cybersecurity review made by the CAC. If we fail to obtain the relevant approval or complete other filing procedures for any future offshore offering or listing, we may face sanctions by the CSRC or other PRC regulatory authorities, which may include fines and penalties on our operations in China, limitations on our operating privileges in China, restrictions on or prohibition of the payments or remittance of dividends by our subsidiaries in China, restrictions on or delays to our future financing transactions offshore, or other actions that could have a material and adverse effect on our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our ADSs. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The approval of the CSRC or other PRC government authorities may be required in connection with our offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval” and “—Our business is subject to complex and evolving Chinese and international laws and regulations regarding data privacy and cybersecurity. Failure to protect confidential information of our customers and network against security breaches could damage our reputation and brand and substantially harm our business and results of operations.”

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Selected Consolidated Financial Data

The following selected consolidated statements of comprehensive income (loss) data (other than data in U.S. dollars) and selected consolidated statements of cash flows data (other than data in U.S. dollars) for the years ended December 31, 2019, 2020 and 2021 and the selected consolidated balance sheets data (other than data in U.S. dollars) as of December 31, 2020 and 2021 have been derived from our audited consolidated financial statements, which are included in this annual report beginning on page F-1. Our selected consolidated statements of comprehensive income (loss) data and selected consolidated statements of cash flows data for the years ended December 31, 2017 and 2018 and selected consolidated balance sheets data as of December 31, 2017, 2018 and 2019 have been derived from our audited consolidated financial statements not included in this annual report, except for the effects of the retrospective adjustments on the presentation and classification of changes in restricted cash in our consolidated statements of cash flows due to the adoption of Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash (“ASU 2016-18”), on January 1, 2019. Our consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Despite the lack of legal majority ownership, our Cayman Island holding company is considered the primary beneficiary of our consolidated affiliated entities and consolidates our consolidated affiliated entities and their subsidiaries as required by Accounting Standards Codification topic 810, Consolidation. Accordingly, we treat our consolidated affiliated entities as our consolidated entities under U.S. GAAP and we consolidate the financial results of our consolidated affiliated entities in our consolidated financial statements in accordance with U.S. GAAP. Our historical results do not necessarily indicate results expected for any future periods. You should read this Selected Financial Data section together with our consolidated financial statements and the related notes in conjunction with “Item 5. Operating and Financial Review and Prospects” below.

For the Year Ended December 31,

2017

2018

2019

2020

2021

    

RMB

    

RMB

    

RMB

    

RMB

    

RMB

    

US$

(in thousands, except for share amounts and per share data)

Selected Consolidated Statements of Comprehensive Income (Loss) Data:

Revenues

769,368

1,477,781

 

2,076,289

 

2,444,329

 

3,704,537

 

581,323

Cost of revenues(1)

(714,670)

(1,279,156)

 

(1,589,738)

 

(1,885,180)

 

(2,891,758)

 

(453,780)

Gross profit

54,698

198,625

 

486,551

 

559,149

 

812,779

 

127,543

Operating expenses

  

 

  

 

  

 

 

Selling and marketing expenses(1)

(83,065)

(150,151)

 

(182,873)

 

(200,761)

 

(332,008)

 

(52,099)

Research and development expenses(1)

(39,493)

(91,812)

 

(67,187)

 

(105,335)

 

(135,218)

 

(21,219)

General and administrative expenses(1)

(74,799)

(272,464)

 

(79,616)

 

(104,860)

 

(141,799)

 

(22,251)

Total operating expenses

(197,357)

(514,427)

 

(329,676)

 

(410,956)

 

(609,025)

 

(95,569)

Government grants

833

1,396

 

29,834

 

22,441

 

48,727

 

7,646

Operating income (loss)

(141,826)

(314,406)

 

186,709

 

170,634

 

252,481

 

39,620

Change in fair value of a convertible loan

(43,006)

(34,500)

 

 

 

 

Interest expenses

 

(3,154)

(7,722)

 

(11,397)

 

(7,381)

 

(6,168)

 

(968)

Interest income

 

1,007

2,999

 

16,899

 

8,787

 

5,376

 

844

Investment income

 

2,316

4,602

 

6,088

 

17,698

 

21,168

 

3,321

Income (loss) before income taxes

 

(184,663)

(349,027)

 

198,299

 

