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Cover Page - shares	12 Months Ended
Cover Page - shares	Dec. 31, 2019	Mar. 31, 2020
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	LIZHI INC.
Entity Central Index Key	0001783407
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		914,661,090
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Interactive Data Current	Yes
Entity Address, Country	CN
American Depositary Shares [Member]
Document Information [Line Items]
Title of 12(b) Security	American depositary shares, each ADS represents 20 Class A ordinary shares, par value US$0.0001 per share
Trading Symbol	LIZI
Security Exchange Name	NASDAQ
Ordinary Shares A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 82,709	$ 11,880	¥ 205,604
Accounts receivable, net	2,979	428	6,485
Prepayments and other current assets	18,774	2,697	5,924
Total current assets	104,462	15,005	218,013
Non-current assets:
Property, equipment and leasehold improvement, net	32,387	4,652	17,195
Intangible assets, net	1,701	244	1,451
Other non-current assets	2,133	306
Total non-current assets	36,221	5,202	18,646
TOTAL ASSETS	140,683	20,207	236,659
Current liabilities:
Accounts payable (including accounts payable of the consolidated variable interest entities ("VIEs") without recourse to the primary beneficiary of RMB76.7 million and RMB72.2 million as of December 31, 2018 and 2019, respectively)	72,299	10,385	76,715
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to the primary beneficiary of RMB10.7 million and RMB14.4 million as of December 31, 2018 and 2019, respectively)	14,530	2,087	10,668
Salary and welfare payable (including salary and welfare payable of the consolidated VIEs without recourse to the primary beneficiary of RMB38.3 million and RMB66.8 million as of December 31, 2018 and 2019, respectively)	68,935	9,902	39,521
Other tax payable (including other tax payable of the consolidated VIEs without recourse to the primary beneficiary of RMB4.9 million and RMB2.6 million as of December 31, 2018 and 2019, respectively)	2,631	377	4,884
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB23.9 million and RMB32.1 million as of December 31, 2018 and 2019, respectively)	33,729	4,845	24,026
Total current liabilities	192,124	27,596	155,814
TOTAL LIABILITIES	192,124	27,596	155,814
Commitments and contingencies (Note 16)
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY:	1,946,990	279,668	1,006,804
SHAREHOLDERS' DEFICIT:
Ordinary shares (US$0.0001 par value, 930,963,910 shares authorized as of December 31, 2018 and, 2019, respectively, 260,000,000 issued and outstanding as of December 31, 2018 and 285,428,430 shares issued and 260,000,000 shares outstanding as of December 31, 2019, respectively)	189	27	171
Treasury stock	(18)	(3)
Accumulated deficit	(2,003,031)	(287,717)	(929,888)
Accumulated other comprehensive income	4,429	636	3,758
TOTAL SHAREHOLDERS' DEFICIT:	(1,998,431)	(287,057)	(925,959)
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT	140,683	20,207	236,659
Series A Convertible Redeemable Preferred Shares [Member]
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY:	344,876	49,538	164,733
Series B Convertible Redeemable Preferred Shares [Member]
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY:	400,476	57,525	195,422
Series C Convertible Redeemable Preferred Shares [Member]
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY:	485,302	69,709	249,150
Series C1 Convertible Redeemable Preferred Shares [Member]
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY:	117,973	16,946	60,433
Series C1 Plus Convertible Redeemable Preferred Shares [Member]
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY:	92,966	13,354	49,539
Series D Convertible Redeemable Preferred Shares [Member]
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY:	438,439	62,978	250,098
Series D1 Convertible Redeemable Preferred Shares [Member]
MEZZANINE EQUITY:
TOTAL MEZZANINE EQUITY:	¥ 66,958	$ 9,618	¥ 37,429

Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares
Accounts payable	¥ 72,299	$ 10,385	¥ 76,715
Deferred revenue	14,530	2,087	10,668
Salary and welfare payable	68,935	9,902	39,521
Other tax payable	2,631	377	4,884
Accrued expenses and other current liabilities	¥ 33,729	$ 4,845	¥ 24,026
Convertible Redeemable Preferred Shares,Shares Outstanding	569,036,090	569,036,090	569,036,090
Common Stock [Member]
Ordinary shares, par value \| $ / shares		$ 0.0001
Ordinary shares, shares authorized	930,963,910	930,963,910	930,963,910
Ordinary shares, shares issued	285,428,430	285,428,430	260,000,000
Ordinary shares, shares outstanding	260,000,000	260,000,000	260,000,000
Series A Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares		$ 0.0001
Convertible Redeemable Preferred Share Authorized	100,000,000	100,000,000	100,000,000
Convertible Redeemable Preferred Share Issued	100,000,000	100,000,000	100,000,000
Convertible Redeemable Preferred Shares,Shares Outstanding	100,000,000	100,000,000	100,000,000
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares	¥ 3.31		¥ 1.32
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares	¥ 2.93		¥ 1.36
Series B Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares		$ 0.0001
Convertible Redeemable Preferred Share Authorized	116,666,650	116,666,650	116,666,650
Convertible Redeemable Preferred Share Issued	116,666,650	116,666,650	116,666,650
Convertible Redeemable Preferred Shares,Shares Outstanding	116,666,650	116,666,650	116,666,650
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares	¥ 3.33		¥ 1.63
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares	¥ 3.09		¥ 1.50
Series C Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares		$ 0.0001
Convertible Redeemable Preferred Share Authorized	142,583,330	142,583,330	142,583,330
Convertible Redeemable Preferred Share Issued	142,583,330	142,583,330	142,583,330
Convertible Redeemable Preferred Shares,Shares Outstanding	142,583,330	142,583,330	142,583,330
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares	¥ 3.42		¥ 1.95
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares	¥ 3.58		¥ 1.94
Series C1 Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares		$ 0.0001
Convertible Redeemable Preferred Share Authorized	34,697,360	34,697,360	34,697,360
Convertible Redeemable Preferred Share Issued	34,697,360	34,697,360	34,697,360
Convertible Redeemable Preferred Shares,Shares Outstanding	34,697,360	34,697,360	34,697,360
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares	¥ 3.42		¥ 1.93
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares	¥ 3.58		¥ 1.94
Series C1 Plus Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares		$ 0.0001
Convertible Redeemable Preferred Share Authorized	26,912,090	26,912,090	26,912,090
Convertible Redeemable Preferred Share Issued	26,912,090	26,912,090	26,912,090
Convertible Redeemable Preferred Shares,Shares Outstanding	26,912,090	26,912,090	26,912,090
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares	¥ 3.40		¥ 1.90
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares	¥ 4.03		¥ 2.34
Series D Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares		$ 0.0001
Convertible Redeemable Preferred Share Authorized	128,152,790	128,152,790	128,152,790
Convertible Redeemable Preferred Share Issued	128,152,790	128,152,790	128,152,790
Convertible Redeemable Preferred Shares,Shares Outstanding	128,152,790	128,152,790	128,152,790
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares	¥ 3.52		¥ 2.49
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares	¥ 4.48		¥ 2.79
Series D1 Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares		$ 0.0001
Convertible Redeemable Preferred Share Authorized	20,023,870	20,023,870	20,023,870
Convertible Redeemable Preferred Share Issued	20,023,870	20,023,870	20,023,870
Convertible Redeemable Preferred Shares,Shares Outstanding	20,023,870	20,023,870	20,023,870
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares	¥ 3.51		¥ 2.46
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares	¥ 4.48		¥ 2.79
Variable Interest Entity Primary Beneficiary [Member]
Accounts payable \| ¥	¥ 72,164		¥ 76,715
Deferred revenue \| ¥	14,381		10,668
Salary and welfare payable	66,810		38,303
Accrued expenses and other current liabilities \| ¥	32,108		23,895
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member]
Salary and welfare payable	66,800		38,300
Other tax payable \| ¥	¥ 2,600		¥ 4,900

Consolidated Statements of Operations and Comprehensive Loss ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2017 CNY (¥) ¥ / shares shares
Net revenues	¥ 1,180,597	$ 169,582	¥ 798,561	¥ 453,529
Cost of revenues	(910,155)	(130,736)	(565,634)	(330,822)
Gross profit	270,442	38,846	232,927	122,707
Operating expenses:
Selling and marketing expenses	(208,550)	(29,956)	(135,014)	(206,795)
General and administrative expenses	(45,714)	(6,566)	(26,702)	(22,645)
Research and development expenses	(158,015)	(22,697)	(83,209)	(43,189)
Total operating expenses	(412,279)	(59,219)	(244,925)	(272,629)
Operating loss	(141,837)	(20,373)	(11,998)	(149,922)
Other (expenses)/income:
Interest (expenses)/income, net	300	43	221	(2,008)
Foreign exchange (losses)/gains	1,178	169	(58)	(3,563)
Investment losses \| ¥			(458)
Government grants	9,452	1,358	3,626	2,033
Others, net	(2,050)	(294)	(675)	(205)
Loss before income taxes	(132,957)	(19,097)	(9,342)	(153,665)
Income tax expense
Net loss	(132,957)	(19,097)	(9,342)	(153,665)
Accretions to preferred shares redemption value	(940,186)	(135,049)	(216,185)	(291,275)
Net loss attributable to the Lizhi Inc.'s ordinary shareholders	(1,073,143)	(154,146)	(225,527)	(444,940)
Net loss	(132,957)	(19,097)	(9,342)	(153,665)
Other comprehensive (losses)/income:
Foreign currency translation adjustments	671	96	2,649	(876)
Total other comprehensive (losses)/income	671	96	2,649	(876)
Total comprehensive loss	(132,286)	(19,001)	(6,693)	(154,541)
Accretions to preferred shares redemption value	(940,186)	(135,049)	(216,185)	(291,275)
Comprehensive loss attributable to the Lizhi Inc.'s ordinary shareholders	¥ (1,072,472)	$ (154,050)	¥ (222,878)	¥ (445,816)
Net loss attributable to the Lizhi Inc.'s ordinary shareholders per share
Basic \| (per share)	¥ (4.13)	$ (0.59)	¥ (0.87)	¥ (1.73)
Diluted \| (per share)	¥ (4.13)	$ (0.59)	¥ (0.87)	¥ (1.73)
Weighted average number of ordinary shares
Basic	260,000,000	260,000,000	260,000,000	260,000,000
Diluted	260,000,000	260,000,000	260,000,000	260,000,000

Consolidated Statements Of Changes In Shareholders' Deficit ¥ in Thousands, $ in Thousands	CNY (¥) shares	USD ($) shares	Ordinary shares [Member] CNY (¥) shares	Treasury stock [Member] CNY (¥) shares	Additional Paid-in Capital [Member] CNY (¥)	Accumulated other comprehensive income [Member] CNY (¥)	Accumulated deficit [Member] CNY (¥) shares
Beginning balance, shares at Dec. 31, 2016 \| shares			260,000,000
Beginning balance at Dec. 31, 2016	¥ (254,334)		¥ 171			¥ 1,985	¥ (256,490)
Statement [Line Items]
Net loss	(153,665)						¥ (153,665)
Modification of convertible loans	¥ 1,074				¥ 1,074
Modification of preferred shares \| shares	(4,005)	(4,005)					(4,005)
Preferred shares redemption value accretion	¥ (291,275)				¥ (1,074)		¥ (290,201)
Foreign currency translation adjustment	(876)					(876)
Ending balance, shares at Dec. 31, 2017 \| shares			260,000,000
Ending balance at Dec. 31, 2017	(703,081)		¥ 171			1,109	(704,361)
Statement [Line Items]
Net loss	(9,342)						(9,342)
Preferred shares redemption value accretion	(216,185)						(216,185)
Foreign currency translation adjustment	2,649					2,649
Ending balance, shares at Dec. 31, 2018 \| shares			260,000,000
Ending balance at Dec. 31, 2018	(925,959)		¥ 171			3,758	(929,888)
Statement [Line Items]
Net loss	(132,957)	$ (19,097)					(132,957)
Preferred shares redemption value accretion	(940,186)						(940,186)
Grant of restricted shares	¥ (18)			¥ (18)
Grant of restricted shares, shares \| shares	(25,428,430)	(25,428,430)
Issuance of ordinary shares (Note 14)	¥ 18		¥ 18
Issuance of ordinary shares (Note 14), shares \| shares			25,428,430
Foreign currency translation adjustment	671	$ 96				671
Ending balance, shares at Dec. 31, 2019 \| shares			285,428,430	(25,428,430)
Ending balance at Dec. 31, 2019	¥ (1,998,431)	$ (287,057)	¥ 189	¥ (18)		¥ 4,429	¥ (2,003,031)

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (132,957)	$ (19,097)	¥ (9,342)	¥ (153,665)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation of property, equipment and leasehold improvement	10,772	1,547	5,832	2,509
Amortization of intangible assets	1,763	253	3,930	3,361
Foreign exchange losses/(gains)	(1,178)	(169)	58	3,563
Investment losses			458
Interest expense				1,074
Changes in operating assets and liabilities:
Accounts receivable	3,506	504	6,187	(3,613)
Prepayments and other current assets	(12,850)	(1,846)	5,951	(8,556)
Accounts payable	(4,416)	(634)	24,261	40,958
Deferred revenue	3,862	555	4,790	4,822
Salary and welfare payable	29,414	4,225	15,204	12,391
Other tax payable	(2,253)	(324)	3,671	(384)
Accrued expenses and other current liabilities	8,584	1,232	(47,038)	66,206
Net cash (used in)/generated from operating activities	(95,753)	(13,754)	13,962	(31,334)
Cash flows from investing activities:
Purchase of property, equipment and leasehold improvement	(27,865)	(4,003)	(14,161)	(7,925)
Purchase of intangible assets	(1,505)	(216)	(3,256)	(4,770)
Cash paid for long-term investment				(500)
Net cash received from disposal of long-term investment			42
Net cash used in investing activities	(29,370)	(4,219)	(17,375)	(13,195)
Cash flows from financing activities:
Cash received from convertible loans				27,981
Proceeds from issuance of Series D convertible redeemable preferred shares				215,643
Proceeds from issuance of Series D1 convertible redeemable preferred shares				32,835
Payment of issuance cost for Series D convertible redeemable preferred shares				(8,646)
Payment of issuance cost for Series D1 convertible redeemable preferred shares				(2,026)
Cash repayments of convertible loans				(28,000)
Net cash generated from financing activities				237,787
Effect of foreign exchange rate changes on cash and cash equivalents	2,228	320	2,508	(5,152)
Net increase/(decrease) in cash and cash equivalents	(122,895)	(17,653)	(905)	188,106
Cash and cash equivalents at beginning of the year	205,604	29,533	206,509	18,403
Cash and cash equivalents at end of the year	82,709	11,880	205,604	206,509
Supplemental disclosures of cash flow information:
Cash paid for interest expense				1,862
Supplemental schedule of non-cash investing and financing activities:
Accretions to preferred shares redemption value	940,186	135,049	¥ 216,185	291,275
Issuance of ordinary shares	¥ 18	$ 3
Conversion of convertible loans into Series C1+ convertible redeemable preferred shares				27,981
Modification of convertible loans				1,074
Modification of preferred shares				¥ 4,005

Organization and Reorganization

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Reorganization

1.	Organization and Reorganization

Lizhi Inc. (the “Company”) was incorporated in the Cayman Islands in January 2019 in connection with a Reorganization of

pre-existing

entities under common control (see “History of the Group”, below). The Company is a holding company and conducts its business mainly through its subsidiaries, variable interest entities (“VIEs”) and subsidiaries of VIEs (collectively referred to as the “Group”). The Group is primarily engaged in the operation of providing audio entertainment, and podcast, advertising and others in the People’s Republic of China (the “PRC” or “China”). The Group commenced its audio entertainment business from fourth quarter of 2016.

As of December 31, 2019, the Company’s consolidated subsidiaries, VIEs and subsidiaries of VIEs are as follows:


Major Subsidiaries	Place and year of incorporation	Percentage of direct or indirect economic ownership		Principal activities
Lizhi Inc. (“Lizhi BVI”)	British Virgin Islands, Y2010		100	Investment holding
Lizhi Holding Limited (“Lizhi HK”)	Hong Kong, China Y2010		100	Investment holding
Beijing Hongyiyichuang Information Technology Co., Ltd. (“Hongyi Technology”)	Beijing, China Y2011		100	Technical support and consulting services
Tiya Inc. (“Tiya Cayman”)	Cayman Islands, Y2019		100	Investment holding
Tiya Inc. (“Tiya BVI”)	British Virgin Islands, Y2019		100	Investment holding
Tiya Holding Limited (“Tiya HK”)	Hong Kong, China Y2019		100	Investment holding
Guangzhou Tiya Information Technology Co., Ltd. (“Guangzhou Tiya”)	Guangzhou, China Y2019		100	Technical support and consulting services


Major VIEs	Place and year of incorporation/ acquisition	Percentage of direct or indirect economic ownership		Principal activities
Guangzhou Lizhi Network Technology Co., Ltd. (“Guangzhou Lizhi”)	Guangzhou, China Y2007		100	Audio entertainment, and podcast, advertising and other business
Guangzhou Huanliao Network Technology Co., Ltd. (“Guangzhou Huanliao”) *	Guangzhou, China Y2016		100	Audio entertainment business and others


Major subsidiaries of VIEs	Place and year of incorporation	Percentage of direct or indirect economic ownership		Principal activities
Wuhan Lizhi Network Technology Co., Ltd.	Wuhan, China Y2017		100	Audio entertainment business and others
Changsha Limang Interaction Entertainment Co., Ltd.	Changsha, China Y2015		100	Audio entertainment business and others
Huai’an Lizhi Network Technology Co., Ltd.	Huai’an, China Y2015		100	Audio entertainment business and others

*	In May 2019, Guangzhou Huanliao was restructured from being a subsidiary of Guangzhou Lizhi to a VIE of Guangzhou Tiya.

History of the Group

Reorganization

The Group commenced operations through Guangzhou Lizhi in the PRC, formerly known as Guangzhou Taochao Internet Technology Co., Ltd. Guangzhou Lizhi holds an Internet Content Provider (“ICP”) license to operate Lizhi.fm that provides internet information services to its consumers.

In October 2010, Lizhi BVI was incorporated in the British Virgin Islands. In March 2011, Lizhi BVI established Hongyi Technology in the PRC to control Guangzhou Lizhi through contractual arrangements and Guangzhou Lizhi became a VIE of the Group.

In December 2018, Lizhi BVI repurchased all ordinary shares and preferred shares of Lizhi BVI then held by each of Mr. Jinnan (Marco) Lai and Mr. Ning Ding and issued the same amount of ordinary and preferred shares to VOICE WORLD Ltd and AI VOICE Ltd, each a company incorporated in the British Virgin Islands wholly owned by each of Mr. Jinnan (Marco) Lai and Mr. Ning Ding, respectively.

In March 2019, in connection with its incorporation, the Company issued ordinary shares and preferred shares to all of the then existing shareholders of Lizhi BVI based on their equity interests held in Lizhi BVI. After this transaction, Lizhi BVI became a wholly-owned subsidiary of the Company.

The Company’s shareholding structure immediately after the Reorganization was the same as the capital structure of Guangzhou Lizhi immediately prior to the Reorganization. Concurrently, Guangzhou Lizhi became the consolidated VIE of the Group. The Company determined that the Reorganization should be treated as a

non-substantive

merger with no change in the basis of assets and liabilities of Guangzhou Lizhi. These arrangements were accounted for as a reorganization and the historical financial statements were presented on a carryover basis.

Contractual arrangements with VIEs

PRC laws and regulations place certain restrictions on foreign investment in value-added telecommunication service businesses. The Company conducts a portion of their operations in the PRC through Guangzhou Lizhi, Guangzhou Huanliao, and their subsidiaries. The Company has effective control over its VIEs and subsidiaries of VIEs through a series of contractual arrangements among its wholly-owned PRC subsidiaries Hongyi Technology and Guangzhou Tiya, VIEs and their shareholders. The contractual arrangements, as described in more detail below, collectively allow the Company to:

•

exercise effective control over each of its VIEs and subsidiaries of VIEs;

•

receive substantially all of the economic benefits of VIEs and subsidiaries of VIEs; and

•

have an exclusive call option to purchase all or part of the equity interests in and/or assets of each of VIEs and subsidiaries of VIEs when and to the extent permitted by PRC laws.

As a result of these contractual arrangements, the Company is the primary beneficiary of VIEs and subsidiaries of VIEs, and, therefore, have consolidated the financial results of VIEs and subsidiaries of VIEs in its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Below is a summary of the currently effective contractual arrangements by and among the Company’s wholly-owned subsidiaries Hongyi Technology, Guangzhou Tiya, the Company’s VIEs Guangzhou Lizhi, Guangzhou Huanliao and their shareholders (also nominee shareholders).

Guangzhou Lizhi

Equity Pledge Agreement

Pursuant to an equity pledge agreement entered into in June 20, 2019 by and between Hongyi Technology and then shareholders of Guangzhou Lizhi, such shareholders of Guangzhou Lizhi pledged all of their equity interests in Guangzhou Lizhi to Hongyi Technology, to guarantee the performance of Guangzhou Lizhi and, to the extent applicable, such shareholders of Guangzhou Lizhi, of their obligations under the contractual arrangements of the Group’s VIE. If Guangzhou Lizhi or such shareholders of Guangzhou Lizhi fail to perform their obligations under the contractual arrangement of the Group’s VIE, Hongyi Technology will be entitled to, among other things, right to sell the pledged shares of Guangzhou Lizhi via an auction. This equity pledge agreement remain in effect so long as any of the exclusive technical consulting and management service agreement, the operation agreement or the exclusive equity transfer option agreement, as mentioned below, remains in effect or any guaranteed obligation of Guangzhou Lizhi, or, to the extent applicable, its shareholders, remains outstanding under the VIE arrangements. The existing equity pledge agreement was initially entered into in March 2011 and was subsequently amended and restated on substantially similar terms in December 2014, June 2017, August 2017 and June 2019, respectively.

Exclusive Equity Transfer Option Agreement

Pursuant to an exclusive equity transfer option agreements entered into in June 20, 2019 by and between Hongyi Technology and then shareholders of Guangzhou Lizhi, such shareholders of Guangzhou Lizhi exclusively granted Hongyi Technology or any party appointed by Hongyi Technology an irrevocable option to purchase all or part of the shares in Guangzhou Lizhi held by then shareholders of Guangzhou Lizhi at a price no lower than the lowest price permitted by PRC law. Whether to exercise this option and the timing, methods and frequency of exercising such option are at the full discretion of Hongyi Technology. The exclusive equity transfer option agreement shall remain valid until all shares in Guangzhou Lizhi held by the shareholders of Guangzhou Lizhi, or all irrevocable options to purchase such shares, have been transferred to Hongyi Technology or its designated person. Hongyi Technology is entitled to terminate this exclusive equity transfer option agreement if a default occurs due to reasons not related to Hongyi Technology under this agreement. The existing equity transfer option agreement was initially entered into in March 2011 and was subsequently amended and restated on substantially similar terms in December 2014, June 2017, August 2017 and June 2019, respectively.