189,738

 

272,857

 

42,817

Income tax expense

 

 

(8,214)

 

(21,086)

 

(47,037)

 

(7,381)

Net income (loss)

 

(184,663)

(349,027)

 

190,085

 

168,652

 

225,820

 

35,436

Net income (loss) per ordinary share

 

  

 

  

 

  

 

 

— Basic

 

(7.02)

(5.30)

 

1.28

 

1.12

 

1.47

 

0.23

— Diluted

 

(7.02)

(5.30)

 

1.24

 

1.07

 

1.41

 

0.22

Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income (loss) per ordinary share

 

  

 

  

 

  

 

 

— Basic

 

26,295,181

65,834,876

 

149,025,166

 

150,897,412

 

153,672,358

 

153,672,358

— Diluted

 

26,295,181

65,834,876

 

153,248,188

 

157,835,868

 

160,460,976

 

160,460,976

(1)Share-based compensation expenses are allocated in cost of revenues and operating expenses items as follows:

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Table of Contents

For the Year Ended December 31,

2017

2018

2019

2020

2021

    

RMB

    

RMB

    

RMB

    

RMB

    

RMB

    

US$

(in thousands)

Cost of revenues

 

253

247

 

292

 

644

 

847

 

133

Selling and marketing expenses

 

1,611

2,125

 

4,657

 

9,945

 

13,293

 

2,086

Research and development expenses

 

13,879

52,864

 

4,207

 

10,918

 

17,061

 

2,677

General and administrative expenses

 

46,784

210,639

 

10,466

 

18,102

 

16,017

 

2,514

Total

 

62,527

265,875

 

19,622

 

39,609

 

47,218

 

7,410

The following table presents our selected consolidated balance sheets data as of December 31, 2017, 2018, 2019, 2020 and 2021:

As of December 31,

2017

2018

2019

2020

2021

    

RMB

    

RMB

    

RMB

    

RMB

    

RMB

    

US$

(in thousands)

Selected Consolidated Balance Sheets Data:

Cash and cash equivalents

 

111,996

569,060

 

279,946

 

227,004

 

208,374

 

32,698

Term deposit

27,453

 

174,405

 

130,498

 

131,575

 

20,647

Restricted cash

85,188

120,241

 

310,439

 

168,469

 

223,971

 

35,146

Short-term investments

169,889

179,263

 

221,656

 

745,609

 

773,678

 

121,407

Accounts receivable, net

10,382

54,425

 

115,229

 

101,320

 

268,557

 

42,142

Inventories

88,226

142,382

 

178,633

 

142,166

 

269,637

 

42,312

Total assets

503,632

1,185,252

 

1,510,840

 

1,846,809

 

2,441,213

 

383,080

Short-term bank borrowings

168,234

179,978

 

217,394

 

180,000

 

180,000

 

28,246

Convertible loan

151,558

 

 

 

 

Accounts payable

124,938

249,666

 

258,988

 

395,826

 

538,930

 

84,570

Total liabilities

591,023

614,845

 

719,310

 

853,435

 

1,176,659

 

184,644

Total mezzanine equity

237,845

 

 

 

 

Total shareholders’ equity (deficit)

(325,236)

570,407

 

791,530

 

993,374

 

1,264,554

 

198,436

8

Table of Contents

The following table presents our selected consolidated cash flow data for the years ended December 31, 2017, 2018, 2019, 2020 and 2021:

For the Year Ended December 31,

2017

2018

2019

2020

2021

    

RMB

    

RMB

    

RMB

    

RMB

    

RMB

    

US$

 

(in thousands)

Selected Consolidated Statements of Cash Flows Data:

  

 

  

 

  

 

  

 

  

Net cash provided by operating activities(1)

80,063

8,569

 

178,680

 

465,599

 

334,175

 

52,439

Net cash used in investing activities

(55,929)

(103,590)

 

(467,889)

 

(535,232)

 

(295,059)

 

(46,301)

Net cash provided by (used in) financing activities(1)

68,703

555,383

 

35,282

 

(13,164)

 

6,246

 

980

Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash

(13,065)

6,076

 

7,206

 

(23,332)

 

(8,490)

 

(1,332)

Net increase (decrease) in cash, cash equivalents and restricted cash

79,772

466,438

 

(246,721)

 

(106,129)

 

36,872

 

5,786

Cash, cash equivalents and restricted cash at the beginning of the year

202,113

281,885

 

748,323

 

501,602

 

395,473

 

62,058

Cash, cash equivalents and restricted cash at the end of the year

281,885

748,323

 

501,602

 

395,473

 

432,345

 

67,844

(1)We adopted Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash on January 1, 2019. As a result of adopting this new accounting update, we retrospectively adjusted the consolidated statements of cash flows for the years ended December 31, 2017 and 2018 to include restricted cash in cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The impact of our retrospective reclassification on cash flows from operating activities for the years ended December 31, 2017 and 2018 was nil and an increase of RMB0.8 million, respectively. The impact of our retrospective reclassification on cash flows from financing activities for the years ended December 31, 2017 and 2018 was an increase of RMB66.3 million and nil, respectively.

Financial Information Related to Our Subsidiaries and the VIE

The following table presents the condensed consolidating schedule of results of operations for our subsidiaries and the VIE for the periods presented.

9

Table of Contents

Selected Condensed Consolidated Statements of Income Information

    

For the Year Ended December 31, 2021

Niu 

Other 

VIE and its 

Consolidated 

Technologies

Subsidiaries

WFOE

Subsidiaries

Eliminations

Total

RMB

(In thousands)

Revenues (4)

 

44,397

 

192,901

 

3,768,134

 

(300,895)

 

3,704,537

Cost of revenues (4)

 

(37,772)

 

(69,322)

 

(2,879,594)

 

94,930

 

(2,891,758)

Gross profit

 

6,625

 

123,579

 

888,540

 

(205,965)

 

812,779

Selling and marketing expenses (4)

 

(11,035)

 

(44,394)

 

(358,394)

 

81,815

 

(332,008)

Research and development expenses (4)

 

 

(23,920)

 

(200,603)

 

89,305

 

(135,218)

General and administrative expenses (4)

(11,442)

 

(2,688)

 

(24,605)

 

(137,474)

 

34,410

 

(141,799)

Total operating expenses

(11,442)

 

(13,723)

 

(92,919)

 

(696,471)

 

205,530

 

(609,025)

Government grants

 

 

 

48,727

 

 

48,727

Share of income from subsidiaries, consolidated VIE and VIE's subsidiaries (3)

235,265

 

 

 

 

(235,265)

 

Interest expenses

 

 

 

(6,168)

 

 

(6,168)

Interest income

1,998

 

52

 

2

 

3,324

 

 

5,376

Investment income

 

1,233

 

 

19,935

 

 

21,168

Income (losses) before income taxes

225,821

 

(5,813)

 

30,662

 

257,887

 

(235,700)

 

272,857

Income tax expense

 

(410)

 

(2,588)

 

(44,039)

 

 

(47,037)

Net income (losses)

225,821

 

(6,223)

 

28,074

 

213,848

 

(235,700)

 

225,820

    

For the Year Ended December 31, 2020

Niu 

Other 

VIE and its

Consolidated

Technologies

Subsidiaries

WFOE

 Subsidiaries

Eliminations

 Total

RMB

(In thousands)

Revenues (4)

 

 

12,232

 

134,684

 

2,500,024

 

(202,611)

 

2,444,329

Cost of revenues (4)

 

 

(9,436)

 

(55,084)

 

(1,877,070)

 

56,410

 

(1,885,180)

Gross profit

 

 

2,796

 

79,600

 

622,954

 

(146,201)

 

559,149

Selling and marketing expenses (4)

 

 

(9,982)

 

(40,804)

 

(210,861)

 

60,886

 

(200,761)

Research and development expenses (4)

 

 

 

(14,897)

 

(173,465)

 

83,027

 

(105,335)

General and administrative expenses (4)

 

(7,308)

 

(3,124)

 

(20,804)

 

(75,581)

 

1,957

 

(104,860)

Total operating expenses

 

(7,308)

 

(13,106)

 

(76,505)

 

(459,907)

 

145,870

 

(410,956)

Government grants

 

 

 

 

22,441

 

 

22,441

Share of income from subsidiaries, consolidated VIE and VIE's subsidiaries (3)

 

47,711

 

 

 

 

(47,711)

 

Interest expenses

 

 

 

 

(7,381)

 

 