Exclusive Technology Consulting and Service Agreement

Pursuant to an exclusive technology consulting and service agreement entered into in June 9, 2017 by and between Hongyi Technology and Guangzhou Lizhi, Guangzhou Lizhi agreed to appoint Hongyi Technology as its exclusive provider of technology services, including software development, internet maintenance, network security and other services in exchange for a service fee of an amount equal to 90% of the

after-tax

net profit of Guangzhou Lizhi, for a term of ten years starting from the date thereof. Hongyi Technology is entitled to terminate or extend the exclusive technical consulting and service agreement at its discretion. The existing exclusive technology consulting and service agreement was initially entered into in March 2011 and was subsequently superseded by an amended and restated exclusive technical consulting and service agreement on substantially similar terms in June 2017.

Operating Agreement

Pursuant to an operating agreement entered into in June 20, 2019 by and among Hongyi Technology, Guangzhou Lizhi and then shareholders of Guangzhou Lizhi, such shareholders of Guangzhou Lizhi agreed that, without written consent of Hongyi Technology or a party designated by it, Guangzhou Lizhi shall refrain from conducting any action that may materially or adversely affect its assets, business, personnel, obligations, rights or operation, for a term of ten years starting from the date thereof. Such actions include, among other things, incurrence of debt to a third party, change of directors or senior management, acquisition or disposal of assets or shares, amendment to its articles of association or business scope and other matters. Hongyi Technology is also entitled to appoint directors and senior management of Guangzhou Lizhi and instruct Guangzhou Lizhi on matters pertinent to its daily operation, financial management. Guangzhou Lizhi is obligated to fully effectuate the appointment or instructions made by Hongyi Technology in methods consistent with applicable laws and articles of Guangzhou Lizhi. Hongyi Technology is entitled to terminate or extend the operation agreement at its discretion. The existing operating agreement was initially entered into in March 2011 and was subsequently superseded by an amended and restated operating agreement on substantially similar terms in June 2017 and June 2019.

Power of Attorney

Pursuant to a series of power of attorney issued by shareholders of Guangzhou Lizhi in June 20, 2019, such shareholders of Guangzhou Lizhi irrevocably appointed Hongyi Technology as their

attorney-in-fact

to act on their behalf on all shareholder matters of Guangzhou Lizhi and exercise all rights as shareholders of Guangzhou Lizhi. This power of attorney shall remain valid until the abovementioned operating agreement is terminated or Guangzhou Lizhi is dissolved, whichever is earlier. The existing series of power of attorney was initially entered into in March 2011 and was subsequently superseded by a new series of powers of attorney on substantially similar terms in June 2017 and June 2019.

The Equity Pledge Agreement, Exclusive Equity Transfer Option Agreement, Exclusive Technology Consulting and Service Agreement, Operating Agreement and Power of Attorney to Guangzhou Lizhi were amended to reflect the changes of shareholders’ holding in the VIE in their respective dates. No other material terms or conditions of these agreements were changed or altered. There was no impact to the Group’s effective control over Guangzhou Lizhi and the Group continues to consolidate Guangzhou Lizhi.

Guangzhou Huanliao

Equity Pledge Agreement

Pursuant to an equity pledge agreement entered into in May 20, 2019 by and between Guangzhou Tiya and Mr. Ning Ding, the sole shareholder of Guangzhou Huanliao, Mr. Ning Ding pledged all of his equity interests in Guangzhou Huanliao to Guangzhou Tiya to guarantee the performance of Guangzhou Huanliao and, to the extent applicable, Mr. Ning Ding, of their obligations under the contractual arrangement of the Group’s VIE. If Guangzhou Huanliao or Mr. Ning Ding fails to perform their obligations under the contractual arrangement of the Group’s VIEs, Guangzhou Tiya will be entitled to, among other things, a right to sell the pledged shares of Guangzhou Huanliao via an auction. This equity pledge agreement will remain in effect so long as any of the exclusive technical consulting and management service agreement, the operation agreement and the exclusive equity transfer option agreement, as mentioned below, remains in effect and any guaranteed obligation of Guangzhou Huanliao, or, to the extent applicable, its shareholders, remains outstanding under the VIEs arrangement.

Exclusive Equity Transfer Option Agreement

Pursuant to an exclusive equity transfer option agreements entered into in May 20, 2019 by and between Guangzhou Huanliao, Guangzhou Tiya and Mr. Ning Ding, the sole shareholder of Guangzhou Huanliao, Mr. Ning Ding exclusively granted Guangzhou Tiya or any party appointed by Guangzhou Tiya an irrevocable option to purchase all or part of the shares in Guangzhou Huanliao held by Mr. Ning Ding at a price no lower than the lowest price permitted by PRC law. Whether to exercise this option and the timing, methods and frequency of exercising such option are at the full discretion of Guangzhou Tiya. The exclusive equity transfer option agreement shall remain valid until all shares in Guangzhou Huanliao held by then shareholders of Guangzhou Huanliao, or all irrevocable options to purchase such shares, have been transferred to Guangzhou Tiya or its designated person. Guangzhou Tiya is entitled to terminate this exclusive equity transfer option agreement if a default occurs due to reasons not related to Guangzhou Tiya under this agreement.

Exclusive Technical Consulting and Service Agreement

Pursuant to an exclusive technology consulting and service agreement entered into in May 20, 2019 by and between Guangzhou Tiya and Guangzhou Huanliao, Guangzhou Huanliao agreed to appoint Guangzhou Tiya as its exclusive provider of technology services, including software development, internet maintenance, network security and other services in exchange for a service fee of an amount equal to 90% of the

after-tax

net profit of Guangzhou Huanliao, for a term of ten years starting from the date thereof. Guangzhou Tiya is entitled to terminate or extend the exclusive technical consulting and service agreement at its discretion.

Operation Agreement

Pursuant to an operation agreement entered into in May 20, 2019 by and among Guangzhou Tiya, Guangzhou Huanliao and Mr. Ning Ding, the sole shareholder of Guangzhou Huanliao, Mr. Ning Ding agreed that, without written consent of Guangzhou Tiya or a party designated by it, Guangzhou Huanliao shall refrain from conducting any action that may materially or adversely affect its assets, business, personnel, obligations, rights or operation, for a term of ten years starting from the date thereof. Such actions include, among other things, incurrence of debt to a third party, change of directors or senior management, acquisition or disposal of assets or shares, amendment to its articles of association or business scope and other matters. Guangzhou Tiya is also entitled to appoint directors and senior management of Guangzhou Huanliao and instruct Guangzhou Huanliao on matters relating to its daily operation, financial management. Guangzhou Huanliao is obligated to fully effectuate the appointment or instructions made by Guangzhou Tiya in methods consistent with applicable laws and articles of Guangzhou Huanliao. Guangzhou Tiya is entitled to terminate or extend the operation agreement at its discretion.

Power of Attorney

Pursuant to a series of power of attorney issued by Mr. Ning Ding, the sole shareholder of Guangzhou Huanliao in May 20, 2019, Mr. Ning Ding irrevocably appointed Guangzhou Tiya as his

attorney-in-fact

to act on his behalf on all shareholder matters of Guangzhou Huanliao and exercise all rights as the sole shareholder of Guangzhou Huanliao. This power of attorney shall remain valid until the abovementioned operating agreement or Guangzhou Tiya is terminated or dissolved.

Risks in relation to the VIE structure

A significant part of the Company’s business is conducted through the VIEs of the Group, of which the Company is the ultimate primary beneficiary. In the opinion of management, the contractual arrangements with the VIEs and the nominee shareholders are in compliance with PRC laws and regulations and are legally binding and enforceable. However, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements.

On March 15, 2019, the National People’s Congress approved the Foreign Investment Law, or the FIL, which will take effect on January 1, 2020. The FIL does not explicitly classify whether variable interest entities that are controlled through contractual arrangements would be deemed as foreign invested enterprises if they are ultimately “controlled” by foreign investors. Since the FIL is relatively new, uncertainties still exist in relation to its interpretation and implementation, and it is still unclear how the FIL would affect variable interest entity structure and business operation.

The Company’s ability to control the VIEs also depends on the Power of Attorney the shareholders has to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company believes these Power of Attorney are legally enforceable but may not be as effective as direct equity ownership.

In addition, if the Group’s corporate structure or the contractual arrangements with the VIEs were found to be in violation of any existing or future PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions:

•

revoke the Group’s business and operating licenses;

•

require the Group to discontinue or restrict its operations;

•

restrict the Group’s right to collect revenues;

•

block the Group’s websites;

•

require the Group to restructure the operations,

re-apply

for the necessary licenses or relocate the Group’s businesses, staff and assets;

•

impose additional conditions or requirements with which the Group may not be able to comply; or

•

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

The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs in the Group’s consolidated financial statements. In the opinion of the Company’s management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group believes that the contractual arrangements among each of the VIEs, their respective shareholders and relevant wholly foreign owned enterprise are in compliance with PRC law and are legally enforceable. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. Management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements.

The following combined financial information of the Group’s VIEs as of December 31, 2018 and 2019 and for the years ended December 31,

2017,

2018 and 2019 was included in the accompanying consolidated financial statements of the Group as follows:


	As of December 31, 2018		As of December 31, 2019
	RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		105,381		42,056
Accounts receivable, net		6,485		2,979
Prepayments and other current assets		5,689		10,825

Total current assets		117,555		55,860

Non-current assets:
Property, equipment and leasehold improvement, net		17,122		32,106
Intangible assets, net		1,451		1,701
Other non-current assets		—		2,133

Total non-current assets		18,573		35,940

TOTAL ASSETS		136,128		91,800

Current liabilities:
Accounts payable		76,715		72,164
Deferred revenue		10,668		14,381
Salary and welfare payable		38,303		66,810
Other tax payable		4,866		2,592
Accrued expenses and other current liabilities		23,895		32,108
Amount due to the subsidiaries of the Group		206,069		186,979

Total current liabilities		360,516		375,034

TOTAL LIABILITIES		360,516		375,034


	For the year ended
	December 31,			December 31,			December 31,
	201 7			2018			2019
	RMB			RMB			RMB
Net revenues		453,529			798,561			1,179,468
Net loss		(140,182	)		(456	)		(116,891	)


	For the year ended
	December 31,			December 31,			December 31,
	201 7			2018			2019
	RMB			RMB			RMB
Net cash (used in)/generated from operating activities		(20,768	)		21,262			(73,015	)
Net cash used in investing activities		(13,195	)		(17,375	)		(29,164	)
Net cash generated from financing activities		46,434			70,802			38,854
Net increase/(decrease) in cash and cash equivalents		12,471			74,689			(63,325	)

In accordance with various contractual agreements, the Company has the power to direct the activities of the VIEs and their subsidiaries and can have assets transferred out of the VIEs. Therefore, the Company considers that there are no assets in the respective VIEs that can be used only to settle obligations of the respective VIEs, except for the registered capital of the VIEs amounting to approximately RMB28.2 million and RMB51.0 million, as of December 31, 2018 and 2019. As the respective VIEs are incorporated as limited liability companies under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the respective VIEs. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Group is conducting certain businesses in the PRC through the VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

There is no VIEs in the Group where the Company or any subsidiary has a variable interest but is not the primary beneficiary.

Liquidity

The Group incurred net loss of RMB153.7

million,

RMB9.3 million and RMB133.0

million for the years ended December 31, 2017, 2018 and 2019, respectively. Net cash (used in)/generated from operating activities were

RMB(31.3

)

million,

RMB14.0 million

and RMB(95.8)

million for the years ended December 31, 2017, 2018 and 2019, respectively. Accumulated deficit was

RMB929.9 million and RMB2,003.0

million as of December 31, 2018 and 2019, respectively. The Group assesses its liquidity by its ability to generate cash from operating activities and attract investors’ investments

Historically, the Group has relied principally on both operational sources of cash and

non-operational

sources of financing from investors to fund its operations and business development. The Group’s ability to continue as a going concern is dependent on management’s ability to successfully execute its business plan, which includes increasing revenues while controlling operating expenses, as well as, generating operational cash flows and continuing to gain support from outside sources of financing. The Group has been continuously receiving financing support from outside investors through the issuance of preferred shares and convertible loans. Refer to Note 12 for details of the Group’s preferred shares financing activities and Note 11 for details of the Group’s convertible loans financing activities. The Group has currently obtained credit facilities of RMB100

million from

two

banks

for general operating purpose

, of which RMB80 million

will be expired at January 31, 2021

, and the remaining RMB20 million will be expired at March 2, 2021.

In addition, the Company has successfully completed

the

Initial Public Offering (“IPO”)

in January 2020, which triggered

the automatic conversion of all series of preferred shares into ordinary shares,

and

eliminated the possibility of any future cash outflow that

might resulted

from the holders of preferred shares exercising their share redemption rights. Moreover, the Group can adjust the pace of its operation expansion and control the operating expenses of the Group. Based on the above considerations, the Group believes the cash and cash equivalents and the operating cash flows are sufficient to meet the cash requirements to fund planned operations and other commitments for at least the next twelve months. The Group’s consolidated financial statements have been prepared based on the Company continuing as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

a)	Basis of presentation

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

n the preparation of the accompanying consolidated financial statements are summarized below.

b)	Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of VIEs for which the Company is the primary beneficiary.

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

A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.

All transactions and balances among the Company, its subsidiaries, VIEs and subsidiaries of VIEs have been eliminated upon consolidation.

c)	Use of estimates

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

years

in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but are not limited to, assessment of whether the Group acts as a principal or an agent in different revenue streams, assessment of average user relationship period for podcast business, assessment for the impairment of long-lived assets, valuation allowance of deferred tax assets, determination of the fair value of ordinary shares, preferred shares, and valuation and recognition of share-based compensation expenses.

d)	Functional currency and foreign currency translation

The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its overseas subsidiaries which incorporated in the Cayman Islands, British Virgin Islands and Hong Kong is United States dollars (“US$”). The functional currency of the Group’s PRC entities is RMB.

In the consolidated financial statements, the financial information of the Company and other entities located outside of the PRC have been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, and expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as foreign currency translation adjustments, and are shown as a component of other comprehensive (losses)/income in the consolidated statements of operations and comprehensive loss.

Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are included in foreign exchange (losses)/gains in the consolidated statements of operations and comprehensive loss.

e)	Convenience Translation

Translations of balances in the consolidated balance sheets, the consolidated statements of operations and comprehensive loss and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2019 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.9618, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2019. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2019, or at any other rate.

f)	Fair value measurements

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

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

•

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

•

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

•

Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Group’s financial instruments include cash and cash equivalents, accounts receivable, other receivables (included in “Prepayments and other current assets”), accounts payable and other payables (included in “Accrued expenses and other current liabilities”), of which the carrying values approximate their fair value.

See Note 19 for additional information.

g)	Cash and cash equivalents

Cash and cash equivalents mainly represent cash on hand, demand deposits placed with large reputable banks

and other financial institutions

in China, and highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase with terms of three months or less. As of December 31, 2018 and 2019, there were cash at bank and demand deposits with terms of less than three months denominated in US dollars amounting to approximately US$14.5 million (RMB99.4 million) and US$5.7 million (RMB40.3 million), respectively, and denominated in RMB amounting to approximately RMB97.1 million and RMB36.1 million, respectively. As of December 31, 2018 and 2019, the Group had cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay in connection with the collection of service fees online for a total amount of RMB9.1 million and RMB6.3 million, respectively, which have been classified as cash and cash equivalents on the consolidated balance sheets.

As of December 31, 2018 and 2019, the Group had approximately RMB152.7 and RMB64.1 million cash and cash equivalents held by its PRC subsidiaries and VIEs, representing 74.3% and 77.5

of total cash and cash equivalents of the Group, respectively.

As of December 31, 2018 and 2019, the Group had no restricted cash balance. The Group had no other lien arrangements during the years ended December 31, 2017, 2018 and 2019.

h)	Accounts receivable

The carrying value of accounts receivable is reduced by an allowance that reflects the Group’s best estimate of the amounts that will not be collected. Many factors are considered in estimating the general allowance, including but not limited to reviewing accounts receivable balances, historical bad debt rates, aging analysis, customer credit worthiness and industry trend analysis. The Group also makes specific allowance if there is evidence showing that the receivable is unlikely to be collected. Accounts receivable balances are written off against the allowance when they are determined to be uncollectible.

i)	Property, equipment and leasehold improvement, net

Property, equipment and leasehold improvement are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the following estimated useful lives:


Electronic equipment			3 years
Furniture and office equipment			5 years
Vehicles			4 years
Leasehold improvement			shorter of expected lives of leasehold improvement and lease term

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property, equipment and leasehold improvement is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations and comprehensive loss.

j)	Intangible assets, net

Intangible assets mainly consist of copyright, software, trademark and others. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite-lived intangible assets are tested for impairment if impairment indicators arise. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:


Copyright			1-3 years
Software			1-5 years
Trademark and others			3-5 years

k)	Impairment of long-lived assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. No impairment charge was recognized for any of the

years

presented.

l)	Revenue recognition

The Group’s revenues comprise audio entertainment revenue, and podcast, advertising and other revenue.

The Group adopted ASC Topic 606, “Revenue from Contracts with Customers” for all

years

presented. Consistent with the criteria of Topic 606, the Group recognizes 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 receive in exchange for those goods or services using the five steps defined under ASC Topic 606.

Audio entertainment revenue

The Group is principally engaged in operating its own audio entertainment live streaming platform, which enable hosts and users to interact with each other during audio entertainment live streaming services. Audio entertainment revenue is generated from sales of virtual items on the platform. The Group has a recharge system for users to purchase the Group’s virtual currency which is then used to purchase virtual items for use. Users can recharge via bank transfer and various online third-party payment platforms, including AliPay, WeChat Pay and other payment platforms. Virtual currency is

non-refundable

and without expiry. The virtual currency is often consumed soon after it is purchased based on history of turnover of the virtual currency. Unconsumed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below unless otherwise stated.

The Group engages hosts to provide audio entertainment live streaming services. The Group shares a portion of the sales proceeds of virtual items (“revenue sharing fee”) with hosts and their respective guilds in accordance with their audio entertainment live streaming service agreements.

The Group evaluates and determines that it is the principal and views users to be its customers. The Group reports audio entertainment revenues on a gross basis. Accordingly, the amounts billed to users are recorded as revenues and revenue sharing fee paid to hosts and their respective guilds are recorded as cost of revenues. Where the Group is the principal, it controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to users and having a level of discretion in establishing pricing. The Group designs, creates and offers various virtual items for sale to users with

pre-determined

stand-alone selling price. Virtual items are categorized as consumable and time-based items. Consumable items are consumed upon purchase while time-based items could be used for a fixed period of time such as a virtual special symbol that can be purchased and displayed on the users’ profile over a fixed period of time. Users can purchase either consumable or time-based items and present these virtual items to hosts to show support for their favorite hosts or purchase time-based virtual items that enhance the users’ personal profile.

Revenue related to each consumable item is a single performance obligation provided on a consumption basis and is recognized at the point in time when the virtual item is transferred directly to the users and consumed by them. Revenue related to time-based virtual items is recognized ratably over the contract period. During the years ended December 31, 2017, 2018 and 2019, the weighted average contract period for the time-based virtual items purchased were 7 days, 33 days and 97 days respectively. The Group does not have further performance obligations to the user after the virtual items are consumed immediately or after the stated contract period of time for time-based items.

Podcast revenue

The Group provides users certain subscription services which entitle paying subscribers access to listen to specific podcast content on the platform. The subscription fee is time-based and is collected upfront from subscribers.

The receipt of subscription fee is initially recorded as deferred revenue. The Group satisfies its performance obligation by providing services throughout the estimated average user relationship period as the subscription period is generally perpetual. Revenue is recognized ratably over the estimated average user relationship period. The estimated average user relationship period is based on data collected from those paying users who have subscribed to podcast content. The Group estimates the average user relationship period for a podcast content to be the date a user subscribes to it through the date the Group estimates the paying user listens to the content for the last time. The determination of the estimated average user relationship period is based on the Group’s best estimate that takes into account all known and relevant information at the time of assessment. The Group assesses the estimated average user relationship period. Any adjustments arising from changes in the estimated average user relationship period as a result of new information will be accounted as a change in accounting estimate in accordance with

ASC 250 Accounting Changes and Error Corrections

The podcast content are licensed by broadcasters to the Group. The Group records revenue on a gross basis considering the Group: (i) is the primary obligor in the arrangement; (ii) has latitude in establishing the selling price.

Contract liabilities

Contract liabilities primarily consist of deferred revenue which comprises unconsumed virtual currency, unamortized revenue from time-based virtual items and unamortized subscription fees for podcast services:


	January 1, 2017		December 31, 2017		December 31, 2018		December 31, 2019
Deferred revenue		1,056		5,878		10,668		14,530

During the years ended December 31, 2017, 2018 and 2019, the Group recognized revenue amounted to RMB1.0 million, RMB5.2 million and RMB8.9 million respectively that was included in the corresponding opening deferred revenue balance at January 1,

2017, December 31, 2017 and 2018.

During the year

ended December 31,

2017,

2018 and 2019, the Group did not have any arrangement where the performance obligations had already been satisfied in the past

year

but recognized the corresponding revenue in the current

year

Advertising revenue

The Group generates advertisement revenues from rendering of various forms of advertisement services by way of advertisement display on the audio entertainment live streaming platform. Advertisements on the Group’s platform are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. The Group provides sales incentives in the forms of discounts and rebates to advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the agencies. Sales incentives are recorded at the time of revenue recognition based on the contracted rebate rates and contract amount.

The accounts receivable arises primarily from its advertising customers.


	December 31, 2018		December 31, 2019
Accounts receivable		6,485		2,979

Please see Note 3 for additional information.

There were no material contract assets as of December 31, 2018 and 2019.

Practical Expedients

The Group has used the following practical expedients as allowed under ASC Topic 606:

(i) The transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied has not been disclosed, as substantially all of the Group’s contracts have an original expected duration of one year or less.

(ii) Payment terms and conditions vary by contract type, although terms generally include a requirement of prepayment or payment within one year or less. The Group has determined that its contracts generally do not include a significant financing component.