(7,381)

Interest income

 

5,951

 

1,750

 

438

 

648

 

 

8,787

Investment income

 

 

296

 

201

 

17,201

 

 

17,698

Income (losses) before income taxes

 

46,354

 

(8,264)

 

3,734

 

195,956

 

(48,042)

 

189,738

Income tax expense

 

 

(199)

 

 

(20,887)

 

 

(21,086)

Net income (losses)

 

46,354

 

(8,463)

 

3,734

 

175,069

 

(48,042)

 

168,652

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Table of Contents

    

For the Year Ended December 31, 2019

Niu 

Other 

VIE and its 

Consolidated 

Technologies

Subsidiaries

WFOE

Subsidiaries

Eliminations

Total

RMB

(In thousands)

Revenues (4)

 

 

6,940

 

97,395

 

2,115,502

 

(143,548)

 

2,076,289

Cost of revenues (4)

 

 

(3,230)

 

(39,351)

 

(1,586,670)

 

39,513

 

(1,589,738)

Gross profit

 

 

3,710

 

58,044

 

528,832

 

(104,035)

 

486,551

Selling and marketing expenses (4)

 

 

(6,046)

 

(38,426)

 

(191,303)

 

52,902

 

(182,873)

Research and development expenses (4)

 

 

 

(12,594)

 

(105,762)

 

51,169

 

(67,187)

General and administrative expenses

 

(3,811)

 

(5,333)

 

(22,994)

 

(47,478)

 

 

(79,616)

Total operating expenses

 

(3,811)

 

(11,379)

 

(74,014)

 

(344,543)

 

104,071

 

(329,676)

Government grants

 

 

 

5,000

 

24,834

 

 

29,834

Share of income from subsidiaries, consolidated VIE and VIE's subsidiaries (3)

 

174,142

 

 

 

 

(174,142)

 

Interest expenses

 

 

 

 

(11,397)

 

 

(11,397)

Interest income

 

 

3,645

 

1,930

 

879

 

 

16,899

Investment income

 

 

 

6

 

6,082

 

 

6,088

Income (losses) before income taxes

 

180,776

 

(4,024)

 

(9,034)

 

204,687

 

(174,106)

 

198,299

Income tax expense

 

 

 

 

(8,214)

 

 

(8,214)

Net income (losses)

 

180,776

 

(4,024)

 

(9,034)

 

196,473

 

(174,106)

 

190,085

The following table presents the condensed consolidating schedule of financial position for our subsidiaries and the VIE as of the dates presented.

11

Table of Contents

Selected Condensed Consolidated Balance Sheets Information

    

As of December 31, 2021

Niu 

Other

VIE and its 

Consolidated

Technologies

Subsidiaries

WFOE

Subsidiaries

Eliminations

 Total

RMB

(In thousands)

Cash and cash equivalents

 

107,769

 

17,954

187

82,464

208,374

Term depositcurrent

 

95,636

 

95,636

Restricted cash

 

176,141

 

47,830

223,971

Short-term investments

 

 

30,229

743,449

773,678

Accounts receivable, net

 

 

885

267,672

268,557

Inventories (1)

 

 

4,366

266,292

(1,021)

269,637

Amounts due from inter-companies (2)

 

 

29,726

455,990

23,235

(508,951)

Prepayments and other current assets

 

8,394

 

5,113

3,840

38,715

56,062

Total current assets

 

387,940

 

88,273

460,017

1,469,657

(509,972)

1,895,915

Term depositsnon-current

 

15,939

 

20,000

35,939

Property and equipment, net

 

 

80

3,022

394,114

397,216

Intangible assets, net

 

 

2,072

63

1,533

3,668

Operating lease right-of-use assets

 

 

94,201

94,201

Investment in and amount due from subsidiaries, consolidated VIE and VIE's subsidiaries (2)(3)

 

865,698

 

219,317

(1,085,015)

Deferred income tax assetsnon-current

 

 

11,907

11,907

Other non-current assets

 

 

2,367

2,367

Total non-current assets

 

881,637

 

221,469

3,085

524,122

(1,085,015)

545,298

Total assets

 

1,269,577

 

309,742

463,102

1,993,779

(1,594,987)

2,441,213

 

 

Short-term bank borrowings

 

 

180,000

180,000

Notes payable

143,623

143,623

Accounts payable

 