(iii) Costs to obtain a contract with a customer were expensed as incurred when the amortization period would have been one year or less.

m)	Deferred revenue

Deferred revenue primarily consists of unconsumed virtual currency and unamortized revenue from time-based virtual items in the Group’s platform, where there is still an obligation to be provided by the Group, which will be recognized as revenue when all of the revenue recognition criteria are met.

n)	Cost of revenue

Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues, consists primarily of revenue sharing fees, salary and welfare benefits, payment handling costs, bandwidth costs and other

costs. Revenue sharing fees represent the Company’s payments to hosts or guilds based on a percentage of revenue from sales of virtual items and certain performance based incentives.

o)	Research and development expenses

Research and development expenses mainly consist of salary and welfare benefits and bandwidth costs incurred for the development and enhancement to the Company’s websites and platform of applications.

p)	Selling and marketing expenses

Selling and marketing expenses consist primarily of advertising and promotional expenses, salary and welfare benefits to the Group’s sales and marketing personnel. Advertising and promotional expenses consist primarily of costs for the promotion of corporate image and mobile app, organization of offline events between hosts and users. The Group expenses all advertising and promotional expenses as incurred and classifies them under selling and marketing expenses. For the year

ended December

2017,

2018 and 2019, advertising and promotional expenses were RMB188.9 million

RMB10

6.1 million

and RMB191.1 million, respectively.

q)	Government grants

Government grants represent cash subsidies received from the PRC government by the Group. Government grants are in connection with the Group’s contributions to research and development activities, and tax refunds in local business districts.

Leases

Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Rental expense is recognized from the date of initial possession of the leased property on a straight-line basis over the term of the lease. Certain lease agreements contain rent holidays, which are recognized on a straight-line basis over the lease term. Lease renewal periods are considered on a

lease-by-lease

basis and are generally not included in the initial lease terms.

The Group has no capital leases for any of the

years

presented.

s)	Share-based compensation

Share based compensation expenses arise from share based awards, including share options for the purchase of ordinary shares and restricted shares. The Company accounts for share-based awards granted to employee and

non-employee

in accordance with ASC 718 Stock Compensation. For share options for the purchase of ordinary shares granted to employee and

non-employee

determined to be equity classified awards, the related share-based compensation expenses are recognized in the consolidated financial statements based on their grant date fair values which are calculated using the binomial option pricing model. The determination of the fair value is affected by the fair value of ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected volatility of the fair value of ordinary shares, actual and projected employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of the ordinary shares is assessed using the income approach/discounted cash flow method, with a discount for lack of marketability, given that the shares underlying the awards were not publicly traded at the time of grant. Share-based compensation expenses are recorded net of actual forfeitures using straight-line method during the service period requirement, such that expenses are recorded only for those share-based awards that are expected to ultimately vest.

For an award with a performance and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award’s fair value on the grant date. Performance and service conditions should be considered when the Group is estimating the quantity of awards that will vest. Compensation expenses will reflect the number of awards that are expected to vest and will be adjusted to reflect those awards that do ultimately vest. The Group recognizes compensation expenses for awards with performance conditions if and when the Group concludes that it is probable that the performance condition will be achieved, net of actual

pre-vesting

forfeitures over the requisite service period. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation expenses based on its probability assessment, unless on certain situations, the Group may not be able to determine that it is probable that a performance condition will be satisfied until the event occurs.

t)	Employee benefits

PRC Contribution Plan

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries, VIEs and subsidiaries of VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB12.5 million

RMB20.6

million

and RMB36.0 million for the years ended December 31,

2017,

2018 and 2019, respectively.

Taxation

Income taxes

Current income taxes are provided on the basis of income/(loss) 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. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.

Uncertain tax positions

In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a

two-step

approach for the tax position measurement and financial statement recognition. Under the

two-step

approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Group recognizes interest and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheet and under other expenses in its consolidated statement of operations and comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions as of December 31, 2018 and 2019, and for the years ended December 31,

2017,

2018 and 2019.

v)	Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

w)	Net loss per share

Loss per share is computed in accordance with ASC 260, Earnings per Share. The

two-class

method is used for computing earnings per share in the event the Group has net income available for distribution. Under the

two-class

method, net income is allocated between ordinary shares and participating securities based on dividends declared (or accumulated) and participating rights in undistributed earnings as if all the earnings for the reporting period had been distributed. The Company’s preferred shares are participating securities because they are entitled to receive dividends or distributions on an as converted basis. For the

years

presented herein, the computation of basic loss per share using the

two-class

method is not applicable as the Group is in a net loss position and net loss is not allocated to other participating securities because in accordance with their contractual terms they are not obligated to share in the losses.

Basic net loss per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period under treasury stock method. Potential ordinary shares include options to purchase ordinary shares and preferred shares, unless they were anti-dilutive. The computation of diluted net income/(loss) per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e. an increase in earnings per share amounts or a decrease in loss per share amounts) on net income/(loss) per share.

x)	Statutory reserves

In accordance with China’s Company Laws, the Company’s VIEs and subsidiaries of VIEs in PRC must make appropriations from their

after-tax

profit, if any (as determined under the accounting principles generally acceptable in the People’s Republic of China (“PRC GAAP”)) to

non-distributable

reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the

after-tax

profits calculated in accordance with PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company.

Pursuant to the laws applicable to China’s Foreign Investment Enterprises, the Company’s subsidiary that is a foreign investment enterprise in China have to make appropriations from their

after-tax

profit, if any (as determined under PRC GAAP) to reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the subsidiary. Appropriations to the other two reserve funds are at the subsidiary’s discretion.

The Group has not appropriated any amount to statutory reserves for the years ended December 31, 2017, 2018 and 2019, because the Company’s subsidiary, VIEs and subsidiaries of VIEs were in the position of accumulated deficit as of December 31, 2018 and 2019.

y)	Comprehensive income/(losses)

Comprehensive income/(losses) is defined to include all changes in equity/(deficit) of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Other comprehensive (losses)/income, as presented on the consolidated balance sheets, consists of accumulated foreign currency translation adjustments.

z)	Segment reporting

The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions, allocating resources and assessing performance as the source for determining the Group’s reportable segments. Management has determined that the Group operates in one segment, as that term is defined by FASB ASC Topic 280, Segment reporting.

aa)	Concentration and credit risk

Advertising and promotional service providers

The Group relied on advertising and promotional service providers and their affiliates to promote its platform and enhance brand awareness through a variety of online and offline marketing and brand promotion activities. The number of advertising and promotional service providers during the year

ended December 31,

2017,

2018 and 2019 are as follows:


	For the year ended December 31,
	201 7			2018		2019
Total number of advertising and promotional service providers		125			245		236
Number of service providers that accounted for 10% or more of the Group’s advertising and promotional expenses		1			—		2
Total percentage of the Group’s advertising and promotional expenses that were paid to these service providers who accounted for 10% or more of the Group’s advertising and promotional service expenses		16.0	%		—		36.0	%

Credit risk

Financial instruments that potentially subject the Group to the concentration of credit risk consist of cash and cash equivalents and accounts receivable. As of December 31, 2018 and 2019, substantially all of the Group’s cash and cash equivalents were held in major financial institutions located in China, which management consider being of high credit quality. Accounts receivable is typically unsecured and is generally derived from revenue earned from advertising business.

Major customers for advertising business

There was one and two customers had receivable balances derived from advertising business exceeding l0% of the total accounts receivable balances of the Group as

of December 31, 2018 and 2019, respectively, as follows:


	December 31, 2018			December 31, 2019
Customer A		84.9	%		48.3	%
Customer B		—			50.3	%

bb)	Recently issued accounting pronouncements

The Group qualifies as an “emerging growth company”, or “EGC”, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards.

Newly adopted accounting pronouncements

In January

2016

, the FASB issued ASU

No. 2016-01

Financial Instruments—Overall (Subtopic

825-10)

“Recognition and Measurement of Financial Assets and Financial Liabilities”. The amendments in this ASU require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the

investee

). The amendments in this accounting standard update also require an entity to present separately in other comprehensive (losses)/income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this accounting standard update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. For public business entities, the amendments in this update are effective for fiscal years beginning after December

2017

, including interim periods within those fiscal years. For all other entities including

not-for-profit

entities and employee benefit plans within the scope of Topics

960

through

965

on plan accounting, the amendments in this update are effective for fiscal years beginning after December

2018

, and interim periods within fiscal years beginning after December

2019

. All entities that are not public business entities may adopt the amendments in this update earlier as of the fiscal years beginning after December

2017

, including interim periods within those fiscal years. The Group adopted this new standard effective on January

2019

. The adoption of ASU

2016-01

did not have a material impact on the Group’s consolidated financial

statements.

Recent accounting pronouncements not yet adopted

In February 2016, the FASB issued ASU

2016-02,

Leases (Topic 842), which requires that a lessee should recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a

right-of-use

asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expenses for such lease generally on a straight-line basis over the lease term. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years for public entities. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application of the amendments in this update is permitted for all entities. The Group adopt

ASU 2016-02, on January 1, 2020 using by modified retrospective method and

did

not restate comparable periods. The Group elect

the package of practical expedients permitted under the transition guidance, which allow the Group to carry forward the historical lease classification, the assessment whether a contract is or contains a lease and initial direct costs for any leases that exist prior to adoption of the new standard. The Group also elect

the short-term lease exemption for contracts with lease terms of 12 months or less. The Group has collected all of the lease agreements, and other contractual agreements, for possible embedded leases and performed the assessment for the initial adoption. Based on the assessment, the Group currently believes that the most significant change will be related to the recognition of right-of-use assets and lease liabilities of approximately RMB12 million, respectively, on the Group’s consolidated balance sheet for certain in-scope operating leases. The Company does not expect any material impact on net

assets, consolidated statements of operations and comprehensive loss, or consolidated statements of cash flows as a result of adopting the new standard.

In June 2016, the FASB amended guidance related to the impairment of financial instruments as part of ASU

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, the amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For all other entities, including

not-for-profit

entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this update are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. All entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which the Group is required to recognize an allowance based on its estimate of expected credit loss. The Group is currently evaluating the impact of this new guidance on its consolidated financial statements.

In June 2018, the FASB issued ASU

No. 2018-07

Compensation—Stock Compensation (Topic 718) “Improvements to Nonemployee Share-Based Payment Accounting”. The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Group has early adopted this accounting standard in fiscal year 2018 and has no material impact on its consolidated financial statements.

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2019

Credit Loss, Additional Improvements [Abstract]

Accounts Receivable, Net

3.	Accounts receivable, net

Accounts receivable, net is consisted of the following:


	December 31, 2018		December 31, 2019
	RMB		RMB
Accounts receivable, gross:		6,485		2,979
Less: allowance for doubtful accounts		—		—

Accounts receivable, net		6,485		2,979

The Group closely monitors the collection of its accounts receivable and records allowance for doubtful accounts against aged accounts receivable and for specifically identified

non-recoverable

amounts. If the economic situation and the financial condition of a customer deteriorate resulting in an impairment of the customer’s ability to make payments, additional allowances might be required. Receivable balance are written off when they are determined to be uncollectable.

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepayments and Other Current Assets

4.	Prepayments and other current assets

The following is a summary of prepayments and other current assets:


	December 31, 2018		December 31, 2019
	RMB		RMB
Deposits		1,749		3,542
Prepaid service fees		1,080		8,784
Prepaid promotional expenses		728		381
Staff advances		439		292
Receivables from third-party online payment platform		349		1,553
Deductible Value Added Tax (“VAT”)		86		1,893
Others		1,493		2,329

Total		5,924		18,774

Property, Equipment and Leasehold Improvement, Net

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

5.	Property, equipment and leasehold improvement, net

The following is a summary of property, equipment and leasehold improvement, net:


	December 31, 2018			December 31, 2019
	RMB			RMB
Electronic equipment		23,000			46,478
Furniture and office equipment		1,192			1,382
Vehicles		989			989
Leasehold improvement		2,379			4,466
Total property, equipment and leasehold improvement		27,560			53,315

Less: accumulated depreciation		(10,365	)		(20,928	)

Property, equipment and leasehold improvement , net		17,195			32,387

Depreciation expenses were RMB2.5 million

RMB5.8 million

and RMB

10.8 million

for the years ended December 31,

2017,

2018 and 2019, respectively. No impairment charge was recognized for any of the

years

presented.

Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

6.	Intangible assets

The following table summarizes the Group’s intangible assets:


	December 31, 2018			December 31, 2019
	RMB			RMB
Gross carrying amount
Copyright		7,918			8,547
Software		610			1,370
Trademark and others		425			1,053

Total intangible assets		8,953			10,970

Less: accumulated amortization
Copyright		(7,145	)		(8,308	)
Software		(303	)		(735	)
Trademark and others		(54	)		(226	)

Intangible assets, net		1,451			1,701

Amortization expense for the years ended December 31,

2017,

2018 and 2019 were RMB3.4 million

RMB3.9

million

and RMB1.8 million, respectively.

The estimated amortization expenses for each of the following five years are as follows:


	Amortization expense of intangible assets
	RMB
2020		802
2021		439
2022		315
2023		115
2024		30

Taxation

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Taxation

a)	Income taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company in the Cayman Islands to its shareholders, no Cayman Islands withholding tax will be imposed.

British Virgin Islands

Under the current laws of the British Virgin Islands, entities incorporated in British Virgin Islands are exempted from income tax on their foreign-derived incomes in the BVI. There are no withholding taxes in the BVI.

Hong Kong

Subsidiary incorporated in Hong Kong is subject to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, the

two-tiered

profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million.

As an anti-avoidance measure, a group of “connected entities” can only nominate one entity within the Group to enjoy the reduced tax rate for a given year of assessment.

China

Under

the Enterprise Income Tax Law of the PRC, the Company’s Chinese subsidiaries, VIEs and subsidiaries of VIEs are subject to an income tax of

%, except for Guangzhou

Lizhi

, which was entitled a preferential tax rate of

% from

2017

2019

for its High and New Technology Enterprise (“HNTE”) status. This status is subject to

annual evaluation and

a requirement that Guangzhou

Lizhi

reapply for HNTE status every three years.

The following table presents a reconciliation of the differences between the statutory income tax rate and the Company’s effective income tax rate for the years ended December 31,

2017,

2018 and 2019:


	For the year ended December 31,
	2 017			2018			2019
	%			%			%
Statutory income tax rate of the PRC		25.0			25.0			25.0
Tax rate difference from preferential tax treatments and statutory rate in other jurisdictions		(9.1	)		(5.3	)		(7.4	)
Permanent differences		(0.1	)		55.4			5.6
Change in valuation allowances		(15.8	)		(75.1	)		(23.2	)

Effective income tax rate		—			—			—

As of December 31, 2019, certain entities of the Company had net operating tax loss carry forwards as follows:


	RMB
Loss expiring in 2020		11,710
Loss expiring in 2021		19,201
Loss expiring in 2022		8,542
Loss expiring in 2023		5,620
Loss expiring in 2024		30,545
Loss expiring in 2025		16,027
Loss expiring in 202 6		21,409
Loss expiring in 202 7		15,141
Loss expiring in 202 8		47,863
Loss expiring in 202 9		147,040

		323,098

b)	Deferred tax assets and liabilities

The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets and liabilities as of December 31, 2018 and 2019:


	December 31, 2018			December 31, 2019
	RMB			RMB
Deferred tax assets:
Net operating tax loss carry forwards		27,840			54,758
Advertising expenses in excess of deduction limit		21,059			24,982
Deferred revenue		1,600			580

Total deferred tax assets		50,499			80,320

Less: valuation allowances		(50,499	)		(80,320	)

Net deferred tax assets		—			—

The Group does not believe that sufficient positive evidence exists to conclude that the recoverability of deferred tax assets of certain entities of the Group is more likely than not to be realized. Consequently, the Group has provided full valuation allowances on the related deferred tax assets. The following table sets forth the movement of the aggregate valuation allowances for deferred tax assets for the periods presented:


	Balance at January 1			Movement*			Balance at December 31
	RMB			RMB			RMB
2017		(29,940	)		(15,262	)		(45,202	)
2018		(45,202	)		(5,297	)		(50,499	)
2019		(50,499	)		(29,821	)		(80,320	)

*	The movement in valuation allowances were due to the changes of deferred tax assets recognised for net operating tax loss carry forwards, advertising expenses in excess of deduction limit and deferred revenue.

c)	Withholding income tax

The enterprise income tax (“EIT”) Law also imposes a withholding income tax of 10% on dividends distributed by a foreign-invested entity (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a

non-resident

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’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate that may be lowered to 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). The State Administration of Taxation (“SAT”) further promulgated Circular 601 on October 27, 2009, which provides that tax treaty benefits will be denied to “conduit” or shell companies without business substance and that a beneficial ownership analysis will be used based on a “substance-over-form” principle to determine whether or not to grant the tax treaty benefits. Further, the SAT promulgated the Notice on Issues Related to the “Beneficial Owner” in Tax Treaties in February 2018, which requires the “beneficial owner” to have ownership and the right to dispose of the income or the rights and properties giving rise to the income and generally engage in substantive business activities and sets forth certain detailed factors in determining the “beneficial owner” status.

To the extent that subsidiaries, VIEs and subsidiaries of VIEs of the Group have undistributed earnings, the Company will accrue appropriate expected withholding tax associated with repatriation of such undistributed earnings. As of December 31, 2018 and 2019, the Company did not record any such withholding tax of its subsidiaries, VIEs and subsidiaries of VIEs in the PRC as they are still in accumulated deficit position.

Other Tax Payable

12 Months Ended

Dec. 31, 2019

Schedule Of Other Tax Payable [Abstract]

Other Tax Payable

8.	Other tax payable

The Group’s subsidiaries, VIEs and subsidiaries of VIEs incorporated in China are subject to 6% VAT for services rendered.

The following is a summary of other tax payable as of December 31, 2018 and 2019:


	December 31, 2018		December 31, 2019
	RMB		RMB
Cultural development fees		1,198		30
VAT payables		2,781		1,258
Withholding individual income taxes for employees		477		1,100
Others		428		243

Total		4,884		2,631

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

9.	Accrued expenses and other current liabilities

The following is a summary of accrued expenses and other current liabilities as of December 31, 2018 and 2019:


	December 31, 2018		December 31, 2019
	RMB		RMB
Advertising and promotional expenses		16,863		28,909
Professional service fees		4,001		406
Payable for property, equipment and leasehold improvement, net		—		182
Accrued sales rebates for advertising business		3,104		569
Others		58		3,663

Total		24,026		33,729

Cost of Revenues

12 Months Ended

Dec. 31, 2019

Cost Of Revenues [Abstract]

Cost of Revenues

10.	Cost of revenues

The following is a summary of cost of revenues for the years ended December 31, 2017, 2018 and 2019:


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB
Revenue sharing fees		299,168		527,128		850,167
Salary and welfare benefits		8,373		11,750		29,072
Payment handling costs		6,991		7,219		15,573
Bandwidth costs		2,303		3,490		5,702
Others		13,987		16,047		9,641

Total		330,822		565,634		910,155

Convertible Loans

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Convertible Loans

11.	Convertible loans

In April 2014, the Group issued a convertible loan in the principal amount of US$1.0 million and US$1.0 million to Morningside China TMT Fund II L.P. and Matrix Partners China I Hong Kong with an annual interest rate of 8% and a due date twelve months after the issuance date (the “2014 Loan”), respectively. Pursuant to the 2014 Loan agreements, the entire or any portion of the 2014 Loan can be converted into Series C preferred shares of the Group at eighty-five percent (85%) of the subscription price of Series C preferred shares whereby the investors waives its right to receive any interest accrued from the loans.

In December 2014, the investors converted the 2014 Loan into an aggregate of 2,532,494 Series C convertible redeemable preferred shares of the Group, at a conversion price of US$0.7897 per share.

In April 2016, the Group issued a convertible loan in the principal amount of RMB8.0 million to a third party Group A (the “Group A”) with an annual interest rate of 8% and a due date twelve months after the issuance date (the “2016 April Loan”). In June and October 2016, the Group issued a convertible loan in the principal amount of RMB5.0 million and RMB15.0 million to a third party Group B (the “Group B”) with an annual interest rate of 8% and a due date twelve months after the issuance date (the “2016 June and October Loan”), respectively. Pursuant to the 2016 April Loan and 2016 June and October Loan agreements, the entire or any portion of these loans can be converted into equity share of Guangzhou Lizhi based on a conversion price of RMB11.24 per share. In April 2017, when the 2016 April Loan was due, the Group entered into an agreement with Group A to extend it to a new maturity date in June 2017.

In June 2017, the Group entered into Bridge Convertible Loan Agreements with the Group A and the Group B respectively, and agreed that all loans will be converted to Series C1+ preferred shares within 6 months after the completion of Series D1+ financing and revised the conversion price of all loans to RMB10.404 (US$1.5101) per share with no consideration. When the terms of the loan were revised (i.e. conversion date and conversion price), the change in the terms was accounted for as a modification (RMB1.1 million) and the incremental discount created is being amortized over the new loan term. On November 30, 2017, the Group A gave up its conversion right of 2016 April Loan and then on the same date, the Group granted a new RMB8.0 million convertible loan (the “2017 November Loan”) to the Group B, together with its 2016 June and October Loan, the Group B has RMB28.0 million convertible loans in total.

On December 14, 2017, the carrying value of the 2016 June and October Loan and the 2017 November Loan of RMB28.0 million was converted into 2,691,209 Series C1+ convertible redeemable preferred shares, at a conversion price of RMB10.404 (US$1.5101) per share.

Preferred Shares

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Preferred Shares

12.	Preferred shares

Series A, B, C, C1, C1+, D and D1 convertible redeemable preferred shares are collectively referred to as the “Preferred Shares”. Since their inception in 2011, the Group have raised approximately US$61.9 million in equity financing from a group of investors:

Series A financing

In March 2011, the Group raised an aggregate of US$1,000,000 from the issuance of 10,000,000 Series A preferred shares of the Group to Matrix Partners China I Hong Kong Limited. These 10,000,000 Series A preferred shares were subdivided into 100,000,000 Series A preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

Series B financing

In March 2012, the Group raised an aggregate of US$2,500,000 from the issuance of 1,666,666 and 6,666,666 Series B preferred shares of the Group to Morningside China TMT Fund II, L.P. and Matrix Partners China I Hong Kong Limited, respectively. These 8,333,332 Series B preferred shares were subdivided into 83,333,320 Series B preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

In February 2014, the Group raised an aggregated of US$1,000,000 from the issuance of 3,333,333 Series B preferred shares of the Group to Morningside China TMT Fund II, L.P. These 3,333,333 Series B preferred shares were subdivided into 33,333,330 Series B preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

Series C financing

In December 2014, the Group issued 1,266,247 and 1,266,247 Series C preferred shares of the Group to Matrix Partners China I Hong Kong and Morningside China TMT Fund II, L.P. upon the conversion of the 2014 Loan, respectively. These 2,532,494 Series C preferred shares were subdivided into 25,324,940 Series C preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

In December 2014, the Group raised an aggregate of US$10,894,477 from the issuance of 5,192,086 and 6,533,753 Series C preferred shares of the Group to Matrix Partners China I Hong Kong and Morningside China TMT Top Up Fund, L.P., respectively. These 11,725,839 Series C preferred shares were subdivided into 117,258,390 Series C preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

Series C1 financing

In January 2015, the Group raised an aggregate of US$3,223,675 from the issuance of 1,734,868 and 1,734,868 Series C+ preferred shares of the Group to People Better Limited and Shunwei Internet Limited, respectively. These 3,469,736 Series C1 preferred shares were subdivided into 34,697,360 Series C1 preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

Series C1+ financing

In December 2017, the Group issued 2,691,209 Series C1+ preferred shares of the Group to the Group B upon the conversion of the 2016 June and October Loan and the 2017 November Loan. These 2,691,209 Series C1+ preferred shares were subdivided into 26,912,090 Series C1+ preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

Series D financing

In June 2017, the Group raised an aggregate of US$22,000,000 from the issuance of 8,810,504 Series D preferred shares of the Group to Cyber Dreamer Limited. These 8,810,504 Series D preferred shares were subdivided into 88,105,040 Series D preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

In July 2017, the Group raised an aggregate of US$10,000,000 from the issuance of 4,004,775 Series D preferred shares of the Group to Cyber Dreamer Limited. These 4,004,775 Series D preferred shares were subdivided into 40,047,750 Series D preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

On October 18, 2019, Cyber Dreamer Limited transferred an aggregate of 17,597,981 Series D preferred shares of the Group to a third party.

Series D1 financing

In July 2017, the Group raised an aggregate of US$5,000,000 from the issuance of 2,002,387 Series D1 preferred shares of the Group to Evolution Media China L.P. These 2,002,387 Series D1 preferred shares were subdivided into 20,023,870 Series D1 preferred shares at par value of US$0.0001 upon a 1:10 share split in July 2018.

The key terms of the Preferred Shares are as follows:

Conversion right

The Series A, B, C, C1, C1+, D and D1 preferred shares

were

convertible, at the option of the holders at any time after the original issue date of the relevant series of preferred shares into such number of fully paid and

non-assessable

ordinary Shares. Each preferred share shall automatically be converted into ordinary shares at the then effective conversion price upon the closing of a QIPO, which means the Company has been registered under the applicable securities laws with a

pre-offering

valuation of at least US$400,000,000, and gross proceeds to the Company in excess of US$70,000,000.

If the offering does not constitute a QIPO, it is at the option of holders of preferred shares to convert. No fractional ordinary share shall be issued upon conversion of the preferred shares. In lieu of any fractional ordinary shares to which the holder would otherwise be entitled, the Group shall pay cash equal to such fraction multiplied by the then effective conversion price for any such series of preferred shares. In December 2019, agreed by written consent from the Company’s shareholders, foregoing QIPO has been amended to that, the Company been registered under the applicable securities laws with a pre-offering valuation of at least US$400,000,000, and gross proceeds to the Company in excess of US$40,000,000, pursuant to which, the completion of IPO in January 2020 had triggered the automatic conversion of all series of preferred shares into ordinary shares.

The conversion ratio for each preferred share shall be determined by dividing the issue price by the then conversion price, in effect at the time of the conversion. The conversion price shall initially be equal to the issue price per ordinary share. No adjustment in the conversion price for any series of preferred shares shall be made in respect of the issuance of additional ordinary shares unless the consideration per share for an additional ordinary share issued or deemed to be issued by the Group is less than the conversion price for such series in effect on the date of and immediately prior to such issuance.

Redemption right

At any time on or after the earlier of: (i) the Redemption Start Date for each series of preferred shares; or (ii) the date on which a holder of any equity securities of the Group has requested a redemption of its shares, and subject to the law, at the option of a holder of the preferred shares, the Group shall redeem all or any part of the outstanding preferred shares held by the requesting holder as elected by such holder out of funds legally available therefor including capital, at the redemption price. “Redemption Start Date” means (i) with respect to the Series C1+, D and D1 preferred shares, December 31, 2020; (ii) with respect to the Series A, B, C and C1 preferred shares, December 31, 2018.

The Series A redemption price shall be equal to the greater of (i) an amount equal to: Series A issue price * 2, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series A Shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series A Shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.

The Series B redemption price shall be equal to the greater of (i) an amount equal to: Series B issue price * (1.20)N, N = a fraction, the numerator of which is the number of calendar days between the Series B original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series B shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series B shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.

The Series C redemption price shall be equal to the greater of (i) an amount equal to: Series C issue price * (1.20)N, N = a fraction, the numerator of which is the number of calendar days between the Series C original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series C shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series C shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.

The Series C1 redemption price shall be equal to the greater of (i) an amount equal to: Series C1 issue price * (1.20)N, N = a fraction, the numerator of which is the number of calendar days between the Series C1 original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series C1 shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series C1 shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.

The Series C1+ redemption price shall be equal to the greater of (i) an amount equal to: Series C1+ issue price * (1.20)N, N = a fraction, the numerator of which is the number of calendar days between the Series C1+ original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series C1+ shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series C1+ shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.

The Series D redemption price shall be equal to the greater of (i) an amount equal to: Series D issue price * (1.10)N, N = a fraction, the numerator of which is the number of calendar days between the Series D original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series D shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series D shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.

The Series D1 redemption price shall be equal to the greater of (i) an amount equal to: Series D1 issue price * (1.10)N, N = a fraction, the numerator of which is the number of calendar days between the Series D1 original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series D1 shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series D1 shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.

Upon issuance of Series D preferred shares, redemption dates and liquidation prices for Series A, B, C and C1 preferred shares were changed to be aligned with the terms stipulated in the Share Purchase Agreement of Series D preferred shares. Based on the independent valuations, the Group compared the fair value of Series A, B, C and C1 preferred shares immediately before and after the modifications, and it’s determined that the changes of the fair value was lower than 10%, therefore, the changes to redemption dates and liquidation prices should be accounted for as modification to related preferred shares.

Dividend rights

No dividends or other distributions shall be made or declared, whether in cash, in property, or in any other shares of the Group, unless and until dividends have been paid in full on the Preferred Shares.

Liquidation rights

After setting aside or paying in full of the Series D and D1 preference amount, the Series C, C1 and C1+ preference amount, the Series B preference amount and the Series A preference amount, the remaining assets of the Group available for distribution to members, if any, shall be distributed to the holders of the preferred shares and ordinary shares on a pro rata basis, based on the number of ordinary shares then held by each holder on an

as-converted

basis.

Voting rights

Each Preferred Share confers the right to receive notice of, attend and vote at any general meeting of members.

Accounting of Preferred Shares

The Group has classified the Preferred Shares in the mezzanine equity of the consolidated balance sheets. In addition, the Group records accretions on the Preferred Shares to the redemption value from the issuance dates to the earliest redemption dates. The accretions are recorded against retained earnings, or in the absence of retained earnings, by charges against additional

paid-in

capital. Once additional

paid-in

capital has been exhausted, additional charges are recorded by increasing the accumulated deficit. Each issuance of the Preferred Shares is recognized at the respective issue price at the date of issuance net of issuance costs.

The Group has determined that there was no beneficial conversion feature attributable to all preferred shares because the initial effective conversion prices of these preferred shares were higher than the fair value of the Group’s common shares determined by the Group taking into account independent valuations. The Group has classified all Preferred Shares as mezzanine equity in the consolidated balance sheet as they are contingently redeemable at the options of the holders.

The modification of the terms of preferred shares that resulted in fair value changes between ordinary shares and preferred shares have been recorded as a deemed

dividend. There was a modification of the terms of preferred shares occurred in 2017, which caused RMB4.0 million change of fair value between ordinary shares and preferred shares.

The Group’s preferred shares activities for the years ended December 31, 2017, 2018 and 2019 are summarized below:


	Series A Preferred Shares				Series B Preferred Shares				Series C Preferred Shares				Series C1 Preferred Shares				Series C1+ Preferred Shares				Series D Preferred Shares				Series D1 Preferred Shares				Mezzanine Equity
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Total number of shares		Total amount
			RMB				RMB				RMB				RMB				RMB				RMB				RMB				RMB
Balance as of January 1, 2017		100,000,000		30,658		116,666,650		50,621		142,583,330		119,672		34,697,360		28,601		—		—		—		—		—		—		393,947,340		229,552
Issurance of Preferred Shares		—		—		—		—		—		—		—		—		26,912,090		27,981		128,152,790		206,997		20,023,870		30,809		175,088,750		265,787
Accretions to Preferred Shares redemption value		—		90,763		—		91,065		—		70,518		—		17,480		—		10,575		—		9,963		—		911		—		291,275
Modification of Preferred Shares		—		—		—		4,005		—		—		—		—		—		—		—		—		—		—		—		4,005

Balance as of December 31, 2017		100,000,000		121,421		116,666,650		145,691		142,583,330		190,190		34,697,360		46,081		26,912,090		38,556		128,152,790		216,960		20,023,870		31,720		569,036,090		790,619

Accretions to Preferred Shares redemption value		—		43,312		—		49,731		—		58,960		—		14,352		—		10,983		—		33,138		—		5,709		—		216,185

Balance as of December 31, 2018		100,000,000		164,733		116,666,650		195,422		142,583,330		249,150		34,697,360		60,433		26,912,090		49,539		128,152,790		250,098		20,023,870		37,429		569,036,090		1,006,804

Balance as of January 1, 2019		100,000,000		164,733		116,666,650		195,422		142,583,330		249,150		34,697,360		60,433		26,912,090		49,539		128,152,790		250,098		20,023,870		37,429		569,036,090		1,006,804
Accretions to Preferred Shares redemption value		—		180,143		—		205,054		—		236,152		—		57,540		—		43,427		—		188,341		—		29,529		—		940,186

Balance as of December 31, 2019		100,000,000		344,876		116,666,650		400,476		142,583,330		485,302		34,697,360		117,973		26,912,090		92,966		128,152,790		438,439		20,023,870		66,958		569,036,090		1,946,990

Employee Benefits

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Employee Benefits

13.	Employee Benefits

The Company’s subsidiaries, VIEs and subsidiaries of VIEs incorporated in China participate in a government-mandated multi-employer defined contribution plan under which certain retirement, medical, housing and other welfare benefits are provided to employees. Chinese labor regulations require the Company’s Chinese subsidiaries, VIEs and subsidiaries of VIEs to pay to the local labor bureau a monthly contribution at a stated contribution rate based on the monthly basic compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit obligations; hence, the Group has no further commitments beyond its monthly contribution. The following table presents the Group’s employee welfare benefits expenses for the years ended December 31,

2017,

2018 and 2019:


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB
Contributions to medical and pension schemes		10,491		16,907		28,291
Other employee benefits		1,979		3,652		7,698

Total		12,470		20,559		35,989

Share-based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Share-based Compensation

14.	Share-based Compensation

(a)	Description of stock incentive plan

2012 Incentive Plan

In September 2012, the Group permitted the grant of options of the Company to relevant directors and officers of the Company (“the 2012 Incentive Plan”). Option awards are granted with an exercise price determined by the Board of Directors. Those options awards generally vest over a period of four years. Vested options shall be held by the Chief Executive Officer (“CEO”) of the Company in trust and may be exercised/transferred after the completion of IPO. In September 2018, the 2012 Incentive Plan was cancelled without the concurrent grant of a replacement award, the Group would recognize any remaining unrecognized compensation cost; however, the 2012 Incentive Plan effectively has no value because it is not probable of vesting until the IPO is completed. Therefore, the Company concluded the cancellation of the 2012 Incentive Plan has no accounting implications and did not recognize share-based compensation expenses in the consolidated statements of operations and comprehensive loss.

2018 Incentive Plan

In September 2018 and April 2019, the Group permitted the grant of options and restricted shares of the Company to relevant directors, officers, other employees and consultants of the Company (“the 2018 Incentive Plan”). Option awards are granted with an exercise price determined by the Board of Directors. Those options and restricted shares awards generally vest over a period of four years. Both vested options and restricted shares shall be held by the Chief Executive Officer (“CEO”) of the Company in trust and may be exercised/transferred after the completion of IPO.

On May 31, 2019, in connection with the Reorganization in 2019, the board of directors of the Company approved the 2019 Share Incentive Plan (the “2019 Incentive Plan”) whereby the incentive share options and restricted shares granted to employees and

non-employees

by Lizhi BVI in 2018 Incentive Plan shall be replaced and superseded by the exact number of share options and restricted shares of the Company for each grantee (the “2019 Replacement”). There are no change of fair value, vesting schedule and other key terms of such award agreements entered into with each grantee and the classification of share based awards immediately before and after the 2019 Replacement, thus, the 2019 Replacement was not considered a modification of share based awards.

On March 18, 2020, the 2019 Incentive Plan was further amended and restated, to increase the maximum aggregate number of Class A ordinary shares authorized to issue from 40,000,000 to 100,000,000 (“the Amended and Restated 2019 Share Incentive Plan”).

In March and April 2020, the Company granted an aggregate of

2,935,620

share options with exercise price of US$0.0001 to certain employees of the Company. Those

options awards will be vested over a period from nil to three years.

As of December

2018

and

2019

, the Group did

not

recognize share-based compensation expenses in the consolidated statements of operations and comprehensive loss, because the Group assessed and concluded that it is not probable that the achievement of the performance condition (i.e. IPO) will be met.

As of December 31, 2018 and 2019, total unrecognized compensation expenses related to unvested awards granted under the 2018 Incentive Plan were RMB40.1 million (US$5.8 million) and RMB58.3 million (US$8.4 million) respectively, which are expected to be recognized through the remaining vesting period of each grant if it is probable that the performance condition will be achieved. As of December 31, 2018 and 2019, the weighted average remaining vesting period for share based awards were 3.75 years and 2.90 years respectively.

In September 2019, the Company issued 25,428,430 ordinary shares to Kastle Limited, which holds such ordinary shares in trust for the benefit of certain Company’s senior management and directors before the corresponding share awards granted to such senior management and directors are vested pursuant to the 2019 Incentive Plan. The corresponding share awards granted to such senior management and directors were included in the outstanding options and restricted shares as of December 31, 2019.

(b)	Valuation assumptions

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


	For the year ended December 31, 201 8
Expected volatility		56.38	%
Weighted average volatility		56.38	%
Expected dividends		—
Risk-free rate		3.05	%
Contractual term(in years)		10
Enterprise value per ordinary share	US$	0.21

No share options were granted for the years ended December 31, 2017 and 2019.

The expected volatility at the grant date and each option valuation date was estimated based on the annualized standard deviation of the daily return embedded in historical share prices of comparable peer companies with a time horizon close to the expected expiry of the term of the options. The weighted average volatility is the expected volatility at the grant date weighted by number of options. The Company has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. The contractual term is the contract life of the options. The Group estimated the risk free interest rate based on the market yield of US Government Bonds with maturities of ten years as of the valuation date, plus a country default risk spread between China and US.

(c)	Stock options activities

The following table presents a summary of the Company’s stock options activities for the years ended December 31,

2017,

2018 and 2019.


	Employees			Consultants		Total			Weighted average exercise price		Remaining contractual life		Aggregated intrinsic value
	(in thousands)			(in thousands)		(in thousands)			US$				RMB
Outstanding at January 1, 2017		2,950			—		2,950			0.001		—		735
Cancelled		—			—		—			—		—		—
Granted		—			—		—			—		—		—
Forfeited		—			—		—			—		—		—
Outstanding at December 31, 2017		2,950			—		2,950			0.001		—		3,031
Outstanding at January 1, 2018		2,950			—		2,950			0.001		—		3,031
Cancelled		(2,950	)		—		(2,950	)		0.01		—		—
Granted		12,766			500		13,266			0.0001		—		—
Forfeited		(101	)		—		(101	)		0.0001		—		—
Outstanding at December 31, 2018		12,665			500		13,165			0.0001		3.75		20,514
Exercisable as of December 31, 2018		—			—		—			—		—		—
Outstanding at January 1, 2019		12,665			500		13,165			0.0001		3.75		20,514
Cancelled		—			—		—			—		—		—
Granted		—			—		—			—		—		—
Forfeited		(844	)		—		(844	)		0.0001		—		—
Outstanding at December 31, 2019		11,821			500		12,321			0.0001		2.75		43,011
Exercisable as of December 31, 2019		—			—		—			—		—		—

The weighted average grant date fair value of options granted for the years ended December 31,

2017,

2018 and 2019 were

nil,

RMB1.44 (US$0.21) and nil per option, respectively.

No options were exercised for the years ended December 31,

2017,

2018 and 2019.

(d)	Restricted shares activities

Summary of restricted shares:

The following table sets forth the summary of restricted shares activities:


	Number of Restricted Shares Granted		Weighted-Average Grant Date Fair Value
	(in thousands)		(in thousands) US$
January 1, 2018
Awarded		14,500		0.21
Vested		—		—
Outstanding at December 31, 2018		14,500		0.21
January 1, 2019		14,500		0.21
Awarded		10,428		0.26
Vested		—		—

Outstanding at December 31, 2019		24,928		0.23

(e)	Founders’ shares

In accordance with the restricted share agreement dated as of March 7, 2011, all ordinary shares ultimately owned by the Company’s founders became subject to four-year vesting schedule, with 25% vesting on each anniversary of this date of over four years. In the event the founder’s relationship with the Group terminates, directly or indirectly, upon (i) the voluntary termination by the founder of his employment with the Group, or (ii) the termination by the Group of the founder’s employment for any event of default, then the Company shall have the right to repurchase from the founder all of the restricted shares that have not been released from the repurchase right. All of the restricted shares shall be released from the repurchase right upon the earlier to occur of: (i) a QIPO and (ii) the sale of all or substantially all of the assets of the Company or the consolidation, merger or other business combination of the Company with or into any other business entity pursuant to which shareholders of the Company prior to such consolidation, merger or other business combination hold less than a majority of the voting power of the surviving or resulting entity. The Company accounted for this arrangement similar to a reverse stock split, followed by the grant of restricted stock awards subject to service vesting conditions, though these founders’ shares are legally outstanding from the grant day. Accordingly, compensation cost was measured based on the fair value of the ordinary shares at the grant date and is recognized over the requisite service period.

Net Loss Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Net Loss per Share

15.	Net Loss per Share

For the years ended December 31,

2017,

2018 and 2019, the Company had potential ordinary shares, including preferred shares, restricted shares and share options granted. As the Group incurred losses for the years ended December 31,

2017,

2018 and 2019, these potential preferred shares, restricted shares and shares options granted were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company.

The number of preferred shares, restricted shares and share options excluded from the calculation of diluted net loss per share of the Company were 569,036,090, nil and nil

for all the years ended December 31, 2017, 2018 and 2019, respectively.

Considering that the holders of preferred shares have no contractual obligation to participate in the Company’s losses, any losses from the Group should not be allocated to preferred shares.

The following table sets forth the computation of basic and diluted net loss per share for the years ended December

31,

017,

2018 and 2019:


	For the year ended December 31,
	2017			2018			2019
	RMB			RMB			RMB
Numerator :
Net loss		(153,665	)		(9,342	)		(132,957	)
Less: accretions to preferred shares redemption value		(291,275	)		(216,185	)		(940,186	)
Less: deemed dividends distributed to Series B preferred shares		(4,005	)		—			—
Net loss attributable to Lizhi Inc.’s ordinary shareholders		(448,945	)		(225,527	)		(1,073,143	)
Denominator:
Weighted average number of ordinary shares outstanding, basic		260,000,000			260,000,000			260,000,000
Weighted average number of ordinary shares outstanding, diluted		260,000,000			260,000,000			260,000,000
Basic net loss per share attributable to Lizhi Inc.’s ordinary shareholders		(1.73	)		(0.87	)		(4.13	)
Diluted net loss per share attributable to Lizhi Inc.’s ordinary shareholders		(1.73	)		(0.87	)		(4.13	)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.	Commitments and Contingencies

(a)	Commitments

The Group leases office space and staff quarters under

non-cancelable

operating lease agreements, which expire at various dates through 202

. As of December 31, 2019, future minimum lease under non-cancelable operating lease agreements were as follows:


	Total operating lease commitments
	RMB
2020		9,887
2021		4,333

Total		14,220

For the years ended December 31, 2017, 2018 and 2019, the Group incurred rental costs and expenses in the amounts of approximately RMB3.1 million, RMB4.7 million and RMB

6.7 million, respectively

(b)	Litigation

From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, management does not believe that the ultimate outcome of any unresolved matters, individually and in the aggregate, is reasonably possible to have a material adverse effect on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard as of December 31, 2018 and 2019.

Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent events

17.	Subsequent events

On January 22, 2020, the Company completed an initial public offering (the “IPO”) of 4,100,000 American Depositary Shares (“ADSs”), each representing 20 Class A ordinary shares of the Company, at an offering price of US$11.0 per ADS and listed on the Nasdaq Global

Market. The completion of IPO in January 2020 had triggered the automatic conversion of all series of preferred shares into ordinary shares.

Prior to the completion of IPO in January 2020, the Company has adopted a dual-class share structure such that the ordinary shares consist of Class A ordinary shares and Class B ordinary shares. All ordinary shares have been redesignated as Class A ordinary shares or Class B ordinary shares on a one-on-one basis. In respect of matters requiring the votes of shareholders, each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to 10 votes. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any sale, transfer, assignment or disposition of any Class B ordinary shares by a holder thereof to any person who is not a founder or an affiliate of a founder, each of such Class B ordinary shares will be automatically and immediately converted into one Class A ordinary share. As of the date of this report, two of the Company’s directors, Mr. Jinnan (Marco) Lai and Mr. Ning Ding, beneficially own all of issued Class B ordinary shares, and they in the aggregate hold approximately 25.3% of total issued and outstanding share capital and 77.2% of the aggregate voting power of the Company’s total issued and outstanding share capital, excluding 25,428,430 Class A ordinary shares issued to Kastle Limited, which holds such Class A ordinary shares in trust for the benefit of certain of the Company senior management and directors. The Company has assessed and preliminarily concluded that there was no significant impact on the Company’s consolidated financial statements with respect to the adoption of such a dual-class share structure.