 

15,633

523,297

538,930

Income taxes payable

 

 

295

2,588

14,719

17,602

Advances from customers

 

 

2,241

15,026

17,267

Deferred revenuecurrent

 

 

32,758

32,758

Amounts due to inter-companies (2)

 

4,262

 

7,431

11,541

485,717

(508,951)

Accrued expenses and other current liabilities

 

761

 

4,041

12,117

181,985

198,904

Total current liabilities

 

5,023

 

29,641

26,246

1,577,125

(508,951)

1,129,084

 

 

Deferred revenuenon-current

 

 

10,694

10,694

Deferred income tax liabilities

1,992

1,992

Operating lease liabilities

 

 

13,922

13,922

Other non-current liabilities

 

 

20,967

20,967

Amounts due to inter-companies (2)

 

 

114,296

(114,296)

Total non-current liabilities

 

 

114,296

47,575

(114,296)

47,575

Total liabilities

 

5,023

 

143,937

26,246

1,624,700

(623,247)

1,176,659

 

 

Total shareholders’ equity

 

1,264,554

 

165,805

436,856

369,079

(971,740)

1,264,554

Total liabilities and shareholders’ equity

1,269,577

309,742

463,102

1,993,779

(1,594,987)

2,441,213

12

Table of Contents

    

As of December 31, 2020

Niu 

Other

VIE and its 

Consolidated 

Technologies

Subsidiaries

WFOE

Subsidiaries

Eliminations

Total

RMB

(In thousands)

Cash and cash equivalents

 

73,330

47,314

510

105,850

227,004

Term depositcurrent

 

130,498

130,498

Restricted cash

 

168,469

168,469

Short-term investments

 

49,013

696,596

745,609

Accounts receivable, net

 

101,320

101,320

Inventories (1)

 

2,270

140,603

(707)

142,166

Amounts due from inter-companies (2)

 

1,085

419,562

12,329

(432,976)

Prepayments and other current assets

 

7,477

2,193

329

22,833

32,832

Total current assets

 

379,774

101,875

420,401

1,079,531

(433,683)

1,547,898

Property and equipment, net

 

5

3,232

195,808

199,045

Intangible assets, net

 

3,781

78

1,748

5,607

Land use rights, net

 

48,835

48,835

Investment in and amount due from subsidiaries, consolidated VIE and VIE's subsidiaries (2)(3)

 

617,897

219,317

(837,214)

Deferred income tax assetsnon-current

 

14,593

14,593

Other non-current assets

 

30,831

30,831

Total non-current assets

 

617,897

223,103

3,310

291,815

(837,214)

298,911

Total assets

 

997,671

324,978

423,711

1,371,346

(1,270,897)

1,846,809

 

Short-term bank borrowings

 

180,000

180,000

Accounts payable

 

395,826

395,826

Income taxes payable

200

14,355

14,555

Advances from customers

 

1,244

38,818

40,062

Deferred revenuecurrent

 

21,156

21,156

Amounts due to inter-companies (2)

 

4,262

1,467

6,600

420,647

(432,976)

Accrued expenses and other current liabilities

 

35

2,699

8,392

160,532

171,658

Total current liabilities

 

4,297

5,610

14,992

1,231,334

(432,976)

823,257

 

Deferred revenuenon-current

 

4,177

4,177

Deferred income tax liabilities

 

1,109

1,109

Other non-current liabilities

 

24,892

24,892

Amounts due to inter-companies (2)

101,760

(101,760)

Total non-current liabilities

 

101,760

30,178

(101,760)

30,178

Total liabilities

 

4,297

107,370

14,992

1,261,512

(534,736)

853,435

 

Total shareholders’ equity

 

993,374

217,608

408,719

109,834

(736,161)

993,374

Total liabilities and shareholders’ equity

 

997,671

324,978

423,711

1,371,346

(1,270,897)

1,846,809

The following table presents condensed consolidating schedule of cash flow data for our subsidiaries and the VIE for the years ended presented.

13

Table of Contents

Selected Condensed Consolidated Cash Flows Information

    

For the Year Ended December 31, 2021

Niu 

Other

VIE and its 

Consolidated 

Technologies

Subsidiaries

WFOE

Subsidiaries

Eliminations

Total

RMB

(In thousands)