Recently there was a novel coronavirus outbreak in China, known as COVID-19, which soon spread throughout China and in certain other countries. The COVID-19 outbreak has brought uncertainties and interruptions to China’s macroeconomics and global economy and may have adverse effects on the Company’s operations. The Chinese government as well as an increasing number of countries in the world have taken various measures to constrain the outbreak. This COVID-19 outbreak has caused, and may continue to cause, companies in China, including

the Company

, to implement temporary adjustment of work schemes allowing employees to work from home. The Company prioritizes the health and safety of its employees, and has taken various preventative and quarantine measures across the Company soon after the outbreak. With offline activities in China largely limited since early 2020 and many communities subject to temporary lockdown, travel restriction or other form of quarantine, the interruptions of COVID-19 to the Company’s platform might be partially mitigated by increased popularity of online audio platform. The Company cannot guarantee that the increased popularity will sustain after the efforts to curb the spread of COVID-19 cease. In addition, the disposable income of certain of the Company’s users may decrease or have decreased as a result of the impact of the COVID-19 outbreak, which may also adversely affect the Company’s performance. Consequently, with respect to the outbreak of COVID-19, the Company has assessed and preliminarily concluded that there was no significant impact on the Company’s financial condition and operating results for the first quarter of 2020. However, given the uncertainty around the extent and timing of the potential future spread or mitigation of the COVID-19 and around the imposition or relaxation of protective measures, the Company cannot reasonably estimate the impact to its future results of operations, cash flows, or financial condition for the remainder of fiscal year 2020.

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Company concluded that the Group’s CODM is Mr. Jinnan (Marco) Lai, Chairman of the Board of Directors and CEO.

The Group’s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but not limited to, customer base, homogeneity of products and technology. The Group’s operating segments are based on such organizational structure and information reviewed by the Group’s CODM to evaluate the operating segment results. The Group has internal reporting of revenue, cost and expenses by nature as a whole. Hence, the Group has one operating segment.

Key revenues streams are as below:


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB
Audio entertainment		436,109		785,101		1,167,934
Podcast, advertising and others		17,420		13,460		12,663

Total		453,529		798,561		1,180,597

Substantially all revenues are derived from China based on the geographical locations where services are provided to customers. In addition, the Group’s long-lived assets are substantially all located in China. Therefore, no geographical segments are presented

Fair Value Measurement

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurement

19 .	Fair Value Measurement

Assets measured at fair value on a nonrecurring basis:

The Company measured its property, equipment and leasehold improvement, intangible assets and other

non-current

assets at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable.

Assets and liabilities measured at fair value on a recurring basis:

The Group did not have any financial instruments that were required to be measured at fair value on a recurring basis as of December 31, 2018 and 2019.

Restricted Net Assets

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Restricted Net Assets

Relevant PRC laws and regulations permit PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, the Company’s PRC subsidiaries, VIEs and subsidiaries of VIEs can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the general reserve fund and the statutory surplus fund respectively. The general reserve fund and the statutory surplus fund require that annual appropriations of 10% of net

after-tax

income should be set aside prior to payment of any dividends. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries, VIEs and subsidiaries of VIEs are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion amounted to approximately RMB22.2 million as of December 31, 2019. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiaries, VIEs and subsidiaries of VIEs for working capital and other funding purposes, the Company may in the future require additional cash resources from its PRC subsidiaries, VIEs and subsidiaries of VIEs due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company’s shareholders.

Additional Information - Condensed Financial Statements of the Parent Company

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Additional Information - Condensed Financial Statements of the Parent Company

Additional Information – Condensed Financial Statements of the Parent Company

As mentioned in Note 1, the Company was incorporated in the Cayman Islands in January 2019 and didn’t carry out significant operation activities. Lizhi BVI is the predecessor of the Company, thus, the Company disclosed combined condensed financial statements of the Company and Lizhi BVI (collectively refer to the “Parent company”) as follows:

The condensed financial information of the Parent company has been prepared in accordance with SEC Regulation

S-X

Rule

5-04

and Rule

12-04,

using the same accounting policies as set out in the Group’s consolidated financial statements, except that the Parent company uses the equity method to account for investments in its subsidiaries, VIEs and subsidiaries of VIEs.

The subsidiaries did not pay any dividend to the Parent company for the

years

presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Parent company, as such, these statements are not the general purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Parent company did not have significant capital and other commitments or guarantees as of December 31, 2019.

Condensed statements of operations and comprehensive loss:


	For the year ended December 31,
	2017			2018			2019
	RMB			RMB			RMB
Operation expenses:
General and administrative expenses		(2,332	)		(1,036	)		(1,883	)

Total operating expenses		(2,332	)		(1,036	)		(1,883	)


Other expenses:
Equity in loss of subsidiaries, VIEs and subsidiaries of VIEs		(151,264	)		(8,183	)		(131,325	)

Others, net		(69	)		(123	)		251
Net loss		(153,665	)		(9,342	)		(132,957	)


Accretions to preferred shares redemption value		(291,275	)		(216,185	)		(940,186	)
Net loss attributable to ordinary shareholders		(444,940	)		(225,527	)		(1,073,143	)
Net loss		(153,665	)		(9,342	)		(132,957	)
Other comprehensive (losses)/income:
Foreign currency translation adjustments		(876	)		2,649			671
Total comprehensive loss		(154,541	)		(6,693	)		(132,286	)

Accretions to preferred shares redemption value		(291,275	)		(216,185	)		(940,186	)

Total comprehensive loss to ordinary shareholders		(445,816	)		(222,878	)		(1,072,472	)

Condensed balance sheets:


	As of December 31,
	2018			2019
	RMB			RMB
ASSETS
Current assets:
Cash and cash equivalents		52,237			16,845

Total current assets		52,237			16,845

Non-current assets:
Prepayments and other current assets		—			6,720
Investments in subsidiaries, VIE and subsidiaries of VIE		28,658			(74,979	)

Total non-current assets		28,658			(68,259	)

TOTAL ASSETS		80,895			(51,414	)


LIABILITIES
Accrued expenses and other current liabilities		50			27
Total current liabilities		50			27

TOTAL LIABILITIES		50			27

MEZZANINE EQUITY
Series A convertible redeemable preferred shares (US$0.0001 par value; 100,000,000 shares authorized, issued and outstanding with redemption value of RMB1.32, RMB3.31 and liquidation value of RMB1.36, RMB2.93 as of December 31, 2018 and 2019, respectively )		164,733			344,876
Series B convertible redeemable preferred shares (US$0.0001 par value; 116,666,650 shares authorized, issued and outstanding with redemption value of RMB1.63, RMB3.33 and liquidation value of RMB1.50, RMB3.09 as of December 31, 2018 and 2019, respectively )		195,422			400,476
Series C convertible redeemable preferred shares (US$0.0001 par value; 142,583,330 shares authorized, issued and outstanding with redemption value of RMB1.95, RMB3.42 and liquidation value of RMB1.94, RMB3.58 as of December 31, 2018 and 2019, respectively )		249,150			485,302
Series C1 convertible redeemable preferred shares (US$0.0001 par value; 34,697,360 shares authorized, issued and outstanding with redemption value of RMB1.93, RMB3.42 and liquidation value of RMB1.94, RMB3.58 as of December 31, 2018 and 2019, respectively )		60,433			117,973
Series C1+ convertible redeemable preferred shares (US$0.0001 par value; 26,912,090 shares authorized, issued and outstanding with redemption value of RMB1.90, RMB3.40 and liquidation value of RMB2.34, RMB4.03 as of December 31, 2018 and 2019, respectively )		49,539			92,966
Series D convertible redeemable preferred shares (US$0.0001 par value; 128,152,790 shares authorized, issued and outstanding with redemption value of RMB2.49, RMB3.52 and liquidation value of RMB2.79, RMB4.48 as of December 31, 2018 and 2019, respectively )		250,098			438,439
Series D1 convertible redeemable preferred shares (US$0.0001 par value; 20,023,870 shares authorized, issued and outstanding with redemption value of RMB2.46, RMB3.51 and liquidation value of RMB2.79, RMB4.48 as of December 31, 2018 and 2019, respectively )		37,429			66,958

TOTAL MEZZANINE EQUITY		1,006,804			1,946,990

SHAREHOLDERS’ DEFICIT:
Ordinary shares (US$0.0001 par value, 930,963,910 shares authorized as of December 31, 2018 and 2019, respectively, 260,000,000 issued and outstanding as of December 31, 2018 and 285,428,430 shares issued and 260,000,000 shares outstanding as of December 31, 2019, respectively)		171			189
Treasury stock		—			(18	)
Accumulated deficit		(929,888	)		(2,003,031	)
Accumulated other comprehensive income		3,758			4,429

TOTAL SHAREHOLDERS’ DEFICIT:		(925,959	)		(1,998,431	)

TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT		80,895			(51,414	)

Condensed Statements of Cash Flows:


	For the year ended December 31,
	2017			2018			2019
	RMB			RMB			RMB
Net cash generated from/(used in) operating activities		118			(991	)		(15,239	)
Net cash used in investing activities
Cash paid for investments in subsidiaries, VIE and subsidiaries of VIE		(213,790	)		—			(21,094	)

Net cash used in investing activities		(213,790	)		—			(21,094	)

Net cash generated from financing activities
Proceeds from issuance of Series D convertible redeemable preferred shares		215,643			—			—
Proceeds from issuance of Series D1 convertible redeemable preferred shares		32,835			—			—
Payment of issuance cost for Series D convertible redeemable preferred shares		(8,646	)		—			—
Payment of issuance cost for Series D1 convertible redeemable preferred shares		(2,026	)		—			—
Cash received from convertible loans		27,981			—			—

Net cash generated from financing activities		265,787			—			—

Effect of exchange rate changes on cash and cash equivalents		(1,567	)		2,531			941
Net increase/(decrease) in cash and cash equivalents		50,548			1,540			(35,392	)

Cash and cash equivalents at beginning of the year		149			50,697			52,237

Cash and cash equivalents at end of the year		50,697			52,237			16,845

Basis of presentation

The Parent company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries, VIEs and subsidiaries of VIEs.

For the Parent company only combined condensed financial information, it records its investments in subsidiaries, VIEs and subsidiaries of VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries, VIEs and subsidiaries of VIEs” and shares in the subsidiaries, VIEs and subsidiaries of VIEs’ loss are presented as “Equity in loss of subsidiaries, VIEs and subsidiaries of VIEs” on the Condensed Statements of Operations and Comprehensive Loss. The parent company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of presentation

a)	Basis of presentation

n the preparation of the accompanying consolidated financial statements are summarized below.

Principles of consolidation

b)	Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of VIEs for which the Company is the primary beneficiary.

All transactions and balances among the Company, its subsidiaries, VIEs and subsidiaries of VIEs have been eliminated upon consolidation.

Use of estimates

c)	Use of estimates

years

Functional currency and foreign currency translation

d)	Functional currency and foreign currency translation

Convenience Translation

e)	Convenience Translation

Fair value measurements

f)	Fair value measurements

•

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

•

Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

See Note 19 for additional information.

Cash and cash equivalents

g)	Cash and cash equivalents

Cash and cash equivalents mainly represent cash on hand, demand deposits placed with large reputable banks

and other financial institutions

As of December 31, 2018 and 2019, the Group had approximately RMB152.7 and RMB64.1 million cash and cash equivalents held by its PRC subsidiaries and VIEs, representing 74.3% and 77.5

of total cash and cash equivalents of the Group, respectively.

As of December 31, 2018 and 2019, the Group had no restricted cash balance. The Group had no other lien arrangements during the years ended December 31, 2017, 2018 and 2019.

Accounts receivable

h)	Accounts receivable

Property, equipment and leasehold improvement, net

i)	Property, equipment and leasehold improvement, net


Electronic equipment			3 years
Furniture and office equipment			5 years
Vehicles			4 years
Leasehold improvement			shorter of expected lives of leasehold improvement and lease term

Intangible assets, net

j)	Intangible assets, net


Copyright			1-3 years
Software			1-5 years
Trademark and others			3-5 years

Impairment of long-lived assets

k)	Impairment of long-lived assets

years

presented.

Revenue recognition

l)	Revenue recognition

The Group’s revenues comprise audio entertainment revenue, and podcast, advertising and other revenue.

The Group adopted ASC Topic 606, “Revenue from Contracts with Customers” for all

years

Audio entertainment revenue

non-refundable

pre-determined

Podcast revenue

ASC 250 Accounting Changes and Error Corrections

Contract liabilities


	January 1, 2017		December 31, 2017		December 31, 2018		December 31, 2019
Deferred revenue		1,056		5,878		10,668		14,530

2017, December 31, 2017 and 2018.

During the year

ended December 31,

2017,

2018 and 2019, the Group did not have any arrangement where the performance obligations had already been satisfied in the past

year

but recognized the corresponding revenue in the current

year

Advertising revenue

The accounts receivable arises primarily from its advertising customers.


	December 31, 2018		December 31, 2019
Accounts receivable		6,485		2,979

Please see Note 3 for additional information.

There were no material contract assets as of December 31, 2018 and 2019.

Practical Expedients

The Group has used the following practical expedients as allowed under ASC Topic 606:

(iii) Costs to obtain a contract with a customer were expensed as incurred when the amortization period would have been one year or less.

Deferred revenue

m)	Deferred revenue

Cost of revenue

n)	Cost of revenue

costs. Revenue sharing fees represent the Company’s payments to hosts or guilds based on a percentage of revenue from sales of virtual items and certain performance based incentives.

Research and development expenses

o)	Research and development expenses

Selling and marketing expenses

p)	Selling and marketing expenses

ended December

2017,

2018 and 2019, advertising and promotional expenses were RMB188.9 million

RMB10

6.1 million

and RMB191.1 million, respectively.

Government grants

q)	Government grants

Leases

lease-by-lease

basis and are generally not included in the initial lease terms.

The Group has no capital leases for any of the

years

presented.

Share-based compensation

s)	Share-based compensation

non-employee

in accordance with ASC 718 Stock Compensation. For share options for the purchase of ordinary shares granted to employee and

non-employee

pre-vesting

Employee benefits

t)	Employee benefits

PRC Contribution Plan

RMB20.6

million

and RMB36.0 million for the years ended December 31,

2017,

2018 and 2019, respectively.

Taxation

Income taxes

Uncertain tax positions

In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a

two-step

approach for the tax position measurement and financial statement recognition. Under the

two-step

2017,

2018 and 2019.

Related parties

v)	Related parties

Net loss per share

w)	Net loss per share

Loss per share is computed in accordance with ASC 260, Earnings per Share. The

two-class

method is used for computing earnings per share in the event the Group has net income available for distribution. Under the

two-class

years

presented herein, the computation of basic loss per share using the

two-class

Statutory reserves

x)	Statutory reserves

In accordance with China’s Company Laws, the Company’s VIEs and subsidiaries of VIEs in PRC must make appropriations from their

after-tax

profit, if any (as determined under the accounting principles generally acceptable in the People’s Republic of China (“PRC GAAP”)) to

non-distributable

reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the

after-tax

Pursuant to the laws applicable to China’s Foreign Investment Enterprises, the Company’s subsidiary that is a foreign investment enterprise in China have to make appropriations from their

after-tax

Comprehensive income/(losses)

y)	Comprehensive income/(losses)

Segment reporting

z)	Segment reporting

Concentration and credit risk

aa)	Concentration and credit risk

Advertising and promotional service providers

ended December 31,

2017,

2018 and 2019 are as follows:


	For the year ended December 31,
	201 7			2018		2019
Total number of advertising and promotional service providers		125			245		236
Number of service providers that accounted for 10% or more of the Group’s advertising and promotional expenses		1			—		2
Total percentage of the Group’s advertising and promotional expenses that were paid to these service providers who accounted for 10% or more of the Group’s advertising and promotional service expenses		16.0	%		—		36.0	%

Credit risk

Major customers for advertising business

There was one and two customers had receivable balances derived from advertising business exceeding l0% of the total accounts receivable balances of the Group as

of December 31, 2018 and 2019, respectively, as follows:


	December 31, 2018			December 31, 2019
Customer A		84.9	%		48.3	%
Customer B		—			50.3	%

Recently issued accounting pronouncements

bb)	Recently issued accounting pronouncements

Newly adopted accounting pronouncements

In January

2016

, the FASB issued ASU

No. 2016-01

Financial Instruments—Overall (Subtopic

825-10)

investee

2017

, including interim periods within those fiscal years. For all other entities including

not-for-profit

entities and employee benefit plans within the scope of Topics

960

through

965

on plan accounting, the amendments in this update are effective for fiscal years beginning after December

2018

, and interim periods within fiscal years beginning after December

2019

. All entities that are not public business entities may adopt the amendments in this update earlier as of the fiscal years beginning after December

2017

, including interim periods within those fiscal years. The Group adopted this new standard effective on January

2019

. The adoption of ASU

2016-01

did not have a material impact on the Group’s consolidated financial

statements.

Recent accounting pronouncements not yet adopted

In February 2016, the FASB issued ASU

2016-02,

right-of-use

ASU 2016-02, on January 1, 2020 using by modified retrospective method and

did

not restate comparable periods. The Group elect

assets, consolidated statements of operations and comprehensive loss, or consolidated statements of cash flows as a result of adopting the new standard.

In June 2016, the FASB amended guidance related to the impairment of financial instruments as part of ASU

2016-13,

not-for-profit

In June 2018, the FASB issued ASU

No. 2018-07

Organization and Reorganization (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Major Subsidiaries Consolidated Vies and Vies Subsidiaries

As of December 31, 2019, the Company’s consolidated subsidiaries, VIEs and subsidiaries of VIEs are as follows:


Major Subsidiaries	Place and year of incorporation	Percentage of direct or indirect economic ownership		Principal activities
Lizhi Inc. (“Lizhi BVI”)	British Virgin Islands, Y2010		100	Investment holding
Lizhi Holding Limited (“Lizhi HK”)	Hong Kong, China Y2010		100	Investment holding
Beijing Hongyiyichuang Information Technology Co., Ltd. (“Hongyi Technology”)	Beijing, China Y2011		100	Technical support and consulting services
Tiya Inc. (“Tiya Cayman”)	Cayman Islands, Y2019		100	Investment holding
Tiya Inc. (“Tiya BVI”)	British Virgin Islands, Y2019		100	Investment holding
Tiya Holding Limited (“Tiya HK”)	Hong Kong, China Y2019		100	Investment holding
Guangzhou Tiya Information Technology Co., Ltd. (“Guangzhou Tiya”)	Guangzhou, China Y2019		100	Technical support and consulting services


Major VIEs	Place and year of incorporation/ acquisition	Percentage of direct or indirect economic ownership		Principal activities
Guangzhou Lizhi Network Technology Co., Ltd. (“Guangzhou Lizhi”)	Guangzhou, China Y2007		100	Audio entertainment, and podcast, advertising and other business
Guangzhou Huanliao Network Technology Co., Ltd. (“Guangzhou Huanliao”) *	Guangzhou, China Y2016		100	Audio entertainment business and others


Major subsidiaries of VIEs	Place and year of incorporation	Percentage of direct or indirect economic ownership		Principal activities
Wuhan Lizhi Network Technology Co., Ltd.	Wuhan, China Y2017		100	Audio entertainment business and others
Changsha Limang Interaction Entertainment Co., Ltd.	Changsha, China Y2015		100	Audio entertainment business and others
Huai’an Lizhi Network Technology Co., Ltd.	Huai’an, China Y2015		100	Audio entertainment business and others

Summary of Variable Interest Entities

The following combined financial information of the Group’s VIEs as of December 31, 2018 and 2019 and for the years ended December 31,

2017,

2018 and 2019 was included in the accompanying consolidated financial statements of the Group as follows:


	As of December 31, 2018		As of December 31, 2019
	RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		105,381		42,056
Accounts receivable, net		6,485		2,979
Prepayments and other current assets		5,689		10,825

Total current assets		117,555		55,860

Non-current assets:
Property, equipment and leasehold improvement, net		17,122		32,106
Intangible assets, net		1,451		1,701
Other non-current assets		—		2,133

Total non-current assets		18,573		35,940

TOTAL ASSETS		136,128		91,800

Current liabilities:
Accounts payable		76,715		72,164
Deferred revenue		10,668		14,381
Salary and welfare payable		38,303		66,810
Other tax payable		4,866		2,592
Accrued expenses and other current liabilities		23,895		32,108
Amount due to the subsidiaries of the Group		206,069		186,979

Total current liabilities		360,516		375,034

TOTAL LIABILITIES		360,516		375,034


	For the year ended
	December 31,			December 31,			December 31,
	201 7			2018			2019
	RMB			RMB			RMB
Net revenues		453,529			798,561			1,179,468
Net loss		(140,182	)		(456	)		(116,891	)


	For the year ended
	December 31,			December 31,			December 31,
	201 7			2018			2019
	RMB			RMB			RMB
Net cash (used in)/generated from operating activities		(20,768	)		21,262			(73,015	)
Net cash used in investing activities		(13,195	)		(17,375	)		(29,164	)
Net cash generated from financing activities		46,434			70,802			38,854
Net increase/(decrease) in cash and cash equivalents		12,471			74,689			(63,325	)

- Definition

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

+ References + Details

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of Accounting Policies [Line Items]

Summary of Property Plant Equipment Estimated Useful Lives

Depreciation is computed using the straight-line method over the following estimated useful lives:


Electronic equipment			3 years
Furniture and office equipment			5 years
Vehicles			4 years
Leasehold improvement			shorter of expected lives of leasehold improvement and lease term

Summary of Finite Lived Intangible Assets Useful Lives

Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:


Copyright			1-3 years
Software			1-5 years
Trademark and others			3-5 years

Summary of Contract Liabilities Consist of Deferred Revenue


	January 1, 2017		December 31, 2017		December 31, 2018		December 31, 2019
Deferred revenue		1,056		5,878		10,668		14,530

Summary of Accounts Receivable

The accounts receivable arises primarily from its advertising customers.


	December 31, 2018		December 31, 2019
Accounts receivable		6,485		2,979

Service Provider Concentration Risk [Member]

Disclosure of Accounting Policies [Line Items]

Summary of Advertising and Promotional Service Providers Details


	For the year ended December 31,
	201 7			2018		2019
Total number of advertising and promotional service providers		125			245		236
Number of service providers that accounted for 10% or more of the Group’s advertising and promotional expenses		1			—		2
Total percentage of the Group’s advertising and promotional expenses that were paid to these service providers who accounted for 10% or more of the Group’s advertising and promotional service expenses		16.0	%		—		36.0	%

Accounts Receivable [Member]

Disclosure of Accounting Policies [Line Items]

Summary of Advertising and Promotional Service Providers Details

There was one and two customers had receivable balances derived from advertising business exceeding l0% of the total accounts receivable balances of the Group as

of December 31, 2018 and 2019, respectively, as follows:


	December 31, 2018			December 31, 2019
Customer A		84.9	%		48.3	%
Customer B		—			50.3	%

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2019

Credit Loss, Additional Improvements [Abstract]

Summary of Accounts Receivable Net

Accounts receivable, net is consisted of the following:


	December 31, 2018		December 31, 2019
	RMB		RMB
Accounts receivable, gross:		6,485		2,979
Less: allowance for doubtful accounts		—		—

Accounts receivable, net		6,485		2,979

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepayments and Other Current Assets

The following is a summary of prepayments and other current assets:


	December 31, 2018		December 31, 2019
	RMB		RMB
Deposits		1,749		3,542
Prepaid service fees		1,080		8,784
Prepaid promotional expenses		728		381
Staff advances		439		292
Receivables from third-party online payment platform		349		1,553
Deductible Value Added Tax (“VAT”)		86		1,893
Others		1,493		2,329

Total		5,924		18,774

Property, Equipment and Leasehold Improvement, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Summary of Property Plant and Equipment

The following is a summary of property, equipment and leasehold improvement, net:


	December 31, 2018			December 31, 2019
	RMB			RMB
Electronic equipment		23,000			46,478
Furniture and office equipment		1,192			1,382
Vehicles		989			989
Leasehold improvement		2,379			4,466
Total property, equipment and leasehold improvement		27,560			53,315

Less: accumulated depreciation		(10,365	)		(20,928	)

Property, equipment and leasehold improvement , net		17,195			32,387

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Finite Lived Intangible Assets

The following table summarizes the Group’s intangible assets:


	December 31, 2018			December 31, 2019
	RMB			RMB
Gross carrying amount
Copyright		7,918			8,547
Software		610			1,370
Trademark and others		425			1,053

Total intangible assets		8,953			10,970

Less: accumulated amortization
Copyright		(7,145	)		(8,308	)
Software		(303	)		(735	)
Trademark and others		(54	)		(226	)

Intangible assets, net		1,451			1,701

Summary of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated amortization expenses for each of the following five years are as follows:


	Amortization expense of intangible assets
	RMB
2020		802
2021		439
2022		315
2023		115
2024		30

Taxation (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Income Tax Reconciliation

The following table presents a reconciliation of the differences between the statutory income tax rate and the Company’s effective income tax rate for the years ended December 31,

2017,

2018 and 2019:


	For the year ended December 31,
	2 017			2018			2019
	%			%			%
Statutory income tax rate of the PRC		25.0			25.0			25.0
Tax rate difference from preferential tax treatments and statutory rate in other jurisdictions		(9.1	)		(5.3	)		(7.4	)
Permanent differences		(0.1	)		55.4			5.6
Change in valuation allowances		(15.8	)		(75.1	)		(23.2	)

Effective income tax rate		—			—			—

Summary of Operating Loss Carry Forward

As of December 31, 2019, certain entities of the Company had net operating tax loss carry forwards as follows:


	RMB
Loss expiring in 2020		11,710
Loss expiring in 2021		19,201
Loss expiring in 2022		8,542
Loss expiring in 2023		5,620
Loss expiring in 2024		30,545
Loss expiring in 2025		16,027
Loss expiring in 202 6		21,409
Loss expiring in 202 7		15,141
Loss expiring in 202 8		47,863
Loss expiring in 202 9		147,040

		323,098

Summary of Significant Components of Deferred Tax Assets

The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets and liabilities as of December 31, 2018 and 2019:


	December 31, 2018			December 31, 2019
	RMB			RMB
Deferred tax assets:
Net operating tax loss carry forwards		27,840			54,758
Advertising expenses in excess of deduction limit		21,059			24,982
Deferred revenue		1,600			580

Total deferred tax assets		50,499			80,320

Less: valuation allowances		(50,499	)		(80,320	)

Net deferred tax assets		—			—

Summary of Movement of Valuation Allowance

The following table sets forth the movement of the aggregate valuation allowances for deferred tax assets for the periods presented:


	Balance at January 1			Movement*			Balance at December 31
	RMB			RMB			RMB
2017		(29,940	)		(15,262	)		(45,202	)
2018		(45,202	)		(5,297	)		(50,499	)
2019		(50,499	)		(29,821	)		(80,320	)

Other Tax Payable (Tables)

12 Months Ended

Dec. 31, 2019

Schedule Of Other Tax Payable [Abstract]

Summary of Other Tax Payable

The following is a summary of other tax payable as of December 31, 2018 and 2019:


	December 31, 2018		December 31, 2019
	RMB		RMB
Cultural development fees		1,198		30
VAT payables		2,781		1,258
Withholding individual income taxes for employees		477		1,100
Others		428		243

Total		4,884		2,631

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

The following is a summary of accrued expenses and other current liabilities as of December 31, 2018 and 2019:


	December 31, 2018		December 31, 2019
	RMB		RMB
Advertising and promotional expenses		16,863		28,909
Professional service fees		4,001		406
Payable for property, equipment and leasehold improvement, net		—		182
Accrued sales rebates for advertising business		3,104		569
Others		58		3,663

Total		24,026		33,729

Cost of Revenues (Tables)

12 Months Ended

Dec. 31, 2019

Cost Of Revenues [Abstract]

Summary of Cost Revenues

The following is a summary of cost of revenues for the years ended December 31, 2017, 2018 and 2019:


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB
Revenue sharing fees		299,168		527,128		850,167
Salary and welfare benefits		8,373		11,750		29,072
Payment handling costs		6,991		7,219		15,573
Bandwidth costs		2,303		3,490		5,702
Others		13,987		16,047		9,641

Total		330,822		565,634		910,155

Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Summarized Group of Preferred Shares Activities

The Group’s preferred shares activities for the years ended December 31, 2017, 2018 and 2019 are summarized below:


	Series A Preferred Shares				Series B Preferred Shares				Series C Preferred Shares				Series C1 Preferred Shares				Series C1+ Preferred Shares				Series D Preferred Shares				Series D1 Preferred Shares				Mezzanine Equity
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Total number of shares		Total amount
			RMB				RMB				RMB				RMB				RMB				RMB				RMB				RMB
Balance as of January 1, 2017		100,000,000		30,658		116,666,650		50,621		142,583,330		119,672		34,697,360		28,601		—		—		—		—		—		—		393,947,340		229,552
Issurance of Preferred Shares		—		—		—		—		—		—		—		—		26,912,090		27,981		128,152,790		206,997		20,023,870		30,809		175,088,750		265,787
Accretions to Preferred Shares redemption value		—		90,763		—		91,065		—		70,518		—		17,480		—		10,575		—		9,963		—		911		—		291,275
Modification of Preferred Shares		—		—		—		4,005		—		—		—		—		—		—		—		—		—		—		—		4,005

Balance as of December 31, 2017		100,000,000		121,421		116,666,650		145,691		142,583,330		190,190		34,697,360		46,081		26,912,090		38,556		128,152,790		216,960		20,023,870		31,720		569,036,090		790,619

Accretions to Preferred Shares redemption value		—		43,312		—		49,731		—		58,960		—		14,352		—		10,983		—		33,138		—		5,709		—		216,185

Balance as of December 31, 2018		100,000,000		164,733		116,666,650		195,422		142,583,330		249,150		34,697,360		60,433		26,912,090		49,539		128,152,790		250,098		20,023,870		37,429		569,036,090		1,006,804

Balance as of January 1, 2019		100,000,000		164,733		116,666,650		195,422		142,583,330		249,150		34,697,360		60,433		26,912,090		49,539		128,152,790		250,098		20,023,870		37,429		569,036,090		1,006,804
Accretions to Preferred Shares redemption value		—		180,143		—		205,054		—		236,152		—		57,540		—		43,427		—		188,341		—		29,529		—		940,186

Balance as of December 31, 2019		100,000,000		344,876		116,666,650		400,476		142,583,330		485,302		34,697,360		117,973		26,912,090		92,966		128,152,790		438,439		20,023,870		66,958		569,036,090		1,946,990

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Summary of Employee Welfare Benefits Expenses


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB
Contributions to medical and pension schemes		10,491		16,907		28,291
Other employee benefits		1,979		3,652		7,698

Total		12,470		20,559		35,989

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]

Summary of Valuation Assumptions

The estimated fair value of each option granted is estimated on the date of grant using the binomial option-pricing model with the following assumptions:


	For the year ended December 31, 201 8
Expected volatility		56.38	%
Weighted average volatility		56.38	%
Expected dividends		—
Risk-free rate		3.05	%
Contractual term(in years)		10
Enterprise value per ordinary share	US$	0.21

Summary of Stock Option Awards Outstanding

The following table presents a summary of the Company’s stock options activities for the years ended December 31,

2017,

2018 and 2019.


	Employees			Consultants		Total			Weighted average exercise price		Remaining contractual life		Aggregated intrinsic value
	(in thousands)			(in thousands)		(in thousands)			US$				RMB
Outstanding at January 1, 2017		2,950			—		2,950			0.001		—		735
Cancelled		—			—		—			—		—		—
Granted		—			—		—			—		—		—
Forfeited		—			—		—			—		—		—
Outstanding at December 31, 2017		2,950			—		2,950			0.001		—		3,031
Outstanding at January 1, 2018		2,950			—		2,950			0.001		—		3,031
Cancelled		(2,950	)		—		(2,950	)		0.01		—		—
Granted		12,766			500		13,266			0.0001		—		—
Forfeited		(101	)		—		(101	)		0.0001		—		—
Outstanding at December 31, 2018		12,665			500		13,165			0.0001		3.75		20,514
Exercisable as of December 31, 2018		—			—		—			—		—		—
Outstanding at January 1, 2019		12,665			500		13,165			0.0001		3.75		20,514
Cancelled		—			—		—			—		—		—
Granted		—			—		—			—		—		—
Forfeited		(844	)		—		(844	)		0.0001		—		—
Outstanding at December 31, 2019		11,821			500		12,321			0.0001		2.75		43,011
Exercisable as of December 31, 2019		—			—		—			—		—		—

Summary of Restricted Shares Activities

The following table sets forth the summary of restricted shares activities:


	Number of Restricted Shares Granted		Weighted-Average Grant Date Fair Value
	(in thousands)		(in thousands) US$
January 1, 2018
Awarded		14,500		0.21
Vested		—		—
Outstanding at December 31, 2018		14,500		0.21
January 1, 2019		14,500		0.21
Awarded		10,428		0.26
Vested		—		—

Outstanding at December 31, 2019		24,928		0.23

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share Reconciliation [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share for the years ended December

31,

017,

2018 and 2019:


	For the year ended December 31,
	2017			2018			2019
	RMB			RMB			RMB
Numerator :
Net loss		(153,665	)		(9,342	)		(132,957	)
Less: accretions to preferred shares redemption value		(291,275	)		(216,185	)		(940,186	)
Less: deemed dividends distributed to Series B preferred shares		(4,005	)		—			—
Net loss attributable to Lizhi Inc.’s ordinary shareholders		(448,945	)		(225,527	)		(1,073,143	)
Denominator:
Weighted average number of ordinary shares outstanding, basic		260,000,000			260,000,000			260,000,000
Weighted average number of ordinary shares outstanding, diluted		260,000,000			260,000,000			260,000,000
Basic net loss per share attributable to Lizhi Inc.’s ordinary shareholders		(1.73	)		(0.87	)		(4.13	)
Diluted net loss per share attributable to Lizhi Inc.’s ordinary shareholders		(1.73	)		(0.87	)		(4.13	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Minimum Lease Under Non-Cancelable Operating Leases

As of December 31, 2019, future minimum lease under non-cancelable operating lease agreements were as follows:


	Total operating lease commitments
	RMB
2020		9,887
2021		4,333

Total		14,220

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of key revenues streams

Key revenues streams are as below:


	For the year ended December 31,
	2017		2018		2019
	RMB		RMB		RMB
Audio entertainment		436,109		785,101		1,167,934
Podcast, advertising and others		17,420		13,460		12,663

Total		453,529		798,561		1,180,597

Additional Information - Condensed Financial Statements of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Summary of Condensed Statements of Operations And Comprehensive Loss

Condensed statements of operations and comprehensive loss:


	For the year ended December 31,
	2017			2018			2019
	RMB			RMB			RMB
Operation expenses:
General and administrative expenses		(2,332	)		(1,036	)		(1,883	)

Total operating expenses		(2,332	)		(1,036	)		(1,883	)


Other expenses:
Equity in loss of subsidiaries, VIEs and subsidiaries of VIEs		(151,264	)		(8,183	)		(131,325	)

Others, net		(69	)		(123	)		251
Net loss		(153,665	)		(9,342	)		(132,957	)


Accretions to preferred shares redemption value		(291,275	)		(216,185	)		(940,186	)
Net loss attributable to ordinary shareholders		(444,940	)		(225,527	)		(1,073,143	)
Net loss		(153,665	)		(9,342	)		(132,957	)
Other comprehensive (losses)/income:
Foreign currency translation adjustments		(876	)		2,649			671
Total comprehensive loss		(154,541	)		(6,693	)		(132,286	)

Accretions to preferred shares redemption value		(291,275	)		(216,185	)		(940,186	)

Total comprehensive loss to ordinary shareholders		(445,816	)		(222,878	)		(1,072,472	)

Summary of Condensed Balance Sheets

Condensed balance sheets:


	As of December 31,
	2018			2019
	RMB			RMB
ASSETS
Current assets:
Cash and cash equivalents		52,237			16,845

Total current assets		52,237			16,845

Non-current assets:
Prepayments and other current assets		—			6,720
Investments in subsidiaries, VIE and subsidiaries of VIE		28,658			(74,979	)

Total non-current assets		28,658			(68,259	)

TOTAL ASSETS		80,895			(51,414	)


LIABILITIES
Accrued expenses and other current liabilities		50			27
Total current liabilities		50			27

TOTAL LIABILITIES		50			27

MEZZANINE EQUITY
Series A convertible redeemable preferred shares (US$0.0001 par value; 100,000,000 shares authorized, issued and outstanding with redemption value of RMB1.32, RMB3.31 and liquidation value of RMB1.36, RMB2.93 as of December 31, 2018 and 2019, respectively )		164,733			344,876
Series B convertible redeemable preferred shares (US$0.0001 par value; 116,666,650 shares authorized, issued and outstanding with redemption value of RMB1.63, RMB3.33 and liquidation value of RMB1.50, RMB3.09 as of December 31, 2018 and 2019, respectively )		195,422			400,476
Series C convertible redeemable preferred shares (US$0.0001 par value; 142,583,330 shares authorized, issued and outstanding with redemption value of RMB1.95, RMB3.42 and liquidation value of RMB1.94, RMB3.58 as of December 31, 2018 and 2019, respectively )		249,150			485,302
Series C1 convertible redeemable preferred shares (US$0.0001 par value; 34,697,360 shares authorized, issued and outstanding with redemption value of RMB1.93, RMB3.42 and liquidation value of RMB1.94, RMB3.58 as of December 31, 2018 and 2019, respectively )		60,433			117,973
Series C1+ convertible redeemable preferred shares (US$0.0001 par value; 26,912,090 shares authorized, issued and outstanding with redemption value of RMB1.90, RMB3.40 and liquidation value of RMB2.34, RMB4.03 as of December 31, 2018 and 2019, respectively )		49,539			92,966
Series D convertible redeemable preferred shares (US$0.0001 par value; 128,152,790 shares authorized, issued and outstanding with redemption value of RMB2.49, RMB3.52 and liquidation value of RMB2.79, RMB4.48 as of December 31, 2018 and 2019, respectively )		250,098			438,439
Series D1 convertible redeemable preferred shares (US$0.0001 par value; 20,023,870 shares authorized, issued and outstanding with redemption value of RMB2.46, RMB3.51 and liquidation value of RMB2.79, RMB4.48 as of December 31, 2018 and 2019, respectively )		37,429			66,958

TOTAL MEZZANINE EQUITY		1,006,804			1,946,990

SHAREHOLDERS’ DEFICIT:
Ordinary shares (US$0.0001 par value, 930,963,910 shares authorized as of December 31, 2018 and 2019, respectively, 260,000,000 issued and outstanding as of December 31, 2018 and 285,428,430 shares issued and 260,000,000 shares outstanding as of December 31, 2019, respectively)		171			189
Treasury stock		—			(18	)
Accumulated deficit		(929,888	)		(2,003,031	)
Accumulated other comprehensive income		3,758			4,429

TOTAL SHAREHOLDERS’ DEFICIT:		(925,959	)		(1,998,431	)

TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT		80,895			(51,414	)

Summary of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows:


	For the year ended December 31,
	2017			2018			2019
	RMB			RMB			RMB
Net cash generated from/(used in) operating activities		118			(991	)		(15,239	)
Net cash used in investing activities
Cash paid for investments in subsidiaries, VIE and subsidiaries of VIE		(213,790	)		—			(21,094	)

Net cash used in investing activities		(213,790	)		—			(21,094	)

Net cash generated from financing activities
Proceeds from issuance of Series D convertible redeemable preferred shares		215,643			—			—
Proceeds from issuance of Series D1 convertible redeemable preferred shares		32,835			—			—
Payment of issuance cost for Series D convertible redeemable preferred shares		(8,646	)		—			—
Payment of issuance cost for Series D1 convertible redeemable preferred shares		(2,026	)		—			—
Cash received from convertible loans		27,981			—			—

Net cash generated from financing activities		265,787			—			—

Effect of exchange rate changes on cash and cash equivalents		(1,567	)		2,531			941
Net increase/(decrease) in cash and cash equivalents		50,548			1,540			(35,392	)

Cash and cash equivalents at beginning of the year		149			50,697			52,237

Cash and cash equivalents at end of the year		50,697			52,237			16,845

Organization and Reorganization - Summary of Major Subsidiaries Consolidated Vies and Vies Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2019
Lizhi Inc [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	British Virgin Islands, Y2010
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Lizhi Holding Limited [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Hong Kong, China Y2010
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Beijing Hongyiyichuang Information Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Beijing, China Y2011
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Technical support and consulting services
Tiya Inc [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Cayman Islands, Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Tiya Inc Tiya BVI [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	British Virgin Islands, Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Tiya Holding Limited [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Hong Kong, China Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Guangzhou Tiya Information Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Guangzhou, China Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Technical support and consulting services
Guangzhou Lizhi Network Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Guangzhou, China Y2007
Percentage of direct or indirect economic ownership (Major VIEs)	100.00%
Principal activities (Major VIEs)	Audio entertainment, and podcast, advertising and other business
Guangzhou Huanliao Network Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Guangzhou, China Y2016
Percentage of direct or indirect economic ownership (Major VIEs)	100.00%
Principal activities (Major VIEs)	Audio entertainment business and others
Wuhan Lizhi Network Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Wuhan, China Y2017
Percentage of direct or indirect economic ownership (Major VIEs)	100.00%
Principal activities (Major VIEs)	Audio entertainment business and others
Changsha Limang Interaction Entertainment Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Changsha, China Y2015
Percentage of direct or indirect economic ownership (Major VIEs)	100.00%
Principal activities (Major VIEs)	Audio entertainment business and others
Huaian Lizhi Network Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Huaian, China Y2015
Percentage of direct or indirect economic ownership (Major VIEs)	100.00%
Principal activities (Major VIEs)	Audio entertainment business and others

Organization and Reorganization - Summary of Variable Interest Entities (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2016 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 82,709		¥ 205,604	¥ 206,509	$ 11,880	$ 29,533	¥ 18,403
Accounts receivable, net	2,979		6,485		428
Prepayments and other current assets	18,774		5,924		2,697
Total current assets	104,462		218,013		15,005
Non-current assets:
Property, equipment and leasehold improvement, net	32,387		17,195		4,652
Intangible assets, net	1,701		1,451		244
Other non-current assets	2,133				306
Total non-current assets	36,221		18,646		5,202
TOTAL ASSETS	140,683		236,659		20,207
Current liabilities:
Accounts payable	72,299		76,715		10,385
Salary and welfare payable	68,935		39,521		9,902
Accrued expenses and other current liabilities	33,729		24,026		4,845
Total current liabilities	192,124		155,814		27,596
TOTAL LIABILITIES	192,124		155,814		27,596
Net revenues	1,180,597	$ 169,582	798,561	453,529
Net loss	(132,957)	(19,097)	(9,342)	(153,665)
Net cash (used in)/generated from operating activities	(95,753)	(13,754)	13,962	(31,334)
Net cash used in investing activities	(29,370)	$ (4,219)	(17,375)	(13,195)
Net cash generated from financing activities				237,787
Variable Interest Entity Primary Beneficiary [Member]
Current assets:
Cash and cash equivalents	42,056		105,381
Accounts receivable, net	2,979		6,485
Prepayments and other current assets	10,825		5,689
Total current assets	55,860		117,555
Non-current assets:
Property, equipment and leasehold improvement, net	32,106		17,122
Intangible assets, net	1,701		1,451
Other non-current assets	2,133
Total non-current assets	35,940		18,573
TOTAL ASSETS	91,800		136,128
Current liabilities:
Accounts payable	72,164		76,715
Deferred revenue	14,381		10,668
Salary and welfare payable	66,810		38,303
Other tax payable	2,592		4,866
Accrued expenses and other current liabilities	32,108		23,895
Amount due to the subsidiaries of the Group	186,979		206,069
Total current liabilities	375,034		360,516
TOTAL LIABILITIES	375,034		360,516
Net revenues	1,179,468		798,561	453,529
Net loss	(116,891)		(456)	(140,182)
Net cash (used in)/generated from operating activities	(73,015)		21,262	(20,768)
Net cash used in investing activities	(29,164)		(17,375)	(13,195)
Net cash generated from financing activities	38,854		70,802	46,434
Net increase/(decrease) in cash and cash equivalents	¥ (63,325)		¥ 74,689	¥ 12,471

Organization and Reorganization - Additional Information (Detail) ¥ in Thousands, $ in Thousands			12 Months Ended
	May 20, 2019	Feb. 28, 2019	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2019 USD ($)
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Dated of incorporation			Oct. 01, 2010	Oct. 01, 2010
Net loss			¥ (132,957)	$ (19,097)	¥ (9,342)	¥ (153,665)
Cash flows operating activities			(95,753)	$ (13,754)	13,962	¥ (31,334)
Accumulated deficit			(2,003,031)		(929,888)		$ (287,717)
Line of credit			100,000
Debt instrument maturity period		6 months
Expiring On January 31, 2021 [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Maximum credit facility			80,000
Expiring On March 2, 2021 [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Maximum credit facility			20,000
Variable Interest Entity Not Primary Beneficiary [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Obligations to settle of variable interest entity			¥ 51,000		¥ 28,200
Lizhi BVI [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Place of incorporation			British Virgin Islands	British Virgin Islands
Guangzhou Tiya [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Service fee percentage of after tax profit	90.00%

Significant Accounting Policies - Additional information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) Number	Dec. 31, 2018 CNY (¥) Number	Dec. 31, 2017 CNY (¥) Number	Jan. 01, 2020 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2016 CNY (¥)
Disclosure of Accounting Policies [Line Items]
Exchange rate	6.9618				6.9618
Restricted cash	¥ 0	¥ 0
Number of lien arrangements \| Number	0	0	0
Weighted average contract period	97 days	33 days	7 days
Recognized revenue	¥ 8,900	¥ 5,200	¥ 1,000
Revenue remaining performance obligation	0	0	0
Contract assets	0	0
Advertising and promotional expenses	191,100	106,100	188,900
Employee benefit expenses	¥ 36,000	20,600	12,500
Income tax examination likelihood of settlement	The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.
Unrecognized uncertain tax positions	¥ 0	0	0
Annual appropriation to reserve percent	10.00%				10.00%
Threshold limit for reserve appropriation	50.00%				50.00%
Appropriation to statutory reserves	¥ 0	0	0
Cash and cash equivalents	82,709	205,604	¥ 206,509		$ 11,880	$ 29,533	¥ 18,403
Accounting Standards Update 2016-02 [Member]
Disclosure of Accounting Policies [Line Items]
Lease assets				¥ 12,000
Lease liabilities				¥ 12,000
Alipay and WeChat Pay [Member]
Disclosure of Accounting Policies [Line Items]
Cash and cash equivalents	6,300	9,100
Subsidiaries [Member]
Disclosure of Accounting Policies [Line Items]
Cash and cash equivalents	¥ 64,100	152,700
Cash And Cash Equivalents Total [Member] \| Subsidiaries [Member]
Disclosure of Accounting Policies [Line Items]
Concentration risk percentage	74.30%				74.30%
Cash And Cash Equivalents Total [Member] \| VIE [Member]
Disclosure of Accounting Policies [Line Items]
Concentration risk percentage	77.50%				77.50%
Cash At Bank [Member]
Disclosure of Accounting Policies [Line Items]
Due from banks	¥ 97,100	99,400				14,500
Demand Deposits [Member]
Disclosure of Accounting Policies [Line Items]
Due from banks	¥ 36,100	¥ 40,300				$ 5,700

Significant Accounting Policies - Summary of Property Plant Equipment Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2019
Electronic Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture And Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	4 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	shorter of expected lives of leasehold improvement and lease term

Significant Accounting Policies - Summary of Finite Lived Intangible Assets Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2019
Copyrights [Member] \| Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	1 year
Copyrights [Member] \| Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Software [Member] \| Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	1 year
Software [Member] \| Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years
Trademark And Others [Member] \| Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Trademark And Others [Member] \| Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years

Significant Accounting Policies - Summary of Contract Liabilities Consist of Deferred Revenue (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2017
Disclosure of Schedule of contract liabilities consist of deferred revenue [Abstract]
Deferred revenue	¥ 14,530	¥ 10,668	¥ 5,878	¥ 1,056

Significant Accounting Policies - Summary of Accounts Receivable (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Disclosure of Summary of accounts receivable [Abstract]
Accounts receivable	¥ 2,979	$ 428	¥ 6,485

Significant Accounting Policies - Summary of Advertising and Promotional Service Providers (Detail) - Advertising And Promotional Service Expense [Member] - Number	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2018
Disclosure of Advertising and Promotional Service Providers [Line Items]
Number of service providers that accounted for 10% or more of the Group's advertising and promotional expense	236	125	245
Supplier Concentration Risk [Member]
Disclosure of Advertising and Promotional Service Providers [Line Items]
Number of service providers that accounted for 10% or more of the Group's advertising and promotional expense	2	1
Concentration risk, percentage	36.00%	16.00%

Significant Accounting Policies - Summary of Advertising Business Exceeding (Detail) - Customer Concentration Risk [Member] - Accounts Receivable [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Customer A [Member]
Disclosure of Advertising and Promotional Service Providers [Line Items]
Concentration risk, percentage	48.30%	84.90%
Customer B [Member]
Disclosure of Advertising and Promotional Service Providers [Line Items]
Concentration risk, percentage	50.30%

Accounts Receivable Net - Summary of Accounts Receivable Net (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	¥ 2,979		¥ 6,485
Less: allowance for doubtful accounts	0
Accounts receivable, net	¥ 2,979	$ 428	¥ 6,485

Prepayments and Other Current Assets - Summary of Prepayments and Other Assets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits	¥ 3,542		¥ 1,749
Prepaid service fees	8,784		1,080
Prepaid promotional expenses	381		728
Staff advances	292		439
Receivables from third-party online payment platform	1,553		349
Deductible Value Added Tax ("VAT")	1,893		86
Others	2,329		1,493
Total	¥ 18,774	$ 2,697	¥ 5,924

Property, Equipment and Leasehold Improvement, Net - Summary of Property Plant and Equipment (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	¥ 53,315		¥ 27,560
Less: accumulated depreciation	(20,928)		(10,365)
Property, equipment and leasehold improvement , net	32,387	$ 4,652	17,195
Electronic equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	46,478		23,000
Furniture and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,382		1,192
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	989		989
Leasehold improvement [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	¥ 4,466		¥ 2,379

Property, Equipment and Leasehold Improvement, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Depreciation, Depletion and Amortization [Abstract]
Depreciation of property, equipment and leasehold improvement	¥ 10,772	$ 1,547	¥ 5,832	¥ 2,509

Intangible Assets - Summary of Finite Lived Intangible Assets (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Gross [Abstract]
Finite Lived Copyright Gross	¥ 8,547	¥ 7,918
Capitalized Computer Software, Gross	1,370	610
Finite Lived Trademarks And Other Gross	1,053	425
Total intangible assets	10,970	8,953
Less: accumulated amortization
Intangible assets, net	1,701	1,451
Copyright [Member]
Less: accumulated amortization
Finite-Lived Intangible Assets, Accumulated Amortization	(8,308)	(7,145)
Software [Member]
Less: accumulated amortization
Finite-Lived Intangible Assets, Accumulated Amortization	(735)	(303)
Trademark and others [Member]
Less: accumulated amortization
Finite-Lived Intangible Assets, Accumulated Amortization	¥ (226)	¥ (54)

Intangible Assets - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Amortization of Deferred Charges [Abstract]
Amortization expense	¥ 1,763	$ 253	¥ 3,930	¥ 3,361

Intangible Assets - Summary of Finite Lived Intangible Assets Future Amortization Expense (Detail) ¥ in Thousands	Dec. 31, 2019 CNY (¥)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020	¥ 802
2021	439
2022	315
2023	115
2024	¥ 30

Taxation - Additional Information (Detail) - CNY (¥) ¥ in Thousands		12 Months Ended
	Apr. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC		25.00%	25.00%	25.00%
Withholding income tax percentage		10.00%
Percentage of share holding in FIE		25.00%
Withholding tax amount		¥ 0	¥ 0
HONG KONG [Member] \| Inland Revenue, Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	16.50%
HONG KONG [Member] \| Inland Revenue, Hong Kong [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Withholding income tax percentage		5.00%
CHINA [Member] \| State Administration of Taxation, China [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC		25.00%
Preferential tax rate		15.00%
Assessable profits on the first HK$2 million [Member] \| HONG KONG [Member] \| Inland Revenue, Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	8.25%
Assessable profits in excess of HK$2 million [Member] \| HONG KONG [Member] \| Inland Revenue, Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	16.50%

Taxation - Summary of Income Tax Reconciliation (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory income tax rate of the PRC	25.00%	25.00%	25.00%
Tax rate difference from preferential tax treatments and statutory rate in other jurisdictions	(7.40%)	(5.30%)	(9.10%)
Permanent differences	5.60%	55.40%	(0.10%)
Change in valuation allowances	(23.20%)	(75.10%)	(15.80%)
Effective income tax rate

Taxation - Summary of Operating Loss Carry Forward (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	¥ 54,758	¥ 27,840
Loss expiring in 2020
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	11,710
Loss expiring in 2021
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	19,201
Loss expiring in 2022
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	8,542
Loss expiring in 2023
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	5,620
Loss expiring in 2024
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	30,545
Loss expiring in 2025
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	16,027
Loss expiring in 2026
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	21,409
Loss expiring in 2027
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	15,141
Loss expiring in 2028
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	47,863
Loss expiring in 2029
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	147,040
Operating loss carry forwards
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	¥ 323,098

Taxation - Summary of Significant Components of Deferred Tax Assets (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Tax Assets, Net of Valuation Allowance [Abstract]
Net operating tax loss carry forwards	¥ 54,758	¥ 27,840
Advertising expenses in excess of deduction limit	24,982	21,059
Deferred revenue	580	1,600
Total deferred tax assets	80,320	50,499
Less: valuation allowances	(80,320)	¥ (50,499)	¥ (45,202)	¥ (29,940)
Net deferred tax assets

Taxation - Summary of Movement of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Taxes, Business Combination, Valuation Allowance [Abstract]
Beginning Balance	¥ (50,499)	¥ (45,202)	¥ (29,940)
Movement	(29,821)	(5,297)	(15,262)
Ending Balance	¥ (80,320)	¥ (50,499)	¥ (45,202)

Other Tax Payable - Additional Information (Detail)	12 Months Ended
Other Tax Payable - Additional Information (Detail)	Dec. 31, 2019
Schedule Of Other Tax Payable [Abstract]
Value added tax rate	6.00%

Other Tax Payable (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)
Schedule Of Other Tax Payable [Abstract]
Cultural development fees	¥ 30		¥ 1,198
VAT payables	1,258		2,781
Withholding individual income taxes for employees	1,100		477
Others	243		428
Total	¥ 2,631	$ 377	¥ 4,884

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses And Other Current Liabilities (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Advertising and promotional expenses	¥ 28,909	¥ 16,863
Professional service fees	406	4,001
Payable for property, equipment and leasehold improvement, net	182
Accrued sales rebates for advertising business	569	3,104
Others	3,663	58
Total	¥ 33,729	¥ 24,026

Cost of Revenues - Summary of Cost of Revenues (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Summary of cost of revenues [Abstract]
Revenue sharing fees	¥ 850,167		¥ 527,128	¥ 299,168
Salary and welfare benefits	29,072		11,750	8,373
Payment handling costs	15,573		7,219	6,991
Bandwidth costs	5,702		3,490	2,303
Others	9,641		16,047	13,987
Total	¥ 910,155	$ 130,736	¥ 565,634	¥ 330,822

Convertible Loans - Additional Information (Detail) - Convertible Debt [Member] ¥ / shares in Units, $ / shares in Units, ¥ in Millions, $ in Millions		1 Months Ended			12 Months Ended
	Dec. 14, 2017 CNY (¥) shares ¥ / shares	Apr. 30, 2016 CNY (¥)	Dec. 31, 2014 shares $ / shares	Apr. 30, 2014 USD ($)	Dec. 31, 2016 ¥ / shares	Dec. 14, 2017 $ / shares	Nov. 30, 2017 CNY (¥)	Jun. 30, 2017 CNY (¥) ¥ / shares	Jun. 30, 2017 $ / shares	Oct. 31, 2016 CNY (¥)	Jun. 30, 2016 CNY (¥)
Short-term Debt [Line Items]
Debt conversion price \| (per share)					¥ 11.24			¥ 10.404	$ 1.5101
2014 [Member]
Short-term Debt [Line Items]
Debt interest percentage				8.00%
Debt maturity terms				due date twelve months after the issuance date
Debt instrument redemption price percentage				85.00%
Debt conversion number of shares issued \| shares			2,532,494
Debt conversion price \| $ / shares			$ 0.7897
2014 [Member] \| Morning side China TMT Fund II LP [Member]
Short-term Debt [Line Items]
Debt face value \| $				$ 1.0
2014 [Member] \| Matrix Partners China I Hong Kong Limited [Member]
Short-term Debt [Line Items]
Debt face value \| $				$ 1.0
2016 April loan [Member]
Short-term Debt [Line Items]
Debt face value		¥ 8.0
Debt interest percentage		8.00%
Debt maturity terms		due date twelve months after the issuance date
2016 June loan [Member]
Short-term Debt [Line Items]
Debt face value											¥ 5.0
2016 October loan [Member]
Short-term Debt [Line Items]
Debt face value										¥ 15.0
2016 June and October loan [Member]
Short-term Debt [Line Items]
Debt interest percentage					8.00%
Debt carrying amount	¥ 28.0						¥ 28.0
2016 June and October loan [Member] \| Series C1 Plus Convertible Redeemable Preferred Shares [Member]
Short-term Debt [Line Items]
Debt conversion number of shares issued \| shares	2,691,209
Debt conversion price \| (per share)	¥ 10.404					$ 1.5101
2017 November loan [Member]
Short-term Debt [Line Items]
Debt face value							¥ 8.0
Debt maturity terms					due date twelve months after the issuance dat
Debt modification cost								¥ 1.1

Preferred shares - Additional information (Detail) $ / shares in Units, ¥ in Millions		1 Months Ended									12 Months Ended
	Oct. 18, 2019 shares	Jul. 31, 2018 $ / shares shares	Dec. 31, 2017 shares	Jul. 31, 2017 USD ($) shares	Jun. 30, 2017 USD ($) shares	Jan. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($) shares	Feb. 28, 2014 USD ($) shares	Mar. 31, 2012 USD ($) shares	Mar. 31, 2011 USD ($) shares	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)
Class of Stock [Line Items]
PreferredStockValue \| $												$ 61,900,000
Minimum Pre-offering Valuation \| $												400,000,000
Modification terms of preferred shares \| ¥											¥ 4.0
IPO [Member]
Class of Stock [Line Items]
Minimum Pre-offering Valuation \| $												400,000,000
Proceeds From Conversion Of Preferred Stock \| $												40,000,000
Minimum [Member]
Class of Stock [Line Items]
Proceeds From Conversion Of Preferred Stock \| $												$ 70,000,000
Cyber Dreamer Limited [Member]
Class of Stock [Line Items]
Number Of Shares Transferred	17,597,981
Series A Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $										$ 1,000,000
Stock Splits, shares issued during the period		100,000,000
Preferred stock, par value \| $ / shares		$ 0.0001
Stock split, conversion ratio		0.10
Series A Convertible Redeemable Preferred Shares [Member] \| Matrix Partners China I Hong Kong Limited [Member]
Class of Stock [Line Items]
Stock issued, during the period										10,000,000
Series B Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $									$ 2,500,000
Stock issued, during the period									8,333,332
Stock Splits, shares issued during the period		83,333,320
Preferred stock, par value \| $ / shares		$ 0.0001
Stock split, conversion ratio		0.10
Series B Convertible Redeemable Preferred Shares [Member] \| Matrix Partners China I Hong Kong Limited [Member]
Class of Stock [Line Items]
Stock issued, during the period									6,666,666
Series B Convertible Redeemable Preferred Shares [Member] \| Morning side China TMT Fund II LP [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $								$ 1,000,000
Stock issued, during the period									1,666,666
Stock Splits, shares issued during the period		33,333,330
Preferred stock, par value \| $ / shares		$ 0.0001
Stock split, conversion ratio		0.10
Series B Convertible Redeemable Preferred Shares [Member] \| Morning side China TMT Fund II LP [Member] \| 2014 Loan [member]
Class of Stock [Line Items]
Stock issued, during the period								3,333,333
Series C Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $							$ 10,894,477
Stock issued, during the period							11,725,839
Stock Splits, shares issued during the period		117,258,390
Preferred stock, par value \| $ / shares		$ 0.0001
Stock split, conversion ratio		0.1
Series C Convertible Redeemable Preferred Shares [Member] \| 2014 Loan [member]
Class of Stock [Line Items]
Stock issued, during the period							2,532,494
Stock Splits, shares issued during the period		25,324,940
Preferred stock, par value \| $ / shares		$ 0.0001
Stock split, conversion ratio		0.1
Series C Convertible Redeemable Preferred Shares [Member] \| Matrix Partners China I Hong Kong Limited [Member]
Class of Stock [Line Items]
Stock issued, during the period							5,192,086
Series C Convertible Redeemable Preferred Shares [Member] \| Matrix Partners China I Hong Kong Limited [Member] \| 2014 Loan [member]
Class of Stock [Line Items]
Stock issued, during the period							1,266,247
Series C Convertible Redeemable Preferred Shares [Member] \| Morning side China TMT Fund II LP [Member]
Class of Stock [Line Items]
Stock issued, during the period							6,533,753
Series C Convertible Redeemable Preferred Shares [Member] \| Morning side China TMT Fund II LP [Member] \| 2014 Loan [member]
Class of Stock [Line Items]
Stock issued, during the period							1,266,247
Series C1 Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $						$ 3,223,675
Stock issued, during the period						3,469,736
Stock Splits, shares issued during the period		34,697,360
Preferred stock, par value \| $ / shares		$ 0.0001
Stock split, conversion ratio		0.1
Series C1 Convertible Redeemable Preferred Shares [Member] \| People Better Limited [Member]
Class of Stock [Line Items]
Stock issued, during the period						1,734,868
Series C1 Convertible Redeemable Preferred Shares [Member] \| Shunwei Internet Limited [Member]
Class of Stock [Line Items]
Stock issued, during the period						1,734,868
Series C1 Plus Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Stock issued, during the period			2,691,209
Stock Splits, shares issued during the period		26,912,090
Preferred stock, par value \| $ / shares		$ 0.0001
Stock split, conversion ratio		0.1
Series D Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Preferred stock, par value \| $ / shares		$ 0.0001
Stock split, conversion ratio		0.1
Series D Convertible Redeemable Preferred Shares [Member] \| Cyber Dreamer Limited [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $				$ 10,000,000	$ 22,000,000
Stock issued, during the period				4,004,775	8,810,504
Stock Splits, shares issued during the period				40,047,750	88,105,040
Series D1 Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Preferred stock, par value \| $ / shares		$ 0.0001
Stock split, conversion ratio		0.1
Series D1 Convertible Redeemable Preferred Shares [Member] \| Cyber Dreamer Limited [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $				$ 5,000,000
Stock issued, during the period				2,002,387
Stock Splits, shares issued during the period				20,023,870

Preferred shares - Summarized Group of Preferred Shares Activities (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2017 CNY (¥) shares
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares	569,036,090	569,036,090	569,036,090	393,947,340
Beginning balance	¥ 1,006,804		¥ 790,619	¥ 229,552
Issurance of Preferred Shares, Shares \| shares				175,088,750
Issurance of Preferred Shares				¥ 265,787
Modification of Preferred Shares				4,005
Temporary equity, accretion to redemption value, adjustment	940,186	$ 135,049	216,185	291,275
Ending balance	¥ 1,946,990		¥ 1,006,804	¥ 790,619
Temporary equity, shares outstanding ending balance \| shares	569,036,090	569,036,090	569,036,090	569,036,090
Series A Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares	100,000,000	100,000,000	100,000,000	100,000,000
Beginning balance	¥ 164,733		¥ 121,421	¥ 30,658
Issurance of Preferred Shares, Shares \| shares				0
Issurance of Preferred Shares				¥ 0
Modification of Preferred Shares				0
Temporary equity, accretion to redemption value, adjustment	180,143		43,312	90,763
Ending balance	¥ 344,876		¥ 164,733	¥ 121,421
Temporary equity, shares outstanding ending balance \| shares	100,000,000	100,000,000	100,000,000	100,000,000
Series B Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares	116,666,650	116,666,650	116,666,650	116,666,650
Beginning balance	¥ 195,422		¥ 145,691	¥ 50,621
Issurance of Preferred Shares, Shares \| shares				0
Issurance of Preferred Shares				¥ 0
Modification of Preferred Shares				4,005
Temporary equity, accretion to redemption value, adjustment	205,054		49,731	91,065
Ending balance	¥ 400,476		¥ 195,422	¥ 145,691
Temporary equity, shares outstanding ending balance \| shares	116,666,650	116,666,650	116,666,650	116,666,650
Series C Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares	142,583,330	142,583,330	142,583,330	142,583,330
Beginning balance	¥ 249,150		¥ 190,190	¥ 119,672
Issurance of Preferred Shares, Shares \| shares				0
Issurance of Preferred Shares				¥ 0
Modification of Preferred Shares				0
Temporary equity, accretion to redemption value, adjustment	236,152		58,960	70,518
Ending balance	¥ 485,302		¥ 249,150	¥ 190,190
Temporary equity, shares outstanding ending balance \| shares	142,583,330	142,583,330	142,583,330	142,583,330
Series C1 Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares	34,697,360	34,697,360	34,697,360	34,697,360
Beginning balance	¥ 60,433		¥ 46,081	¥ 28,601
Issurance of Preferred Shares, Shares \| shares				0
Issurance of Preferred Shares				¥ 0
Modification of Preferred Shares				0
Temporary equity, accretion to redemption value, adjustment	57,540		14,352	17,480
Ending balance	¥ 117,973		¥ 60,433	¥ 46,081
Temporary equity, shares outstanding ending balance \| shares	34,697,360	34,697,360	34,697,360	34,697,360
Series C1 Plus Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares	26,912,090	26,912,090	26,912,090	0
Beginning balance	¥ 49,539		¥ 38,556	¥ 0
Issurance of Preferred Shares, Shares \| shares				26,912,090
Issurance of Preferred Shares				¥ 27,981
Modification of Preferred Shares				0
Temporary equity, accretion to redemption value, adjustment	43,427		10,983	10,575
Ending balance	¥ 92,966		¥ 49,539	¥ 38,556
Temporary equity, shares outstanding ending balance \| shares	26,912,090	26,912,090	26,912,090	26,912,090
Series D Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares	128,152,790	128,152,790	128,152,790	0
Beginning balance	¥ 250,098		¥ 216,960	¥ 0
Issurance of Preferred Shares, Shares \| shares				128,152,790
Issurance of Preferred Shares				¥ 206,997
Modification of Preferred Shares				0
Temporary equity, accretion to redemption value, adjustment	188,341		33,138	9,963
Ending balance	¥ 438,439		¥ 250,098	¥ 216,960
Temporary equity, shares outstanding ending balance \| shares	128,152,790	128,152,790	128,152,790	128,152,790
Series D1 Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares	20,023,870	20,023,870	20,023,870	0
Beginning balance	¥ 37,429		¥ 31,720	¥ 0
Issurance of Preferred Shares, Shares \| shares				20,023,870
Issurance of Preferred Shares				¥ 30,809
Modification of Preferred Shares				0
Temporary equity, accretion to redemption value, adjustment	29,529		5,709	911
Ending balance	¥ 66,958		¥ 37,429	¥ 31,720
Temporary equity, shares outstanding ending balance \| shares	20,023,870	20,023,870	20,023,870	20,023,870

Employee Benefits - Summary of Employee Welfare Benefits Expenses (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]
Contributions to medical and pension schemes	¥ 28,291	¥ 16,907	¥ 10,491
Other employee benefits	7,698	3,652	1,979
Total	¥ 35,989	¥ 20,559	¥ 12,470

Share-based Compensation - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, $ in Millions		1 Months Ended	2 Months Ended	12 Months Ended
	Mar. 07, 2011	Sep. 30, 2019 shares	Apr. 30, 2020 $ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2018 CNY (¥) $ / shares	Dec. 31, 2017 ¥ / shares shares	Mar. 18, 2020 shares	Mar. 17, 2020 shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Share-based compensation expense \| ¥				¥ 0	¥ 0
Weighted average grant date fair value of options granted \| (per share)				¥ 0	¥ 1.44	$ 0.21	¥ 0
Share options, exercised				0	0		0
Number of Options - Granted				0	13,266,000		0
Exercise price of options granted \| $ / shares						$ 0.0001
Restricted Stock [Member]
Award vesting period				4 years
Award vesting percentage	25.00%
2012 Incentive Plan [Member]
Award vesting period				4 years
2018 Incentive Plan [Member]
Award vesting period				4 years
Unrecognized compensation expenses, unvested awards				¥ 58,300,000	¥ 40,100,000	$ 40,100,000				$ 8.4	$ 5.8
Unrecognized compensation expenses, weighted average period for recognition				2 years 10 months 24 days	3 years 9 months
2018 Incentive Plan [Member] \| Kastle Limited [Member]
Share based compensation arrangement, shares issued during period		25,428,430
2019 Incentive Plan [Member] \| Subsequent Event [Member]
Exercise price of options granted \| $ / shares			$ 0.0001
2019 Incentive Plan [Member] \| Common Class A [Member] \| Subsequent Event [Member]
Number of Options - Granted			2,935,620
Ordinary shares, shares authorized								100,000,000	40,000,000
2019 Incentive Plan [Member] \| Common Class A [Member] \| Subsequent Event [Member] \| Maximum [Member]
Award vesting period			3 years
2019 Incentive Plan [Member] \| Common Class A [Member] \| Subsequent Event [Member] \| Minimum [Member]
Award vesting period			0 years

Share-based Compensation - Summary of Valuation Assumptions (Detail)	12 Months Ended
	Dec. 31, 2018 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility	56.38%
Weighted average volatility	56.38%
Expected dividends	0.00%
Risk-free rate	3.05%
Contractual term(in years)	10 years
Enterprise value per ordinary share	$ 0.21

Share-based Compensation - Summary of Stock Option Awards Outstanding (Details) ¥ in Thousands, shares in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 $ / shares	Dec. 31, 2018 CNY (¥) shares	Dec. 31, 2018 $ / shares	Dec. 31, 2017 CNY (¥) shares	Dec. 31, 2017 $ / shares
Number of Options - Beginning balance	13,165		2,950		2,950
Number of Options - Cancelled			(2,950)
Number of Options - Granted	0		13,266		0
Number of Options - Forfeited	(844)		(101)
Number of Options - Ending balance	12,321		13,165		2,950
Weighted average exercise price, Beginning balance \| $ / shares		$ 0.0001		$ 0.001		$ 0.001
Weighted average exercise price, Cancelled \| $ / shares				0.01
Weighted average exercise price, Granted \| $ / shares				0.0001
Weighted average exercise price, Forfeited \| $ / shares		0.0001		0.0001
Weighted average exercise price, Ending balance \| $ / shares		$ 0.0001		$ 0.0001		$ 0.001
Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 9 months		3 years 9 months
Aggregated intrinsic value, Beginning balance \| ¥	¥ 20,514		¥ 3,031		¥ 735
Aggregated intrinsic value, Ending balance \| ¥	¥ 43,011		¥ 20,514		¥ 3,031
Employee [Member]
Number of Options - Beginning balance	12,665		2,950		2,950
Number of Options - Cancelled			(2,950)
Number of Options - Granted			12,766
Number of Options - Forfeited	(844)		(101)
Number of Options - Ending balance	11,821		12,665		2,950
Consultants [Member]
Number of Options - Beginning balance	500
Number of Options - Granted			500
Number of Options - Ending balance	500		500

Share-based Compensation - Summary of Restricted Shares Activities (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, Beginning balance	14,500	0
Restricted shares, Awarded	10,428	14,500
Restricted shares, Vested	0	0
Restricted shares, Ending balance	24,928	14,500
Restricted weighted-average grant date fair value, Beginning balance	$ 0.21	$ 0
Restricted weighted-average grant date fair value, Awarded	0.26	0.21
Restricted weighted-average grant date fair value, Vested	0	0
Restricted weighted-average grant date fair value, Ending balance	$ 0.23	$ 0.21

Net Loss per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Preferred Shares [Member]
Antidilutive securities excluded from computation of EPS	569,036,090	569,036,090	569,036,090
Restricted Stock [Member]
Antidilutive securities excluded from computation of EPS	0	0	0
Employee Stock Option [Member]
Antidilutive securities excluded from computation of EPS	0	0	0

Net Loss per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares	Dec. 31, 2017 CNY (¥) ¥ / shares shares
Numerator :
Net loss	¥ (132,957)	$ (19,097)	¥ (9,342)	¥ (153,665)
Less: accretions to preferred shares redemption value	(940,186)	(135,049)	(216,185)	(291,275)
Less: deemed dividends distributed to Series B preferred shares \| ¥				(4,005)
Net loss attributable to the Lizhi Inc.'s ordinary shareholders	¥ (1,073,143)	$ (154,146)	¥ (225,527)	¥ (444,940)
Denominator:
Weighted average number of ordinary shares outstanding, basic	260,000,000	260,000,000	260,000,000	260,000,000
Weighted average number of ordinary shares outstanding, diluted	260,000,000	260,000,000	260,000,000	260,000,000
Basic net loss per share attributable to Lizhi Inc.'s ordinary shareholders \| (per share)	¥ (4.13)	$ (0.59)	¥ (0.87)	¥ (1.73)
Diluted net loss per share attributable to Lizhi Inc.'s ordinary shareholders \| (per share)	¥ (4.13)	$ (0.59)	¥ (0.87)	¥ (1.73)

Commitments and Contingencies - Summary of Future Minimum Lease Under Non-Cancelable Operating Leases (Detail) ¥ in Thousands	Dec. 31, 2019 CNY (¥)
Leases [Abstract]
2020	¥ 9,887
2021	4,333
Total	¥ 14,220

Commitments and Contingencies - Additional Information (Detail) - CNY (¥)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Rental costs and expenses	¥ 6,700,000	¥ 4,700,000	¥ 3,100,000
Litigation liabilities	¥ 0	¥ 0
Office Space And Staff Quarters [Member]
Lease expiration date	Dec. 31, 2022

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member]		1 Months Ended
	Jan. 22, 2020 $ / shares shares	Jan. 31, 2020 shares
Mr Jinnan And Mr Ning Ding [Member]
Subsequent Event [Line Items]
Percentage of voting interest held		77.20%
Common Class A [Member]
Subsequent Event [Line Items]
Voting Rights		Class A ordinary share is entitled to one vote
Common Class B [Member]
Subsequent Event [Line Items]
Voting Rights		Class B ordinary share is entitled to 10 votes
Common Class B [Member] \| Mr Jinnan And Mr Ning Ding [Member]
Subsequent Event [Line Items]
Percentage of voting iInterest held		25.30%
American Depositary Shares [Member]
Subsequent Event [Line Items]
Stock split, conversion ratio	20
Share Price \| $ / shares	$ 11.0
American Depositary Shares [Member] \| IPO [Member]
Subsequent Event [Line Items]
Ordinary shares, shares authorized	4,100,000
2018 Incentive Plan [Member] \| Kastle Limited [Member]
Subsequent Event [Line Items]
Share based compensation arrangement, shares issued during period		25,428,430

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2019 Segment
Segment Reporting [Abstract]
Number of operating segment	1

Segment Information - Schedule of Key Revenues Streams (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Revenue, Major Customer [Line Items]
Revenues	¥ 1,180,597	$ 169,582	¥ 798,561	¥ 453,529
Audio Entertainment [Member]
Revenue, Major Customer [Line Items]
Revenues	1,167,934		785,101	436,109
Podcast Advertising And Others [Member]
Revenue, Major Customer [Line Items]
Revenues	¥ 12,663		¥ 13,460	¥ 17,420

Fair Value Measurement - Additional Information (Detail) - CNY (¥)	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value disclosure	¥ 0	¥ 0

Restricted Net Assets - Additional Information (Detail) ¥ in Millions	Dec. 31, 2019 CNY (¥)
Receivables [Abstract]
Annual appropriation to reserve percent	10.00%
Restricted assets	¥ 22.2

Additional Information - Condensed Financial Statements of the Parent Company - Summary of Condensed Statements of Operations And Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Operation expenses:
General and administrative expenses	¥ (45,714)	$ (6,566)	¥ (26,702)	¥ (22,645)
Other expenses:
Equity in loss of subsidiaries, VIEs and subsidiaries of VIEs			(458)
Others, net	(2,050)	(294)	(675)	(205)
Net loss	(132,957)	(19,097)	(9,342)	(153,665)
Accretions to preferred shares redemption value	(940,186)	(135,049)	(216,185)	(291,275)
Net loss attributable to ordinary shareholders	(1,073,143)	(154,146)	(225,527)	(444,940)
Net loss	(132,957)	(19,097)	(9,342)	(153,665)
Other comprehensive (losses)/income:
Total comprehensive loss	(132,286)	(19,001)	(6,693)	(154,541)
Accretions to preferred shares redemption value	(940,186)	$ (135,049)	(216,185)	(291,275)
Parent Company [Member]
Operation expenses:
General and administrative expenses	(1,883)		(1,036)	(2,332)
Total operating expenses	(1,883)		(1,036)	(2,332)
Other expenses:
Equity in loss of subsidiaries, VIEs and subsidiaries of VIEs	(131,325)		(8,183)	(151,264)
Others, net	251		(123)	(69)
Net loss	(132,957)		(9,342)	(153,665)
Accretions to preferred shares redemption value	(940,186)		(216,185)	(291,275)
Net loss attributable to ordinary shareholders	(1,073,143)		(225,527)	(444,940)
Net loss	(132,957)		(9,342)	(153,665)
Other comprehensive (losses)/income:
Foreign currency translation adjustments	671		2,649	(876)
Total comprehensive loss	(132,286)		(6,693)	(154,541)
Accretions to preferred shares redemption value	(940,186)		(216,185)	(291,275)
Total comprehensive loss to ordinary shareholders	¥ (1,072,472)		¥ (222,878)	¥ (445,816)

Additional Information - Condensed Financial Statements of the Parent Company - Summary of Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 CNY (¥)	Dec. 31, 2016 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 82,709	$ 11,880	¥ 205,604	$ 29,533	¥ 206,509	¥ 18,403
Total current assets	104,462	15,005	218,013
Non-current assets:
Prepayments and other current assets	18,774	2,697	5,924
Total non-current assets	36,221	5,202	18,646
TOTAL ASSETS	140,683	20,207	236,659
LIABILITIES
Total current liabilities	192,124	27,596	155,814
TOTAL LIABILITIES	192,124	27,596	155,814
TOTAL MEZZANINE EQUITY	1,946,990		1,006,804		790,619	229,552
SHAREHOLDERS' DEFICIT:
Ordinary shares (US$0.0001 par value, 930,963,910 shares authorized as of December 31, 2018 and 2019, respectively, 260,000,000 issued and outstanding as of December 31, 2018 and 285,428,430 shares issued and 260,000,000 shares outstanding as of December 31, 2019, respectively)	189	27	171
Treasury stock	18	3
Accumulated deficit	(2,003,031)	(287,717)	(929,888)
Accumulated other comprehensive income	4,429	636	3,758
TOTAL SHAREHOLDERS' DEFICIT:	(1,998,431)	(287,057)	(925,959)		(703,081)	(254,334)
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT	140,683	$ 20,207	236,659
Series A Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	344,876		164,733		121,421	30,658
Series B Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	400,476		195,422		145,691	50,621
Series C Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	485,302		249,150		190,190	119,672
Series C1 Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	117,973		60,433		46,081	28,601
Series C1 Plus Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	92,966		49,539		38,556	0
Series D Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	438,439		250,098		216,960	0
Series D1 Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	66,958		37,429		31,720	0
Parent Company [Member]
Current assets:
Cash and cash equivalents	16,845		52,237		¥ 50,697	¥ 149
Total current assets	16,845		52,237
Non-current assets:
Prepayments and other current assets	6,720
Investments in subsidiaries, VIE and subsidiaries of VIE	(74,979)		28,658
Total non-current assets	(68,259)		28,658
TOTAL ASSETS	(51,414)		80,895
LIABILITIES
Accrued expenses and other current liabilities	27		50
Total current liabilities	27		50
TOTAL LIABILITIES	27		50
TOTAL MEZZANINE EQUITY	1,946,990		1,006,804
SHAREHOLDERS' DEFICIT:
Ordinary shares (US$0.0001 par value, 930,963,910 shares authorized as of December 31, 2018 and 2019, respectively, 260,000,000 issued and outstanding as of December 31, 2018 and 285,428,430 shares issued and 260,000,000 shares outstanding as of December 31, 2019, respectively)	189		171
Treasury stock	(18)
Accumulated deficit	(2,003,031)		(929,888)
Accumulated other comprehensive income	4,429		3,758
TOTAL SHAREHOLDERS' DEFICIT:	(1,998,431)		(925,959)
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT	(51,414)		80,895
Parent Company [Member] \| Series A Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	344,876		164,733
Parent Company [Member] \| Series B Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	400,476		195,422
Parent Company [Member] \| Series C Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	485,302		249,150
Parent Company [Member] \| Series C1 Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	117,973		60,433
Parent Company [Member] \| Series C1 Plus Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	92,966		49,539
Parent Company [Member] \| Series D Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	438,439		250,098
Parent Company [Member] \| Series D1 Convertible Redeemable Preferred Shares [Member]
LIABILITIES
TOTAL MEZZANINE EQUITY	¥ 66,958		¥ 37,429

Additional Information - Condensed Financial Statements of the Parent Company - Condensed Balance Sheets (Parenthetical) (Detail)	Dec. 31, 2019 $ / shares shares	Dec. 31, 2019 ¥ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2018 ¥ / shares shares	Dec. 31, 2017 shares	Dec. 31, 2016 shares
Convertible Redeemable Preferred Shares,Shares Outstanding	569,036,090	569,036,090	569,036,090	569,036,090	569,036,090	393,947,340
Common Stock [Member]
Ordinary shares, par value \| $ / shares	$ 0.0001		$ 0.0001
Ordinary shares, shares authorized	930,963,910	930,963,910	930,963,910	930,963,910
Ordinary shares, shares issued	285,428,430	285,428,430	260,000,000	260,000,000
Ordinary shares, shares outstanding	260,000,000	260,000,000	260,000,000	260,000,000
Series A Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	100,000,000	100,000,000	100,000,000	100,000,000
Convertible Redeemable Preferred Share Issued	100,000,000	100,000,000	100,000,000	100,000,000
Convertible Redeemable Preferred Shares,Shares Outstanding	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.31		¥ 1.32
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 2.93		¥ 1.36
Series B Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	116,666,650	116,666,650	116,666,650	116,666,650
Convertible Redeemable Preferred Share Issued	116,666,650	116,666,650	116,666,650	116,666,650
Convertible Redeemable Preferred Shares,Shares Outstanding	116,666,650	116,666,650	116,666,650	116,666,650	116,666,650	116,666,650
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.33		¥ 1.63
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 3.09		¥ 1.50
Series C Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	142,583,330	142,583,330	142,583,330	142,583,330
Convertible Redeemable Preferred Share Issued	142,583,330	142,583,330	142,583,330	142,583,330
Convertible Redeemable Preferred Shares,Shares Outstanding	142,583,330	142,583,330	142,583,330	142,583,330	142,583,330	142,583,330
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.42		¥ 1.95
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 3.58		¥ 1.94
Series C1 Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	34,697,360	34,697,360	34,697,360	34,697,360
Convertible Redeemable Preferred Share Issued	34,697,360	34,697,360	34,697,360	34,697,360
Convertible Redeemable Preferred Shares,Shares Outstanding	34,697,360	34,697,360	34,697,360	34,697,360	34,697,360	34,697,360
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.42		¥ 1.93
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 3.58		¥ 1.94
Series C1 Plus Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	26,912,090	26,912,090	26,912,090	26,912,090
Convertible Redeemable Preferred Share Issued	26,912,090	26,912,090	26,912,090	26,912,090
Convertible Redeemable Preferred Shares,Shares Outstanding	26,912,090	26,912,090	26,912,090	26,912,090	26,912,090	0
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.40		¥ 1.90
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 4.03		¥ 2.34
Series D Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	128,152,790	128,152,790	128,152,790	128,152,790
Convertible Redeemable Preferred Share Issued	128,152,790	128,152,790	128,152,790	128,152,790
Convertible Redeemable Preferred Shares,Shares Outstanding	128,152,790	128,152,790	128,152,790	128,152,790	128,152,790	0
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.52		¥ 2.49
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 4.48		¥ 2.79
Series D1 Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	20,023,870	20,023,870	20,023,870	20,023,870
Convertible Redeemable Preferred Share Issued	20,023,870	20,023,870	20,023,870	20,023,870
Convertible Redeemable Preferred Shares,Shares Outstanding	20,023,870	20,023,870	20,023,870	20,023,870	20,023,870	0
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.51		¥ 2.46
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 4.48		¥ 2.79
Parent Company [Member] \| Common Stock [Member]
Ordinary shares, par value \| $ / shares	$ 0.0001		$ 0.0001
Ordinary shares, shares authorized	930,963,910	930,963,910	930,963,910	930,963,910
Ordinary shares, shares issued	285,428,430	285,428,430	260,000,000	260,000,000
Ordinary shares, shares outstanding	260,000,000	260,000,000	260,000,000	260,000,000
Parent Company [Member] \| Series A Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	100,000,000	100,000,000	100,000,000	100,000,000
Convertible Redeemable Preferred Share Issued	100,000,000	100,000,000	100,000,000	100,000,000
Convertible Redeemable Preferred Shares,Shares Outstanding	100,000,000	100,000,000	100,000,000	100,000,000
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.31		¥ 1.32
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 2.93		¥ 1.36
Parent Company [Member] \| Series B Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	116,666,650	116,666,650	116,666,650	116,666,650
Convertible Redeemable Preferred Share Issued	116,666,650	116,666,650	116,666,650	116,666,650
Convertible Redeemable Preferred Shares,Shares Outstanding	116,666,650	116,666,650	116,666,650	116,666,650
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.33		¥ 1.63
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 3.09		¥ 1.50
Parent Company [Member] \| Series C Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	142,583,330	142,583,330	142,583,330	142,583,330
Convertible Redeemable Preferred Share Issued	142,583,330	142,583,330	142,583,330	142,583,330
Convertible Redeemable Preferred Shares,Shares Outstanding	142,583,330	142,583,330	142,583,330	142,583,330
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.42		¥ 1.95
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 3.58		¥ 1.94
Parent Company [Member] \| Series C1 Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	34,697,360	34,697,360	34,697,360	34,697,360
Convertible Redeemable Preferred Share Issued	34,697,360	34,697,360	34,697,360	34,697,360
Convertible Redeemable Preferred Shares,Shares Outstanding	34,697,360	34,697,360	34,697,360	34,697,360
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.42		¥ 1.93
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 3.58		¥ 1.94
Parent Company [Member] \| Series C1 Plus Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	26,912,090	26,912,090	26,912,090	26,912,090
Convertible Redeemable Preferred Share Issued	26,912,090	26,912,090	26,912,090	26,912,090
Convertible Redeemable Preferred Shares,Shares Outstanding	26,912,090	26,912,090	26,912,090	26,912,090
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.40		¥ 1.90
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 4.03		¥ 2.34
Parent Company [Member] \| Series D Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	128,152,790	128,152,790	128,152,790	128,152,790
Convertible Redeemable Preferred Share Issued	128,152,790	128,152,790	128,152,790	128,152,790
Convertible Redeemable Preferred Shares,Shares Outstanding	128,152,790	128,152,790	128,152,790	128,152,790
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.52		¥ 2.49
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 4.48		¥ 2.79
Parent Company [Member] \| Series D1 Convertible Redeemable Preferred Shares [Member]
Convertible Redeemable Preferred Share Par Value Share \| $ / shares	$ 0.0001		$ 0.0001
Convertible Redeemable Preferred Share Authorized	20,023,870	20,023,870	20,023,870	20,023,870
Convertible Redeemable Preferred Share Issued	20,023,870	20,023,870	20,023,870	20,023,870
Convertible Redeemable Preferred Shares,Shares Outstanding	20,023,870	20,023,870	20,023,870	20,023,870
Convertible Redeemable preferred shares, Redemption Price Per Share \| ¥ / shares		¥ 3.51		¥ 2.46
Convertible Redeemable Preferred Shares,Liquidation Value \| ¥ / shares		¥ 4.48		¥ 2.79

Additional Information - Condensed Financial Statements of the Parent Company - Summary of Condensed Statements of Cash Flows (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Net cash generated from/(used in) operating activities	¥ (95,753)	$ (13,754)	¥ 13,962	¥ (31,334)
Net cash used in investing activities
Net cash used in investing activities	(29,370)	(4,219)	(17,375)	(13,195)
Net cash generated from financing activities
Proceeds from issuance of Series D convertible redeemable preferred shares				215,643
Proceeds from issuance of Series D1 convertible redeemable preferred shares				32,835
Payment of issuance cost for Series D convertible redeemable preferred shares				(8,646)
Payment of issuance cost for Series D1 convertible redeemable preferred shares				(2,026)
Cash received from convertible loans				27,981
Net cash generated from financing activities				237,787
Effect of exchange rate changes on cash and cash equivalents	2,228	320	2,508	(5,152)
Cash and cash equivalents at beginning of the year	205,604	29,533	206,509	18,403
Cash and cash equivalents at end of the year	82,709	$ 11,880	205,604	206,509
Parent Company [Member]
Net cash generated from/(used in) operating activities	(15,239)		(991)	118
Net cash used in investing activities
Cash paid for investments in subsidiaries, VIE and subsidiaries of VIE	(21,094)			(213,790)
Net cash used in investing activities	(21,094)			(213,790)
Net cash generated from financing activities
Proceeds from issuance of Series D convertible redeemable preferred shares				215,643
Proceeds from issuance of Series D1 convertible redeemable preferred shares				32,835
Payment of issuance cost for Series D convertible redeemable preferred shares				(8,646)
Payment of issuance cost for Series D1 convertible redeemable preferred shares				(2,026)
Cash received from convertible loans				27,981
Net cash generated from financing activities				265,787
Effect of exchange rate changes on cash and cash equivalents	941		2,531	(1,567)
Net increase/(decrease) in cash and cash equivalents	(35,392)		1,540	50,548
Cash and cash equivalents at beginning of the year	52,237		50,697	149
Cash and cash equivalents at end of the year	¥ 16,845		¥ 52,237	¥ 50,697